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 10-01-2011 , and ending 09-30-2012

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

Amended returnAddress changeName change

Name of foundation
JAMES AND JANE WELCH FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 3636 Room/suite

City or town, state, and ZIP code
GRAND RAPIDS, MI495013636

A Employer identification number

38-2927749

B Telephone number (see page 10 of the instructions)

(800) 400-0439

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

$5,364,855J 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......	150,804		150,057
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		1,205
b	Gross sales price for all assets on line 6a 2,790,860
7	Capital gain net income (from Part IV, line 2)...			1,205
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).......		195
12	Total. Add lines 1 through 11........	152,204		151,262
13	Compensation of officers, directors, trustees, etc.
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).......		925	463	0	463
c	Other professional fees (attach schedule)....					0
17	Interest...............					0
18	Taxes (attach schedule) (see page 14 of the instructions)		20,457	1,457		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).......		21,707	19,297		2,410
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	43,089		21,217	0	2,873
25	Contributions, gifts, grants paid........	341,000				341,000
26	Total expenses and disbursements. Add lines 24 and 25	384,089		21,217	0	343,873
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-231,885
b	Net investment income (if negative, enter -0-)			130,045
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...............	12,784	7	7
	2	Savings and temporary cash investments..........	266,367	292,210	292,210
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see page 15 of the
		instructions)....................
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts 0
	8	Inventories for sale or use...............
	9	Prepaid expenses and deferred charges...........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule)........	1,517	1,517	2,046,633
	c	Investments—corporate bonds (attach schedule)........
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........	3,111,616	2,866,665	3,026,005
	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)	3,392,284	3,160,399	5,364,855
	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 )
	23	Total liabilities (add lines 17 through 22)..........		0
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted....................
	25	Temporarily restricted................
	26	Permanently restricted................
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds.........	3,470,842	3,160,399
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds	-78,558
	30	Total net assets or fund balances (see page 17 of the
		instructions)....................	3,392,284	3,160,399
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................	3,392,284	3,160,399

Part III	Analysis of Changes in Net Assets or Fund Balances
1	Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
	with end-of-year figure reported on prior year’s return)...............	1	3,392,284
2	Enter amount from Part I, line 27a.....................	2	-231,885
3	Other increases not included in line 2 (itemize)	3	0
4	Add lines 1, 2, and 3..........................	4	3,160,399
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	3,160,399

