TY 2014 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.
bullet

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

OMB No. 1545-0052

2014

Open to Public Inspection

For calendar year 2014, or tax year beginning 2014, and ending , 20

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 0634 Room/suite

City or town, state or province, country, and ZIP or foreign postal code
MILWAUKEE, WI532010634

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

$5,457,892J 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
	Sch. B ...............
3	Interest on savings and temporary cash investments	67		67
4	Dividends and interest from securities......	161,073		161,073
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		235,670
b	Gross sales price for all assets on line 6a 2,096,880
7	Capital gain net income (from Part IV, line 2)...			235,670
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).......
12	Total. Add lines 1 through 11........	396,810		396,810
13	Compensation of officers, directors, trustees, etc.	73,109		58,487		14,622
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).......		1,500	0	0	1,500
c	Other professional fees (attach schedule)....					0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		18,075	4,520		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).......		773	748		773
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	93,457		63,755	0	16,895
25	Contributions, gifts, grants paid........	274,655				274,655
26	Total expenses and disbursements. Add lines 24 and 25	368,112		63,755	0	291,550
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	28,698
b	Net investment income (if negative, enter -0-)			333,055
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2014)

Form 990-PF (2014)

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...............	897
	2	Savings and temporary cash investments..........	600,425	159,570	159,570
	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)........	2,527,579	2,484,674	3,176,404
	c	Investments—corporate bonds (attach schedule)........	1,628,817	2,145,531	2,118,987
	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 )	6,612	2,931	2,931
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	4,764,330	4,792,706	5,457,892
	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 )	725	410
	23	Total liabilities (add lines 17 through 22)..........	725	410
		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	6,144,547
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds	-1,380,949	-1,352,251
	30	Total net assets or fund balances (see instructions)......	4,763,605	4,792,296
	31	Total liabilities and net assets/fund balances (see instructions)..	4,764,330	4,792,706

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	4,763,605
2	Enter amount from Part I, line 27a.....................	2	28,698
3	Other increases not included in line 2 (itemize)	3	0
4	Add lines 1, 2, and 3..........................	4	4,792,303
5	Decreases not included in line 2 (itemize)	5	7
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	4,792,296

Form 990-PF (2014)

