TY 2013 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

Do not enter Social Security numbers on this form as it may be made public. By law, the IRS cannot redact the information on the form.
bullet

Information about Form 990-PF and its instructions is at www.irs.gov/form990pf.

OMB No. 1545-0052

2013

Open to Public Inspection

For calendar year 2013, or tax year beginning 01-01-2013 , and ending 12-31-2013

Name of foundation
ROGER & VIOLET NOREEN CHAR TRUST 25293360

Number and street (or P.O. box number if mail is not delivered to street address)P O BOX 64713 TRUST TAX SERVICES Room/suite

City or town, state or province, country, and ZIP or foreign postal code
ST PAUL, MN551640713

A Employer identification number

41-6309355

B Telephone number (see instructions)

(651) 466-8722

C If exemption application is pending, check here bullet

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address changeName change

D 1. Foreign organizations, check here ............. bullet

2. Foreign organizations meeting the 85% test,
check here and attach computation ........... bullet

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

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

$5,628,984J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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 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	20		20
4	Dividends and interest from securities......	154,302		154,302
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		289,361
b	Gross sales price for all assets on line 6a 1,710,110
7	Capital gain net income (from Part IV, line 2)...			289,361
8	Net short-term capital gain.........				0
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......		2,434
12	Total. Add lines 1 through 11........	446,117		443,683
13	Compensation of officers, directors, trustees, etc.	75,836		60,219		15,617
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........					0
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....					0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)		4,522	4,522		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).......		597	572		25
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	80,955		65,313	0	15,642
25	Contributions, gifts, grants paid........	269,014				269,014
26	Total expenses and disbursements. Add lines 24 and 25	349,969		65,313	0	284,656
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	96,148
b	Net investment income (if negative, enter -0-)			378,370
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2013)

Form 990-PF (2013)

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
Part II		Balance Sheets		(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing...............		2,208	897	897
	2	Savings and temporary cash investments..........		74,002	600,425	600,425
	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 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)........		2,837,843	2,527,579	3,329,519
	c	Investments—corporate bonds (attach schedule)........		1,743,378	1,628,817	1,691,531
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........				0
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )		10,126	6,612	6,612
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)		4,667,557	4,764,330	5,628,984
		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 )		98	725
23		Total liabilities (add lines 17 through 22)..........		98	725
		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.........		6,144,554	6,144,554
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds		-1,477,095	-1,380,949
	30	Total net assets or fund balances (see page 17 of the
		instructions)....................		4,667,459	4,763,605
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................		4,667,557	4,764,330

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	4,667,459
2	Enter amount from Part I, line 27a.....................	2	96,148
3	Other increases not included in line 2 (itemize)	3	0
4	Add lines 1, 2, and 3..........................	4	4,763,607
5	Decreases not included in line 2 (itemize)	5	2
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	4,763,605

Form 990-PF (2013)

