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
2012
Open to Public Inspection
For calendar year 2012, or tax year beginning 01-01-2012 , and ending 12-31-2012
Name of foundation
1923 FUND 78990200
 

Number and street (or P.O. box number if mail is not delivered to street address)C/O US BANK NA PO BOX 2043   Room/suite
City or town, state, and ZIP code
MILWAUKEE, WI532019668
A Employer identification number

36-7070455
B Telephone number (see instructions)

(630) 390-3776
C bullet
G Check all that apply:

D 1. bullet
2. bullet
H Check type of organization:
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$47,992,748J Accounting method:
 
(Part I, column (d) must be on cash basis.)
E bullet
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 17,272
2 Check bullet
3 Interest on savings and temporary cash investments 204 230  
4 Dividends and interest from securities...... 1,027,235 1,064,415  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 2,649,118
b Gross sales price for all assets on line 6a 9,508,072
7 Capital gain net income (from Part IV, line 2)... 2,558,730
8 Net short-term capital gain......... 0
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 11,000 11,000  
12 Total. Add lines 1 through 11........ 3,704,829 3,634,375  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 239,687 160,120   79,567
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits....... 6,087 0 0 6,087
16a Legal fees (attach schedule).........       0
b Accounting fees (attach schedule)....... Click to see attachment 1,875 0 0 1,875
c Other professional fees (attach schedule)....   6,884   0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions) Click to see attachment 37,667 16,426   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings....... 548 0 0 548
22 Printing and publications.......... 502 0 0 502
23 Other expenses (attach schedule)....... Click to see attachment 10,667 2,606   9,820
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 297,033 186,036 0 98,399
25 Contributions, gifts, grants paid........ 3,084,000 3,084,000
26 Total expenses and disbursements. Add lines 24 and 25 3,381,033 186,036 0 3,182,399
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 323,796
b Net investment income (if negative, enter -0-) 3,448,339
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2012)
Form 990-PF (2012)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing...............   708 708
2 Savings and temporary cash investments.......... 4,070,597 3,036,406 3,036,406
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 15 of the
instructions)....................      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet0      
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 14,764,811 Click to see attachment13,234,147 24,576,486
c Investments—corporate bonds (attach schedule)........ 2,251,038 Click to see attachment2,176,008 2,296,292
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 13,918,000 Click to see attachment16,888,545 18,082,856
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 35,004,446 35,335,814 47,992,748
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment12,492 Click to see attachment20,064
23 Total liabilities (add lines 17 through 22).......... 12,492 20,064
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted....................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds......... 34,991,954 35,315,750
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see page 17 of the
instructions).................... 34,991,954 35,315,750
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 35,004,446 35,335,814
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 34,991,954
2 Enter amount from Part I, line 27a..................... 2 323,796
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 35,315,750
5 Decreases not included in line 2 (itemize) bullet 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 35,315,750
Form 990-PF (2012)
Form 990-PF (2012)
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 1649. R F MICRO DEVICES INC   2010-12-14 2012-01-09
b 1040. R F MICRO DEVICES INC   2011-03-16 2012-01-09
c 206. VOLTERRA SEMICONDUCTOR CORP   2010-09-27 2012-01-09
d 572. IDACORP INC   2011-10-04 2012-01-10
e 994. TOKIO MARINE HOLDINGS A D R   2009-11-18 2012-01-11
241. TRANSOCEAN LTD   2012-01-11 2012-01-12
133. ROCK TENN CO CL A   2011-08-15 2012-01-23
461. CLOUD PEAK ENERGY INC   2011-12-23 2012-01-26
191. ENTERTAINMENT PPTYS TR   2011-08-24 2012-01-26
385. ENTERTAINMENT PPTYS TR   2009-09-16 2012-01-26
300. MAGELLAN HEALTH SVCS INC   2010-05-18 2012-01-26
65. MAGELLAN HEALTH SVCS INC   2011-03-14 2012-01-26
559. NOVARTIS AG A D R   2009-11-18 2012-01-26
745. PORTLAND GENERAL ELECTRIC COMPANY   2011-10-04 2012-01-26
394. SOLUTIA INC   2011-10-28 2012-01-30
886. SOLUTIA INC   2010-04-26 2012-01-30
842. FUJIFILM HOLDINGS A D R   2009-12-10 2012-02-03
38. BUFFALO WILD WINGS INC   2010-10-15 2012-02-09
232. ROCK TENN CO CL A   2011-08-09 2012-02-10
363. ASTRAZENECA P L C SPSD A D R   2009-11-18 2012-02-16
50. BUFFALO WILD WINGS INC   2010-10-15 2012-02-21
916. DIGITAL GENERATION INC   2011-09-02 2012-02-21
12839. ATT INC   2009-08-11 2012-02-24
2000. AMGEN INC   2009-08-11 2012-02-24
2000. CENTRAL VT PUB SVC CORP   2009-08-11 2012-02-24
2000. EXXON MOBIL CORP   2009-08-11 2012-02-24
6000. HESS CORP   2009-08-11 2012-02-24
22000. ISHARES MSCI EMERGING MARKETS ETF   2010-10-15 2012-02-24
1125. JARDEN CORP   2009-08-11 2012-02-24
2000. OCCIDENTAL PETROLEUM CORPORATION   2010-10-15 2012-02-24
2000. SCHLUMBERGER LTD   2009-08-11 2012-02-24
5070. SPRINT NEXTEL CORP   2009-08-11 2012-02-24
4000. WEATHERFORD INTERNATIONAL LTD   2009-08-11 2012-02-24
60. BERRY PETE CO CL A   2010-08-05 2012-02-29
144. PROTECTIVE LIFE CORP   2011-09-15 2012-02-29
482. MOMENTA PHARMACEUTICALS INC   2012-01-26 2012-03-19
2810. ENEL SOCIETA A D R   2011-06-01 2012-03-21
748. ABB LTD A D R   2009-11-18 2012-03-26
95. B/E AEROSPACE INC   2011-02-25 2012-03-26
71. BUFFALO WILD WINGS INC   2010-10-15 2012-03-28
172. MEDIDATA SOLUTIONS INC   2011-02-10 2012-03-28
66. POLARIS INDS INC   2011-03-14 2012-03-28
60. SVB FINL GROUP   2009-09-16 2012-03-29
75. SIGNATURE BK   2011-03-17 2012-03-29
113. INTERACTIVE INTELLIGENCE GRO   2010-04-20 2012-03-30
113. CLECO CORPORATION   2011-08-19 2012-04-02
3500. MEDCO HEALTH SOLUTIONS INC   2010-03-15 2012-04-02
137. LITTELFUSE INC   2010-08-11 2012-04-05
899. KEPPEL CORP LTD SPONS A D R   2009-11-18 2012-04-18
414. POLARIS INDS INC   2011-03-14 2012-04-19
218. SALLY BEAUTY COMPANY   2011-03-03 2012-04-19
1044. HORSEHEAD HOLDING CORP   2011-12-01 2012-04-23
381. ASTRAZENECA P L C SPSD A D R   2009-11-18 2012-04-27
54. LSB INDS INC   2011-03-01 2012-04-27
316. SVB FINL GROUP   2010-08-05 2012-05-03
324. SIGNATURE BK   2011-03-17 2012-05-03
418. SALLY BEAUTY COMPANY   2011-03-03 2012-05-04