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	135. HALLIBURTON CO COM		2013-07-31	2014-01-07
b	139. INTERNATIONAL PAPER COMPANY		2012-06-12	2014-01-07
c	60. KLA-TENCOR CORP COM		2012-09-25	2014-01-07
d	38. KROGER CO COM		2013-09-04	2014-01-07
e	154. KROGER CO COM		2012-06-12	2014-01-07
	73. NEXTERA ENERGY INC		2011-09-06	2014-01-07
	232. OMEGA HEALTHCARE INVS INC		2013-11-26	2014-01-07
	29. BAIDU COM INC A D R		2013-06-12	2014-01-14
	149. PETROLEO BRASILEIRO S A A D R		2012-10-04	2014-01-14
	250000. CS FIRST BOSTON USA 5.125% 1/15/14		2006-02-27	2014-01-15
	38. INTERNATIONAL BUSINESS MACHINES CORP.		2007-01-25	2014-01-16
	486. KEPPEL CORP LTD SPONS A D R		2010-03-05	2014-01-30
	. WYETH			2014-01-31
	90. EBAY INC.		2011-03-22	2014-02-04
	65. LULULEMON ATHLETICA INC		2012-06-11	2014-02-04
	61. LULULEMON ATHLETICA INC		2013-09-18	2014-02-04
	81. QUALCOMM INC COM		2012-09-19	2014-02-04
	54. CHEVRONTEXACO CORP COM		2011-08-17	2014-02-06
	163. E M C CORP MASS COM		2012-11-06	2014-02-11
	176. OCWEN FINANCIAL CORPORATION		2013-06-04	2014-02-12
	29. COPA HOLDINGS SA CL A		2012-03-26	2014-03-03
	10. APPLE COMPUTER INC COM		2007-06-08	2014-03-06
	335. OAO GAZPROM SPON A D R		2013-02-05	2014-03-06
	39. KNOWLES CORP		2013-02-13	2014-03-07
	56. BRITISH AMERN TOB PLC ADR		2009-08-13	2014-03-10
	301. CHINA CONSTRUCT UNSPON A D R		2013-02-15	2014-03-10
	7. ALLIANCE DATA SYSTEMS CORP		2011-09-30	2014-03-12
	86. CIGNA CORP COM		2013-02-13	2014-03-12
	19. CVS CORP COM		2012-11-27	2014-03-12
	13. COCA COLA ENTERPRISES INC		2014-01-07	2014-03-12
	22. COMCAST CORP CL A		2013-11-26	2014-03-12
	38. DELTA AIR LINES INC		2013-02-13	2014-03-12
	84. EASTMAN CHEM CO COM		2012-09-25	2014-03-12
	25. HANESBRANDS INC		2013-06-21	2014-03-12
	26. HELMERICH PAYNE INC		2013-02-13	2014-03-12
	281. INTEL CORP		2013-07-31	2014-03-12
	188. JOHNSON CTLS INC COM		2013-09-04	2014-03-12
	7. KIMBERLY CLARK CORP COM		2012-09-25	2014-03-12
	27. LORILLARD INC		2013-06-21	2014-03-12
	15. MAGNA INTL INC CL A		2013-03-18	2014-03-12
	37. MYLAN LABS INC COM		2012-11-27	2014-03-12
	125. OMNICARE INC		2013-06-21	2014-03-12
	8. RAYTHEON CO COM NEW		2013-11-26	2014-03-12
	88. SM ENERGY CO		2013-09-26	2014-03-12
	116. STATE STR CORP COM		2013-09-26	2014-03-12
	81. WAL MART STORES INC COM		2012-11-27	2014-03-12
	24. WAL MART STORES INC COM		2013-09-04	2014-03-12
	8. XCEL ENERGY INC COM		2014-01-07	2014-03-12
	8. LYONDELLBASELL INDUSTRIES CL A		2014-01-07	2014-03-12
	.5154 VERIZON COMMUNICATIONS		2014-02-24	2014-03-13
	.9089 VODAFONE GROUP PLC A D R		2013-03-11	2014-03-13
	198. NOKIAN TYRES OYJ UNSPON A D R		2012-06-29	2014-03-17
	106. VERIZON COMMUNICATIONS		2014-02-24	2014-03-25
	53. RESTORATION HARDWARE HOLDING		2013-12-17	2014-04-03
	33. DIAGEO PLC SPONSORED ADR NEW		2011-05-05	2014-04-10
	110. EBAY INC.		2011-06-13	2014-04-17
	63. UNITED RENTALS INC		2013-10-11	2014-04-30
	43. MICHAEL KORS HOLDINGS LLD		2012-08-07	2014-04-30
	46. FOMENTO ECONOMICO MEX SP A D R		2009-09-11	2014-05-06
	710. SBERBANK SPONSORED A D R		2012-02-07	2014-05-06
	78. ARM HLDGS PLC A D R		2012-09-26	2014-05-08
	47. ARM HLDGS PLC A D R		2014-02-06	2014-05-08
	40. SAP AG SYSTEM ANWENDUNGEN PRODUKTE INDER DATENVERARBEITU		2011-04-21	2014-05-15
	240. B A E SYSTEMS P L C A D R		2011-12-12	2014-05-19
	50. FRESENIUS MED AKTIENGESELLSCHAFT ADR		2011-04-21	2014-05-19
	105. TRANSOCEAN LTD		2012-01-11	2014-05-19
	58. MONSANTO CO		2012-11-27	2014-06-02
	8. AETNA INC		2014-03-12	2014-06-13
	168. AVNET INC		2013-09-04	2014-06-13
	220. CA INC		2013-09-04	2014-06-13
	13. CONOCOPHILLIPS		2011-04-25	2014-06-13
	569. DAIWA SECURITIES GR SPON A D R		2013-11-25	2014-06-13
	17. DOVER CORP		2014-03-12	2014-06-13
	78. DOVER CORP		2013-02-13	2014-06-13
	61. FIFTH THIRD BANKCORP		2013-06-21	2014-06-13
	336. FIFTH THIRD BANKCORP		2012-06-12	2014-06-13
	13. HANESBRANDS INC		2013-06-21	2014-06-13
	116. J P MORGAN CHASE & CO		2013-02-13	2014-06-13
	32. J P MORGAN CHASE & CO		2014-03-12	2014-06-13
	7. JOHNSON & JOHNSON		2014-03-12	2014-06-13
	8. MAGNA INTL INC CL A		2013-03-18	2014-06-13
	6. SCHLUMBERGER LTD ORD		2014-01-07	2014-06-13
	15. SKYWORKS SOLUTIONS INC		2014-03-12	2014-06-13
	220. VODAFONE GROUP PLC A D R		2013-03-11	2014-06-13
	104. WYNDHAM WORLDWIDE CORP		2014-01-07	2014-06-13
	241. DEUTSCHE BANK AG RT 6/24/14		2014-06-06	2014-06-13
	9. ROYAL CARIBBEAN CRUISES LTD		2014-03-12	2014-06-13
	215. WISDOMTREE JAPAN HEDGED		2013-05-10	2014-06-20
	115. WISDOMTREE JAPAN HEDGED		2013-08-09	2014-06-20
	17554.658 PIMCO TOTAL RETURN FUND INST		2009-03-16	2014-06-26