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.)		(c) Date acquired (mo., day, yr.)	(d) Date sold (mo., day, yr.)
1 a	13. SPDR GOLD TRUST [WHFIT]	2011-06-15	2011-10-04
b	28. SPDR GOLD TRUST [WHFIT]	2011-05-24	2011-10-04
c	75.117 DOUBLELINE FDS TR TOTAL RETURN BD FD CL I	2011-03-10	2011-10-05
d	359. SPDR BARCLAYS HIGH YIELD BOND ETF	2011-08-05	2011-10-05
e	300. SPDR BARCLAYS HIGH YIELD BOND ETF	2011-08-08	2011-10-05
	422.061 THIRD AVE TR INVS	2011-04-13	2011-10-05
	1703. VANGUARD BD INDEX FD INC ETF	2011-04-21	2011-10-13
	129. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2011-10-21
	243. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2011-10-21
	335. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2011-10-21
	261. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2011-10-21
	72. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-08-24	2011-10-21
	300. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-10-21
	26. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-10-21
	1752. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-29	2011-10-21
	411. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-10-21
	1439. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-29	2011-10-21
	746. ISHARES S&P GLBL FINLS SECTOR IN ETF [RIC]	2011-10-21	2011-11-09
	578. ISHARES S&P GLBL FINLS SECTOR IN ETF [RIC]	2011-09-12	2011-11-09
	240. ISHARES S&P GLOBAL TELECOMM	2011-10-21	2011-11-23
	247. ISHARES S&P GLOBAL TELECOMM	2011-10-21	2011-11-23
	222. ISHARES S&P GLBL TECH SECTOR IND FD ETF [RIC]	2011-10-21	2011-11-23
	23. ISHARES S&P GLBL TECH SECTOR IND FD ETF [RIC]	2011-09-12	2011-11-23
	223. ISHARES S&P GLBL TECH SECTOR IND FD ETF [RIC]	2011-10-21	2011-11-23
	244. ISHARES TR S&P GLOBAL HEALTHCARE SECTOR ETF [RIC]	2011-10-21	2011-11-23
	11. ISHARES TR S&P GLOBAL HEALTHCARE SECTOR ETF [RIC]	2011-09-12	2011-11-23
	274. ISHARES TR S&P GLOBAL HEALTHCARE SECTOR ETF [RIC]	2011-10-21	2011-11-23
	347. ISHARES TR S&P GLOBAL ENERGY SECTOR INDEX ETF [RIC]	2011-10-21	2011-11-23
	21. ISHARES TR S&P GLOBAL ENERGY SECTOR INDEX ETF [RIC]	2011-09-12	2011-11-23
	381. ISHARES TR S&P GLOBAL ENERGY SECTOR INDEX ETF [RIC]	2011-10-21	2011-11-23
	1028. ISHARES TR RUSSELL 2000 INDEX FD ETF [RIC]	2011-10-21	2011-11-23
	14. ISHARES TR RUSSELL 2000 INDEX FD ETF [RIC]	2010-09-29	2011-11-23
	1175. ISHARES TR RUSSELL 2000 INDEX FD ETF [RIC]	2011-10-21	2011-11-23
	225. ISHARES TRUST S & P GLOBAL MAT ETF [RIC]	2011-09-12	2011-11-23
	136. ISHARES TRUST S & P GLOBAL MAT ETF [RIC]	2011-10-21	2011-11-23
	116. ISHARES TRUST S & P GLOBAL MAT ETF [RIC]	2011-09-12	2011-11-23
	323. ISHARES TR S&P GL UTILITI ETF [RIC]	2011-10-21	2011-11-23
	12. ISHARES TR S&P GL UTILITI ETF [RIC]	2011-09-12	2011-11-23
	309. ISHARES TR S&P GL UTILITI ETF [RIC]	2011-10-21	2011-11-23
	274. ISHARES TRUST S&P GL INDUSTRIALS ETF [RIC]	2011-10-21	2011-11-23
	8. ISHARES TRUST S&P GL INDUSTRIALS ETF [RIC]	2011-09-12	2011-11-23
	301. ISHARES TRUST S&P GL INDUSTRIALS ETF [RIC]	2011-10-21	2011-11-23
	204. ISHARES SP 500 GL CONS STAPLES ETF [RIC]	2011-10-21	2011-11-23
	10. ISHARES SP 500 GL CONS STAPLES ETF [RIC]	2011-09-12	2011-11-23
	222. ISHARES SP 500 GL CONS STAPLES ETF [RIC]	2011-10-21	2011-11-23
	260. ISHARES SP 500 GL CONS DISC ETF [RIC]	2011-10-21	2011-11-23
	12. ISHARES SP 500 GL CONS DISC ETF [RIC]	2011-09-12	2011-11-23
	273. ISHARES SP 500 GL CONS DISC ETF [RIC]	2011-10-21	2011-11-23
	1024. SECTOR SPDR TR FINANCIAL ETF [EQTY]	2011-11-09	2011-11-23
	976. SECTOR SPDR TR FINANCIAL ETF [EQTY]	2011-11-09	2011-11-23
	987. VANGUARD FTSE EMERGING MARKETS ETF	2010-09-29	2011-11-23
	26. VANGUARD FTSE EMERGING MARKETS ETF	2010-09-29	2011-11-23
	142. VANGUARD FTSE EMERGING MARKETS ETF	2011-02-23	2011-11-23
	147. VANGUARD FTSE EMERGING MARKETS ETF	2010-09-29	2011-11-23
	767. VANGUARD FTSE EMERGING MARKETS ETF	2011-10-21	2011-11-23
	34. VANGUARD FTSE EMERGING MARKETS ETF	2010-09-29	2011-11-23
	168. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-12-12
	26. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-12-12
	26. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-12-12
	80. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-12-12
	103. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-12-12
	63. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-12-12
	128. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-12-12
	59. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-12-12
	58. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-12-12
	285. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-08-10	2011-12-12
	168. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-12-13
	26. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-12-13
	26. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-12-13
	35. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-12-13
	319. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-12-13
	422. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2011-12-13
	322. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-11-23	2011-12-13
	100. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-01-05
	68. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-01-05
	22. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-01-05
	4. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-01-06
	26. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-01-06
	35. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-01-06
	45. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-01-06
	63. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-01-06
	59. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-01-06
	59. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-01-06
	58. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-01-06
	20. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-08-10	2012-01-06
	63. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-08-10	2012-01-06
	76. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-11-23	2012-01-06
	139. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-11-23	2012-01-06
	522. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-11-23	2012-01-06
	55. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-11-23	2012-01-06
	103. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-01-06
	69. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-01-06
	285. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-01-06
	120. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-11-23	2012-01-06
	261. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-11-23	2012-01-09
	157. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-11-23	2012-01-09
	2100. MORGAN STANLEY CALL OPTION @ 16	2011-12-30	2012-01-11
	2100. UNITED STS STL CORP NEW CALL OPTION @ 27	2011-12-29	2012-01-11
	2100. COMPUTER SCIENCES CORP CALL OPTION @ 27.5	2011-12-29	2012-01-12
	2100. HOSPIRA INC CALL OPTION @ 35	2011-12-30	2012-01-12
	2100. NEWFIELD EXPL CO CALL OPTION @ 40	2011-12-30	2012-01-13
	688. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-11-23	2012-01-13
	196. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-11-23	2012-01-17
	100. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-11-23	2012-01-17
	72. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-01-17
	24. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-01-17
	197. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-01-17
	2100. ALPHA NATIONAL RESOURCES INC CALL OPTION @ 21	2011-12-29	2012-01-18
	2100. BANK AMER CORP CALL OPTION @ 6	2011-12-29	2012-01-18
	2100. GENWORTH FINL INC CALL OPTION @ 7.5	2011-12-29	2012-01-18
	2100. HUDSON CITY BANCORP INC CALL OPTION @ 7.5	2011-12-30	2012-01-18
	2100. WHIRLPOOL CORP CALL OPTION @ 52.5	2011-12-30	2012-01-18