91. SIEMENS AG A D R   2010-09-28 2012-05-04
292. INTERACTIVE INTELLIGENCE GRO   2010-07-23 2012-05-07
379. SALLY BEAUTY COMPANY   2011-03-03 2012-05-07
2000. EXELON CORPORATION   2009-08-11 2012-05-09
6500. HEWLETT PACKARD CO   1990-01-10 2012-05-09
66. LSB INDS INC   2011-12-01 2012-05-09
8000. SEALED AIR CORP   1990-04-24 2012-05-09
795. SUNTRUST BKS INC   2009-08-11 2012-05-09
1333. VECTREN CORPORATION   2009-08-11 2012-05-09
4000. WPX ENERGY INC   2009-01-29 2012-05-09
210. INTERACTIVE INTELLIGENCE GRO   2010-07-28 2012-05-16
131. INTERACTIVE INTELLIGENCE GRO   2012-02-02 2012-05-16
43. LSB INDS INC   2011-12-01 2012-05-16
108. LSB INDS INC   2011-03-01 2012-05-16
50. DSW INC CL A   2011-12-05 2012-05-23
437. AEROVIRONMENT INC   2012-02-29 2012-05-29
217. FINISAR CORPORATION   2011-10-13 2012-06-05
1354. P M C - SIERRA INC   2011-09-15 2012-06-05
1096. BRIGHTPOINT INC   2012-03-29 2012-06-06
48. GARDNER DENVER INC   2012-02-29 2012-06-07
67. GARDNER DENVER INC   2010-03-08 2012-06-07
273. TITAN INTL INC ILL   2012-01-30 2012-06-07
154. CENTENE CORP   2011-05-11 2012-06-08
97. LITTELFUSE INC   2010-08-11 2012-06-08
616. MOLINA HEALTHCARE INC   2011-12-23 2012-06-08
. A O L TIME WARNER INC REF XXX-XX-XXXX     2012-06-15
1146. PETROLEO BRASILEIRO SPON A D R   2009-11-18 2012-06-18
119. CYBERONICS INC   2011-02-18 2012-06-25
916. KONINKLIJKE (ROYAL) KPN NV SP ADR   2011-11-14 2012-06-25
158. KONINKLIJKE (ROYAL) KPN NV SP ADR   2009-11-18 2012-06-25
470. GENERAL CABLE CORPORATION   2011-06-22 2012-06-28
526. TITAN INTL INC ILL   2011-12-01 2012-06-28
148. GEOEYE INC   2011-11-23 2012-06-29
101. GEOEYE INC   2010-11-23 2012-06-29
106. MAXIMUS INC   2010-06-22 2012-06-29
1822. BRIGHTPOINT INC   2011-05-19 2012-07-03
138. BRIGHTPOINT INC   2012-03-29 2012-07-03
130. CRANE CO   2008-02-06 2012-07-03
89. UMB FINL CORP   2011-05-03 2012-07-03
50. AZZ INCORPORATED   2012-02-06 2012-07-05
784. ABB LTD A D R   2009-11-18 2012-07-10
843. BARCLAYS PLC A D R   2012-02-21 2012-07-11
242. BARCLAYS PLC A D R   2009-11-18 2012-07-11
103. MAXIMUS INC   2010-06-22 2012-07-11
331. CANON INC SPONS A D R   2010-05-10 2012-07-13
908. INTERCONTINENTAL HTLS GRP PLSPONS   2010-08-06 2012-07-13
169. BANK OF THE OZARKS INC   2010-12-22 2012-07-16
109. PAR PHARMACEUTICAL COS INC   2012-01-26 2012-07-17
310. BANK OF THE OZARKS INC   2010-12-21 2012-07-20
889. ANGLO AMERICAN PLC A D R   2009-11-18 2012-07-23
.664 DUKE ENERGY HOLDING CORP   1997-06-10 2012-07-23
225. WORLD ACCEP CORP   2011-03-10 2012-07-23
. ENRON CORP     2012-07-24
329. GEOEYE INC   2011-06-07 2012-07-24
539. SONIC AUTOMOTIVE INC CLASS A   2011-03-10 2012-07-25
351. BANK OF THE OZARKS INC   2011-03-17 2012-07-27
. ENRON CORP     2012-07-30
32. MASTEC INC   2011-02-25 2012-07-30
251. MASTEC INC   2011-11-07 2012-07-30
103. NETGEAR INC   2010-09-23 2012-07-30
174. GEOEYE INC   2011-06-07 2012-07-31
169. GEOEYE INC   2009-09-17 2012-08-02
321. TWO HARBORS INVESTMENT CORP   2011-05-20 2012-08-02
296. CASH AMERICA INTL INC   2011-05-06 2012-08-03
437. CANON INC SPONS A D R   2010-05-10 2012-08-16
74. CLECO CORPORATION   2011-08-19 2012-08-20
65. DSW INC CL A   2011-08-18 2012-08-20
75. LSB INDS INC   2009-09-16 2012-08-20
1338. KONINKLIJKE (ROYAL) KPN NV SP ADR   2009-11-18 2012-08-20
694. TWO HARBORS INVESTMENT CORP   2011-05-20 2012-08-20
106. UMB FINL CORP   2011-04-19 2012-08-20
5500. IPATH DOW JONES UBS COMMODITY   2009-11-04 2012-08-21
2000. BRISTOL MYERS SQUIBB CO   1992-06-04 2012-08-21
1500. COACH INC   2009-11-04 2012-08-21
9000. CORNING INC   1990-08-23 2012-08-21
2500. DISNEY WALT CO   1989-06-09 2012-08-21
500. MCDONALDS CORP   1991-05-02 2012-08-21
500. NORFOLK SOUTHN CORP   1989-08-11 2012-08-21
6500. ORACLE CORPORATION   2007-12-07 2012-08-21
2721. PHILLIPS 66   2005-08-04 2012-08-21
1500. PROCTER & GAMBLE CO   2000-02-08 2012-08-21
500. V F CORP   2010-06-09 2012-08-21
4000. WHITING PETROLEUM CORP   2010-09-02 2012-08-21
365. AMERICAN STATES WATER CO   2012-06-28 2012-08-22
.5 POSTNL NV ADR   2012-06-25 2012-08-27
237. PAR PHARMACEUTICAL COS INC   2012-06-22 2012-09-06
209. CLECO CORPORATION   2011-08-19 2012-09-10
288. NORTHWESTERN CORP   2012-06-28 2012-09-11
400. SABRA HEALTH CARE REIT INC   2012-06-11 2012-09-11
186. BRITISH AMERN TOB PLC ADR   2009-11-18 2012-09-13
67. CYBERONICS INC   2011-02-18 2012-09-27
165. ICU MED INC   2011-03-14 2012-10-01
416. VODAFONE GROUP PLC A D R   2011-03-10 2012-10-02
197. KAPSTONE PAPER & PACKAGING CORP   2012-02-13 2012-10-05
89. LSB INDS INC   2009-09-16 2012-10-05
110. MEDIDATA SOLUTIONS INC   2011-02-10 2012-10-05
190. BERRY PETE CO CL A   2010-08-05 2012-10-12
92. GULFPORT ENERGY CORP   2011-05-06 2012-10-12
658. SYNNEX CORP   2011-09-30 2012-10-12
303. PERICOM SEMICONDUCTOR CORP   2009-10-14 2012-10-17
81. NORTHWESTERN CORP   2012-06-28 2012-10-18
239. CLECO CORPORATION   2011-08-09 2012-10-19
82. CLECO CORPORATION   2012-06-28 2012-10-19
1123. SKULLCANDY INC   2012-05-07 2012-10-22
309. HITACHI LTD ADR 10 COM   2011-07-15 2012-10-23
259. BERRY PETE CO CL A   2009-05-21 2012-11-01
664. GT ADVANCED TECHNOLOGIES INC   2012-09-11 2012-11-01
486. LIFEPOINT HOSPITALS INC   2011-05-06 2012-11-01
304. MASTEC INC   2011-02-25 2012-11-01
76. MEDIDATA SOLUTIONS INC   2011-02-10 2012-11-01
. TELE COMMUNICATIONS SYSTEMS INC     2012-11-01
81. AMTRUST FINANCIAL SERVICES   2009-08-12 2012-11-07
136. CINEMARK HLDGS INC   2011-06-13 2012-11-09
980. GT ADVANCED TECHNOLOGIES INC   2012-09-11 2012-11-14
253. GT ADVANCED TECHNOLOGIES INC   2012-08-03 2012-11-16
1378. GT ADVANCED TECHNOLOGIES INC   2010-11-18 2012-11-16
135. AMERISTAR CASINOS INC   2011-09-15 2012-11-19
133. BAIDU COM INC A D R   2012-02-07 2012-11-19
47. DSW INC CL A   2011-08-18 2012-11-21
73. GULFPORT ENERGY CORP   2011-05-06 2012-11-29
. BANK OF AMERICA CORP     2012-11-30
2529. HEALTH MGMT ASSOC INC NEW CL A   2011-02-09 2012-12-04
200000. GENERAL DYNAMICS 5.375% 8/15/15   2009-05-08 2012-12-07
404. MONEYGRAM INTERNATIONAL INC COM   2012-03-29 2012-12-11
399. NORTHWEST BANCSHARES INC MD   2010-10-14 2012-12-11
63. B/E AEROSPACE INC   2011-03-15 2012-12-12
191. CINEMARK HLDGS INC   2011-06-13 2012-12-12
134. GULFPORT ENERGY CORP   2011-12-01 2012-12-12
543. NORTHWEST BANCSHARES INC MD   2012-07-20 2012-12-12
323. NORTHWEST BANCSHARES INC MD   2010-10-14 2012-12-12
330. MONEYGRAM INTERNATIONAL INC COM   2012-04-19 2012-12-14
750. ABBOTT LABORATORIES   1993-03-29 2012-12-18
1250. APACHE CORP   2005-08-04 2012-12-18
1500. AUTOMATIC DATA PROCESSING   1991-09-24 2012-12-18
200000. BB&T CORPORATION MTN 5.700% 4/30/14   2009-05-08 2012-12-18
200000. BP CAPITAL PLC 5.250% 11/07/13   2009-05-08 2012-12-18
2750. BOEING CO   2011-06-01 2012-12-18
2000. DISNEY WALT CO   1989-01-26 2012-12-18
1250. DIRECTV   2010-09-02 2012-12-18
1000. FED EX CORP   2000-12-27 2012-12-18
5126.891 GOLDMAN SACHS M C VALUE CL INST   2009-09-16 2012-12-18