	3190.346 HIGHLAND LONG SHORT EQUITY Z		2011-07-21	2014-06-27
	.6 ITAU UNIBANCO HOLDINGS SA A D R		2011-04-21	2014-07-01
	50. AEGON N V NY REG SHR		2014-03-10	2014-07-08
	21. ALLIANZ AG-ADR COM		2011-04-14	2014-07-08
	3. ANHEUSER BUSCH INBEV NV A D R		2010-10-15	2014-07-08
	15. ATLAS COPCO AB A D R CL B		2007-07-19	2014-07-08
	9. AXA SA SONSORED ADR		2013-08-09	2014-07-08
	8. B A S F A G A D R		2012-09-14	2014-07-08
	9. B N P PARIBAS S A A D R		2013-01-15	2014-07-08
	10. BT GROUP LLC ADR WI COM		2011-04-14	2014-07-08
	10. BARCLAYS PLC COM		2009-08-21	2014-07-08
	19. BAYERISCHE MOTOREN WERKE UNSPN A D R		2010-11-08	2014-07-08
	3. BOC HONG KONG HLDGS LTD A D R		2009-09-11	2014-07-08
	3. BRITISH AMERN TOB PLC ADR		2008-12-09	2014-07-08
	5. BROOKFIELD ASSET MANAGE CL A		2011-06-01	2014-07-08
	2. CANADIAN PACIFIC RAILWAY LTD		2012-05-11	2014-07-08
	10. DBS GROUP HLDGS LTD		2007-06-08	2014-07-08
	16. GRAN TIERRA ENERGY INC		2013-11-18	2014-07-08
	5. HSBC HLDGS PLC SPONSORED ADR NEW		2010-10-12	2014-07-08
	4. HITACHI LTD ADR 10 COM		2011-03-24	2014-07-08
	17. HOME RETAIL GROUP PLC A D R		2014-05-07	2014-07-08
	7. HONDA MOTOR CO LTD A D R		2010-02-16	2014-07-08
	40. ING GROEP N V SPONSORED ADR		2014-03-10	2014-07-08
	19. INTESA SANPAOLO A D R		2014-05-06	2014-07-08
	14. LAFARGE S A A D R		2013-04-26	2014-07-08
	25. LONZA GROUP AG UNSPON A D R		2013-07-22	2014-07-08
	6. MAGNA INTL INC CL A		2013-02-22	2014-07-08
	3. NATIONAL GRID PLC SP A D R		2011-11-21	2014-07-08
	11. NESTLE S A SPONSORED ADR REPSTG REG SH		2012-08-20	2014-07-08
	17. NISSAN MTR LTD SPONSORED ADR		2010-12-15	2014-07-08
	27. NOMURA HOLDINGS INC A D R		2014-06-13	2014-07-08
	3. NOVARTIS AG SPONSORED ADR		2008-05-09	2014-07-08
	6. NOVO NORDISK AS A D R		2012-05-04	2014-07-08
	5. LUKOIL SPON A D R		2011-04-11	2014-07-08
	10. ORANGE SPON A D R		2014-03-25	2014-07-08
	5. ORIX CORP SPONS A D R		2012-10-02	2014-07-08
	4. RIO TINTO PLC SPONSORED ADR		2013-12-13	2014-07-08
	11. ROCHE HOLDINGS LTD SPONS A D R		2012-02-16	2014-07-08
	4. ROYAL DUTCH SHELL PLC A D R		2011-10-31	2014-07-08
	6. SPDR S P EMERGING SMALL CAP		2014-06-20	2014-07-08
	6. SANOFI A D R		2011-08-16	2014-07-08
	2. SAP AG SYSTEM ANWENDUNGEN PRODUKTE INDER DATENVERARBEITU		2012-07-13	2014-07-08
	11. SEKISUI HOUSE LTD A D R		2013-11-05	2014-07-08
	10. SHIRE PLC A D R		2011-05-12	2014-07-08
	2. SIEMENS A G SPONSORED ADR		2010-07-28	2014-07-08
	32. SUMITOMO MITSUI FINL GROUP A D R		2013-05-15	2014-07-08
	9. SUNCOR ENERGY INC		2014-06-13	2014-07-08
	9. SWEDBANK A B A D R		2012-09-13	2014-07-08
	26. TECHTRONIC INDUSTRIES SP ADR		2013-01-15	2014-07-08
	7. TOTAL FINA SA SPONSORED ADR		2007-06-08	2014-07-08
	20. VALE SA SP A D R		2013-09-20	2014-07-08
	23. VALEOSA SPON ADR		2012-02-03	2014-07-08
	6. WISDOMTREE EUR S/C DIVIDEND FUND		2013-12-20	2014-07-08
	7. DEUTSCHE BANK AG		2013-03-11	2014-07-08
	16734.28 DRIEHAUS SELECT CREDIT FUND		2011-08-23	2014-07-14
	15714.286 DRIEHAUS ACTIVE INCOME FUND		2011-08-23	2014-07-14
	16. BUNGE LIMITED COM		2013-02-15	2014-07-14
	67. ASML HOLDING NV NY REG SHS		2013-05-09	2014-07-15
	280. BARCLAYS PLC COM		2010-03-05	2014-07-17
	72. BARCLAYS PLC COM		2013-10-04	2014-07-17
	59. SHIRE PLC A D R		2014-02-04	2014-07-17
	393. VALE SA SP A D R		2013-09-20	2014-07-17
	.7 AIR LIQUIDE S A A D R		2011-04-21	2014-07-24
	. CITIGROUP INC			2014-07-28
	26. CANADIAN PACIFIC RAILWAY LTD		2012-05-11	2014-08-01
	164. LUKOIL SPON A D R		2010-03-05	2014-08-01
	48. DIAGEO PLC SPONSORED ADR NEW		2011-05-05	2014-08-05
	210. TESCO PLC A D R		2011-11-07	2014-08-07
	66. AUTOLIV INC		2013-06-21	2014-08-20
	348. ISHARES JPMORGAN USD EMERG ETF		2014-07-14	2014-09-02
	348. VALE SA SP A D R		2013-08-26	2014-09-02
	4338.395 NUVEEN HIGH INCOME BOND FD CL I		2014-06-26	2014-09-03
	4801.921 OPPENHEIMER SENIOR FLOATING RATE I		2014-07-14	2014-09-03
	. TOYOTA MTR CORP ADR 2 COM			2014-09-03
	40. RALPH LAUREN CORP		2010-11-01	2014-09-16
	. CIT GROUP INC			2014-09-18
	31. COCHLEAR LTD UNSPON A D R		2011-04-21	2014-09-18
	76. COCHLEAR LTD UNSPON A D R		2011-04-21	2014-09-19
	8. ALLIANCE DATA SYSTEMS CORP		2014-06-13	2014-09-22
	27. ALLIANCE DATA SYSTEMS CORP		2011-09-30	2014-09-22
	11. AMGEN INC COM		2012-09-25	2014-09-22
	17. APPLE COMPUTER INC COM		2013-02-13	2014-09-22
	13. DELTA AIR LINES INC		2013-02-13	2014-09-22
	162. GENERAL MLS INC COM		2014-03-12	2014-09-22
	6. INTERNATIONAL BUSINESS MACHINES CORP.		2013-07-31	2014-09-22
	154. LORILLARD INC		2013-09-04	2014-09-22
	17. MYLAN LABS INC COM		2014-06-13	2014-09-22
