TY 2015 Form 990PF

Part I	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books	(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)
	1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check Sch. B .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	26,820	26,880
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		39,419
b	Gross sales price for all assets on line 6a 276,070
7	Capital gain net income (from Part IV, line 2)...		39,419
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).......		100	100
12	Total. Add lines 1 through 11........	66,339	66,399
	13	Compensation of officers, directors, trustees, etc.	11,994	11,994
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).......		250	250	0	0
c	Other professional fees (attach schedule)....					0
17	Interest...............				0
18	Taxes (attach schedule) (see instructions)...		201	201		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).......		6	6
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	12,451	12,451	0	0
25	Contributions, gifts, grants paid.......	58,000			58,000
26	Total expenses and disbursements. Add lines 24 and 25	70,451	12,451	0	58,000
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-4,112
b	Net investment income (if negative, enter -0-)		53,948
c	Adjusted net income (if negative, enter -0-)...			0

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	15,133	35,863	35,863
	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)	140,458	144,237	147,572
	b	Investments—corporate stock (attach schedule).......	466,191	478,338	639,710
	c	Investments—corporate bonds (attach schedule).......	256,748	252,227	230,479
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	83,794	47,260	44,265
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	962,324	957,925	1,097,889
	17	Accounts payable and accrued expenses..........
	18	Grants payable..................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........		0
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted..................
	25	Temporarily restricted...............
	26	Permanently restricted...............
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds........	962,324	957,925
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds
	30	Total net assets or fund balances (see instructions).....	962,324	957,925
	31	Total liabilities and net assets/fund balances (see instructions).	962,324	957,925