	21.571 AQR MANAGED FUTURES STR-I	2011-03-02	2012-02-06
	7448.551 AQR MANAGED FUTURES STR-I	2011-02-16	2012-02-06
	1701.059 AQR MANAGED FUTURES STR-I	2011-04-13	2012-02-06
	1664.059 EATON VANCE MUT FDS GLO MACABSRE	2011-04-13	2012-02-06
	7642.218 EATON VANCE MUT FDS GLO MACABSRE	2011-03-02	2012-02-06
	31.409 MERGER FD SH BEN INT	2011-12-29	2012-02-06
	224.542 MERGER FD SH BEN INT	2011-04-13	2012-02-06
	396. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2010-09-29	2012-02-06
	158. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-02-06
	129. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-02-06
	229. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-02-06
	1819.205 DOUBLELINE FDS TR TOTAL RETURN BD FD CL I	2011-03-10	2012-02-07
	9140.273 GOLDMAN SACHS CORE FIXED INC INST SH	2010-10-04	2012-02-07
	6040.079 PIMCO TOTAL RETURN FUND(IT	2010-10-01	2012-02-07
	1506.1 PIMCO HIGH YIELD FUND	2010-10-01	2012-02-07
	3921.206 PRICE T ROWE HIGH YIELD FD INC	2010-09-30	2012-02-07
	2870.683 TCW FDS INC EMERGING MKTS INCOME FD CL I	2011-09-07	2012-02-07
	1134.61 TCW FDS INC EMERGING MKTS INCOME FD CL I	2011-09-07	2012-02-07
	665.322 THIRD AVE TR INVS	2011-04-13	2012-02-07
	2418.377 THIRD AVE TR INVS	2010-09-30	2012-02-07
	2. MARKET VECTORS ETF TR GOLD MINERS ETF FD [RIC]	2011-08-05	2012-02-09
	80.128 PIMCO REAL RETURN FUND	2011-04-13	2012-02-09
	97.119 T ROWE PRICE NEW ERA FUND INC COM	2011-04-13	2012-02-09
	208.1 T ROWE PRICE NEW ERA FUND INC COM	2010-12-21	2012-02-09
	607.146 T ROWE PRICE NEW ERA FUND INC COM	2010-09-30	2012-02-09
	130.593 THIRD AVE REAL ESTATE VALUE FD INV CLASS	2011-04-13	2012-02-09
	33.22 THIRD AVE REAL ESTATE VALUE FD INV CLASS	2011-01-12	2012-02-09
	1163.33 THIRD AVE REAL ESTATE VALUE FD INV CLASS	2010-09-30	2012-02-09
	7.066 FPA CRESCENT PORTFOLIO-I	2011-04-13	2012-02-15
	88. ISHARES TR S&P NA TECH FD	2011-10-20	2012-02-15
	9. ISHARES TR S&P NA TECH FD	2011-09-30	2012-02-15
	323.981 PARNASSUS FD SH BEN INT	2011-04-13	2012-02-15
	1015.229 PARNASSUS FD SH BEN INT	2010-09-30	2012-02-15
	1103.768 TOUCHSTONE FDS GROUP TR FOCUSED EQUITY FD CL Y	2011-04-13	2012-02-15
	3458.269 TOUCHSTONE FDS GROUP TR FOCUSED EQUITY FD CL Y	2010-11-22	2012-02-15
	724.723 AMERICAN FD CAPITAL WORLD & INC	2011-04-14	2012-02-21
	6484.868 ING INTL REAL ESTATE CL W	2011-04-14	2012-02-21
	88. ISHARES DOW JONES SELECT DIV IND	2011-07-07	2012-02-21
	82. ISHARES DOW JONES SELECT DIV IND	2011-07-05	2012-02-21
	44. VANGUARD REIT ETF	2011-04-13	2012-02-21
	148. ISHARES LEHMAN 1-3 YEAR TREA SURY BOND FD ETF [RIC]	2012-02-09	2012-02-24
	64. ISHARES LEHMAN 1-3 YEAR TREA SURY BOND FD ETF [RIC]	2012-02-09	2012-03-02
	83. ISHARES LEHMAN 1-3 YEAR TREA SURY BOND FD ETF [RIC]	2010-11-15	2012-03-02
	82. MARKET VECTORS ETF TR GOLD MINERS ETF FD [RIC]	2011-08-05	2012-03-08
	1. ISHARES LEHMAN 1-3 YEAR TREA SURY BOND FD ETF [RIC]	2010-11-15	2012-03-13
	101. ISHARES LEHMAN 1-3 YEAR TREA SURY BOND FD ETF [RIC]	2011-01-28	2012-03-13
	44. ISHARES LEHMAN 1-3 YEAR TREA SURY BOND FD ETF [RIC]	2011-01-27	2012-03-13
	343.032 PIMCO REAL RETURN FUND	2011-04-13	2012-03-15
	717.928 PIMCO REAL RETURN FUND	2010-09-30	2012-03-15
	14. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-03-21
	335. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-03-21
	210. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-03-21
	77. ISHARES TR RUSSELL 2000 INDEX FD ETF [RIC]	2012-01-27	2012-03-27
	19. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-03-27
	32. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-03-27
	170. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-03-27
	214. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-03-27
	89. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-03-28
	164. SPDR S&P BANK ETF	2012-02-15	2012-04-05
	75. SPDR S&P BANK ETF	2012-02-15	2012-04-05
	70. SPDR S&P BANK ETF	2011-08-23	2012-04-05
	620. SPDR S&P BANK ETF	2011-08-23	2012-04-09
	48. ISHARES S&P GLOBAL TELECOMM	2011-10-21	2012-04-12
	7. ISHARES S&P GLOBAL TELECOMM	2011-10-21	2012-04-12
	61. ISHARES S&P GLOBAL TELECOMM	2011-10-21	2012-04-12
	53. ISHARES S&P GLBL TECH SECTOR IND FD ETF [RIC]	2012-03-27	2012-04-12
	44. ISHARES S&P GLBL TECH SECTOR IND FD ETF [RIC]	2011-10-21	2012-04-12
	52. ISHARES S&P GLBL TECH SECTOR IND FD ETF [RIC]	2011-10-21	2012-04-12
	60. ISHARES TR S&P GLOBAL HEALTHCARE SECTOR ETF [RIC]	2012-03-27	2012-04-12
	68. ISHARES TR S&P GLOBAL HEALTHCARE SECTOR ETF [RIC]	2012-03-27	2012-04-12
	68. ISHARES TR S&P GLOBAL ENERGY SECTOR INDEX ETF [RIC]	2011-10-21	2012-04-12
	67. ISHARES TR S&P GLOBAL ENERGY SECTOR INDEX ETF [RIC]	2012-03-27	2012-04-12
	1. ISHARES TR S&P GLOBAL ENERGY SECTOR INDEX ETF [RIC]	2011-10-21	2012-04-12
	86. ISHARES TR S&P GLOBAL ENERGY SECTOR INDEX ETF [RIC]	2012-03-27	2012-04-12
	400. ISHARES TR RUSSELL 2000 INDEX FD ETF [RIC]	2012-01-27	2012-04-12
	54. ISHARES TRUST S & P GLOBAL MAT ETF [RIC]	2012-03-27	2012-04-12
	54. ISHARES TRUST S & P GLOBAL MAT ETF [RIC]	2012-03-27	2012-04-12
	47. ISHARES TRUST S & P GLOBAL MAT ETF [RIC]	2012-03-27	2012-04-12
	64. ISHARES TR S&P GL UTILITI ETF [RIC]	2011-10-21	2012-04-12
	7. ISHARES TR S&P GL UTILITI ETF [RIC]	2011-10-21	2012-04-12
	7. ISHARES TR S&P GL UTILITI ETF [RIC]	2011-10-21	2012-04-12
	74. ISHARES TR S&P GL UTILITI ETF [RIC]	2011-10-21	2012-04-12
	68. ISHARES TRUST S&P GL INDUSTRIALS ETF [RIC]	2012-03-27	2012-04-12
	63. ISHARES TRUST S&P GL INDUSTRIALS ETF [RIC]	2012-03-27	2012-04-12
	10. ISHARES TRUST S&P GL INDUSTRIALS ETF [RIC]	2011-10-21	2012-04-12
	37. ISHARES TRUST S&P GL INDUSTRIALS ETF [RIC]	2012-03-27	2012-04-12
	52. ISHARES SP 500 GL CONS STAPLES ETF [RIC]	2012-03-27	2012-04-12
	54. ISHARES SP 500 GL CONS STAPLES ETF [RIC]	2012-03-27	2012-04-12
	61. ISHARES SP 500 GL CONS DISC ETF [RIC]	2012-03-27	2012-04-12
	41. ISHARES SP 500 GL CONS DISC ETF [RIC]	2012-03-27	2012-04-12
	15. ISHARES SP 500 GL CONS DISC ETF [RIC]	2011-10-21	2012-04-12
	54. ISHARES SP 500 GL CONS DISC ETF [RIC]	2011-10-21	2012-04-12
	175. SECTOR SPDR TR FINANCIAL ETF [EQTY]	2012-03-27	2012-04-12
	190. SECTOR SPDR TR FINANCIAL ETF [EQTY]	2012-03-27	2012-04-12
	75. SECTOR SPDR TR FINANCIAL ETF [EQTY]	2011-11-09	2012-04-12
	42. VANGUARD FTSE EMERGING MARKETS ETF	2010-09-29	2012-04-12
	10. VANGUARD FTSE EMERGING MARKETS ETF	2010-09-29	2012-04-12
	458. VANGUARD FTSE EMERGING MARKETS ETF	2010-09-29	2012-04-12
	48. ISHARES S&P GLOBAL TELECOMM	2011-10-21	2012-04-13
	7. ISHARES S&P GLOBAL TELECOMM	2011-10-21	2012-04-13
	13. ISHARES S&P GLOBAL TELECOMM	2011-10-21	2012-04-13
	57. ISHARES TR S&P GLOBAL HEALTHCARE SECTOR ETF [RIC]	2012-03-27	2012-04-13
	10. ISHARES TR S&P GLOBAL HEALTHCARE SECTOR ETF [RIC]	2012-01-17	2012-04-13
	373. ISHARES TR RUSSELL 2000 INDEX FD ETF [RIC]	2012-01-27	2012-04-13
	28. ISHARES TR RUSSELL 2000 INDEX FD ETF [RIC]	2012-01-17	2012-04-13
	64. ISHARES TR S&P GL UTILITI ETF [RIC]	2011-10-21	2012-04-13
	7. ISHARES TR S&P GL UTILITI ETF [RIC]	2011-10-21	2012-04-13
	17. ISHARES TR S&P GL UTILITI ETF [RIC]	2011-10-21	2012-04-13
	23. ISHARES SP 500 GL CONS STAPLES ETF [RIC]	2011-10-21	2012-04-13
	36. ISHARES SP 500 GL CONS STAPLES ETF [RIC]	2012-03-27	2012-04-13
	59. POWERSHARES DB COMMODITY	2012-03-13	2012-04-13
	197. POWERSHARES DB COMMODITY	2012-03-13	2012-04-13
	172. SECTOR SPDR TR FINANCIAL ETF [EQTY]	2012-01-17	2012-04-13
	42. VANGUARD FTSE EMERGING MARKETS ETF	2010-09-29	2012-04-13
	123. VANGUARD FTSE EMERGING MARKETS ETF	2010-09-29	2012-04-13
	26. VANGUARD FTSE EMERGING MARKETS ETF	2010-09-29	2012-04-13
	319. VANGUARD FTSE EMERGING MARKETS ETF	2010-09-29	2012-04-13
	113. MARKET VECTORS ETF TR GOLD MINERS ETF FD [RIC]	2011-08-05	2012-04-18
	116. MARKET VECTORS ETF TR GOLD MINERS ETF FD [RIC]	2011-08-05	2012-04-18