	156. MYLAN LABS INC COM		2012-11-27	2014-09-22
	47. SKYWORKS SOLUTIONS INC		2014-03-12	2014-09-22
	39. TRINITY INDS INC		2014-06-13	2014-09-22
	12. UNION PACIFIC CORPORATION		2012-09-25	2014-09-22
	145. VALERO ENERGY CORP		2014-06-13	2014-09-22
	88. VIACOM INC CLASS B		2013-12-24	2014-09-22
	117. COVIDIEN PLC		2014-03-12	2014-09-22
	25. SEAGATE TECHNOLOGY		2013-07-31	2014-09-22
	13. LYONDELLBASELL INDUSTRIES CL A		2014-01-07	2014-09-22
	5. AMAZON COM INC COM		2014-02-04	2014-09-23
	4. AMERIPRISE FINL INC		2013-06-04	2014-09-23
	1. ANADARKO PETE CORP COM		2011-02-17	2014-09-23
	9. ANALOG DEVICES INC COM		2012-12-04	2014-09-23
	6. ANHEUSER BUSCH INBEV NV A D R		2012-07-20	2014-09-23
	11. APPLE COMPUTER INC COM		2007-06-08	2014-09-23
	1. BIOGEN, INC		2014-07-15	2014-09-23
	13. CELGENE CORP		2010-04-09	2014-09-23
	2. COSTCO WHSL CORP NEW COM		2014-08-05	2014-09-23
	3. DANAHER CORP COM		2009-11-03	2014-09-23
	11. E M C CORP MASS COM		2010-10-04	2014-09-23
	2. FLUOR CORP NEW COM		2011-03-31	2014-09-23
	3. FLOWSERVE CORP COM		2008-05-20	2014-09-23
	1. GOOGLE INC CL A		2011-01-04	2014-09-23
	5. LAS VEGAS SANDS CORP		2014-05-08	2014-09-23
	7. LAUDER ESTEE COS INC CL A		2011-05-11	2014-09-23
	1. LINKEDIN CORP A		2013-11-07	2014-09-23
	4. MASTEC INC		2014-02-04	2014-09-23
	4. MONSANTO CO		2013-09-06	2014-09-23
	4. PIONEER NAT RES CO		2010-05-21	2014-09-23
	5. QUALCOMM INC COM		2012-08-07	2014-09-23
	5. RESTORATION HARDWARE HOLDING		2014-09-16	2014-09-23
	5. SCHEIN HENRY INC		2007-06-08	2014-09-23
	9. SCHLUMBERGER LTD ORD		2007-06-08	2014-09-23
	8. STARBUCKS CORP COM		2013-04-08	2014-09-23
	6. STARWOOD HOTELS & RESORTS		2013-06-12	2014-09-23
	3. THERMO ELECTRON CORP COM		2008-03-10	2014-09-23
	6. UNION PACIFIC CORPORATION		2009-07-27	2014-09-23
	3. UNITED RENTALS INC		2013-09-06	2014-09-23
	3. UNITED TECHNOLOGIES CORP COM		2012-01-11	2014-09-23
	20. V F CORP COM		2012-09-19	2014-09-23
	1. VISA INC		2013-12-20	2014-09-23
	6. WALGREEN COMPANY		2012-09-06	2014-09-23
	160. TRIMBLE NAV LTD		2013-05-15	2014-09-25
	55. B A S F A G A D R		2012-09-14	2014-09-29
	25. SHIRE PLC A D R		2011-05-12	2014-09-29
	. DELL INC			2014-10-07
	207. TRIMBLE NAV LTD		2013-05-15	2014-10-07
	93. WALGREEN COMPANY		2012-09-06	2014-10-07
	197. ARM HLDGS PLC A D R		2014-09-23	2014-10-10
	3291.495 HIGHLAND LONG SHORT EQUITY Z		2011-07-21	2014-10-10
	3460. ISHARES MSCI EMERGING MARKETS ETF		2012-02-06	2014-10-10
	205. ITAU UNIBANCO HOLDINGS SA A D R		2011-04-21	2014-10-10
	4415. SPDR DOW JONES INTERNATIONAL ETF		2011-07-21	2014-10-10
	59. ROCKWELL INTL CORP NEW COM		2012-03-01	2014-10-14
	59. B A S F A G A D R		2010-10-15	2014-10-21
	871. NOMURA HOLDINGS INC A D R		2014-06-13	2014-10-27
	13. URBAN OUTFITTERS INC		2014-09-23	2014-10-29
	222. URBAN OUTFITTERS INC		2013-06-04	2014-10-29
	42. MONSANTO CO		2013-09-06	2014-11-03
	49. SCHEIN HENRY INC		2007-06-08	2014-11-04
	.625 HALYARD HEALTH INC		2014-09-22	2014-11-10
	9.375 HALYARD HEALTH INC		2013-09-04	2014-11-10
	5. THE PRICELINE GROUP INC		2009-01-22	2014-11-14
	234. DEUTSCHE BANK AG		2013-03-11	2014-11-14
	17. ENN ENERGY HOLDINGS LTD A D R		2014-01-15	2014-11-20
	16. ABBVIE INC		2013-02-13	2014-11-21
	15. ALLSTATE CORP COM		2014-03-12	2014-11-21
	5. AMERIPRISE FINL INC		2014-03-12	2014-11-21
	3. AMGEN INC COM		2012-09-25	2014-11-21
	10. APPLE COMPUTER INC COM		2013-06-21	2014-11-21
	195. COCA COLA ENTERPRISES INC		2014-06-13	2014-11-21
	17. DELTA AIR LINES INC		2013-02-13	2014-11-21
	7. EXXON MOBIL CORP		2014-09-22	2014-11-21
	7. HANESBRANDS INC		2013-06-21	2014-11-21
	7. KROGER CO COM		2014-09-22	2014-11-21
	8. MACYS INC		2014-09-22	2014-11-21
	18. PACKAGING CORP AMERICA		2014-03-12	2014-11-21
	13. QUALCOMM INC COM		2014-06-13	2014-11-21
	103. QUALCOMM INC COM		2013-06-21	2014-11-21
	7. RAYTHEON CO COM NEW		2014-06-13	2014-11-21
	12. SKYWORKS SOLUTIONS INC		2014-03-12	2014-11-21
	5. TYSON FOODS INC CL A		2014-09-22	2014-11-21
	6. UNION PACIFIC CORPORATION		2012-09-25	2014-11-21
	80. UNIVERSAL HEALTH SVCS INC CL B		2014-09-22	2014-11-21
	10. WHIRLPOOL CORP COM		2013-06-21	2014-11-21
	11. SEAGATE TECHNOLOGY		2012-02-15	2014-11-21
	10. ROYAL CARIBBEAN CRUISES LTD		2014-03-12	2014-11-21
	. AMERICAN INTL GROUP INC			2014-11-24
	161. CAMERON INTERNATIONAL CORP		2007-06-15	2014-11-26
	159. MASTEC INC		2014-02-04	2014-11-26
	1055. SUMITOMO MITSUI FINL GROUP A D R		2013-05-15	2014-11-26
	.25 HALYARD HEALTH INC		2014-09-22	2014-12-11
	727. CEMIG SA A D R		2014-08-01	2014-12-17
	64. RESTORATION HARDWARE HOLDING		2013-10-14	2014-12-17