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	. NET SETTLEMENT FROM CLASS ACTION SUIT			2013-01-09
b	194. QIAGEN NV		2011-04-21	2013-01-10
c	49. BRITISH AMERN TOB PLC ADR		2007-06-08	2013-01-15
d	88. YUM BRANDS INC		2012-07-31	2013-01-16
e	41. ALLERGAN INC		2010-04-09	2013-01-29
	14. SCHLUMBERGER LTD		2011-04-21	2013-02-05
	94. LI FUNG LTD A D R		2011-04-21	2013-02-11
	228. LI FUNG LTD A D R		2011-04-21	2013-02-12
	108. AFLAC INC		2012-11-27	2013-02-13
	116. AGCO CORP		2012-09-25	2013-02-13
	92. ABBOTT LABORATORIES		2011-02-17	2013-02-13
	5. ABBOTT LABORATORIES		2012-11-27	2013-02-13
	5. BLACKROCK INC		2012-11-27	2013-02-13
	18. CBS CORP CLASS B NON VOTING		2012-11-27	2013-02-13
	6. CVS CAREMARK CORP		2011-09-30	2013-02-13
	17. CISCO SYS INC		2011-11-30	2013-02-13
	29. E M C CORPORATION		2012-11-27	2013-02-13
	208. E M C CORPORATION		2011-04-25	2013-02-13
	11. EASTMAN CHEM CO		2012-09-25	2013-02-13
	46. FIFTH THIRD BANCORP		2012-02-15	2013-02-13
	265. THE GAP INC		2012-03-28	2013-02-13
	251. GENERAL ELEC CO		2011-09-30	2013-02-13
	87. INGREDION INC		2012-06-12	2013-02-13
	23. KLA TENCOR CORPORATION		2011-11-30	2013-02-13
	14. KROGER CO		2012-02-15	2013-02-13
	183. LI FUNG LTD A D R		2011-04-21	2013-02-13
	45. LOCKHEED MARTIN CORP		2011-09-30	2013-02-13
	11. LOCKHEED MARTIN CORP		2012-09-25	2013-02-13
	19. MARATHON PETROLEUM CORP		2011-09-06	2013-02-13
	85. OIL STATES INTERNATIONAL INC		2012-11-27	2013-02-13
	13. ORACLE CORPORATION		2012-09-25	2013-02-13
	64. PHILIP MORRIS INTL		2011-04-25	2013-02-13
	109. QUEST DIAGNOSTICS INC		2012-11-27	2013-02-13
	.1 REXAM PLC SPONSORED A D R		2012-11-19	2013-02-13
	19. UNITED HEALTH GROUP INC		2012-11-27	2013-02-13
	99. UNITED HEALTH GROUP INC		2011-04-25	2013-02-13
	3. WELLS FARGO & CO NEW		2011-04-25	2013-02-13
	7. WELLS FARGO & CO NEW		2012-09-25	2013-02-13
	10. WYNDHAM WORLDWIDE CORP		2011-09-06	2013-02-13
	193. XCEL ENERGY INC		2011-09-06	2013-02-13
	306. YAHOO INC		2012-11-27	2013-02-13
	110. INGERSOLL RAND PLC		2012-09-25	2013-02-13
	148. SEADRILL LIMITED		2012-09-25	2013-02-13
	48. SEAGATE TECHNOLOGY		2012-02-15	2013-02-13
	5. ACE LTD		2011-11-30	2013-02-13
	1735. LI FUNG LTD A D R		2012-02-09	2013-02-14
	80. CHINA MOBILE LIMITED A D R		2011-09-20	2013-02-15
	19. SCHLUMBERGER LTD		2011-04-21	2013-02-15
	39. ARM HLDGS PLC A D R		2011-04-21	2013-02-22
	164. NIPPON TELEGRAPH TELE A D R		2011-10-14	2013-02-22
	250000. MORGAN STANLEY 5.300% 3/01/13		2006-02-16	2013-03-01
	123. B T GROUP P L C A D R		2011-04-15	2013-03-11
	704. POSTNL NV ADR		2012-06-25	2013-03-11
	64. SWATCH GROUP AG A D R		2011-04-21	2013-03-11
	382. POSTNL NV ADR		2012-06-25	2013-03-12
	208. AMERICA MOVIL A D R		2011-04-21	2013-03-18
	22. FOOT LOCKER INC		2013-02-13	2013-03-18
	156. FOOT LOCKER INC		2012-02-15	2013-03-18
	34. HERTZ GLOBAL HOLDINGS INC		2013-02-13	2013-03-18
	17. INTERNATIONAL PAPER CO		2011-09-30	2013-03-18
	66. ACE LTD		2012-02-15	2013-03-18
	23. DIAGEO PLC SPONSORED A D R		2012-03-01	2013-03-20
	61. VMWARE INC CL A		2012-05-03	2013-03-27
	116. DIRECTV		2008-07-29	2013-04-08
	65. B H P BILLITON PLC SPSD A D R		2011-06-17	2013-04-19
	8. BROOKFIELD PROPERTY PARTNERS L P		2013-04-15	2013-04-19
	.7248 BROOKFIELD PROPERTY PARTNERS L P		2013-04-15	2013-04-23
	300. ASSA ABLOY AB A D R		2012-07-10	2013-04-26
	27. INTERNATIONAL BUSINESS MACHINES CORP		2007-01-25	2013-05-09
	46. FOMENTO ECONOMICO MEX SP A D R		2007-06-08	2013-05-10
	78. SONOVA HOLDING UNSPON ADR		2011-04-21	2013-05-13
	115. CARNIVAL PLC A D R		2011-05-12	2013-05-15
	67. SYNGENTA A G A D R		2012-07-23	2013-05-15
	183. VALE SA SP A D R		2010-09-28	2013-05-16
	359. ISHARES DOW JONES US REGIONAL ETF		2012-07-20	2013-06-04
	50. LULULEMON ATHLETICA INC		2013-04-08	2013-06-04
	70. NESTLE SA SPONSORED A D R		2007-06-08	2013-06-05
	60. HSBC HOLDINGS PLC SPONS A D R		2011-04-21	2013-06-06
	96. COGNIZANT TECH SOLUTIONS CL A		2007-06-08	2013-06-12
	31. E BAY INC		2011-03-22	2013-06-12
	.5 ITAU UNIBANCO HOLDINGS SA A D R		2011-04-21	2013-06-12
	114. ARM HLDGS PLC A D R		2011-04-21	2013-06-19
	35. ABBVIE INC		2011-02-17	2013-06-21
	125. ALLSTATE CORP		2013-02-13	2013-06-21
	154. AMERICAN CAPITAL AGENCY CORP		2012-02-15	2013-06-21
	24. AMERICAN CAPITAL AGENCY CORP		2012-09-25	2013-06-21
	13. AMGEN INC		2013-02-13	2013-06-21
	112. BCE INC		2012-06-12	2013-06-21
	24. BLACKROCK INC		2012-11-27	2013-06-21
	17. CIGNA CORP		2013-02-13	2013-06-21
	223. CAREFUSION CORPORATION		2012-09-25	2013-06-21
	171. COCA COLA ENTERPRISES INC		2013-02-13	2013-06-21
	64. DELTA AIR LINES INC		2013-02-13	2013-06-21
	30. HERTZ GLOBAL HOLDINGS INC		2013-02-13	2013-06-21
	87. HOME DEPOT INC		2012-06-12	2013-06-21
	229. ISHARES DOW JONES US REGIONAL ETF		2012-06-12	2013-06-21
	23. KROGER CO		2012-02-15	2013-06-21
	79. LAUDER ESTEE COS INC CL A		2011-05-11	2013-06-21