20000. ISHARES MSCI EMERGING MARKETS ETF   2010-06-09 2012-12-18
2018. MATTEL INC   1992-12-21 2012-12-18
1000. MCDONALDS CORP   1991-05-02 2012-12-18
2292.526 NUVEEN MID CAP GRWTH OPP FD CL I   2006-05-16 2012-12-18
1250. PRAXAIR INC   1992-12-01 2012-12-18
3500. PROCTER & GAMBLE CO   2000-02-08 2012-12-18
7500. TEXAS INSTRUMENTS INC   1975-02-27 2012-12-18
400. V F CORP   2010-06-09 2012-12-18
1000. ACCENTURE PLC CL A   2007-12-07 2012-12-18
1484. P M C - SIERRA INC   2011-09-26 2012-12-19
1670. METROPOLITAN HEALTH NETWORKS INC   2012-09-28 2012-12-21
655. AMERISTAR CASINOS INC   2011-09-15 2012-12-24
71. GARDNER DENVER INC   2009-09-16 2012-12-24
CAPITAL GAIN DIVIDENDS P    
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 7,255   12,984 -5,729
b 4,576   7,195 -2,619
c 5,214   4,617 597
d 23,847   20,554 3,293
e 22,637   27,062 -4,425
9,770   9,818 -48
8,760   6,968 1,792
8,820   9,522 -702
8,477   8,040 437
17,087   11,801 5,286
14,870   12,240 2,630
3,222   3,004 218
30,654   30,038 616
18,783   17,448 1,335
10,773   6,523 4,250
24,226   15,111 9,115
19,796   23,709 -3,913
3,130   1,887 1,243
15,633   11,626 4,007
16,338   16,509 -171
4,399   2,483 1,916
9,745   26,269 -16,524
389,781   327,202 62,579
135,492   123,440 12,052
70,479   36,700 33,779
174,237   137,580 36,657
401,357   325,020 76,337
970,864   932,860 38,004
39,738   26,305 13,433
207,355   169,676 37,679
159,823   105,980 53,843
11,965   18,125 -6,160
65,817   73,360 -7,543
3,325   1,887 1,438
4,084   2,487 1,597
7,483   7,421 62
10,387   19,384 -8,997
15,313   14,368 945
4,549   3,311 1,238
6,533   3,525 3,008
4,739   4,625 114
4,829   2,617 2,212
3,908   2,646 1,262
4,761   3,996 765
3,471   2,327 1,144
4,492   3,837 655
36,126     36,126
8,315   5,425 2,890
16,370   9,636 6,734
33,045   15,953 17,092
5,578   2,881 2,697
10,989   9,549 1,440
16,543   17,327 -784
1,873   1,644 229
20,275   8,263 12,012
21,019   13,419 7,600
11,395   5,525 5,870
8,051   9,514 -1,463
7,877   5,524 2,353
10,405   5,009 5,396
76,878   100,460 -23,582
151,902   26,822 125,080
2,027   2,050 -23
144,398   21,100 123,298
18,412   16,568 1,844
38,640   30,946 7,694
69,519   32,153 37,366
5,227   3,467 1,760
3,260   3,299 -39
1,267   1,336 -69
3,182   3,028 154
3,007   2,351 656
9,234   13,146 -3,912
2,832   3,719 -887
8,280   8,977 -697
5,154   10,111 -4,957
2,594   3,454 -860
3,621   2,379 1,242
6,028   6,466 -438
5,505   5,567 -62
5,763   3,841 1,922
13,461   13,970 -509
18     18
20,890   51,490 -30,600
5,229   4,023 1,206
8,235   12,225 -3,990
1,420   2,860 -1,440
11,466   19,858 -8,392
12,350   11,537 813
2,294   3,123 -829
1,565   4,288 -2,723
5,263   3,300 1,963
16,153   13,208 2,945
1,223   1,142 81
4,660   5,386 -726
4,564   3,531 1,033
3,340   2,597 743
12,508   15,060 -2,552
8,520   13,233 -4,713
2,446   5,179 -2,733
5,196   3,207 1,989
12,426   15,071 -2,645
21,137   16,368 4,769
5,578   3,770 1,808
5,458   3,917 1,541
10,187   6,794 3,393
13,300   19,514 -6,214
44   26 18
14,770   12,941 1,829
3,451     3,451
6,626   12,388 -5,762
9,159   8,026 1,133
11,135   7,545 3,590
1,447     1,447
525   575 -50
4,119   4,434 -315
3,563   2,654 909
4,267   4,656 -389
4,121   4,402 -281
3,585   3,483 102
11,125   14,075 -2,950
15,278   16,892 -1,614
3,117   2,512 605
3,989   2,714 1,275
2,820   1,252 1,568
11,110   24,218 -13,108
7,814   7,530 284
5,185   3,964 1,221
238,423   225,390 13,033
63,419   27,997 35,422
83,545   49,370 34,175
107,225   52,900 54,325
125,497   15,217 110,280
44,329   4,278 40,051
37,649   6,345 31,304
207,518   137,800 69,718
115,503   45,273 70,230
100,378   69,792 30,586
74,944   37,765 37,179
178,712   179,065 -353
16,111   13,350 2,761
2   2  
11,793   8,262 3,531
8,780   7,024 1,756
10,511   10,483 28
7,756   6,307 1,449
18,786   12,187 6,599
3,478   2,265 1,213
10,107   6,580 3,527
11,818   11,973 -155
4,435   3,648 787
3,956   1,434 2,522
4,370   2,957 1,413
7,714   5,475 2,239
2,983   2,629 354
21,037   18,860 2,177
2,454   3,389 -935
2,953   2,948 5
10,064   7,427 2,637
3,453   3,378 75
13,434   17,766 -4,332
15,990   18,763 -2,773
8,963   4,529 4,434
2,882   4,413 -1,531
17,889   20,849 -2,960
6,821   4,769 2,052
3,223   2,043 1,180
23     23
2,182   962 1,220
3,551   2,592 959
3,391   5,643 -2,252
772   1,224 -452
4,203   10,888 -6,685
2,637   2,404 233
12,319   17,327 -5,008
3,164   1,963 1,201
2,717   1,189 1,528
16     16
18,725   24,260 -5,535
225,318   212,570 12,748
5,050   7,405 -2,355
4,764   4,542 222
3,023   2,134 889
5,101   3,618 1,483
5,174   3,763 1,411
6,523   6,265 258
3,880   3,677 203
4,026   5,719 -1,693
49,035   8,509 40,526
99,414   82,358 17,056
87,313   11,215 76,098
213,322   199,305 14,017
208,160   215,006 -6,846
206,391   209,242 -2,851
99,715   11,893 87,822
64,050   48,278 15,772
92,082   38,300 53,782
202,615   147,091 55,524
865,981   761,150 104,831
75,193   26,164 49,029
90,393   8,556 81,837
101,605   101,055 550
135,769   10,356 125,413
244,785   147,283 97,502
234,897   12,715 222,182
60,884   30,212 30,672
70,658   35,460 35,198
7,876   9,516 -1,640
18,788   14,533 4,255
17,368   11,664 5,704
4,841   2,500 2,341
      946
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       -5,729
b       -2,619
c       597
d       3,293
e       -4,425
      -48
      1,792
      -702
      437
      5,286
      2,630
      218
      616
      1,335
      4,250
      9,115
      -3,913
      1,243
      4,007
      -171
      1,916
      -16,524
      62,579
      12,052
      33,779
      36,657
      76,337
      38,004
      13,433
      37,679
      53,843
      -6,160
      -7,543
      1,438
      1,597
      62
      -8,997
      945
      1,238
      3,008
      114
      2,212
      1,262
      765
      1,144
      655
      36,126
      2,890
      6,734
      17,092
      2,697
      1,440
      -784
      229
      12,012
      7,600
      5,870
      -1,463
      2,353
      5,396
      -23,582
      125,080
      -23
      123,298
      1,844
      7,694
      37,366
      1,760
      -39
      -69
      154
      656
      -3,912
      -887
      -697
      -4,957
      -860
      1,242
      -438
      -62
      1,922
      -509
      18
      -30,600
      1,206
      -3,990
      -1,440
      -8,392
      813
      -829
      -2,723
      1,963
      2,945
      81
      -726
      1,033
      743
      -2,552
      -4,713
      -2,733
      1,989
      -2,645
      4,769
      1,808
      1,541
      3,393
      -6,214
      18
      1,829
      3,451
      -5,762
      1,133
      3,590
      1,447
      -50
      -315
      909
      -389
      -281
      102
      -2,950
      -1,614
      605
      1,275
      1,568
      -13,108
      284
      1,221
      13,033
      35,422
      34,175
      54,325
      110,280
      40,051
      31,304
      69,718
      70,230
      30,586
      37,179
      -353
      2,761
       