	. FANNIE MAE			2014-12-23
	72. LAS VEGAS SANDS CORP		2014-05-08	2014-12-26
	74. VALEANT PHARMACEUTICALS INTE		2013-01-29	2014-12-26
	34. VALEANT PHARMACEUTICALS INTE		2014-09-23	2014-12-26
	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	6,764	6,107	657
b	6,804	3,327	3,477
c	3,754	2,780	974
d	1,486	1,420	66
e	6,022	3,586	2,436
	6,220	3,999	2,221
	7,079	7,487	-408
	5,005	2,830	2,175
	1,849	3,373	-1,524
	250,000	246,880	3,120
	7,134	3,710	3,424
	7,863	5,643	2,220
	87		87
	4,760	2,732	2,028
	2,952	4,122	-1,170
	2,770	4,369	-1,599
	5,871	5,204	667
	5,977	5,337	640
	4,032	3,674	358
	6,931	7,476	-545
	3,874	2,264	1,610
	5,294	1,230	4,064
	2,266	4,592	-2,326
	1,163	919	244
	6,214	3,427	2,787
	3,940	5,127	-1,187
	1,986	650	1,336
	6,806	5,304	1,502
	1,378	700	678
	605	571	34
	1,121	1,097	24
	1,318	560	758
	7,168	4,772	2,396
	1,819	1,241	578
	2,546	1,710	836
	6,922	6,780	142
	8,753	7,774	979
	761	602	159
	1,393	1,178	215
	1,424	847	577
	1,964	1,008	956
	7,182	5,959	1,223
	790	703	87
	6,269	6,783	-514
	7,673	7,517	156
	6,060	4,148	1,912
	1,796	1,753	43
	237	222	15
	715	629	86
	24	25	-1
	35	46	-11
	3,875	4,334	-459
	4,963	5,100	-137
	3,796	3,398	398
	4,181	2,691	1,490
	6,050	3,313	2,737
	5,861	3,646	2,215
	3,920	1,894	2,026
	4,347	1,737	2,610
	6,085	9,869	-3,784
	3,481	2,145	1,336
	2,098	2,075	23
	3,022	2,656	366
	6,631	4,161	2,470
	1,613	1,876	-263
	4,355	4,278	77
	7,109	5,294	1,815
	647	588	59
	7,347	6,657	690
	6,356	6,479	-123
	1,076	805	271
	4,700	5,802	-1,102
	1,514	1,381	133
	6,947	4,662	2,285
	1,300	1,086	214
	7,160	4,527	2,633
	1,106	645	461
	6,613	5,682	931
	1,824	1,764	60
	717	651	66
	862	452	410
	646	525	121
	706	548	158
	7,220	10,437	-3,217
	7,548	7,552	-4
	470		470
	489	455	34
	10,843	10,395	448
	5,800	5,241	559
	192,399	174,844	17,555
	39,847	36,179	3,668
	9	12	-3
	435	444	-9
	362	314	48
	343	188	155
	393	255	138
	214	210	4
	924	697	227
	297	268	29
	651	313	338
	146	233	-87
	798	474	324
	180	132	48
	366	152	214
	219	164	55
	365	147	218
	549	607	-58
	122	119	3
	254	262	-8
	301	214	87
	205	230	-25
	245	239	6
	552	567	-15
	331	391	-60
	302	218	84
	264	200	64
	653	313	340
	224	148	76
	849	681	168
	327	330	-3
	187	188	-1
	268	153	115
	272	177	95
	308	310	-2
	152	142	10
	406	248	158
	224	207	17
	411	241	170
	328	288	40
	304	298	6
	312	211	101
	156	121	35
	151	154	-3
	2,326	964	1,362
	256	192	64
	268	317	-49
	382	384	-2
	229	163	66
	398	246	152
	491	517	-26
	247	295	-48
	1,498	598	900
	359	334	25
	243	312	-69
	170,857	165,000	5,857
	168,771	165,000	3,771
	1,185	1,199	-14
	6,094	5,179	915
	4,043	5,336	-1,293
	1,040	864	176
	14,903	8,240	6,663
	4,932	5,740	-808
	19	17	2
	227		227
	4,849	1,913	2,936
	9,120	7,914	1,206
	5,709	3,914	1,795
	2,586	4,107	-1,521
	6,771	4,983	1,788
	39,956	40,254	-298
	3,981	4,739	-758
	40,000	40,390	-390
	40,048	40,336	-288
	106		106
	6,842	3,883	2,959
	68		68
	936	1,397	-461
	2,254	3,424	-1,170
	1,934	2,158	-224
	6,526	2,509	4,017
	1,555	924	631
	1,716	1,138	578
	494	192	302
	8,246	8,218	28
	1,157	1,171	-14
	9,152	6,691	2,461
	791	857	-66
	7,256	4,249	3,007
	2,672	1,717	955
	1,879	1,592	287
	1,304	731	573
	6,906	7,828	-922
	7,000	7,539	-539
	10,532	8,294	2,238
	1,431	848	583
	1,469	1,023	446
	1,619	1,755	-136
	495	330	165
	103	78	25
	448	367	81
	682	468	214
	1,125	193	932
	334	320	14
	1,209	404	805
	250	235	15
	233	103	130
	328	220	108
	136	150	-14
	218	126	92
	591	301	290
	304	374	-70
	522	349	173
	206	216	-10
	125	143	-18
	459	405	54
	791	234	557
	380	306	74
	395	382	13
	586	263	323
	921	707	214
	592	462	130
	493	399	94
	364	160	204
	648	172	476
	340	170	170
	316	228	88
	1,325	804	521
	213	217	-4
	366	210	156
	4,815	4,771	44
	5,045	4,744	301
	6,509	2,411	4,098
	76		76
	6,006	5,711	295
	5,576	3,253	2,323
	8,045	8,692	-647
	39,202	37,077	2,125
	141,338	140,922	416
	2,999	4,050	-1,051
	179,376	175,599	3,777
	5,910	4,814	1,096
	5,210	4,206	1,004
	4,795	6,071	-1,276
	395	488	-93
	6,740	8,595	-1,855
	4,780	4,252	528
	5,879	2,577	3,302
	22	22
	337	272	65
	5,845	333	5,512
	6,970	9,176	-2,206
	2,506	3,011	-505
	1,068	564	504
	1,014	830	184
	658	549	109
	485	252	233
	1,162	620	542
	8,558	8,581	-23
	744	251	493
	674	675	-1
	779	347	432
	409	365	44
	505	472	33
	1,320	1,291	29
	920	1,029	-109
	7,287	6,699	588
	740	678	62
	773	438	335
	211	190	21
	736	365	371
	8,281	9,056	-775
	1,848	1,141	707
	716	290	426
	704	505	199
	872		872
	9,162	5,926	3,236
	4,190	5,684	-1,494
	7,985	10,444	-2,459
	10	9	1
	3,387	6,065	-2,678
	6,102	4,064	2,038
	655		655
	4,208	5,384	-1,176
	10,470	4,902	5,568
	4,810	4,138	672
			83,191