	4. MACYS INC		2011-04-25	2013-06-21
	13. MAGNA INTL INC CL A		2013-03-18	2013-06-21
	187. MAXIM INTEGRATED PRODS INC		2013-02-13	2013-06-21
	27. MICROSOFT CORP		2007-06-08	2013-06-21
	14. MYLAN INC		2012-11-27	2013-06-21
	74. SNAP ON INC		2013-02-13	2013-06-21
	12. THERMO FISHER SCIENTIFIC INC		2013-02-13	2013-06-21
	10. WYNDHAM WORLDWIDE CORP		2012-11-27	2013-06-21
	94. WYNDHAM WORLDWIDE CORP		2011-09-06	2013-06-21
	31. SEAGATE TECHNOLOGY		2012-02-15	2013-06-21
	263. VOLVO AB SPONSORED A D R		2010-04-27	2013-06-24
	72. VOLVO AB SPONSORED A D R		2010-04-27	2013-06-25
	195. BROADCOM CORP CL A		2011-10-19	2013-07-10
	59. ROCKWELL AUTOMATION INC		2012-03-01	2013-07-10
	. NET SETTLEMENT FROM CLASS ACTION SUIT			2013-07-15
	372. NINTENDO CO LTD UNSPONS A D R		2013-05-16	2013-07-16
	96. VARIAN MED SYS INC		2010-02-09	2013-07-17
	.125 MALLINCKRODT PLC W I		2010-06-22	2013-07-18
	116. REXAM PLC SPONSORED A D R		2012-11-19	2013-07-22
	56. AIR LIQUIDE S A A D R		2011-04-21	2013-07-25
	39. SIEMENS AG A D R		2010-07-28	2013-07-25
	8. ALLIANCE DATA SYSTEMS CORP		2011-09-30	2013-07-31
	6. AMGEN INC		2012-09-25	2013-07-31
	9. CVS CAREMARK CORP		2011-09-30	2013-07-31
	33. CISCO SYS INC		2011-11-30	2013-07-31
	23. DELTA AIR LINES INC		2013-02-13	2013-07-31
	8. HANESBRANDS INC		2013-06-21	2013-07-31
	22. KROGER CO		2012-02-15	2013-07-31
	153. MATTEL INC		2012-06-12	2013-07-31
	6. NEXTERA ENERGY INC		2011-09-06	2013-07-31
	106. REINSURANCE GROUP AMERICA		2013-06-26	2013-07-31
	12. VERIZON COMMUNICATIONS		2011-04-25	2013-07-31
	108. ENSCO PLC CL A		2013-03-18	2013-07-31
	26. EQUINIX INC		2011-10-19	2013-08-07
	170. KAO CORP A D R		2012-10-23	2013-08-09
	121. SANDS CHINA LTD UNSPONS A D R		2012-05-17	2013-08-26
	12. AT&T INC		2013-06-21	2013-09-04
	2. APPLE INC		2011-04-25	2013-09-04
	8. CIGNA CORP		2013-02-13	2013-09-04
	118. CISCO SYS INC		2011-11-30	2013-09-04
	183. CONAGRA FOODS INC		2013-02-13	2013-09-04
	13. HALLIBURTON CO		2013-07-31	2013-09-04
	47. KLA TENCOR CORPORATION		2012-06-12	2013-09-04
	22. MACYS INC		2013-07-31	2013-09-04
	137. MACYS INC		2011-04-25	2013-09-04
	42. MICROSOFT CORP		2013-07-31	2013-09-04
	166. MICROSOFT CORP		2012-06-12	2013-09-04
	22. MYLAN INC		2012-11-27	2013-09-04
	15. OMNICARE INC		2013-06-21	2013-09-04
	168. AXIS CAPITAL HOLDINGS LTD		2013-07-31	2013-09-04
	68. DEERE & CO		2011-12-21	2013-09-06
	41. DEERE & CO		2012-11-27	2013-09-06
	. NET SETTLEMENT FROM CLASS ACTION SUIT			2013-09-16
	413. LONZA GROUP AG UNSPON A D R		2011-08-15	2013-09-17
	34. EQUINIX INC		2011-08-31	2013-09-18
	60. QUALCOMM INC		2012-08-07	2013-09-18
	168. ZURICH INSURANCE GROUP A D R		2008-12-04	2013-09-20
	128. POTASH CORP OF SASKATCHEWAN		2012-12-13	2013-09-23
	80. XINYI GLASS HOLDINGS LTS A D R		2012-07-09	2013-09-23
	6. APPLE INC		2007-06-08	2013-09-24
	8. APPLE INC		2012-10-26	2013-09-24
	4. CONOCOPHILLIPS		2011-04-25	2013-09-26
	21. DELTA AIR LINES INC		2013-02-13	2013-09-26
	4. DOVER CORP		2013-02-13	2013-09-26
	9. HELMERICH PAYNE INC		2013-02-13	2013-09-26
	257. HERTZ GLOBAL HOLDINGS INC		2013-02-13	2013-09-26
	15. KROGER CO		2012-02-15	2013-09-26
	8. MAGNA INTL INC CL A		2013-03-18	2013-09-26
	9. MARATHON PETROLEUM CORP		2013-06-21	2013-09-26
	77. MARATHON PETROLEUM CORP		2012-06-12	2013-09-26
	4. WHIRLPOOL CORP		2013-06-21	2013-09-26
	57. SANOFI A D R		2011-10-31	2013-09-27
	142. LONZA GROUP AG UNSPON A D R		2013-02-12	2013-10-02
	153. LONZA GROUP AG UNSPON A D R		2011-08-15	2013-10-02
	21. FRESENIUS MED AKTIENGESELLSCHAFT ADR		2011-04-21	2013-10-09
	66. FRESENIUS MED AKTIENGESELLSCHAFT ADR		2013-05-20	2013-10-09
	47. GOLDMAN SACHS GROUP INC		2013-06-04	2013-10-11
	119. WILLIAMS SONOMA INC		2012-03-05	2013-10-11
	93. ARM HLDGS PLC A D R		2012-09-26	2013-10-14
	65. AFLAC INC		2012-11-28	2013-10-16
	95. AT&T INC		2012-05-15	2013-10-16
	119. AMERICAN ELECTRIC POWER		2012-05-29	2013-10-16
	80. AMERICAN EXPRESS CO		2010-09-27	2013-10-16
	18. AMERIPRISE FINL INC		2012-11-28	2013-10-16
	33. AMERIPRISE FINL INC		2012-02-13	2013-10-16
	15. ANADARKO PETROLEUM CORP		2012-11-28	2013-10-16
	30. ANADARKO PETROLEUM CORP		2011-10-25	2013-10-16
	17. APPLE INC		2012-05-15	2013-10-16
	24. AVALONBAY CMNTYS INC		2012-01-13	2013-10-16
	8. AVALONBAY CMNTYS INC		2012-11-28	2013-10-16
	51. BOEING CO		2012-01-13	2013-10-16
	38. BOSTON PPTYS INC		2012-01-13	2013-10-16
	179. CVS CAREMARK CORP		2012-05-15	2013-10-16
	79. CAPITAL ONE FINANCIAL CORP		2012-10-24	2013-10-16
	38. CELGENE CORP		2012-07-10	2013-10-16
	75. CENTURYLINK INC		2012-02-13	2013-10-16
	11. CHEVRON CORPORATION		2012-11-28	2013-10-16
	90. CHEVRON CORPORATION		2012-06-19	2013-10-16
	198. CITIGROUP INC		2012-03-21	2013-10-16
	34. CITIGROUP INC		2012-10-24	2013-10-16
	146. COMCAST CORP CL A		2012-08-28	2013-10-16
	151. CONOCOPHILLIPS		2012-06-19	2013-10-16
	33. DEERE & CO		2012-03-21	2013-10-16