      3,531
      1,756
      28
      1,449
      6,599
      1,213
      3,527
      -155
      787
      2,522
      1,413
      2,239
      354
      2,177
      -935
      5
      2,637
      75
      -4,332
      -2,773
      4,434
      -1,531
      -2,960
      2,052
      1,180
      23
      1,220
      959
      -2,252
      -452
      -6,685
      233
      -5,008
      1,201
      1,528
      16
      -5,535
      12,748
      -2,355
      222
      889
      1,483
      1,411
      258
      203
      -1,693
      40,526
      17,056
      76,098
      14,017
      -6,846
      -2,851
      87,822
      15,772
      53,782
      55,524
      104,831
      49,029
      81,837
      550
      125,413
      97,502
      222,182
      30,672
      35,198
      -1,640
      4,255
      5,704
      2,341
       
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 2,558,730
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 instructions). If (loss), enter -0-
in Part I, line 8 . . . . . . . . . . . . . . . . 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If “Yes,” the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2011 2,542,316 44,746,126 0.056816
2010 3,247,491 42,493,081 0.076424
2009 2,306,084 37,441,490 0.061592
2008 2,679,296 46,917,746 0.057106
2007 2,626,530 56,603,279 0.046402
2 Total of line 1, column (d) ...................... 2 0.29834
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 0.059668
4 Enter the net value of noncharitable-use assets for 2012 from Part X, line 5..... 4 46,064,096
5 Multiply line 4 by line 3....................... 5 2,748,552
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 34,483
7 Add lines 5 and 6......................... 7 2,783,035
8 Enter qualifying distributions from Part XII, line 4.............. 8 3,182,399
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.
Form 990-PF (2012)
Form 990-PF (2012)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A” on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 34,483
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2............................ 3 34,483
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 34,483
6 Credits/Payments:
a 2012 estimated tax payments and 2011 overpayment credited to 2012 6a 34,900
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 34,900
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8 21
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 396
11 Enter the amount of line 10 to be: Credited to 2013 estimated taxBullet396 Refunded Bullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?............................
1b
 
No
If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If “Yes,” attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletIL
    b
    If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2012 or the taxable year beginning in 2012 (see instructions for Part XIV)?
    If “Yes,” complete Part XIV.............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullet  
    14
    The books are in care ofbulletUS BANK NA Telephone no.bullet (630) 390-3776
    Located atbullet1026 OGDEN AVELISLEIL ZIP+4bullet60532
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2012, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
     
    No
    See 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 (2012)
    Form 990-PF (2012)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2012?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2012, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2012?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see instructions.) ..............
    2b
     
    No
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?.........................
    b
    If “Yes,” did it have excess business holdings in 2012 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 2012.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2012?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see instructions)........
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
     