	49. ISHARES TR S&P GLOBAL HEALTHCARE SECTOR ETF [RIC]	2011-10-21	2012-04-23
	60. ISHARES TR S&P GLOBAL HEALTHCARE SECTOR ETF [RIC]	2012-01-17	2012-04-23
	68. ISHARES TR S&P GLOBAL ENERGY SECTOR INDEX ETF [RIC]	2011-10-21	2012-04-23
	1. ISHARES TR S&P GLOBAL ENERGY SECTOR INDEX ETF [RIC]	2011-10-21	2012-04-23
	91. ISHARES TR S&P GLOBAL ENERGY SECTOR INDEX ETF [RIC]	2012-03-27	2012-04-23
	2. ISHARES TR S&P GLOBAL ENERGY SECTOR INDEX ETF [RIC]	2012-01-17	2012-04-23
	330. ISHARES TR RUSSELL 2000 INDEX FD ETF [RIC]	2012-01-17	2012-04-23
	384. ISHARES TR RUSSELL 2000 INDEX FD ETF [RIC]	2011-10-21	2012-04-23
	110. ISHARES TR S&P GL UTILITI ETF [RIC]	2011-10-21	2012-04-23
	35. ISHARES TR S&P GL UTILITI ETF [RIC]	2011-10-21	2012-04-23
	347. SECTOR SPDR TR FINANCIAL ETF [EQTY]	2012-01-13	2012-04-23
	35. VANGUARD FTSE EMERGING MARKETS ETF	2010-09-29	2012-04-23
	612. VANGUARD FTSE EMERGING MARKETS ETF	2012-01-27	2012-04-23
	68. ISHARES S&P GLOBAL TELECOMM	2011-10-21	2012-04-24
	40. ISHARES S&P GLOBAL TELECOMM	2011-10-21	2012-04-24
	3. ISHARES S&P GLBL TECH SECTOR IND FD ETF [RIC]	2011-10-21	2012-04-24
	56. ISHARES S&P GLBL TECH SECTOR IND FD ETF [RIC]	2011-10-21	2012-04-24
	5. ISHARES S&P GLBL TECH SECTOR IND FD ETF [RIC]	2011-10-21	2012-04-24
	29. ISHARES TRUST S & P GLOBAL MAT ETF [RIC]	2012-01-17	2012-04-24
	41. ISHARES TRUST S & P GLOBAL MAT ETF [RIC]	2012-03-27	2012-04-24
	25. ISHARES TRUST S & P GLOBAL MAT ETF [RIC]	2011-09-12	2012-04-24
	17. ISHARES TRUST S&P GL INDUSTRIALS ETF [RIC]	2012-01-13	2012-04-24
	82. ISHARES TRUST S&P GL INDUSTRIALS ETF [RIC]	2012-01-17	2012-04-24
	8. ISHARES TRUST S&P GL INDUSTRIALS ETF [RIC]	2011-10-21	2012-04-24
	36. ISHARES SP 500 GL CONS STAPLES ETF [RIC]	2012-01-17	2012-04-24
	58. ISHARES SP 500 GL CONS STAPLES ETF [RIC]	2011-10-21	2012-04-24
	92. ISHARES SP 500 GL CONS DISC ETF [RIC]	2011-10-21	2012-04-24
	951.005 PIMCO REAL RETURN FUND	2010-09-30	2012-06-05
	14. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-06-25
	335. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-06-25
	171. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-06-25
	39. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-06-26
	221. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2012-04-23	2012-06-26
	260. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2012-04-23	2012-06-26
	521. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2012-04-23	2012-06-27
	164. POWERSHARES DB COMMODITY	2012-03-13	2012-07-03
	60. POWERSHARES DB COMMODITY	2012-02-09	2012-07-03
	75. UNITED STS BRENT OIL FD LP [MLP]	2012-02-10	2012-07-03
	8. UNITED STS BRENT OIL FD LP [MLP]	2012-05-18	2012-07-03
	153. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2012-04-23	2012-07-05
	123. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2012-04-23	2012-07-05
	74. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2012-04-24	2012-07-05
	8. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-07-05
	24. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-07-05
	19. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-07-05
	110. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2012-04-13	2012-07-05
	222. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2012-04-13	2012-07-05
	536. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2012-04-13	2012-07-06
	78. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-07-06
	11. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-07-06
	27. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-07-06
	187. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-07-06
	170. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-07-06
	189. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2012-04-12	2012-07-06
	64. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-09-14	2012-07-06
	50. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-08-24	2012-07-06
	62. UNITED STS BRENT OIL FD LP [MLP]	2012-05-18	2012-07-31
	8. UNITED STS BRENT OIL FD LP [MLP]	2012-05-18	2012-07-31
	81. ISHARES TR S&P NA TECH FD	2011-09-30	2012-09-04
	136. ISHARES TR S&P NA TECH FD	2011-08-23	2012-09-04
	869.552 AQR FDS RISK PARITY FD CL I	2012-02-06	2012-09-18
	831.744 EATON VANCE FLTG RT & H I-IN	2012-02-07	2012-09-18
	925.445 GOLDMAN SACHS CORE FIXED INC INST SH	2010-10-04	2012-09-18
	64. ISHARES IBOXX $ INVESTMENT GRADE CORPORATE BOND FUND ETF [RIC]	2012-02-07	2012-09-18
	40. ISHARES S&P GLOBAL TELECOMM	2011-10-21	2012-09-18
	51. ISHARES S&P GLOBAL TELECOMM	2011-10-21	2012-09-18
	60. ISHARES S&P GLOBAL TELECOMM	2011-10-21	2012-09-18
	76. ISHARES S&P GLBL TECH SECTOR IND FD ETF [RIC]	2012-07-06	2012-09-18
	57. ISHARES S&P GLBL TECH SECTOR IND FD ETF [RIC]	2012-07-06	2012-09-18
	84. ISHARES TR S&P GLOBAL HEALTHCARE SECTOR ETF [RIC]	2012-07-06	2012-09-18
	60. ISHARES TR S&P GLOBAL HEALTHCARE SECTOR ETF [RIC]	2012-07-06	2012-09-18
	87. ISHARES TR S&P GLOBAL ENERGY SECTOR INDEX ETF [RIC]	2011-10-21	2012-09-18
	149. ISHARES TR S&P GLOBAL ENERGY SECTOR INDEX ETF [RIC]	2012-01-13	2012-09-18
	24. ISHARES LEHMAN 1-3 YEAR TREA SURY BOND FD ETF [RIC]	2011-01-27	2012-09-18
	261. ISHARES TR RUSSELL 2000 INDEX FD ETF [RIC]	2012-07-05	2012-09-18
	260. ISHARES TR RUSSELL 2000 INDEX FD ETF [RIC]	2012-07-06	2012-09-18
	33. ISHARES TR RUSSELL 2000 INDEX FD ETF [RIC]	2012-07-06	2012-09-18
	96. ISHARES TRUST S & P GLOBAL MAT ETF [RIC]	2012-02-09	2012-09-18
	56. ISHARES TRUST S & P GLOBAL MAT ETF [RIC]	2011-09-12	2012-09-18
	55. ISHARES TRUST S & P GLOBAL MAT ETF [RIC]	2011-09-12	2012-09-18
	42. ISHARES TRUST S & P GLOBAL MAT ETF [RIC]	2012-01-13	2012-09-18
	35. ISHARES TR S&P GL UTILITI ETF [RIC]	2011-10-21	2012-09-18
	91. ISHARES TR S&P GL UTILITI ETF [RIC]	2011-10-21	2012-09-18
	7. ISHARES TR S&P GL UTILITI ETF [RIC]	2011-10-21	2012-09-18
	74. ISHARES TR S&P GL UTILITI ETF [RIC]	2011-10-21	2012-09-18
	68. ISHARES TRUST S&P GL INDUSTRIALS ETF [RIC]	2011-10-21	2012-09-18
	32. ISHARES TRUST S&P GL INDUSTRIALS ETF [RIC]	2012-01-09	2012-09-18
	73. ISHARES TRUST S&P GL INDUSTRIALS ETF [RIC]	2011-10-21	2012-09-18
	69. ISHARES SP 500 GL CONS STAPLES ETF [RIC]	2012-07-06	2012-09-18
	54. ISHARES SP 500 GL CONS STAPLES ETF [RIC]	2012-07-06	2012-09-18
	92. ISHARES SP 500 GL CONS DISC ETF [RIC]	2012-07-06	2012-09-18
	65. ISHARES SP 500 GL CONS DISC ETF [RIC]	2012-07-06	2012-09-18
	40. ISHARES SILVER TR ISHARES [WHFIT]	2012-08-28	2012-09-18
	63. BARCLAYS 0-5 YR TIPS ISHARES TR	2012-02-24	2012-09-18
	611.42 MERGER FD SH BEN INT	2011-04-13	2012-09-18
	127.409 PERMANENT PORTFOLIO FD INC PERM PORTFOLIO	2012-02-06	2012-09-18
	2431.457 PIMCO FDS ADV TTL STRG D	2010-09-30	2012-09-18
	1087.178 PIMCO TOTAL RETURN FUND(IT	2010-10-01	2012-09-18
	337.833 PIMCO REAL RETURN FUND	2010-09-30	2012-09-18
	134. POWERSHARES DB COMMODITY	2012-02-09	2012-09-18
	2. SPDR GOLD TRUST [WHFIT]	2012-02-09	2012-09-18
	34. SPDR GOLD TRUST [WHFIT]	2011-11-02	2012-09-18
	593. SECTOR SPDR TR FINANCIAL ETF [EQTY]	2012-07-05	2012-09-18
	570.726 TCW FDS INC EMERGING MKTS INCOME FD CL I	2011-09-07	2012-09-18
	815.28 TFS CAP INVT TR MARKET NEUTRAL	2010-10-01	2012-09-18
	17. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-08-24	2012-09-18
	200. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-08-24	2012-09-18
	95. VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF [RIC]	2011-08-24	2012-09-18
	239. VANGUARD FTSE EMERGING MARKETS ETF	2012-01-27	2012-09-18
	329. VANGUARD FTSE EMERGING MARKETS ETF	2012-07-05	2012-09-18
	132. VANGUARD FTSE EMERGING MARKETS ETF	2012-01-17	2012-09-18
	66. VANGUARD REIT ETF	2012-02-09	2012-09-18
	591.781 YACKTMAN FOCUSED FUND MANAGERS AMG FDS	2012-02-15	2012-09-26
	131.817 YACKTMAN FOCUSED FUND MANAGERS AMG FDS	2011-04-13	2012-09-26