	171. DEUTSCHE TELEKOM AG A D R		2012-11-28	2013-10-16
	162. DISNEY WALT CO		2012-05-15	2013-10-16
	90. E M C CORPORATION		2012-11-28	2013-10-16
	29. E O G RES INC		2012-08-28	2013-10-16
	9. E O G RES INC		2012-11-28	2013-10-16
	40. EDISON INTL		2012-10-24	2013-10-16
	112. EXXON MOBIL CORP		2012-06-19	2013-10-16
	11. EXXON MOBIL CORP		2012-11-28	2013-10-16
	171. FIFTH THIRD BANCORP		2009-08-11	2013-10-16
	32. FREEPORT MCMORAN COPPER GOLD		2012-10-24	2013-10-16
	94. FREEPORT MCMORAN COPPER GOLD		2009-05-18	2013-10-16
	404. GENERAL ELEC CO		2012-04-19	2013-10-16
	48. GENERAL ELEC CO		2012-11-28	2013-10-16
	120. GILEAD SCIENCES INC		2012-05-15	2013-10-16
	35. GOLDMAN SACHS GROUP INC		2012-08-28	2013-10-16
	8. GOOGLE INC CL A		2012-05-25	2013-10-16
	60. HONEYWELL INTERNATIONAL INC		2012-05-29	2013-10-16
	30. INTERNATIONAL BUSINESS MACHINES CORP		2011-06-21	2013-10-16
	128. ISHARES DOW JONES US REGIONAL ETF		2011-08-10	2013-10-16
	258. J P MORGAN CHASE & CO		2012-05-29	2013-10-16
	104. JOHNSON & JOHNSON		2010-08-13	2013-10-16
	314. KEYCORP NEW		2011-01-04	2013-10-16
	46. KRAFT FOODS GROUP INC		2012-06-27	2013-10-16
	73. LOWE'S COS INC		2012-08-28	2013-10-16
	107. MACYS INC		2012-05-29	2013-10-16
	21. MERCK AND CO INC		2012-11-28	2013-10-16
	219. MERCK AND CO INC		2012-04-19	2013-10-16
	162. MICROSOFT CORP		2011-06-21	2013-10-16
	139. MONDELEZ INTERNATIONAL W I		2012-06-27	2013-10-16
	86. NATIONAL GRID PLC SP A D R		2012-01-27	2013-10-16
	58. NATIONAL OILWELL VARCO INC		2012-08-28	2013-10-16
	19. NATIONAL OILWELL VARCO INC		2012-11-28	2013-10-16
	43. NESTLE SA SPONSORED A D R		2007-06-08	2013-10-16
	75. NEXTERA ENERGY INC		2012-07-10	2013-10-16
	115. OCCIDENTAL PETROLEUM CORPORATION		2012-08-28	2013-10-16
	145. ORACLE CORPORATION		2012-02-23	2013-10-16
	77. P N C FINANCIAL SERVICES GROUP INC		2012-01-27	2013-10-16
	45. PACCAR INC		2012-02-13	2013-10-16
	437. PFIZER INC		2010-09-14	2013-10-16
	54. PHILIP MORRIS INTL		2012-05-15	2013-10-16
	110. PHILLIPS 66		2012-08-28	2013-10-16
	24. PUBLIC STORAGE INC		2012-08-28	2013-10-16
	180. REGIONS FINL CORP		2012-10-24	2013-10-16
	517. REGIONS FINL CORP		2012-03-21	2013-10-16
	48. ROGERS COMMUNICATIONS INC CL B		2012-10-24	2013-10-16
	45. ROGERS COMMUNICATIONS INC CL B		2012-08-28	2013-10-16
	43. SCHLUMBERGER LTD		2012-06-27	2013-10-16
	73. SEMPRA ENERGY		2010-05-04	2013-10-16
	67. STATE STR CORP		2012-08-28	2013-10-16
	67. TARGET CORPORATION		2012-05-29	2013-10-16
	40. THERMO FISHER SCIENTIFIC INC		2008-12-16	2013-10-16
	44. TIME WARNER INC		2011-10-25	2013-10-16
	96. TRAVELERS COS INC		2012-02-13	2013-10-16
	89. UNILEVER N V A D R		2011-05-10	2013-10-16
	51. UNION PACIFIC CORP		2009-11-11	2013-10-16
	46. UNITED TECHNOLOGIES CORP		2011-08-25	2013-10-16
	127. UNITED HEALTH GROUP INC		2011-08-10	2013-10-16
	295. WELLS FARGO & CO NEW		2011-08-10	2013-10-16
	32. WELLS FARGO & CO NEW		2012-10-24	2013-10-16
	65. COVIDIEN PLC		2010-06-22	2013-10-16
	41. EATON CORP PLC		2012-11-30	2013-10-16
	8. MALLINCKRODT PLC W I		2010-06-22	2013-10-16
	15. ACE LTD		2012-10-24	2013-10-16
	44. ACE LTD		2012-02-13	2013-10-16
	20. LYONDELLBASELL INDUSTRIES CL A		2012-10-24	2013-10-16
	68. LYONDELLBASELL INDUSTRIES CL A		2012-07-10	2013-10-16
	.5 BARCLAYS PLC SPON ADR RTS 10/01/13		2013-09-18	2013-10-17
	109. LVMH MOET HENNESSY LOU VUITT A D R		2010-11-09	2013-10-18
	131. UNILEVER PLC SPSD ADR		2011-09-14	2013-10-18
	14411.124 NUVEEN INFLATION PRO SEC CL I		2012-01-27	2013-10-22
	9633.911 TFS MARKET NEUTRAL FUND		2011-04-11	2013-10-22
	320. KEPPEL CORP LTD SPONS A D R		2007-06-08	2013-11-05
	46. ALLERGAN INC		2010-04-09	2013-11-07
	83. AGRIUM INC		2007-06-08	2013-11-18
	108. EXPRESS SCRIPTS HLDGS C		2008-05-07	2013-11-18
	146. REPSOL S.A.		2011-02-25	2013-11-18
	30. MITSUI & CO LTD SPSD ADR		2009-06-30	2013-11-25
	103. SANOFI A D R		2011-10-31	2013-11-25
	114. AGCO CORP		2013-09-26	2013-11-26
	6. BOEING CO		2013-06-21	2013-11-26
	143. CBS CORP CLASS B NON VOTING		2012-11-27	2013-11-26
	139. CISCO SYS INC		2012-06-12	2013-11-26
	35. DELTA AIR LINES INC		2013-02-13	2013-11-26
	18. DISCOVER FINL SVCS		2012-09-25	2013-11-26
	21. J P MORGAN CHASE & CO		2013-09-26	2013-11-26
	30. LINCOLN NATL CORP IND		2013-09-04	2013-11-26
	837. REGIONS FINL CORP		2013-09-26	2013-11-26
	80. THERMO FISHER SCIENTIFIC INC		2013-02-13	2013-11-26
	136. DOLLAR GENERAL CORP		2012-09-04	2013-12-03
	129. B H P BILLITON PLC SPSD A D R		2012-02-02	2013-12-13
	54. ORIX CORP SPONS A D R		2012-10-02	2013-12-13
	91. ACCENTURE PLC CL A		2008-05-07	2013-12-20
	50. ACCENTURE PLC CL A		2013-07-17	2013-12-20
	189. THE GAP INC		2013-09-04	2013-12-24
	CAPITAL GAIN DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	20		20
b	3,650	3,985	-335
c	4,986	3,183	1,803
d	5,804	5,725	79
e	4,370	2,606	1,764
	1,116	1,260	-144
	234	482	-248