    .........bullet
    c
    If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?........................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2012)
    Form 990-PF (2012)
    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 instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    U S BANK NA TRUSTEE
    40     		160,120    
    1026 OGDEN AVE
    LISLE,IL60532
    STEVEN P DHEIN CHIEF ADVISOR
    40     		79,567    
    2420 NICOLET DR MAC 212
    GREEN BAY,WI543117001
    DAVID H COFRIN CO-ADVISOR
    1     		0    
    2420 NICOLET DR MAC 212
    GREEN BAY,WI543117001
    ROBERT HOWE ADVISOR
    1     		0    
    2420 NICOLET DR MAC 212
    GREEN BAY,WI543117001
    JOE NEIDENBACH ADVISOR
    1     		0    
    2420 NICOLET DR MAC 212
    GREEN BAY,WI543117001
    CINDY FOLLICK SECRETARY
    1     		0    
    2420 NICOLET DR MAC 212
    GREEN BAY,WI543117001
    ELLEN WEIDNER ADVISOR
    1     		0    
    2420 NICOLET DR MAC 212
    GREEN BAY,WI543117001
    MARY ANN HARN COFRIN ADVISOR
    1     		0    
    2420 NICOLET DR MAC 212
    GREEN BAY,WI543117001
    SAM GOFORTH ADVISOR
    1     		0    
    2420 NICOLET DR MAC 212
    GREEN BAY,WI543117001
    ED POPPELL ADVISOR
    1     		0    
    2420 NICOLET DR MAC 212
    GREEN BAY,WI543117001
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE.”
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Form 990-PF (2012)
    Form 990-PF (2012)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see 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 instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    44,897,507
    b
    Average of monthly cash balances.......................
    1b
    1,868,073
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    46,765,580
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    46,765,580
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see
    instructions) .............................
    4
    701,484
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    46,064,096
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    2,303,205
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    2,303,205
    2a
    Tax on investment income for 2012 from Part VI, line 5......
    2a
    34,483
    b
    Income tax for 2012. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    34,483
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    2,268,722
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    2,268,722
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1................................
    7
    2,268,722
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    3,182,399
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    3,182,399
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
    34,483
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    3,147,916
    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 (2012)
    Form 990-PF (2012)
    Page 8
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2011     		(c)
    2011     		(d)
    2012
    1 Distributable amount for 2012 from Part XI, line 7 2,268,722
    2 Undistributed income, if any, as of the end of 2012:
    a Enter amount for 2011 only....... 301,453
    b Total for prior years:2010, 20, 20 0
    3 Excess distributions carryover, if any, to 2012:
    a From 2007....... 0
    b From 2008....... 0
    c From 2009....... 0
    d From 2010....... 0
    e From 2011....... 0
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2012 from Part
    XII, line 4: bullet$ 3,182,399
    a Applied to 2011, but not more than line 2a 301,453
    b Applied to undistributed income of prior years
    (Election required—see instructions)......     		0
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		0
    d Applied to 2012 distributable amount..... 2,268,722
    e Remaining amount distributed out of corpus 612,224
    5 Excess distributions carryover applied to 2012. 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 5 612,224
    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 instructions ...........     		0
    e Undistributed income for 2011. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2012. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2013 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (see
    instructions) .............     		0
    8Excess distributions carryover from 2007 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2013.
    Subtract lines 7 and 8 from line 6a ......     		612,224
    10 Analysis of line 9:
    a Excess from 2008.... 0
    b Excess from 2009.... 0
    c Excess from 2010.... 0
    d Excess from 2011.... 0
    e Excess from 2012.... 612,224
    Form 990-PF (2012)
    Form 990-PF (2012)
    Page 9
    Part XIV
    Private Operating Foundations (see 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 2012, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2012 (b) 2011 (c) 2010 (d) 2009
             
    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 instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    NONE
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    NONE
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    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 (2012)
    Form 990-PF (2012)
    Page 10
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    UNIVERSITY OF WISCONSIN
    FOUNDATION
    CL 810 2420 NICOLET DR
    GREEN BAY,WI543117001     		NONE PUBLIC CHARITY BIODIVERSITY STRI COURSE 15,000
    UNIVERSITY OF WISCONSIN
    FOUNDATION
    CL 810 2420 NICOLET DR
    GREEN BAY,WI543117001     		NONE PUBLIC CHARITY COFRIN CENTER FOR 75,000
    UNIVERSITY OF WISCONSIN
    FOUNDATION
    CL 820 2420 NICOLET DR
    GREEN BAY,WI543117001     		NONE PUBLIC CHARITY THEATER DEPT 15,000
    UNIVERSITY OF WISCONSIN
    FOUNDATION
    CL 810 2420 NICOLET DR
    GREEN BAY,WI543117001     		NONE PUBLIC CHARITY WEIDNER CENTER STRATEGIC 250,000
    UNIVERSITY OF WISCONSIN
    FOUNDATION
    CL 810 2420 NICOLET DR
    GREEN BAY,WI543117001     		NONE PUBLIC CHARITY STRI PANAMA COURSE 10,000
    UNIVERSITY OF WISCONSIN
    FOUNDATION
    CL 810 2420 NICOLET DR
    GREEN BAY,WI543117001     		NONE PUBLIC CHARITY COFRIN ASSISTANTSHIPS 8,000
    UNIVERSITY OF FLORIDA
    FOUNDATION INC
    S W 34TH STREET AND HULL ROAD
    GAINESVILLE,FL32611     		NONE PUBLIC CHARITY ORDWAY-SWISHER BIOLOGICAL 100,000
    UNIVERSITY OF FLORIDA
    FOUNDATION INC
    S W 34TH STREET AND HULL ROAD
    GAINSVILLE,FL32611     		NONE PUBLIC CHARITY ORDWAY-SWISHER BIOLOGICAL 115,000
    UNIVERSITY OF FLORIDA
    FOUNDATION INC
    S W 34TH STREET AND HULL ROAD
    GAINSVILLE,FL32611     		NONE PUBLIC CHARITY ORDWAY-SWISHER BIOLOGICAL 52,000
    UNIVERSITY OF FLORIDA
    FOUNDATION INC
    S W 34TH STREET AND HULL ROAD
    GAINESVILLE,FL32611     		NONE PUBLIC CHARITY ORDWAY-SWISHER BIOLOGICAL 18,000
    UNIVERSITY OF FLORIDA
    FOUNDATION INC
    S W 34TH STREET AND HULL ROAD
    GAINSVILLE,FL32611     		NONE PUBLIC CHARITY DEPARTMENT OF UROLOGY 250,000
    UNIVERSITY OF FLORIDA
    FOUNDATION INC
    S W 34TH STREET AND HULL ROAD
    GAINSVILLE,FL32611     		NONE PUBLIC CHARITY DEPARTMENT OF UROLOGY 41,000
    UNIVERSITY OF FLORIDA
    FOUNDATION INC
    S W 34TH STREET AND HULL ROAD
    GAINESVILLE,FL32611     		NONE PUBLIC CHARITY STRATEGIC PLANNING - HARN 10,000
    UNIVERSITY OF FLORIDA
    FOUNDATION INC
    S W 34TH STREET AND HULL ROAD
    GAINESVILLE,FL32611     		NONE PUBLIC CHARITY COMMUNICATIONS CONTRACT - 150,000
    UNIVERSITY OF FLORIDA
    FOUNDATION INC
    S W 34TH STREET AND HULL ROAD
    GAINESVILLE,FL32611     		NONE PUBLIC CHARITY HARN MUSEUM WEB SITE 25,000
    UNIVERSITY OF FLORIDA
    FOUNDATION INC
    S W34TH STREET AND HULL ROAD
    GAINESVILLE,FL32611     		NONE PUBLIC CHARITY NATURAL HISTORY MUSEUM 75,000
    OAK HALL SCHOOL
    8009 SW 14TH AVENUE
    GAINESVILLE,FL32607     		NONE PUBLIC CHARITY REFURBISHING OF EDITH D 55,000
    BAIRD CREEK PRESERVATION
    FOUNDATION
    3110 BAY VIEW DRIVE
    GREEN BAY,WI54311     		NONE PUBLIC CHARITY PROPERTY PURCHASE & 60,000
    SMITHSONIAN RESEARCH
    INSTITUTE
    1100 JEFFERSON DR
    WASHINGTON,DC20013     		NONE PUBLIC CHARITY TROPICAL RESEARCH INSTITUTE 375,000
    WEILL CORNELL MEDICAL COLLEGE
    575 LEXINGTON AVE STE 640
    NEW YORK,NY10022     		NONE PUBLIC CHARITY DAVID A COFRIN BIOMEDICAL 1,000,000
    WEILL CORNELL MEDICAL COLLEGE
    575 LEXINGTON AVE STE 640
    NEW YORK,NY10022     		NONE PUBLIC CHARITY DAVID A COFRIN BIOMEDICAL 85,000
    REICHERT HOUSE
    1704 SE 2ND AVE
    GAINESVILLE,FL32641     		NONE PUBLIC CHARITY MENTAL HEALTH PROGRAM 50,000
    REICHERT HOUSE
    1704 SE 2ND AVE
    GAINESVILLE,FL32641     		NONE PUBLIC CHARITY BUILDING CONSTRUCTION 150,000
    GAINESVILLE COMMUNITY FDN
    5214-A SW 91ST DR
    GAINESVILLE,FL326083006     		NONE PUBLIC CHARITY GENERAL SUPPORT 100,000
    Total .................................bullet 3a 3,084,000
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2012)
    Form 990-PF (2012)
    Page 11
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3Interest on savings and temporary cash investments     14 204  
    4 Dividends and interest from securities....     14 1,027,235  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6Net rental income or (loss) from personal property          
    7 Other investment income.....          
    8Gain or (loss) from sales of assets other than inventory     18 2,649,118  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aCONTRACT FEE REV     14 11,000  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   3,687,557  
    13Total. Add line 12, columns (b), (d), and (e)..................
    133,687,557
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2012)
    Form 990-PF (2012)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section
    Yes
    No
    501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If “Yes,” complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2012)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors
    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    OMB No. 1545-0047
    2012
    Name of the organization
    1923 FUND 78990200
     