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	2,048	1,941	107
b	4,411	4,161	250
c	842	829	13
d	12,655	13,697	-1,042
e	10,575	11,115	-540
	4,022	4,892	-870
	138,111	137,147	964
	10,729	10,795	-66
	20,210	20,332	-122
	27,861	28,029	-168
	21,707	21,836	-129
	5,983	5,992	-9
	24,948	25,768	-820
	2,162	2,224	-62
	145,711	146,558	-847
	34,182	34,971	-789
	119,679	120,127	-448
	27,557	28,318	-761
	21,351	19,947	1,404
	12,919	13,800	-881
	13,296	14,203	-907
	12,496	13,216	-720
	1,295	1,242	53
	12,552	13,275	-723
	12,585	13,281	-696
	567	561	6
	14,133	14,914	-781
	12,391	13,294	-903
	750	727	23
	13,605	14,596	-991
	69,647	73,151	-3,504
	949	949
	79,606	83,612	-4,006
	12,330	13,406	-1,076
	7,453	8,066	-613
	6,357	6,911	-554
	13,013	14,050	-1,037
	483	479	4
	12,449	13,442	-993
	12,316	13,223	-907
	360	353	7
	13,530	14,526	-996
	12,786	13,444	-658
	627	614	13
	13,915	14,630	-715
	12,282	13,478	-1,196
	567	560	7
	12,896	14,152	-1,256
	12,093	13,548	-1,455
	11,526	12,912	-1,386
	36,844	44,810	-7,966
	971	1,180	-209
	5,301	6,436	-1,135
	5,487	6,531	-1,044
	28,632	30,411	-1,779
	1,269	1,544	-275
	14,024	14,500	-476
	2,170	2,240	-70
	2,170	2,228	-58
	6,678	6,818	-140
	8,598	8,772	-174
	5,259	5,364	-105
	10,685	10,898	-213
	4,925	5,021	-96
	4,842	4,934	-92
	23,791	23,895	-104
	14,063	14,546	-483
	2,176	2,247	-71
	2,176	2,235	-59
	2,930	2,993	-63
	26,703	27,253	-550
	35,321	35,667	-346
	26,951	26,975	-24
	8,325	8,662	-337
	5,660	5,890	-230
	1,831	1,902	-71
	333	346	-13
	2,166	2,236	-70
	2,915	2,994	-79
	3,748	3,849	-101
	5,248	5,384	-136
	4,918	5,042	-124
	4,918	5,040	-122
	4,835	4,953	-118
	1,667	1,678	-11
	5,250	5,285	-35
	6,334	6,369	-35
	11,588	11,648	-60
	43,487	43,718	-231
	4,584	4,606	-22
	8,580	8,804	-224
	5,748	5,896	-148
	23,757	23,987	-230
	10,002	10,051	-49
	21,757	21,859	-102
	13,086	13,149	-63
	2,527	1,084	1,443
	4,206	1,855	2,351
	210	441	-231
	401	756	-355
	210	1,475	-1,265
	57,561	57,620	-59
	16,409	16,415	-6
	8,373	8,375	-2
	6,028	6,029	-1
	2,009	2,010	-1
	16,487	16,495	-8
	210	1,594	-1,384
	1,155	231	924
	210	198	12
	1	74	-73
	90	857	-767
	205	222	-17
	70,836	76,795	-5,959
	16,177	17,232	-1,055
	16,691	16,890	-199
	76,651	76,881	-230
	491	489	2
	3,510	3,635	-125
	33,168	33,158	10
	13,234	13,203	31
	10,805	10,778	27
	19,181	19,131	50
	20,266	20,084	182
	94,876	91,677	3,199
	66,984	70,125	-3,141
	13,962	13,962
	26,311	26,311
	24,688	24,933	-245
	9,758	9,855	-97
	6,726	7,711	-985
	24,450	26,723	-2,273
	112	112
	959	929	30
	4,515	5,379	-864
	9,675	10,680	-1,005
	28,226	26,781	1,445
	3,026	3,125	-99
	770	787	-17
	26,954	25,814	1,140
	198	198
	5,921	5,267	654
	606	507	99
	13,066	13,679	-613
	40,944	36,954	3,990
	12,329	14,217	-1,888
	38,629	40,151	-1,522
	25,539	26,989	-1,450
	52,981	57,067	-4,086
	4,884	4,747	137
	4,551	4,389	162
	2,699	2,508	191
	12,485	12,505	-20
	5,398	5,408	-10
	7,001	6,988	13
	4,375	4,579	-204
	84	84
	8,510	8,499	11
	3,707	3,700	7
	4,096	3,976	120
	8,572	8,292	280
	1,159	1,170	-11
	27,744	27,986	-242
	17,392	17,542	-150
	6,489	6,140	349
	1,582	1,587	-5
	2,664	2,673	-9
	14,154	14,171	-17
	17,813	17,839	-26
	7,408	7,419	-11
	3,858	3,614	244
	1,764	1,653	111
	1,647	1,265	382
	14,320	11,203	3,117
	2,647	2,875	-228
	386	418	-32
	3,371	3,638	-267
	3,701	3,790	-89
	3,072	2,762	310
	3,631	3,258	373
	3,545	3,603	-58
	4,020	4,083	-63
	2,612	2,763	-151
	2,552	2,696	-144
	38	41	-3
	3,294	3,461	-167
	32,258	31,897	361
	3,346	3,436	-90
	3,323	3,436	-113
	2,906	2,991	-85
	2,650	2,872	-222
	290	314	-24
	290	314	-24
	3,066	3,319	-253
	3,601	3,727	-126
	3,315	3,447	-132
	528	512	16
	1,955	2,024	-69
	3,626	3,676	-50
	3,770	3,818	-48
	3,521	3,630	-109
	2,360	2,440	-80
	863	821	42
	3,114	2,955	159
	2,679	2,788	-109
	2,909	3,019	-110
	1,148	1,067	81
	1,806	1,968	-162
	430	467	-37
	19,692	21,465	-1,773
	2,620	2,961	-341
	382	430	-48
	710	797	-87
	3,344	3,478	-134
	587	581	6
	29,688	29,744	-56
	2,229	2,151	78
	2,631	2,973	-342
	288	325	-37
	699	789	-90
	1,598	1,582	16
	2,501	2,580	-79
	1,670	1,737	-67
	5,581	5,801	-220
	2,620	2,493	127
	1,792	2,007	-215
	5,247	5,747	-500
	1,109	1,210	-101
	13,608	14,846	-1,238
	5,261	6,311	-1,050
	5,411	6,478	-1,067
	2,923	2,810	113
	3,579	3,603	-24
	2,581	2,888	-307
	38	43	-5
	3,454	3,823	-369
	76	81	-5
	26,071	25,353	718
	30,337	29,321	1,016
	4,553	5,273	-720
	1,449	1,624	-175
	5,210	4,951	259
	1,467	1,629	-162
	25,648	26,123	-475
	3,788	4,352	-564
	2,228	2,453	-225
	203	188	15
	3,782	3,503	279
	338	312	26
	1,765	1,827	-62
	2,495	2,637	-142
	1,521	1,554	-33
	894	880	14
	4,310	4,291	19
	420	410	10
	2,547	2,473	74
	4,104	3,986	118
	5,247	5,020	227
	11,802	10,984	818
	1,180	1,179	1
	28,233	28,218	15
	14,412	14,403	9
	3,287	3,285	2
	18,627	18,534	93
	21,904	21,805	99
	43,910	43,693	217
	4,314	4,830	-516
	1,578	1,724	-146
	5,351	6,108	-757
	571	606	-35
	12,908	12,831	77
	10,376	10,315	61
	6,242	6,203	39
	675	670	5
	2,025	2,011	14
	1,603	1,592	11
	9,279	9,211	68
	18,729	18,589	140
	45,288	44,881	407
	6,590	6,523	67
	929	920	9
	2,281	2,258	23
	15,811	15,639	172
	14,373	14,214	159
	15,980	15,784	196
	5,411	5,335	76
	4,227	4,161	66
	4,586	4,696	-110
	592	606	-14
	5,506	4,560	946
	9,244	7,479	1,765
	10,356	9,696	660
	7,427	7,294	133
	9,856	9,282	574
	7,702	7,459	243
	2,436	2,507	-71
	3,105	3,038	67
	3,653	3,590	63
	5,384	4,896	488
	4,038	3,643	395
	5,367	5,020	347
	3,833	3,575	258
	3,510	3,496	14
	6,012	6,315	-303
	2,026	2,018	8
	22,313	21,300	1,013
	22,227	20,971	1,256
	2,821	2,652	169
	5,904	6,284	-380
	3,444	3,474	-30
	3,382	3,407	-25
	2,583	2,645	-62
	1,478	1,680	-202
	3,844	4,059	-215
	296	325	-29
	3,126	3,319	-193
	3,620	3,474	146
	1,703	1,636	67
	3,886	3,732	154
	5,105	4,873	232
	3,995	3,811	184
	5,452	5,056	396
	3,852	3,555	297
	1,340	1,198	142
	6,515	6,526	-11
	9,789	9,899	-110
	6,365	6,274	91
	10,115	11,428	-1,313
	12,546	12,622	-76
	4,236	3,902	334
	3,848	3,851	-3
	343	339	4
	5,829	5,754	75
	9,476	8,702	774
	5,262	4,957	305
	12,506	12,767	-261
	1,437	1,415	22
	16,902	16,644	258
	8,028	7,906	122
	10,200	10,202	-2
	14,041	13,319	722
	5,634	5,335	299
	4,473	4,123	350
	12,203	11,492	711
	2,718	2,473	245