	552	1,170	-618
	5,276	5,589	-313
	6,234	5,445	789
	3,169	2,045	1,124
	172	154	18
	1,213	976	237
	765	630	135
	306	203	103
	356	317	39
	702	706	-4
	5,031	5,907	-876
	822	625	197
	739	620	119
	8,472	6,981	1,491
	5,841	4,766	1,075
	5,656	4,841	815
	1,297	1,060	237
	398	333	65
	447	939	-492
	3,897	3,279	618
	953	1,008	-55
	1,550	663	887
	6,759	6,695	64
	455	413	42
	5,829	4,336	1,493
	6,187	6,848	-661
	4	4
	1,083	1,050	33
	5,643	4,726	917
	105	86	19
	246	249	-3
	590	297	293
	5,377	4,630	747
	6,484	5,829	655
	5,845	5,019	826
	5,627	5,776	-149
	1,680	1,264	416
	432	346	86
	4,415	7,443	-3,028
	4,420	4,140	280
	1,517	1,710	-193
	1,652	1,207	445
	3,716	4,133	-417
	250,000	249,318	682
	4,942	3,871	1,071
	1,569	2,570	-1,001
	1,812	1,536	276
	837	1,395	-558
	3,832	5,898	-2,066
	707	748	-41
	5,013	4,377	636
	722	633	89
	769	401	368
	5,814	4,607	1,207
	2,816	2,206	610
	4,715	6,925	-2,210
	6,414	3,098	3,316
	3,534	5,099	-1,565
	173	175	-2
	15	16	-1
	5,817	4,325	1,492
	5,518	2,636	2,882
	5,244	1,765	3,479
	1,702	1,620	82
	4,177	4,986	-809
	5,531	4,352	1,179
	2,699	3,958	-1,259
	10,197	8,691	1,506
	4,092	3,236	856
	4,677	2,654	2,023
	3,256	3,265	-9
	6,174	3,585	2,589
	1,584	941	643
	7	11	-4
	4,306	3,527	779
	1,467	846	621
	5,861	5,738	123
	3,574	4,763	-1,189
	557	842	-285
	1,265	1,103	162
	4,676	4,197	479
	5,954	4,686	1,268
	1,201	1,048	153
	8,212	6,342	1,870
	5,857	6,060	-203
	1,177	944	233
	700	559	141
	6,399	4,511	1,888
	6,517	5,200	1,317
	774	548	226
	5,214	3,934	1,280
	186	96	90
	889	734	155
	5,169	6,060	-891
	895	804	91
	423	381	42
	6,498	5,778	720
	990	903	87
	546	492	54
	5,134	2,794	2,340
	1,305	817	488
	3,396	3,305	91
	953	905	48
	6,622	6,867	-245
	5,153	4,814	339
	83		83
	5,852	5,182	670
	6,774	5,210	1,564
	5	4	1
	4,346	4,454	-108
	1,451	1,453	-2
	117	132	-15
	1,580	743	837
	649	504	145
	552	304	248
	846	615	231
	488	339	149
	499	397	102
	867	524	343
	6,443	4,018	2,425
	518	329	189
	7,248	7,112	136
	600	445	155
	6,227	6,889	-662
	4,586	2,501	2,085
	5,517	4,728	789
	6,743	4,160	2,583
	404	413	-9
	998	707	291
	641	493	148
	2,804	2,200	604
	6,194	6,123	71
	637	588	49
	2,721	2,175	546
	986	958	28
	6,139	3,296	2,843
	1,308	1,239	69
	5,171	4,934	237
	791	599	192
	829	715	114
	7,251	6,970	281
	5,613	5,186	427
	3,384	3,479	-95
	276		276
	3,290	3,129	161
	5,977	3,270	2,707
	4,173	3,668	505
	4,328	2,706	1,622
	4,120	5,459	-1,339
	1,441	913	528
	2,945	738	2,207
	3,927	4,873	-946
	280	248	32
	502	310	192
	360	286	74
	624	592	32
	5,504	4,785	719
	613	357	256
	669	452	217
	576	645	-69
	4,927	2,525	2,402
	591	456	135
	2,886	2,106	780
	1,144	880	264
	1,232	973	259
	666	788	-122
	2,092	2,243	-151
	7,458	7,050	408
	6,289	4,553	1,736
	4,450	2,557	1,893
	4,246	3,371	875
	3,228	2,779	449
	5,171	3,682	1,489
	6,101	2,705	3,396
	1,727	1,091	636
	3,167	1,700	1,467
	1,464	1,096	368
	2,928	2,356	572
	8,518	6,020	2,498
	3,129	2,465	664
	1,043	1,057	-14
	6,143	3,419	2,724
	4,098	2,996	1,102
	10,550	6,303	4,247
	5,704	4,757	947
	5,997	2,431	3,566
	2,442	2,851	-409
	1,311	1,153	158
	10,727	9,580	1,147
	9,987	6,546	3,441
	1,715	1,274	441
	6,853	3,837	3,016
	10,982	7,601	3,381
	2,726	2,775	-49
	2,743	1,855	888
	10,758	6,118	4,640
	2,236	2,226	10
	5,315	3,155	2,160
	1,649	1,037	612
	1,874	1,874
	9,764	8,252	1,512
	959	964	-5
	3,135	1,612	1,523
	1,092	1,262	-170
	3,207	2,276	931
	9,785	6,196	3,589
	1,163	1,010	153
	7,802	3,146	4,656
	5,653	4,105	1,548
	7,166	4,786	2,380
	5,136	3,511	1,625
	5,580	3,582	1,998
	3,936	2,393	1,543
	13,831	8,615	5,216
	9,434	6,163	3,271
	3,806	2,283	1,523
	2,416	1,580	836
	3,546	2,045	1,501
	4,597	3,803	794
	983	933	50
	10,249	7,603	2,646
	5,626	3,168	2,458
	4,315	2,944	1,371
	5,145	3,934	1,211
	4,692	4,036	656
	1,537	1,317	220
	2,914	1,637	1,277
	6,049	4,818	1,231
	11,142	7,736	3,406
	4,792	3,606	1,186
	5,675	3,430	2,245
	2,543	1,955	588
	12,891	6,971	5,920
	4,627	4,613	14
	6,622	3,951	2,671
	4,059	3,457	602
	1,748	1,188	560
	5,020	3,213	1,807
	2,125	2,040	85
	1,993	1,827	166
	3,956	2,954	1,002
	6,380	3,610	2,770
	4,591	2,834	1,757
	4,246	3,389	857
	3,742	1,213	2,529
	3,008	1,509	1,499
	8,255	4,887	3,368
	3,353	2,970	383
	8,008	3,209	4,799
	4,893	2,415	2,478
	9,529	3,803	5,726
	12,482	5,349	7,133
	1,354	1,094	260
	4,033	2,384	1,649
	2,736	2,111	625
	361	225	136
	1,435	1,204	231
	4,208	2,980	1,228
	1,520	1,063	457
	5,169	2,743	2,426
	3		3
	4,192	3,564	628
	5,225	4,057	1,168
	162,413	165,243	-2,830
	154,721	150,000	4,721
	5,508	4,180	1,328
	4,089	2,924	1,165
	7,490	3,103	4,387
	6,997	3,833	3,164
	3,669	4,873	-1,204
	8,264	6,689	1,575
	5,438	3,748	1,690
	6,595	6,977	-382
	806	596	210
	8,320	5,008	3,312
	2,938	2,466	472
	1,010	516	494
	958	575	383
	1,204	1,092	112
	1,524	1,313	211
	8,127	8,411	-284
	8,162	6,022	2,140
	7,656	7,021	635
	7,366	9,174	-1,808
	4,597	2,682	1,915
	7,295	3,438	3,857
	4,008	3,770	238
	7,295	8,582	-1,287
			42,169