    Employer identification number

    36-7070455
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ





    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule
    Special Rules
    ......................... Arrow Bullet   $    
    Caution. An organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2 of its Form 990; or check the box on line H of its
    Form 990-EZ or on Part I, line 2 of its Form 990-PF, to certify that it does not meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2012)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2012)
    Page 2
    Name of organization
    1923 FUND 78990200
          		Employer identification number

    36-7070455
    Part I
    Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
    		     
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
    1
     
     

    DAVID A COFRIN IRREV TRUST    
    C/O U S BANK NA P O BOX 2043
       
    MILWAUKEE, WI   532019668

    		$17,272


    (Complete Part II if there is a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  


    (Complete Part II if there is a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  


    (Complete Part II if there is a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  


    (Complete Part II if there is a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  


    (Complete Part II if there is a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Total contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  


    (Complete Part II if there is a noncash contribution.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2012)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2012)
    Page 3
    Name of organization
    1923 FUND 78990200
          		Employer identification number

    36-7070455
    Part II
    Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
    		     
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
    1
    		 795 SHS SUNTRUST BANKS INC   $17,188 2012-01-26
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2012)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2012)
    Page 4
    Name of organization
    1923 FUND 78990200
          		Employer identification number

    36-7070455
    Part III
    Exclusively religious, charitable, etc., individual contributions to section 501(c)(7), (8), or (10) organizations
    that total more than $1,000 for the year. Complete columns (a) through (e) and the following line entry.
    For organizations completing Part III, enter the total of exclusively religious, charitable, etc.,
    contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
    Use duplicate copies of Part III if additional space is needed.
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
     
    (e) Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2012)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2012 AccountingFeesSchedule
    Name:
    1923 FUND 78990200
    EIN: 36-7070455
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    U.S. BANK, N.A., TAX PREP FEES 1,875     1,875

    TY 2012 InvestmentsCorpBondsSchedule
    Name:
    1923 FUND 78990200
    EIN: 36-7070455
    Name of Bond End of Year Book Value End of Year Fair Market Value
    CREDIT SUISSE 5.375% 3/1/16 206,944 224,476
    GENERAL DYNAMICS 5.375% 8/15    
    WYETH 5.5% 2/15/16 209,506 228,436
    BP CAPITAL PLC 5.25% 11/7/13    
    QUEBEC PROVINCE 5.125% 11/16 209,558 232,860
    BARCLAYS BANK PLC 3/27/13 1,000,000 1,050,400
    BB&T CORP MED TRM NT 5.7% 4/14    
    BARC 2YR 1YR BR MT MED 4% 5/14 550,000 560,120