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			657
b			3,477
c			974
d			66
e			2,436
			2,221
			-408
			2,175
			-1,524
			3,120
			3,424
			2,220
			87
			2,028
			-1,170
			-1,599
			667
			640
			358
			-545
			1,610
			4,064
			-2,326
			244
			2,787
			-1,187
			1,336
			1,502
			678
			34
			24
			758
			2,396
			578
			836
			142
			979
			159
			215
			577
			956
			1,223
			87
			-514
			156
			1,912
			43
			15
			86
			-1
			-11
			-459
			-137
			398
			1,490
			2,737
			2,215
			2,026
			2,610
			-3,784
			1,336
			23
			366
			2,470
			-263
			77
			1,815
			59
			690
			-123
			271
			-1,102
			133
			2,285
			214
			2,633
			461
			931
			60
			66
			410
			121
			158
			-3,217
			-4
			470
			34
			448
			559
			17,555
			3,668
			-3
			-9
			48
			155
			138
			4
			227
			29
			338
			-87
			324
			48
			214
			55
			218
			-58
			3
			-8
			87
			-25
			6
			-15
			-60
			84
			64
			340
			76
			168
			-3
			-1
			115
			95
			-2
			10
			158
			17
			170
			40
			6
			101
			35
			-3
			1,362
			64
			-49
			-2
			66
			152
			-26
			-48
			900
			25
			-69
			5,857
			3,771
			-14
			915
			-1,293
			176
			6,663
			-808
			2
			227
			2,936
			1,206
			1,795
			-1,521
			1,788
			-298
			-758
			-390
			-288
			106
			2,959
			68
			-461
			-1,170
			-224
			4,017
			631
			578
			302
			28
			-14
			2,461
			-66
			3,007
			955
			287
			573
			-922
			-539
			2,238
			583
			446
			-136
			165
			25
			81
			214
			932
			14
			805
			15
			130
			108
			-14
			92
			290
			-70
			173
			-10
			-18
			54
			557
			74
			13
			323
			214
			130
			94
			204
			476
			170
			88
			521
			-4
			156
			44
			301
			4,098
			76
			295
			2,323
			-647
			2,125
			416
			-1,051
			3,777
			1,096
			1,004
			-1,276
			-93
			-1,855
			528
			3,302