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			20
b			-335
c			1,803
d			79
e			1,764
			-144
			-248
			-618
			-313
			789
			1,124
			18
			237
			135
			103
			39
			-4
			-876
			197
			119
			1,491
			1,075
			815
			237
			65
			-492
			618
			-55
			887
			64
			42
			1,493
			-661

			33
			917
			19
			-3
			293
			747
			655
			826
			-149
			416
			86
			-3,028
			280
			-193
			445
			-417
			682
			1,071
			-1,001
			276
			-558
			-2,066
			-41
			636
			89
			368
			1,207
			610
			-2,210
			3,316
			-1,565
			-2
			-1
			1,492
			2,882
			3,479
			82
			-809
			1,179
			-1,259
			1,506
			856
			2,023
			-9
			2,589
			643
			-4
			779
			621
			123
			-1,189
			-285
			162
			479
			1,268
			153
			1,870
			-203
			233
			141
			1,888
			1,317
			226
			1,280
			90
			155
			-891
			91
			42
			720
			87
			54
			2,340
			488
			91
			48
			-245
			339
			83
			670
			1,564
			1
			-108
			-2
			-15
			837
			145
			248
			231
			149
			102
			343
			2,425
			189
			136
			155
			-662
			2,085
			789
			2,583
			-9
			291
			148
			604
			71
			49
			546
			28
			2,843
			69
			237
			192
			114
			281
			427
			-95
			276
			161
			2,707
			505
			1,622
			-1,339
			528
			2,207
			-946
			32
			192
			74
			32
			719
			256
			217
			-69
			2,402
			135
			780
			264
			259
			-122
			-151
			408
			1,736
			1,893
			875
			449
			1,489
			3,396
			636
			1,467
			368
			572
			2,498
			664
			-14
			2,724
			1,102
			4,247
			947
			3,566
			-409
			158
			1,147
			3,441
			441
			3,016
			3,381
			-49
			888
			4,640
			10
			2,160
			612