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			107
b			250
c			13
d			-1,042
e			-540
			-870
			964
			-66
			-122
			-168
			-129
			-9
			-820
			-62
			-847
			-789
			-448
			-761
			1,404
			-881
			-907
			-720
			53
			-723
			-696
			6
			-781
			-903
			23
			-991
			-3,504

			-4,006
			-1,076
			-613
			-554
			-1,037
			4
			-993
			-907
			7
			-996
			-658
			13
			-715
			-1,196
			7
			-1,256
			-1,455
			-1,386
			-7,966
			-209
			-1,135
			-1,044
			-1,779
			-275
			-476
			-70
			-58
			-140
			-174
			-105
			-213
			-96
			-92
			-104
			-483
			-71
			-59
			-63
			-550
			-346
			-24
			-337
			-230
			-71
			-13
			-70
			-79
			-101
			-136
			-124
			-122
			-118
			-11
			-35
			-35
			-60
			-231
			-22
			-224
			-148
			-230
			-49
			-102
			-63
			1,443
			2,351
			-231
			-355
			-1,265
			-59
			-6
			-2
			-1
			-1
			-8
			-1,384
			924
			12
			-73
			-767
			-17
			-5,959
			-1,055
			-199
			-230
			2
			-125
			10
			31
			27
			50
			182
			3,199
			-3,141