    TY 2012 InvestmentsCorpStockSchedule
    Name:
    1923 FUND 78990200
    EIN: 36-7070455
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ABBOTT LABS 57,329 343,875
    AMERICA MOVIL S A DE C V A D R 13,956 370,240
    APACHE CORP 197,239 294,375
    AUTOMATIC DATA PROCESSING INC 44,368 370,045
    BAXTER INTL INC 31,492 266,640
    BRISTOL MYERS SQUIBB CO 93,407 260,720
    CONOCOPHILLIPS 152,339 315,582
    CORNING INC    
    DISNEY WALT CO 38,651 323,635
    DUKE ENERGY CORP 57,885 170,091
    EMERSON ELEC CO 32,934 291,280
    ENRON CORP    
    EXXON MOBIL CORP 222,920 605,850
    FED EX CORP 134,050 321,020
    HEWLETT PACKARD CO    
    INTL BUSINESS MACHINES CORP 186,640 383,100
    J P MORGAN CHASE & CO 190,816 351,753
    JOHNSON & JOHNSON 56,111 350,500
    MATTEL INC 72,315 292,960
    MCDONALD'S CORP 51,844 308,735
    NORFOLK SOUTHERN CORP 44,415 216,440
    PEPSICO INC 77,895 342,150
    PRAXAIR INC 31,069 410,437
    PROCTER & GAMBLE CO    
    QUALCOMM INC 161,507 371,158
    ROCHE HLDG LTD SPNSRD ADR 33,784 39,592
    ROYAL DUTCH SHELL PLC ADR RPST 238,899 462,999
    SCHLUMBERGER LTD 118,431 346,493
    SEALED AIR CORP    
    TARGET CORP 20,904 236,680
    TEXAS INSTRUMENTS INC    
    3M CO 106,612 348,188
    U S BANCORP 158,554 532,951
    UNION PAC CORP 79,689 345,730
    WAL MART STORES INC 21,575 272,920
    WALGREEN CO 97,791 333,090
    YUM BRANDS INC 9,513 212,480
    ZIMMER HLDGS INC 88,008 218,645
    A T & T INC 299,179 505,650
    EXELON CORP    
    WELLS FARGO & CO 328,707 341,800
    OCCIDENTAL PETE CORP 293,091 306,440
    ORACLE CORP 211,713 333,200
    ACCENTURE LTD 212,760 399,000
    APPLE INC 271,731 798,259
    PHILIP MORRIS INTL INC 21,873 250,920
    ACE LTD 336,045 558,600
    B E AEROSPACE INC 20,730 41,397
    CRANE CO 12,827 17,355
    ENTERTAINMENT PPTYS TR    
    GARDNER DENVER INC 4,357 9,590
    HARMONIC INC 16,593 14,850
    ICU MED INC 13,353 25,652
    J2 GLOBAL INC 19,520 22,889
    MICROS SYS INC 15,175 18,249
    PROASSURANCE CORP 23,122 16,538
    SVB FINL GROUP    
    SYNNEX CORP    
    TUPPERWARE BRANDS CORP 17,319 25,832
    VECTREN CORP    
    COACH INC 181,024 305,305
    KEYCORP NEW 224,673 252,600
    ALLERGAN INC 173,747 275,190
    BLACKROCK INC 351,690 361,742
    GOOGLE INC CL A 119,399 212,214
    ILLINOIS TOOL WORKS 188,898 243,240
    MASTERCARD INC 184,474 491,280
    VISA INC CLASS A SHRS 238,169 454,740
    WILLIAMS COS INC 141,834 392,880
    AMERICAN EXPRESS CO 277,960 316,140
    AMTRUST FINANCIAL SERVICES 7,458 19,452
    BERRY PETE CO    
    BRANDYWINE REALTY TRUST 21,319 28,208
    BRIGHTPOINT INC    
    DUPONT FABROS TECHNOLOGY 15,800 22,904
    ENERSYS 12,153 25,476
    FLUSHING FINANCIAL CORP 11,111 18,976
    GEOEYE INC    
    LSB INDS INC 20,134 25,502
    MASTEC INC 17,645 39,065
    MEDNAX INC 23,425 29,581
    PERICOM SEMICONDUCTOR CORP 19,487 16,943
    ROCK TENN CO CL A    
    TITAN MACHY INC 24,432 26,330
    ABB LTD ADR REPSTG ONE REG    
    AGRIUM INC 18,113 31,759
    ANGLO AMERICAN PLC ADR REPSTG    
    ASTRAZENECA PLC SPSD ADR REPST    
    ATLAS COPCO AB ADR CL B REPSTG 18,289 33,018
    BARCLAYS PLC ADR REPSTG 4 ORD 23,797 19,260
    BOC HONG KONG HLDGS LTD ADR 19,508 24,527
    BRITISH AMERN TOB PLC SPSD ADR 50,715 78,368
    CANON INC ADR REPSTG SHS    
    DBS GROUP HLDGS LTD 40,800 47,098
    FOMENTO ECONOMICO MEX SP ADR 15,646 35,446
    FUJIFILM HOLDINGS ADR REPSTG    
    HONDA MTR LTD AMERN SHS 24,866 28,813
    KEPPEL CORP LTD SPONS ADR REP 33,151 56,478
    KONINKLIJKE KPN NV SP ADR REPS    
    LUKOIL SPON ADR REPSTG 43,042 43,875
    MITSUI & CO LTD SPSD ADR 30,184 34,858
    NATIONAL GRID PLC SP ADR 15,667 18,209
    NESTLE SA SPONS ADR REPSTG 69,298 91,759
    NISSAN MTR LTD SPONS ADR 32,951 35,679
    NOVARTIS AG ADR REPSTG 22,783 26,839
    ORIX CORP SPONS ADR REPSTG 27,568 40,271
    PETROLEO BRASILEIRO SA PETRO    
    TOKIO MARINE HOLDINGS ADR    
    TOTAL SA ADR REPSTG .5 ORD SH 58,900 49,670
    UNILEVER PLC SPSD ADR 15,578 19,476
    VALE SA SP ADR REPSTG 1 PFD 17,532 14,203
    ZURICH FINANCIAL SERVICES ADR    
    DIRECTV CL A 182,670 238,260
    E M C CORP 212,118 253,000
    MEDCO HEALTH SOLUTIONS INC    
    STARBUCKS CORP 146,882 321,780
    TEXTRON INC 214,938 247,900
    THERMO FISHER SCIENTIFIC INC 292,174 350,790
    UNITED TECHNOLOGIES CORP 302,909 369,045
    V F CORP 139,730 279,294
    WHITING PETROLEUM CORP    
    ASHFORD HOSPITALITY TR INC 22,243 23,879
    BANK OF THE OZARKS INC    
    BUFFALO WILD WINGS INC 17,991 21,846
    CARDTRONICS INC 18,263 24,927
    CINEMARK HLDGS INC 25,044 35,281
    ENTEGRIS INC 15,944 20,297
    FINISAR CORP 22,039 22,073
    GULFPORT ENERGY CORP 7,271 20,983
    HANGER INC 18,069 28,427
    HEALTH MGMT ASSOC INC NEW CL A    
    IDACORP INC    
    INTERACTIVE INTELLIGENCE INC    
    KAPSTONE PAPER & PACKAGING COR 19,915 25,230
    LAKELAND FINANCIAL CORP 14,552 17,881
    LITTELFUSE INC 15,922 19,624
    MAGELLAN HEALTH SVCS INC    
    MAXIMUS INC 17,003 33,507
    MEASUREMENT SPECIALTIES INC 10,613 15,308
    MULTI FINELINE ELECTRONIX INC 27,524 26,273
    NETGEAR INC 13,651 22,357
    NORTHWEST BANCSHARES INC MD    
    NU SKIN ENTERPRISES INC - A 28,783 23,045
    OIL STATES INTERNATIONAL INC 20,619 27,758
    R F MICRO DEVICES INC    
    RENASANT CORP 14,590 18,738
    SIGNATURE BK    
    SOLUTIA INC    
    STONE ENERGY CORP 25,031 26,143
    TEXAS ROADHOUSE INC 27,990 31,097
    TRIUMPH GROUP INC 31,563 45,449
    VEECO INSTRS INC DEL 12,592 11,855
    VOLTERRA SEMICONDUCTOR CORP 17,068 13,496
    ANHEUSER BUSCH INBEV NV ADR 17,913 24,999
    B A S F AG ADR REPSTG1 ORD SH 52,955 69,920
    B H P BILLITON PLC SPSD ADR 54,795 52,426
    B T GROUP PLC ADR REPSTG 10 OR 51,472 68,834
    BAYERISCHE MOTOREN WERKE UNSP 31,857 47,857
    HSBC HOLDINGS PLC SPS ADR REP 31,759 32,956
    INTERCONTINENTAL HTLS GRP PISP    
    LVMH MOET HENNESSY LOU VUITT 13,667 15,754
    SIEMENS AG ADR REPSTG 14,913 16,421
    VODAFONE GROUP PLC ADR REPSTG 22,225 22,041
    VOLVO AB SPONSD ADR REPSTG 16,162 17,580
    AMGEN INC    
    BOEING CO    
    CENTRAL VT PUB SVC CORP    
    HESS CORP    
    JARDEN CORP    
    SPRINT NEXTEL CORP    
    UNITED HEALTH GROUP INC 258,899 325,440
    WEATHERFORD INTERNATIONAL LTD    
    AMERICAN AXIE & MFG HLDGS INC 30,120 34,238
    AMERISTAR CASINOS INC 17,898 25,741
    ATWOOD OCEANICS INC 26,544 27,062
    AMERICAN EQUITY INVT LIFE 25,467 26,459
    CASH AMERICA INTL INC    
    CENTENE CORP 21,163 25,297
    CIECO CORP    
    CLOUD PEAK ENERGY INC    
    COMMUNITY BK SYS INC 16,594 17,483
    CYBERONICS INC 13,655 21,222
    DARLING INTL INC    
    DIGITAL GENERATION INC    
    DSW INC CL A 18,188 27,984
    GENERAL CABLE CORP    
    GT ADVANCED TECHNOLOGIES INC    
    HORSEHEAD HOLDING CORP    
    LIFEPOINT HOSPITALS INC    
    MEDIDATA SOLUTIONS INC 18,833 27,073
    MOLINA HEALTHCARE INC    
    P M C - SIERRA INC    
    PERRY ELLIS INTERNATIONAL 15,299 11,711
    POLARIS INDS INC    
    PORTLAND GENERAL ELECTRIC CO    
    PROSPERITY BANCSHARES INC 28,882 29,064
    PROTECTIVE LIFE CORP 16,155 27,151
    RUE21 INC 17,445 20,384
    SALLY BEAUTY CO    
    SONIC AUTOMOTIVE INC CL A 16,228 24,588
    SPIRIT AIRLINES INC 15,335 16,472
    TAL INTL GROUP INC 21,227 23,683
    TENNECO AUTOMOTIVE INC 25,605 24,717
    TITAN INTL INC III    
    TWO HARBORS INVESTMENT CORP 11,644 12,044
    UMB FINL CORP 18,364 20,245
    WESBANCO INC 11,753 12,821
    WORLD ACCEP CORP    
    B A E SYSTEMS PLC ADR RESPTG 15,986 20,542
    BROOKFIELD ASSET MGMT CL A 19,174 21,404
    CARNIVAL PLC ADR REPSTG 1 ORD 19,165 17,128
    CHINA MOBILE LTD ADR REPSTG 15,834 17,968
    ENEL SOCIETA ADR    
    HITACHI LTD ADR 10 COM 16,639 18,327
    NIPPON TELEGRAPH TELE ADR 15,902 13,270
    REPSOL SA SPONSORED ADR 18,592 11,641
    SANOFI ADR REPSTG .5 ORD SHS 54,086 69,127
    SBERBANK SPONSRD ADR RPSTG 37,890 34,239
    SHIRE PLC ADR REPSTG 3 ORD SHS 18,998 18,160
    ALLIANZ SE ADR REPSTG .1 ORD 36,573 34,716
    CME GROUP INC 256,520 240,682
    CVS CAREMARK CORP 206,047 217,575
    EXPRESS SCRIPTS HOLDINGS C 159,341 153,090
    HUMANA INC 204,696 205,890
    PIONEER NAT RES CO 246,336 266,475
    TERADATA CORP DEL 225,943 185,670
    ALERE INC 22,766 18,186
    AMERICAN STATES WATER CO 9,405 13,099
    ARCTIC CAT INC 24,947 23,440
    AZZ INC 13,047 19,830
    BERKSHIRE HILLS BANCORP INC 10,351 10,809
    BIO-REFERENCE LABS INC 22,325 23,276
    CHEMICAL FINANCIAL CORP 12,426 13,543
    CHESAPEAKE LODGING TRUST 18,717 21,840
    CIRRUS LOGIC INC 24,166 19,178
    COMMUNITY TR BANCORP INC 10,826 10,817
    DARLING INTL INC 19,743 18,526
    EPL OIL GAS INC 22,557 22,933
    FIRST FINANCIAL BANCORP 28,140 24,576
    LITHIA MOTORS INC CL A 13,245 18,485
    MICROSEMI CORP 20,446 23,060
    MOOG INC CL A 22,547 22,238
    MYRIAD GENETICS INC 18,020 20,111
    NEWCASTLE INVT CORP 19,738 21,440
    NORTHWESTERN CORP 10,483 10,002
    ORBITAL SCIENCES CORP 20,383 21,068
    PENNYMAC MTG INV TR 15,653 18,790
    PRIMORIS SERVICES CORP 19,451 19,145
    RAMCO GERSHENSON PROPERTIES 18,249 23,572
    RUDOLPH TECHNOLOGIES INC 17,497 19,461
    SABRA HEALTH CARE REIT INC 15,218 25,173
    SINCLAIR BROADCAST GROUP INC A 13,437 13,693
    SPECTRUM PHARMACEUTICALS INC 15,793 11,309
    SWIFT TRANSPORTATION CO 17,427 16,042
    TEREX CORP 21,121 24,624
    TETRA TECH INC 19,333 19,058
    UNISYS CORP 23,443 20,847
    ALTERRA CAPITAL HOLDINGS LTD 22,374 26,781
    ASSA ABLOY AB ADR REPSTG .5 OR 16,624 21,342
    CANADAN PACIFIC RAILWAY LTD 16,699 23,068
    COPA HOLDINGS SA CL A 18,031 22,973
    DEUTSCHE BANK AG 16,030 20,683
    KAO CORP ADR REPSTG 10 SHS 18,106 16,906
    NOVO NORDISK AS ADR REPSTG 1 34,755 39,823
    POSTNI NV ADR REPSTG 1 ORD SH 15,235 16,650
    REXAM PLC ADR REPSTG 5 ORD SHR 17,139 17,727
    SANDS CHINA LTD UNSPONS ADR RE 15,952 20,787
    SAP AG ADR REPSTG 1 ORD SH 16,142 21,381
    SEVEN & I HLDGS UNSPONS ADR 17,085 14,482
    SUNCOR ENERGY INC 16,110 18,865
    SWEDBANK AB ADR REPSTG 1 ORD 17,698 19,345
    SYNGENTA AG ADR REPSTG 1/5 ORD 16,694 20,766
    TRANSOCEAN LTD 16,337 17,909
    VALEOSA SPON ADR 36,578 36,237
    ZURICH INSURANCE GROUP ADR REP 14,962 17,527