			1,512
			-5
			1,523
			-170
			931
			3,589
			153
			4,656
			1,548
			2,380
			1,625
			1,998
			1,543
			5,216
			3,271
			1,523
			836
			1,501
			794
			50
			2,646
			2,458
			1,371
			1,211
			656
			220
			1,277
			1,231
			3,406
			1,186
			2,245
			588
			5,920
			14
			2,671
			602
			560
			1,807
			85
			166
			1,002
			2,770
			1,757
			857
			2,529
			1,499
			3,368
			383
			4,799
			2,478
			5,726
			7,133
			260
			1,649
			625
			136
			231
			1,228
			457
			2,426
			3
			628
			1,168
			-2,830
			4,721
			1,328
			1,165
			4,387
			3,164
			-1,204
			1,575
			1,690
			-382
			210
			3,312
			472
			494
			383
			112
			211
			-284
			2,140
			635
			-1,808
			1,915
			3,857
			238
			-1,287

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	289,361
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 . . . . . . . . . . . . . . . .		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))
2012	356,803	5,192,971	0.068709
2011	309,816	5,332,820	0.058096
2010	312,381	5,260,092	0.059387
2009	224,749	4,933,270	0.045558
2008	360,314	6,177,701	0.058325

2	Total of line 1, column (d) ......................	2	0.290075
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	0.058015
4	Enter the net value of noncharitable-use assets for 2013 from Part X, line 5.....	4	5,370,674
5	Multiply line 4 by line 3.......................	5	311,580
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	3,784
7	Add lines 5 and 6.........................	7	315,364
8	Enter qualifying distributions from Part XII, line 4..............	8	284,656
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 (2013)

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	7,567
	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	7,567
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	7,567
6	Credits/Payments:

a	2013 estimated tax payments and 2012 overpayment credited to 2013	6a	1,580
b	Exempt foreign organizations—tax withheld at source.......	6b
c	Tax paid with application for extension of time to file (Form 8868)	6c	8,440
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	10,020
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	2,453
11	Enter the amount of line 10 to be: Credited to 2014 estimated tax2,453	Refunded	11	0

Part VII-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

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

on foundation managers. bullet

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

If "Yes," attach a detailed description of the activities.

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

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 2013 or the taxable year beginning in 2013 (see instructions for Part XIV)?

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 instructions) .............

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

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

Yes

Website address bullet

The books are in care of bullet

US BANK NATIONAL ASSOCIATION Telephone no. bullet

(651) 466-8722

Located at bullet

101 E FIFTH STST PAULMN ZIP+4 bullet

55101

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

16 At any time during calendar year 2013, did the foundation have an interest in or a signature or other authority over YesNo

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 (2013)

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 2013?.............

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 2013, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2013?...............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 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 2013 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 2013.)....................

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 2013?

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 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 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 (2013)

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
US BANK NA	TRUSTEE 8	75,836
800 NICOLLET MALL MINNEAPOLIS,MN55402	TRUSTEE 8	75,836

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...................				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............. 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 (2013)

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.)

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

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

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

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

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

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

instructions) .............................

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

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

Part XI

Distributable Amount (see 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....................

268,534

Tax on investment income for 2013 from Part VI, line 5......

7,567

Income tax for 2013. (This does not include the tax from Part VI.)...

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

7,567

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

260,967

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

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

260,967

Deduction from distributable amount (see instructions).................

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

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

260,967

Part XII

Qualifying Distributions (see instructions)

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

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

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

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

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

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 (2013)

Page 8

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2012	(c) 2012	(d) 2013
1 Distributable amount for 2013 from Part XI, line 7					260,967
2 Undistributed income, if any, as of the end of 2013:
a Enter amount for 2012 only.......				0
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2013:
a From 2008.......	55,254
b From 2009.......	0
c From 2010.......	51,682
d From 2011.......	48,767
e From 2012.......	100,310
fTotal of lines 3a through e.........		256,013
4Qualifying distributions for 2013 from Part
XII, line 4: $ 284,656
a Applied to 2012, but not more than line 2a				0
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 2013 distributable amount.....					260,967
e Remaining amount distributed out of corpus		23,689
5 Excess distributions carryover applied to 2013.		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		279,702
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 2012. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2013. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2014 ..........					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 2008 not applied on line 5 or line 7 (see instructions) ...		55,254
9Excess distributions carryover to 2014. Subtract lines 7 and 8 from line 6a ......		224,448
10 Analysis of line 9:
a Excess from 2009....	0
b Excess from 2010....	51,682
c Excess from 2011....	48,767
d Excess from 2012....	100,310
e Excess from 2013....	23,689

Form 990-PF (2013)

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 2013, 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) 2013	(b) 2012	(c) 2011	(d) 2010	(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 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 instructions) to individuals or organizations under
other conditions, complete items 2a, b, c, and d.

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

LISA HINIKER
101 E FIFTH ST
ST PAUL,MN55101
(651) 466-8722

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

LETTER FORMAT

cAny submission deadlines:

APPLICATIONS ACCEPTED AT ANY TIME

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

THE TRUST PRIMARILY MAKES GRANTS FOR CHARITABLE, EDUCATIONAL, AND RELIGIOUS OR SCIENTIFIC PURPOSES.

Form 990-PF (2013)

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
LUTHERAN MIDEAST DEVELOPMENT C/O ST STEPHEN'S LUTHERAN CHURCH 1575 CHARLTON ST WEST ST PAUL,MN55118	NONE	N/A	GENERAL	83,500
NEIGHBORS INC 218 13TH AVENUE SOUTH SOUTH ST PAUL,MN55075	NONE	N/A	GENERAL	30,000
360 COMMUNITIES 501 E HIGHWAY 13 SUITE 102 BURNSVILLE,MN553372877	NONE	N/A	CAPITAL CAMPAIGN	100,000
THE CHILDREN'S THEATER COMPANY 2400 THIRD AVE S MINNEAPOLIS,MN55404	NONE	N/A	GENERAL	50,000
ST STEPHEN'S LUTHERAN CHURCH 1575 CHARLTON ST WEST ST PAUL,MN55118	NONE	N/A	YOUTH MINISTRIES &	5,514
Total ................................. 3a				269,014

bApproved for future payment

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

Form 990-PF (2013)

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	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ............			14	20
4 Dividends and interest from securities....			14	154,302
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property .............
7 Other investment income.....
8 Gain or (loss) from sales of assets other than inventory .............			18	289,361
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: aFEDERAL TAX REFUND			01	2,434
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				446,117

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

13446,117

(See worksheet in line 13 instructions 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 foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

Form 990-PF (2013)

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

Yes

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

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.
				May the IRS discuss this return with the preparer shown below (see instr.)? Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name Firm's address			Firm's EIN
				Phone no.

Form 990-PF (2013)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

Name of Bond	End of Year Book Value	End of Year Fair Market Value
J P MORGAN CHASE 10/01/2015	249,603	267,200
CS FIRST BOSTON USA 01/15/2014	246,880	250,415
MORGAN STANLEY 03/01/2013
PIMCO TOTAL RETURN FD #35	174,844	187,659
AMERICAN CENTY INTL BD FD	87,463	82,784
DRIEHAUS ACTIVE INCOME FD	165,000	169,243
DRIEHAUS SELECT CREDIT FD	165,000	170,188
ISHARES JP MORGAN EM BOND FD	80,027	81,120
NUVEEN HIGH INCOME BOND FD	160,000	181,128
NUVEEN INFLATION PRO SEC
OPPENHEIMER SR FLOAT RATE	300,000	301,794

- TIN:

TY 2013 InvestmentsCorpStockSchedule

Name:

ROGER & VIOLET NOREEN CHAR TRUST 25293360

EIN: 41-6309355

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ISHARES DOW JONES REGIONAL BK
CISCO SYS INC
EXXON MOBIL CORP	6,543	7,590
GENERAL ELECTRIC CO
JOHNSON & JOHNSON	6,601	7,236
MICROSOFT CORP
PFIZER INC
VERIZON COMUNICATIONS	3,598	4,767
SCHLUMBERGER LTD	16,285	18,653
QUALCOMM INC	16,726	19,528
UNITED TECHNOLOGIES CORP	14,552	20,598
AMGEN INC	5,295	7,187
CONOCOPHILLIPS	5,748	6,782
MYLAN INC	5,257	8,376
PUBLIC STORAGE INC
WELLS FARGO & CO	5,217	7,990
ACCENTURE PLC
GILEAD SCIENCES INC
INTEL CORP	6,780	7,293
HOME DEPOT INC
GOLDMAN SACHS GROUP INC
APPLE INC	10,711	33,100
ABBOTT LABORATORIES
AFLAC INC
DEUTSCHE TELEKOM AG ADR
CHEVRON CORPORATION	10,126	13,615
LOWES CO INC
MONSANTO CO	15,086	18,648
V F CORP	4,821	7,481
AGCO CORP
BOEING CO	5,657	7,780
CAMERON INTL CORP	5,926	9,584
COGNIZANT TECH SOLUTIONS CL A
DANAHER CORP	4,023	10,808
E O G RES INC
EXPRESS SCRIPTS INC
GOOGLE INC CL A	12,030	25,776
HALLIBURTON CO	6,107	6,851
IBM CORP	8,109	13,505
SCHEIN HENRY INC	6,996	15,197
TARGET CORP
AIA GROUP LTD ADR	6,222	8,846
AT&T INC	4,579	4,676
AVALONBAY CMNTYS INC
CVS/CAREMARK CORP	4,952	9,304
DISNEY WALT CO	4,331	7,564
FREEPORT MCMORAN COPPER GOLD
J P MORGN CHASE & CO	6,353	7,544
KIMBERLY CLARK CORP	7,162	8,566
AGRIUM INC
ATLAS COPCO AB ADR	5,515	8,711
OCCIDENTAL PETROLEUM CORP
PETROLEO BRASILEIRO SPON ADR	3,373	2,053
TOTAL S A ADR	16,583	15,256
HONDA MOTOR CO LTD ADR	6,867	8,394
BRITISH AMERN TOB PLC ADR	8,357	16,435
DIAGEO PLC SPNS ADR	6,604	10,726
NESTLE S A SPONS ADR	22,033	33,851
NOVARTIS A G ADR	5,427	8,842
ROCHE HLDG LTD ADR	14,446	24,570
DBS GROUP HLDGS LTD	14,671	18,180
TRAVELERS COS INC
WILLIAMS SONOMA INC
THE GAP INC
FOMENTO ECONOMICO MEX SP ADR	1,737	4,502
FLOWSERVE CORP	5,938	11,115
UNION PACIFIC CORP	8,700	19,824
WALGREEN CO	7,031	11,545
KAO CORP ADR
MICHAEL KORS HOLDINGS	7,022	14,208
DIRECTV CL A
SNAP ON INC
ANADARKO PETROLEUM CORP	4,865	6,822
UNILEVER PLC SPSD ADR
WAL MART STORES INC	5,902	8,262
CERNER CORP	2,015	8,138
FOOT LOCKER INC
NATIONAL OILWELL VARCO INC
MERCK & CO INC
SANOFI ADR	7,671	11,799
THERMO FISHER SCIENTIFIC INC	5,380	11,803
VARIAN MED SYS INC
ACE LTD
BOC HONG KONG HLDGS LTD ADR	4,460	6,581
BOSTON PPTYS INC
METLIFE INC	7,049	8,465
OIL STATES INTL INC
P N C FINANCIAL SERVICES GROUP
ZURICH FINANCIAL SERVICES ADR
NATIONAL GRID PLC SP ADR	4,102	5,422
AMERICAN CENTY HERITAGE FD 330	103,748	179,691
NEUBERGER BERMAN GENESIS INSTL	117,636	207,846
T ROWE PRICE MID CAP VALUE FD	121,855	193,325
AMERICAN ELECTRIC POWER CO
AMERICAN EXPRESS CO
ASSA ABLOY AB ADR
CANADIAN PACIFIC RAILWAY	4,340	8,928
CAPITAL ONE FINANCIAL CORP
DOLLAR GENERAL CORP
DEUTSCHE BANK AG	9,487	11,626
DOVER CORP	5,581	7,530
FIFTH THIRD BANCORP	5,613	8,349
INGERSOLL RAND PLC
KROGER CO	5,005	7,590
ORACLE CORPORATION	6,441	7,729
MONDELEZ INTERNATIONAL W I
PRICELINE COM INC	665	11,624
QUEST DIAGNOSTICS INC
UNITED HEALTH GROUP INC
URBAN OUTFITTERS INC	8,595	8,236
VMWARE INC CL A
YAHOO INC
BARCLAYS PLC ADR	6,433	6,563
COVIDIEN PLC
COPA HOLDINGS SA CL A	4,683	9,607
EASTMAN CHEM CO	4,772	6,779
LUKOIL SPON ADR	8,224	10,667
MITSUI & CO LTD SPSD ADR
MTN GROUP LTD ADR	3,170	3,108
NISSAN MOTOR LTD SPONS ADR	8,220	8,165
ORIX CORP SPONS ADR	8,289	16,484
PHILLIPS 66
SAP AG ADR	14,142	19,171
ROCKWELL AUTOMATION INC	4,814	6,971
VALE SA SP ADR	10,774	10,662
ISHARES MSCI EMERGING MKTS ETF	252,915	284,624
CBS CORP CLASS B NON VOTING
ALLERGAN INC
AMERIPRISE FINL INC	5,379	11,505
BORG WARNER INC	5,095	14,201
BROADCOM CORP
CELGENE CORP	5,465	14,869
CITIGROUP INC
CENTURYLINK INC
EMC CORP	8,487	10,161
EDISON INTL
KEYCORP NEW
KRAFT FOODS INC
KEPPEL CORP LTD SPONS ADR	5,643	8,641
LULULEMON ATHLETICA INC	8,492	7,438
NEXTERA ENERGY INC	3,999	6,250
NOKIAN TYRES OYJ UNSPON ADR	4,334	4,748
LYONDELLBASELL INDUSTRIES CL A
PIONEER NAT RES CO	4,099	12,885
PRECISION CASTPARTS CORP	8,995	12,657
SEMPRA ENERGY
TRIMBLE NAV LTD	10,482	12,735
EATON CORP PIC
ANHEUSER BUSCH INBEV NV ADR	18,043	26,615
BASF AG ADR	14,086	20,696
B H P BILLITON PLC SPSD ADR
BT GROUP PLC ADR	9,275	21,969
BAYERISCHE MOTOREN WERKE ADR	14,184	22,672
CAREFUSION CORP
EQUINIX INC
HSBC HOLDINGS PLC SPONS ADR	8,284	8,931
HONEYWELL INTERNATIONAL INC
LVMH MOET HENNESSY LOU VUI ADR	3,549	3,733
REGIONS FINL CORP
ROYAL DUTCH SHELL PLC ADR	9,068	9,550
SIEMENS AG ADR	3,746	5,402
STATE STR CORP	7,517	8,513
NOVO NORDISK AS ADR	12,486	15,520
VODAFONE GROUP PLC ADR	10,483	15,921
VOLVO AB SPONSORED ADR
INGREDION INC
ALLIANCE DATA SYSTEMS CORP	3,159	8,940
AMAZON COM INC	3,990	8,773
COMCAST CORP CL A	8,578	8,938
DEERE & CO
DISCOVER FINL SVCS	3,795	7,777
E BAY INC	6,045	10,973
FLUOR CORP	6,746	8,992
HELMERICH PAYNE INC	6,357	8,156
INTERNATIONAL PAPER CO	3,327	6,815
KLA TENCOR CORP	2,780	3,868
LAUDER ESTEE COS INC CL A	4,930	7,457
LOCKHEED MARTIN CORP
MACYS INC
MARATHON PETROLEUM CORP
MATTEL INC
PHILIP MORRIS INTL
RALPH LAUREN CORP	3,883	7,063
TIME WARNER CABLE INC
VIACOM INC CL B	7,539	7,686
WYNDHAM WORLDWIDE CORP
XCEL ENERGY INC
AIR LIQUIDE SA ADR	9,006	9,844
ALLIANZ SE ADR	18,290	22,590
AMERICA MOVIL ADR
ARM HLDGS PLC ADR	10,197	17,569
ATLAS COPCO AB SPONS ADR	5,130	5,011
B A E SYSTEMS PLC ADR	4,161	7,030
B G GROUP PLC ADR	6,749	5,748
BCE INC
BROOKFIELD ASSET MANAGE CL A	4,991	5,902
BUNGE LIMITED	6,018	6,651
CANADIAN NATL RY CO	4,119	6,386
CARNIVAL PLC ADR
CHINA MOBILE LIMITED ADR
COCHLEAR LTD UNSPON ADR	4,820	2,821
CSL LIMITED ADR	3,384	5,354
DASSAULT SYSTEMES SA ADR	7,164	10,938
FANUC CORPORATION ADR	9,255	10,441
FRESENIUS MED CARE SPONS ADR	6,523	6,298
HITACHI LTD	10,247	12,455
I C I C I BANK LIMITED ADR	7,714	5,761
IMPERIAL OIL LTD	5,203	4,335
ITAU UNIBANCO HOLDINGS SA ADR	9,759	7,816
JGC CORP UNSPONS ADR	6,654	8,747
LI FUNG LTD ADR
LONZA GROUP AG UNSPONS ADR	5,447	6,426
LOREAL CO UNSPONS ADR	6,055	8,506
NIPPON TELEGRAPH TELE ADR
OAO GAZPROM SPON ADR	4,592	2,898
QIAGEN NV
REPSOL SA SPONS ADR
SASOL LTD SPONS ADR	2,974	2,621
SBERBANK SPONS ADR	9,869	8,925
SCHNEIDER ELECT SA UNSP ADR	7,678	7,757
SHIRE PLC ADR	15,115	19,781
SONOVA HOLDING UNSPON ADR	2,413	3,766
SWATCH GROUP AG ADR	3,408	4,714
TAIWAN SEMICONDUCTOR ADR	7,199	8,650
TESCO PLC ADR	4,107	3,536
TURKIYE GARANTI BANKASI AS ADR	6,379	3,923
UNI CHARM CORPORATION ADR	4,587	6,735
UNILEVER NV ADR	2,860	3,626
WPP PLC SPONS ADR	5,995	11,141
NUVEEN REAL ESTATE SECURIT	100,000	104,013
SPDR DJ WILSHIRE INTERNATIONAL	175,598	181,898
TFS MARKET NEUTRAL FD
AMERICAN CAPITAL AGENCY CORP
ANALOG DEVICES INC	6,881	8,760
BLACKROCK INC	11,931	14,558
YUM BRANDS INC
POSTNL NV ADR
POTASH CORP OF SASKATCHEWAN
REXAM PLC ADR
ROGERS COMMUNICATIONS INC
SANDS CHINA LTD UNSPONS ADR
SEADRILL LIMITED
SEAGATE TECHNOLOGY	4,236	8,873
SEVEN & HLDGS UNSPN ADR	10,038	11,843
SUNCOR ENERGY	4,196	5,222
SVENSKA HANDELSBANKEN A ADR	2,358	3,529
SWEDBANK AB ADR	4,601	7,191
SYNGENTA AG ADR
SYSMEX CORP UNSPON ADR	4,089	5,967
TRANSOCEAN LTD	4,278	5,189
VALEOSA SPON ADR	9,521	20,409
XINYI GLASS HOLDINGS LTS ADR	1,140	2,005
PYXIS LONG SHORT EQUITY Z
SPDR GOLD TRUST	72,527	53,880
ABBVIE INC	4,959	8,397
ALLSTATE CORP	7,371	7,363
AUTOLIV INC	4,983	6,059
AVNET INC	6,657	7,410
CMS ENERGY CORP	5,743	5,943
CA INC	6,479	7,403
CIGNA CORP	5,304	7,523
DELTA AIRLINES	3,833	7,142
HAIN CELESTIAL GROUP	4,953	7,444
HANESBRANDS INC	6,402	9,065
JOHNSON CONTROLS INC	7,774	9,644
LINCOLN NATL CORP IND	6,392	7,537
LINKEDIN CORP A	8,282	7,589
LORILLARD INC	7,869	9,173
MCKESSON CORP	7,741	7,586
OCWEN FINANCIAL CORP	7,476	9,759
OMEGA HEALTHCARE INVS INC	7,487	6,914
OMNICARE INC	5,959	7,545
RAYTHEON COMPANY	7,556	7,800
RESTORATION HARDWARE HOLDING	8,796	9,287
SM ENERGY CO	6,783	7,314
SPLUNK INC	11,227	12,017
STARBUCKS CORP	4,914	6,663
STARWOOD HOTELS & RESORTS	11,191	12,553
UNITED RENTALS INC	10,492	14,966
WHIRLPOOL CORP	6,160	8,470
VISA INC	16,199	18,482
ASMI HOLDING NV NY REG SHS	5,179	6,278
AXA ADR REPSTG 1	5,375	6,415
BNP PARIBAS SA ADR	5,038	6,625
BAIDU COM INC ADR	4,388	8,182
BANCO BILBAO VIZCAYA ARGEN ADR	4,704	5,922
CHINA CONSTRUCT UNSPON ADR	5,127	4,569
DAIWA SECURITIES GR SPON ADR	5,802	5,741
GRAN TIERRA ENERGY INC	5,854	5,768
HONG KONG EXCHANGES ADR	3,485	3,588
ING GROEP NV SPONS ADR	11,642	12,511
LAFARGE SA ADR	5,239	6,290
MAGNA INTL INC CL A	10,367	15,673
MITSUBISHI ESTATE LTD ADR	4,827	4,883
MONOTARO CO LTD UNSP ADR	1,534	1,361
RIO TINTO PLC ADR	7,402	8,069
SEKISUI HOUSE LTD ADR	5,821	5,789
SUMITOMO MITSUI FINL GROUP ADR	10,761	11,403
TECHTRONIC INDUSTRIES SP ADR	5,168	7,795
VALEANT PHARMACEUTICALS INTE	4,902	8,688
HIGHLAND LONG SHORT EQUITY FD	200,000	222,760
WISDOMTREE EUR S/C DIVIDEND FD	11,628	12,671
WISDOMTREE JAPAN HEDGED	15,635	16,777
PACCAR INC

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
ACCRUED INCOME	10,072	6,612	6,612
RETURN OF CAPITAL CORRECTION	54	0	0

Category	Amount	Net Investment Income
FOREIGN TAXES	3,214	3,214
FOREIGN TAXES ON QUALIFIED FOR	812	812
FOREIGN TAXES ON NONQUALIFIED	496	496