			-245
			-97
			-985
			-2,273

			30
			-864
			-1,005
			1,445
			-99
			-17
			1,140

			654
			99
			-613
			3,990
			-1,888
			-1,522
			-1,450
			-4,086
			137
			162
			191
			-20
			-10
			13
			-204

			11
			7
			120
			280
			-11
			-242
			-150
			349
			-5
			-9
			-17
			-26
			-11
			244
			111
			382
			3,117
			-228
			-32
			-267
			-89
			310
			373
			-58
			-63
			-151
			-144
			-3
			-167
			361
			-90
			-113
			-85
			-222
			-24
			-24
			-253
			-126
			-132
			16
			-69
			-50
			-48
			-109
			-80
			42
			159
			-109
			-110
			81
			-162
			-37
			-1,773
			-341
			-48
			-87
			-134
			6
			-56
			78
			-342
			-37
			-90
			16
			-79
			-67
			-220
			127
			-215
			-500
			-101
			-1,238
			-1,050
			-1,067
			113
			-24
			-307
			-5
			-369
			-5
			718
			1,016
			-720
			-175
			259
			-162
			-475
			-564
			-225
			15
			279
			26
			-62
			-142
			-33
			14
			19
			10
			74
			118
			227
			818
			1
			15
			9
			2
			93
			99
			217
			-516
			-146
			-757
			-35
			77
			61
			39
			5
			14
			11
			68
			140
			407
			67
			9
			23
			172
			159
			196
			76
			66
			-110
			-14
			946
			1,765
			660
			133
			574
			243
			-71
			67
			63
			488
			395
			347
			258
			14
			-303
			8
			1,013
			1,256
			169
			-380
			-30
			-25
			-62
			-202
			-215
			-29
			-193
			146
			67
			154
			232
			184
			396
			297
			142
			-11
			-110
			91
			-1,313
			-76
			334
			-3
			4
			75
			774
			305
			-261
			22
			258
			122
			-2
			722
			299
			350
			711
			245

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	1,205
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	159,172	5,451,123	0.0292
2009	186,595	4,430,454	0.042116
2008	61,415	3,383,717	0.01815
2007	285,375	5,147,957	0.055435
2006	268,408	5,349,908	0.050171

2	Total of line 1, column (d) ......................	2	0.195072
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	0.039014
4	Enter the net value of noncharitable-use assets for 2011 from Part X, line 5.....	4	5,127,023
5	Multiply line 4 by line 3.......................	5	200,026
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	1,300
7	Add lines 5 and 6.........................	7	201,326
8	Enter qualifying distributions from Part XII, line 4..............	8	343,873
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	1,300
	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	1,300
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	1,300
6	Credits/Payments:

a	2011 estimated tax payments and 2010 overpayment credited to 2011	6a	7,403
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	7,403
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	6,103
11	Enter the amount of line 10 to be: Credited to 2012 estimated tax1,300	Refunded	11	4,803

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

FIFTH THIRD BANK Telephone no. bullet

(616) 653-5266

Located at bullet

111 LYON ST NWGRAND RAPIDSMI ZIP+4 bullet

49503

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

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

At any time during calendar year 2011, did the foundation have an interest in or a signature or other authority over

a bank, securities, or other financial account in a foreign country? .................

See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet

Form 990-PF (2011)

Page 5

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

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

Yes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If “Yes,” list the years bullet

20, 20, 20, 20

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

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

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

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

20, 20, 20, 20

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

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

If “Yes,” did it have excess business holdings in 2011 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2011.)....................

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If “Yes” to 6b, file Form 8870.

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

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

Form 990-PF (2011)

Page 6

Part VIII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation (see page 22 of the instructions).
(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
JANE N WELCH	PRESIDENT 1	0
732 ST GEORGES CT NAPLES,FL34110	PRESIDENT 1	0
CHARLES B WELCH	TREASURER 1	0
2800 N ORCHARD ST UNIT 403 CHICAGO,IL60657	TREASURER 1	0
THOMAS BRAD WELCH	VICE PRESIDENT 1	0
7379 THORNAPPLE PINES DR SE GRAND RAPIDS,MI49546	VICE PRESIDENT 1	0
ELIZABETH WELCH LYKINS	SECRETARY 1	0
955 CAMBRIDGE SE GRAND RAPIDS,MI49506	SECRETARY 1	0
JOHN WELCH	TRUSTEE 1	0
1792 NE 22ND AVE JENSEN BEACH,FL34957	TRUSTEE 1	0

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

5,205,099

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

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

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

5,205,099

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

5,205,099

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

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

78,076

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

5,127,023

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

256,351

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

256,351

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

1,300

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

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

1,300

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

255,051

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

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

255,051

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

255,051

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 ..........

343,873

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

343,873

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

1,300

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

342,573

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					255,051
2 Undistributed income, if any, as of the end of 2011:
a Enter amount for 2010 only.......				80,108
b Total for prior years:2009, 20, 20			0
3 Excess distributions carryover, if any, to 2011:
a From 2006.......	0
b From 2007.......	0
c From 2008.......	0
d From 2009.......	0
e From 2010.......	0
fTotal of lines 3a through e.........		0
4Qualifying distributions for 2011 from Part
XII, line 4: $ 343,873
a Applied to 2010, but not more than line 2a				80,108
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.....					255,051
e Remaining amount distributed out of corpus		8,714
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		8,714
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 ......		8,714
10 Analysis of line 9:
a Excess from 2007....	0
b Excess from 2008....	0
c Excess from 2009....	0
d Excess from 2010....	0
e Excess from 2011....	8,714

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).)