			65
			5,512
			-2,206
			-505
			504
			184
			109
			233
			542
			-23
			493
			-1
			432
			44
			33
			29
			-109
			588
			62
			335
			21
			371
			-775
			707
			426
			199
			872
			3,236
			-1,494
			-2,459
			1
			-2,678
			2,038
			655
			-1,176
			5,568
			672

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	235,670
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 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))
2013	284,656	5,370,674	0.053002
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

2	Total of line 1, column (d) ......................	2	0.284752
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	0.05695
4	Enter the net value of noncharitable-use assets for 2014 from Part X, line 5.....	4	5,482,411
5	Multiply line 4 by line 3.......................	5	312,223
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	3,331
7	Add lines 5 and 6.........................	7	315,554
8	Enter qualifying distributions from Part XII, line 4..............	8	291,550
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 (2014)

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	6,661
	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	6,661
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	6,661
6	Credits/Payments:

a	2014 estimated tax payments and 2013 overpayment credited to 2014	6a	16,008
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	16,008
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	9,347
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax6,664	Refunded	11	2,683

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 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 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)?

If "Yes," complete Part XIV.............................

Form 990-PF (2014)

Page 5

Part VII-A

Statements Regarding Activities (continued)

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 2014, 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 FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet

Form 990-PF (2014)

Page 6

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 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 2014?.............

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 2014, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2014?...............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 2014 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 2014.)....................

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 2014?

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 4945(d)(4)(A)? (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 (2014)

Page 7

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	73,109
800 NICOLLET MALL MINNEAPOLIS,MN55402	TRUSTEE 8	73,109

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 (2014)

Page 8

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

5,145,416

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

420,483

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

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

5,565,899

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

5,565,899

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

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

83,488

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

5,482,411

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

274,121

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

274,121

Tax on investment income for 2014 from Part VI, line 5......

6,661

Income tax for 2014. (This does not include the tax from Part VI.)...

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

6,661

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

267,460

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

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

267,460

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

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...

267,460

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 ..........

291,550

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

291,550

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

291,550

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 (2014)

Page 9

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2013	(c) 2013	(d) 2014
1 Distributable amount for 2014 from Part XI, line 7					267,460
2 Undistributed income, if any, as of the end of 2014:
a Enter amount for 2013 only.......				0
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2014:
a From 2009.......	0
b From 2010.......	51,682
c From 2011.......	48,767
d From 2012.......	100,310
e From 2013.......	23,689
fTotal of lines 3a through e.........		224,448
4Qualifying distributions for 2014 from Part
XII, line 4: $ 291,550
a Applied to 2013, 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 2014 distributable amount.....					267,460
e Remaining amount distributed out of corpus		24,090
5 Excess distributions carryover applied to 2014.		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		248,538
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 2013. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2014. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2015 ..........					0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8Excess distributions carryover from 2009 not applied on line 5 or line 7 (see instructions) ...		0
9Excess distributions carryover to 2015. Subtract lines 7 and 8 from line 6a ......		248,538
10 Analysis of line 9:
a Excess from 2010....	51,682
b Excess from 2011....	48,767
c Excess from 2012....	100,310
d Excess from 2013....	23,689
e Excess from 2014....	24,090

Form 990-PF (2014)

Page 10

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 2014, 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) 2014	(b) 2013	(c) 2012	(d) 2011	(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 (2014)

Page 11

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
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	75,000
ST STEPHEN'S LUTHERAN CHURCH 1575 CHARLTON ST WEST ST PAUL,MN55118	NONE	N/A	YOUTH MINISTRIES &	5,000
INDEPENDENT SCHOOL DISTRICT #197 1897 DELAWARE AVENUE MENDOTA HEIGHTS,MN55118	NONE	N/A	GENERAL	11,155
NC LITTLE MEMORIAL HOSPICE INC 7019 LYNMAR LANE EDINA,MN55435	NONE	N/A	GENERAL OPERATING SUPPORT	1,000
LUTHERAN MIDEAST DEVELOPMENT C/O ST STEPHEN'S LUTHERAN CHURCH 1575 CHARLTON ST WEST ST PAUL,MN55118	NONE	N/A	GENERAL	82,500
Total ................................. 3a				274,655

bApproved for future payment

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

Form 990-PF (2014)

Page 12

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	67
4 Dividends and interest from securities....			14	161,073
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	235,670
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				396,810

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

13396,810

(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 (2014)

Page 13

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) 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 (2014)

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	256,953
CS FIRST BOSTON USA 01/15/2014
PIMCO TOTAL RETURN FD #35
AMERICAN CENTY INTL BD FD	87,463	78,588
DRIEHAUS ACTIVE INCOME FD
DRIEHAUS SELECT CREDIT FD
ISHARES JP MORGAN EM BOND FD	249,437	243,008
NUVEEN HIGH INCOME BOND FD	187,218	192,589
OPPENHEIMER SR FLOAT RATE	328,588	317,844
ISHARES IBOXX INVEST GRADE COR	519,607	520,150
PRINCIPAL PREFERRED SEC INS	523,615	509,855

Category	Amount	Net Investment Income
FOREIGN TAXES	3,462	3,462
FOREIGN TAX - QUALIFIED DIVIDE	619	619
FOREIGN TAX - NONQUALIFIED DIV	439	439
ESTIMATED TAX PAYMENTS	13,555	0