    TY 2012 InvestmentsOtherSchedule2
    Name:
    1923 FUND 78990200
    EIN: 36-7070455
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    FIRST EAGLE SOGEN GLOBAL A AT COST 2,493,201 2,857,597
    T ROWE PRICE INTL GR & INC ADV AT COST 1,750,000 1,686,252
    GOLDMAN SACHS M/C VALUE AT COST 1,352,910 2,099,541
    ISHARES MSCI EMERGING MKTS ETF      
    IPATH DOW JONES UBS COMMODITY AT COST 245,880 248,100
    DRIEHAUS ACTIVE INCOME FUND AT COST 250,082 238,470
    NUVEEN HIGH INCOME BOND FUND AT COST 1,500,000 1,447,564
    HIGHLAND LONG SHORT EQUITY Z      
    NUVEEN MID CAP GRWTH OPP FD AT COST 1,898,945 1,908,565
    TFS MARKET NEUTRAL FUND AT COST 1,672,031 1,703,553
    GAM ABSOLUTE RETURN BOND FD      
    ABERDEEN FDS EMERG MKT FDS AT COST 1,000,000 1,081,118
    NUVEEN REAL ESTATE SECS FD AT COST 567,823 589,491
    OPPENHEIMER DEVELOP MKTS FD AT COST 1,000,000 1,012,776
    PYXIS LONG SHORT EQUITY FUND AT COST 1,488,715 1,466,501
    SPDR DJ WILSHIRE INTERNATL FD AT COST 959,207 1,013,075
    GAM ABSOLUTE RETURN BD FD AT COST 500,000 525,247
    IDR FIXED INCOME REAL EST ST B AT COST 209,751 205,006

    TY 2012 OtherExpensesSchedule
    Name:
    1923 FUND 78990200
    EIN: 36-7070455
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ADR FEES 847 847   0
    INSURANCE 787 0   787
    FOUNDATION DUES 695 0   695
    ATTY GEN FILING FEE 15 0   15
    BUSINESS REGISTRATION FEE 10 0   10
    EXP RELATED TO BOARD MTG 8,313 0   8,313
    PORTFOLIO DEDUCTIONS - LP   1,759   0


    TY 2012 OtherIncomeSchedule2
    Name:
    1923 FUND 78990200
    EIN: 36-7070455
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    CONTRACT FEE REVENUE 11,000 11,000  


    TY 2012 OtherLiabilitiesSchedule
    Name:
    1923 FUND 78990200
    EIN: 36-7070455
    Description Beginning of Year - Book Value End of Year - Book Value
    EMPLOYEE TAXES WITHHELD 1,318 1,359
    EMPLOYER'S FICA/MEDICARE ACC'D 492 507
    CASH OVERDRAFT 10,682 18,198


    TY 2012 OtherProfessionalFeesSchedule
    Name:
    1923 FUND 78990200
    EIN: 36-7070455
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT EXPENSES - LP   6,884    


    TY 2012 TaxesSchedule
    Name:
    1923 FUND 78990200
    EIN: 36-7070455
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    U S EXCISE TAX 21,241 0   0
    FOREIGN TAXES 16,426 16,426   0