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

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
BRAINS FOUNDATION 3351 EAGLE RUN DRIVE NE GRAND RAPIDS,MI49525	NONE	501(C)(3)	DONATION	10,000
NORTH HILLS PREP SCHOOL 606 E ROYAL LN IRVING,TX75039	NONE	501(C)(3)	DONATION	2,000
JOANNE'S HOUSE AT HOPE HOSPICE 27200 IMPERIAL PARKWAY BONITA SPRINGS,FL34135	NONE	501(C)(3)	DONATION	2,500
BAXTER COMMUNITY CENTER 935 BAXTER ST SE GRAND RAPIDS,MI49503	NONE	501(C)(3)	OPENING DOORS PROGRAM SUPPORT	50,000
GRAND RAPIDS UNIVERSITY PREPARATORY ASSOCIATION PO BOX 3127 GRAND RAPIDS,MI495013127	NONE	501(C)(3)	DONATION	16,000
DA BLODGETT SERVICES FOR CHILDREN 805 LEONARD ST NE GRAND RAPIDS,MI49503	NONE	501(C)(3)	UNRESTRICTED GIFT	10,000
CAMP HENRY 47 JEFFERSON AVE SE GRAND RAPIDS,MI49503	NONE	501(C)(3)	UNRESTRICTED GIFT	10,000
WEDGWOOD CHRISTIAN SERVIC 3300 36TH SE GRAND RAPIDS,MI49509	NONE	501(C)(3)	LIGHTHOUSE SCHOOL ACADEMY	30,000
HOME REPAIR SERVICES 1100 S DIVISION AVE GRAND RAPIDS,MI49507	NONE	501(C)(3)	MAKING IT HOME AUCTION	10,000
EAST GRAND RAPIDS SCHOOLS 2915 HALL ST SE GRAND RAPIDS,MI49506	NONE	501(C)(3)	UNRESTRICTED GIFT	20,000
GERENTOLOGY NETWORK 500 CHERRY ST SE GRAND RAPIDS,MI49503	NONE	501(C)(3)	UNRESTRICTED GIFT	10,000
GILDA'S CLUB 1806 BRIDGE ST NW GRAND RAPIDS,MI49504	NONE	501(C)(3)	UNRESTRICTED GIFT	3,000
MSU COLLEGE OF HUMAN MEDICINE 1000 MONROE AVE GRAND RAPIDS,MI49503	NONE	501(C)(3)	CAPITAL CAMPAIGN	20,000
JOHN BALL ZOOLOGICAL SOCIETY 1300 WEST FULTON ST GRAND RAPIDS,MI49504	NONE	501(C)(3)	GENERAL CONTRIBUTION	25,000
GOODWILL INDUSTRIES OF GREATER GRAND RAPIDS 3035 PRAIRIE ST GRANDVILLE,MI49418	NONE	501(C)(3)	GENERAL CONTRIBUTION	10,000
MINNEAPOLIS HEART INSTITUTE FOUNDATION 920 E 28TH ST MINNEAPOLIS,MN55407	NONE	501(C)(3)	RESEARCH & EDUCATION	20,000
HUMANE SOCIETY OF COLLIER CNTY 370 AIRPORT-PULLING RD N NAPLES,FL34104	NONE	501(C)(3)	DONATION	2,500
ST MARY'S EPISCOPAL CHURCH 9801 BONITA BEACH BONITA SPRINGS,FL34135	NONE	501(C)(3)	GENERAL DONATION	5,000
WEST MICHIGAN CENTER FOR ARTS & TECHNOLOGY 98 E FULTON ST GRAND RAPIDS,MI49503	NONE	501(C)(3)	CAPITAL CAMPAIGN FUND	70,000
UNIVERSITY OF TEXAS MD ANDERSON CANCER CTR 1515 HOLCOMBE BLVD HOUSTON,MI770304009	NONE	501(C)(3)	AUDUBON CARES FUNDRAISER	5,000
MISSION ARLINGTON MISSION METROPLEX INC 210 W SOUTH STREET ARLINGTON,TX76010	NONE	501(C)3	CHARITABLE CONTRIBUTION	10,000
Total ................................. 3a				341,000

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		(e) Related or exempt function income (See page 28 of the instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3Interest on savings and temporary cash investments
4 Dividends and interest from securities....				0	150,804
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				0	1,205
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: aFED EXCISE TAX REF					195
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				0	152,204

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

13152,204

(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.)
4	INVESTMENT INCOME EARNED BY THIS TRUST
8	IS USED TO MAKE CHARITABLE CONTRIBUTIONS.
11	.

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

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
DOUBLELINE FDS TOTAL RETURN BD	AT COST	29,255	30,271
FPA CRESCENT PORTFOLIO-I	AT COST	54,868	59,866
GOLDMANSACHS CORE FIXED INCOME	AT COST	76,590	81,784
ISHARES 1-3 YEAR TREASURY BD	AT COST	10,330	10,394
PIMCO TOTAL RETURN FUND	AT COST	102,866	103,365
PIMCO REAL RETURN FUND	AT COST	20,422	22,402
PIMCO HIGH YIELD FUND	AT COST	60,173	63,384
T ROWE HIGH YIELD FD	AT COST	34,725	38,067
SPDR BARCLAYS CAP HIGH YIELD	AT COST	49,430	50,102
TCW FDS EMERG MKTS INCOME FD	AT COST	65,032	68,659
THIRD AVE TR INVS	AT COST	21,322	19,969
VANGUARD BD INDX FD INC	AT COST	169,709	176,601
AMERICAN FD CAPITAL WORLD	AT COST	45,963	44,437
ISHARES TR DOW JONES SELECT	AT COST	27,412	29,821
ISHARES S&P GLOBAL TELECOMM	AT COST	54,974	60,799
ISHARES S&P GLBL TECH SECTOR	AT COST	51,160	60,705
ISHARES S&P GLOBAL HEALTHCARE	AT COST	52,486	61,603
ISHARES TR S&P GLOBAL ENERGY	AT COST	57,015	61,787
ISHARES RUSSELL 2000 INDX FD	AT COST	273,183	306,809
ISHARES TR S&P GL UTILITIES	AT COST	56,143	58,152
ISHARES TR S&P GL INDUSTRIALS	AT COST	54,275	59,690
ISHARES S&P 500 GL CONS STAPLE	AT COST	52,653	60,023
ISHARES S&P 500 GL CONS DISC	AT COST	52,053	60,187
RIDGEWORTH FDS MIDCAP VAL EQ	AT COST	64,802	58,420
VANGUARD MSCI EMERG MKTS	AT COST	181,793	193,706
YACKTMAN FD FOCUSED FD	AT COST	52,536	62,733
ISHARES TR S&P GLBL MAT	AT COST	89,959	88,372
JPMORGAN ALERIAN MLP INDX ETN	AT COST	39,825	42,224
THE MERGER FUND	AT COST	82,801	82,859
PIMCO FDS ADV TTL STRG D	AT COST	101,416	93,997
SPDR GOLD TR	AT COST	26,961	31,456
TFS CAP INVT MKT NEUTRAL	AT COST	105,222	105,623
VANGUARD REIT ETF	AT COST	47,010	51,845
EATON VANCE FLTG RT & H I	AT COST	59,623	60,575
ISHARES IBOXX $ INV CORP BD FD	AT COST	59,552	62,224
BARCLAYS 0-5 YR TIPS ISHARES	AT COST	34,017	34,016
NUVEEN HIGH YIELD MUNI BD	AT COST	19,750	21,308
PERMANENT PORTFOLIO FD	AT COST	52,827	53,138
POWERSHARES EXCHANGE-TRADED FD	AT COST	14,861	15,015
ROYCE SPECIAL EQUITY FD	AT COST	58,429	60,091
FINANCIAL SELECT SECTOR SPDR	AT COST	53,603	61,393
WINTERGREEN FD	AT COST	58,429	58,030
AQR FDS RISK PARITY FD CL I	AT COST	81,234	86,771
ISHARES SILVER TR	AT COST	6,022	6,729
POWERSHARES DB COMMODITY IND	AT COST	19,078	19,043
SPDR DJ INTL REAL ESTATE ETF	AT COST	43,139	46,865
ISHARES TR DJ EPAC DIVIDE	AT COST	41,737	40,695

Category	Amount	Net Investment Income
FEDERAL EXCISE TAX - PRIOR YEA	16,000	0
FEDERAL EXCISE TAX ESTIMATE	3,000	0
FOREIGN TAXES ON QUALIFIED FOR	1,142	1,142
FOREIGN TAXES PAID - NQDI	315	315

Description	Revenue and Expenses per Books	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
BANK SERVICE FEES	19,297	19,297		0
OTHER MISC CHARITABLE EXPENSES	2,410	0		2,410