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ISHARES DOW JONES REGIONAL BK
CISCO SYS INC	8,604	9,596
EXXON MOBIL CORP	7,699	8,043
JOHNSON & JOHNSON	7,620	9,307
MICROSOFT CORP	9,362	9,336
VERIZON COMUNICATIONS	4,238	5,146
SCHLUMBERGER LTD	23,576	24,513
QUALCOMM INC	4,517	5,500
UNITED TECHNOLOGIES CORP	15,290	21,505
AMGEN INC	5,277	9,398
CONOCOPHILLIPS	7,185	7,804
MYLAN INC
WELLS FARGO & CO	5,217	9,648
GILEAD SCIENCES INC	9,931	8,955
INTEL CORP	8,763	9,145
APPLE INC	8,599	35,211
CHEVRON CORPORATION	6,953	8,189
MONSANTO CO	5,135	6,690
V F CORP	9,571	14,830
BOEING CO	6,302	8,059
CAMERON INTL CORP
DANAHER CORP	3,920	11,742
GOOGLE INC CL A	5,723	11,675
HALLIBURTON CO
IBM CORP	8,142	8,985
SCHEIN HENRY INC	4,155	10,756
AIA GROUP LTD ADR	7,356	10,898
AT&T INC	5,257	5,173
CVS/CAREMARK CORP	4,252	10,690
DISNEY WALT CO	4,331	9,325
J P MORGN CHASE & CO
KIMBERLY CLARK CORP	7,009	9,474
ATLAS COPCO AB ADR	5,260	8,329
PETROLEO BRASILEIRO SPON ADR
TOTAL S A ADR	16,066	12,390
HONDA MOTOR CO LTD ADR	6,628	5,786
BRITISH AMERN TOB PLC ADR	4,778	10,135
DIAGEO PLC SPNS ADR
NESTLE S A SPONS ADR	21,352	32,755
NOVARTIS A G ADR	18,357	22,794
ROCHE HLDG LTD ADR	14,205	23,419
DBS GROUP HLDGS LTD	14,064	20,225
FOMENTO ECONOMICO MEX SP ADR
FLOWSERVE CORP	5,812	8,257
UNION PACIFIC CORP	7,431	25,256
WALGREEN CO	3,568	7,772
MICHAEL KORS HOLDINGS	5,128	9,913
SNAP ON INC
ANADARKO PETROLEUM CORP	12,584	13,943
WAL MART STORES INC
CERNER CORP	5,946	14,225
SANOFI ADR	13,093	14,413
THERMO FISHER SCIENTIFIC INC	5,220	12,905
VARIAN MED SYS INC
BOC HONG KONG HLDGS LTD ADR	4,328	6,634
METLIFE INC	7,834	9,249
P N C FINANCIAL SERVICES GROUP	9,568	9,944
NATIONAL GRID PLC SP ADR	3,954	5,653
AMERICAN CENTY HERITAGE FD 330	103,748	167,125
NEUBERGER BERMAN GENESIS INSTL	117,636	190,050
T ROWE PRICE MID CAP VALUE FD	121,855	185,412
CANADIAN PACIFIC RAILWAY	2,280	5,973
DEUTSCHE BANK AG
DOVER CORP
FIFTH THIRD BANCORP
KROGER CO	8,449	10,402
ORACLE CORPORATION	7,200	9,893
PRICELINE COM INC	333	5,701
URBAN OUTFITTERS INC
BARCLAYS PLC ADR
COPA HOLDINGS SA CL A	8,846	7,566
EASTMAN CHEM CO
LUKOIL SPON ADR
MTN GROUP LTD ADR	5,864	5,284
NISSAN MOTOR LTD SPONS ADR	7,889	8,193
ORIX CORP SPONS ADR	8,041	11,255
SAP AG ADR	12,223	13,164
ROCKWELL AUTOMATION INC
VALE SA SP ADR
ISHARES MSCI EMERGING MKTS ETF	111,993	131,622
AMERIPRISE FINL INC	19,163	29,624
BORG WARNER INC	5,716	14,562
CELGENE CORP	5,061	18,233
CENTURYLINK INC
EMC CORP	4,593	6,840
KEYCORP NEW
KEPPEL CORP LTD SPONS ADR
LULULEMON ATHLETICA INC
NEXTERA ENERGY INC
NOKIAN TYRES OYJ UNSPON ADR
LYONDELLBASELL INDUSTRIES CL A	6,952	6,828
PIONEER NAT RES CO	8,091	13,694
PRECISION CASTPARTS CORP	8,995	11,321
SEMPRA ENERGY
TRIMBLE NAV LTD
ANHEUSER BUSCH INBEV NV ADR	17,388	27,069
BASF AG ADR
BT GROUP PLC ADR	8,962	20,953
BAYERISCHE MOTOREN WERKE ADR	13,710	19,805
HSBC HOLDINGS PLC SPONS ADR	8,022	7,415
LVMH MOET HENNESSY LOU VUI ADR	3,549	3,512
ROYAL DUTCH SHELL PLC ADR	16,119	14,729
SIEMENS AG ADR	3,554	4,144
STATE STR CORP
NOVO NORDISK AS ADR	14,895	19,848
VODAFONE GROUP PLC ADR
ALLIANCE DATA SYSTEMS CORP
AMAZON COM INC	9,254	11,483
COMCAST CORP CL A	8,037	9,282
DISCOVER FINL SVCS	4,377	9,693
E BAY INC
FLUOR CORP	6,595	6,669
HELMERICH PAYNE INC	7,500	6,877
INTERNATIONAL PAPER CO
KLA TENCOR CORP
LAUDER ESTEE COS INC CL A	4,581	7,010
MACYS INC	8,449	9,665
RALPH LAUREN CORP
VIACOM INC CL B
XCEL ENERGY INC	5,861	7,579
AIR LIQUIDE SA ADR	8,990	9,392
ALLIANZ SE ADR	17,976	20,298
ARM HLDGS PLC ADR	9,985	13,288
ATLAS COPCO AB SPONS ADR	5,130	5,035
B A E SYSTEMS PLC ADR	4,439	5,837
B G GROUP PLC ADR	9,963	6,212
BROOKFIELD ASSET MANAGE CL A	4,826	7,369
BUNGE LIMITED	4,818	5,909
CANADIAN NATL RY CO	4,119	7,718
COCHLEAR LTD UNSPON ADR
CSL LIMITED ADR	3,384	6,151
DASSAULT SYSTEMES SA ADR	7,164	10,736
FANUC CORPORATION ADR	9,255	9,360
FRESENIUS MED CARE SPONS ADR	4,647	4,717
HITACHI LTD	10,033	11,855
I C I C I BANK LIMITED ADR	7,714	8,951
IMPERIAL OIL LTD	7,449	6,325
ITAU UNIBANCO HOLDINGS SA ADR	5,697	5,568
JGC CORP UNSPONS ADR	6,654	4,622
LONZA GROUP AG UNSPONS ADR	5,247	7,316
LOREAL CO UNSPONS ADR	6,055	8,066
OAO GAZPROM SPON ADR
SASOL LTD SPONS ADR	2,974	2,012
SBERBANK SPONS ADR
SCHNEIDER ELECT SA UNSP ADR	7,678	6,369
SHIRE PLC ADR	25,512	35,494
SONOVA HOLDING UNSPON ADR	2,413	4,110
SWATCH GROUP AG ADR	3,408	3,142
TAIWAN SEMICONDUCTOR ADR	9,283	13,786
TESCO PLC ADR
TURKIYE GARANTI BANKASI AS ADR	6,379	4,851
UNI CHARM CORPORATION ADR	4,587	8,702
UNILEVER NV ADR	2,860	3,562
WPP PLC SPONS ADR	5,995	10,098
NUVEEN REAL ESTATE SECURIT	152,452	183,601
SPDR DJ WILSHIRE INTERNATIONAL
ANALOG DEVICES INC	10,718	14,324
BLACKROCK INC	11,931	16,448
SANDS CHINA LTD UNSPONS ADR	12,041	8,569
SEADRILL LIMITED
SEAGATE TECHNOLOGY	3,982	9,177
SEVEN & HLDGS UNSPN ADR	10,038	10,674
SUNCOR ENERGY	9,963	9,026
SVENSKA HANDELSBANKEN A ADR	2,358	3,346
SWEDBANK AB ADR	4,438	6,102
SYSMEX CORP UNSPON ADR	4,089	8,985
TRANSOCEAN LTD
VALEOSA SPON ADR	8,923	21,304
XINYI GLASS HOLDINGS LTS ADR	1,140	996
SPDR GOLD TRUST	86,202	64,968
ABBVIE INC	4,395	9,358
ALLSTATE CORP	7,758	9,976
AUTOLIV INC
AVNET INC
CMS ENERGY CORP	5,743	7,715
CA INC
CIGNA CORP
DELTA AIRLINES	2,831	9,444
HAIN CELESTIAL GROUP	10,786	17,137
HANESBRANDS INC	4,169	9,376
JOHNSON CONTROLS INC
LINCOLN NATL CORP IND	7,529	9,689
LINKEDIN CORP A	9,714	9,648
LORILLARD INC
MCKESSON CORP	7,741	9,756
OCWEN FINANCIAL CORP
OMEGA HEALTHCARE INVS INC
OMNICARE INC
RAYTHEON COMPANY	6,950	8,545
RESTORATION HARDWARE HOLDING	8,149	10,465
SM ENERGY CO
SPLUNK INC	11,227	10,316
STARBUCKS CORP	10,226	13,046
STARWOOD HOTELS & RESORTS	10,792	12,323
UNITED RENTALS INC	6,675	12,853
WHIRLPOOL CORP	5,944	9,687
VISA INC	15,983	21,500
ASMI HOLDING NV NY REG SHS
AXA ADR REPSTG 1	5,165	5,059
BNP PARIBAS SA ADR	4,770	4,701
BAIDU COM INC ADR	1,558	3,875
BANCO BILBAO VIZCAYA ARGEN ADR	4,704	4,488
CHINA CONSTRUCT UNSPON ADR
DAIWA SECURITIES GR SPON ADR	8,513	8,926
GRAN TIERRA ENERGY INC	5,735	2,976
HONG KONG EXCHANGES ADR	3,485	4,779
ING GROEP NV SPONS ADR	17,524	16,965
LAFARGE SA ADR	5,020	5,616
MAGNA INTL INC CL A	20,385	31,085
MITSUBISHI ESTATE LTD ADR	4,827	3,417
MONOTARO CO LTD UNSP ADR	1,534	1,324
RIO TINTO PLC ADR	7,195	6,402
SEKISUI HOUSE LTD ADR	5,666	5,325
SUMITOMO MITSUI FINL GROUP ADR
TECHTRONIC INDUSTRIES SP ADR	9,086	13,541
VALEANT PHARMACEUTICALS INTE
HIGHLAND LONG SHORT EQUITY FD	126,745	136,234
WISDOMTREE EUR S/C DIVIDEND FD	11,294	10,963
WISDOMTREE JAPAN HEDGED
ADOBE SYS INC	13,444	14,904
AEGON N V NY REG SHR	11,911	10,245
AETNA INC	8,152	9,771
ALIBABA GROUP HOLDING LTD A D	7,578	8,731
AMDOCS LTD	8,541	8,818
BIOGEN IDEC INC	14,914	16,633
CDW CORP DE	9,208	9,707
COSTCO WHSL CORP	11,764	13,750
DR PEPPER SNAPPLE GROUP	9,418	9,390
FUCHS PETROLUB SE PREF A D R	4,185	3,514
GOOGLE INC CL C	6,005	12,107
GRIFOLS SA A D R	9,986	8,905
HARMAN INTERNATIONAL	13,325	12,805
HCA HOLDINGS INC	9,606	10,348
HD SUPPLY HOLDINGS INC	11,723	13,418
HOME RETAIL GROUP PLC A D R	5,783	5,444
HUANENG PWR INTL INC SPON ADR	11,694	13,813
IBERDROLA S SPONS A D R	5,460	5,246
INTESA SANPAOLO A D R	5,679	4,780
LINDE AG A D R	3,353	3,230
NXP SEMICONDUCTORS NV	8,598	9,779
ORANGE SPON A D R	11,665	13,299
PACKAGING CORP AMERICA	7,650	8,429
PALO ALTO NETWORKS INC	6,094	10,664
PANASONIC CORP A D R	11,636	11,158
ROYAL CARIBBEAN CRUISES LTD	6,667	10,881
SKYWORKS SOLUTIONS INC	5,079	10,107
SPDR S P EMERGING SMALL CAP	12,235	10,908
STRATASYS LTD	5,443	3,657
SUNTRUST BKS INC	9,444	9,847
SYMRISE AG UNSPON A D R	3,438	3,796
TE CONNECTIVITY LTD	9,220	9,488
TRINITY INDS INC	9,116	6,498
TYSON FOODS INC CL A	8,490	8,980
VANGUARD GLBL EX US REAL ESTAT	170,502	170,408