(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	26.9 FHLMC GD PL #A56643 5.500% 1/01/37		2007-01-05	2015-01-15
b	101.1 FHLMC GD PL #G08112 6.000% 2/01/36		2006-08-11	2015-01-15
c	219.54 FNMA SER 113 CMO 2.000% 7/25/41		2012-11-15	2015-01-25
d	21.91 FNMA PL #255221 5.500% 4/01/34		2006-12-12	2015-01-25
e	68.81 FNMA PL #256234 5.500% 5/01/26		2006-08-15	2015-01-25
	19.31 FHLMC GD PL #A56643 5.500% 1/01/37		2007-01-05	2015-02-15
	79.44 FHLMC GD PL #G08112 6.000% 2/01/36		2006-08-11	2015-02-15
	227.77 FNMA SER 113 CMO 2.000% 7/25/41		2012-11-15	2015-02-25
	30.97 FNMA PL #255221 5.500% 4/01/34		2006-12-12	2015-02-25
	92.79 FNMA PL #256234 5.500% 5/01/26		2006-08-15	2015-02-25
	7. MYLAN LABORATORIES INC		2014-07-02	2015-03-02
	129. MYLAN LABORATORIES INC		2009-05-19	2015-03-02
	25000. FHLB 2.750% 3/13/15		2010-03-23	2015-03-13
	19.83 FHLMC GD PL #A56643 5.500% 1/01/37		2007-01-05	2015-03-15
	53.38 FHLMC GD PL #G08112 6.000% 2/01/36		2006-08-11	2015-03-15
	285.28 FNMA SER 113 CMO 2.000% 7/25/41		2012-11-15	2015-03-25
	22.09 FNMA PL #255221 5.500% 4/01/34		2006-12-12	2015-03-25
	22.69 FNMA PL #256234 5.500% 5/01/26		2006-08-15	2015-03-25
	17.9 FHLMC GD PL #A56643 5.500% 1/01/37		2007-01-05	2015-04-15
	83.13 FHLMC GD PL #G08112 6.000% 2/01/36		2006-08-11	2015-04-15
	1068. HUDSON CITY BANCORP INC		2013-03-06	2015-04-16
	5. HUDSON CITY BANCORP INC		2014-07-02	2015-04-16
	256.52 FNMA SER 113 CMO 2.000% 7/25/41		2012-11-15	2015-04-25
	22.26 FNMA PL #255221 5.500% 4/01/34		2006-12-12	2015-04-25
	59. FNMA PL #256234 5.500% 5/01/26		2006-08-15	2015-04-25
	140. CITIGROUP INC		2014-03-14	2015-05-06
	9. CITIGROUP INC		2014-07-02	2015-05-06
	64. CORE LABORATORIES NV		2014-08-21	2015-05-06
	19.61 FHLMC GD PL #A56643 5.500% 1/01/37		2007-01-05	2015-05-15
	106.37 FHLMC GD PL #G08112 6.000% 2/01/36		2006-08-11	2015-05-15
	.0164 GOOGLE INC CLASS C		2011-05-06	2015-05-19
	243.39 FNMA SER 113 CMO 2.000% 7/25/41		2012-11-15	2015-05-25
	22.32 FNMA PL #255221 5.500% 4/01/34		2006-12-12	2015-05-25
	78.32 FNMA PL #256234 5.500% 5/01/26		2006-08-15	2015-05-25
	266. VODAFONE GROUP SPONS ADR		2014-03-14	2015-06-11
	51. VODAFONE GROUP SPONS ADR		2014-07-02	2015-06-11
	305.06 FHLMC GD PL #A56643 5.500% 1/01/37		2007-01-05	2015-06-15
	107.53 FHLMC GD PL #G08112 6.000% 2/01/36		2006-08-11	2015-06-15
	6402.603 ABSOLUTE STRATEGIES FUND I		2009-02-27	2015-06-15
	241.85 FNMA SER 113 CMO 2.000% 7/25/41		2012-11-15	2015-06-25
	22.27 FNMA PL #255221 5.500% 4/01/34		2006-12-12	2015-06-25
	59.1 FNMA PL #256234 5.500% 5/01/26		2006-08-15	2015-06-25
	20000. U.S. TREASURY BILLS 6/25/15		2015-03-13	2015-06-25
	11.12 FHLMC GD PL #A56643 5.500% 1/01/37		2007-01-05	2015-07-15
	83.76 FHLMC GD PL #G08112 6.000% 2/01/36		2006-08-11	2015-07-15
	160. EMERSON ELECTRIC CO		2014-03-14	2015-07-16
	119. PEPSICO INC		2014-03-14	2015-07-16
	90. SCHLUMBERGER LTD		2011-09-09	2015-07-16
	240.33 FNMA SER 113 CMO 2.000% 7/25/41		2012-11-15	2015-07-25
	22.6 FNMA PL #255221 5.500% 4/01/34		2006-12-12	2015-07-25
	148.99 FNMA PL #256234 5.500% 5/01/26		2006-08-15	2015-07-25
	19.21 FHLMC GD PL #A56643 5.500% 1/01/37		2007-01-05	2015-08-15
	77.42 FHLMC GD PL #G08112 6.000% 2/01/36		2006-08-11	2015-08-15
	1815.668 SEI SIT INTL FIXED INCOME CL A 96		2012-09-17	2015-08-20
	78. DOVER CORP		2014-03-14	2015-08-24
	202. QUANTA SERVICES INCORPORATED		2014-07-02	2015-08-24
	238.82 FNMA SER 113 CMO 2.000% 7/25/41		2012-11-15	2015-08-25
	1176.39 FNMA PL #255221 5.500% 4/01/34		2006-12-12	2015-08-25
	26.47 FNMA PL #256234 5.500% 5/01/26		2006-08-15	2015-08-25
	10.66 FHLMC GD PL #A56643 5.500% 1/01/37		2007-01-05	2015-09-15
	83.58 FHLMC GD PL #G08112 6.000% 2/01/36		2006-08-11	2015-09-15
	431.63 FNMA SER 113 CMO 2.000% 7/25/41		2012-11-15	2015-09-25
	20.13 FNMA PL #255221 5.500% 4/01/34		2006-12-12	2015-09-25
	110.96 FNMA PL #256234 5.500% 5/01/26		2006-08-15	2015-09-25
	82. AIR PRODUCTS & CHEMICAL INC COM		2009-05-19	2015-10-02
	104. CAMERON INTERNATIONAL CORP		2014-03-14	2015-10-02
	89. ECOLAB INC		2014-08-21	2015-10-02
	34.82 FHLMC GD PL #A56643 5.500% 1/01/37		2007-01-05	2015-10-15
	81.31 FHLMC GD PL #G08112 6.000% 2/01/36		2006-08-11	2015-10-15
	282.84 FNMA SER 113 CMO 2.000% 7/25/41		2012-11-15	2015-10-25
	19.79 FNMA PL #255221 5.500% 4/01/34		2006-12-12	2015-10-25
	75.18 FNMA PL #256234 5.500% 5/01/26		2006-08-15	2015-10-25
	98. HALLIBURTON CO		2014-08-06	2015-10-26
	136. MYLAN NV		2015-03-02	2015-10-26
	15.65 FHLMC GD PL #A56643 5.500% 1/01/37		2007-01-05	2015-11-15
	47.78 FHLMC GD PL #G08112 6.000% 2/01/36		2006-08-11	2015-11-15
	72. VMWARE INC.		2014-07-02	2015-11-23
	282.34 FNMA SER 113 CMO 2.000% 7/25/41		2012-11-15	2015-11-25
	20.34 FNMA PL #255221 5.500% 4/01/34		2006-12-12	2015-11-25
	58.47 FNMA PL #256234 5.500% 5/01/26		2006-08-15	2015-11-25
	22.66 FHLMC GD PL #A56643 5.500% 1/01/37		2007-01-05	2015-12-15
	43.52 FHLMC GD PL #G08112 6.000% 2/01/36		2006-08-11	2015-12-15
	461.97 FNMA SER 113 CMO 2.000% 7/25/41		2012-11-15	2015-12-25
	19.99 FNMA PL #255221 5.500% 4/01/34		2006-12-12	2015-12-25
	57.28 FNMA PL #256234 5.500% 5/01/26		2006-08-15	2015-12-25
	CAPITAL GAIN DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	27	27
b	101	101
c	220	224	-4
d	22	22
e	69	67	2
	19	19
	79	79
	228	232	-4
	31	31
	93	91	2
	404	362	42
	7,444	1,633	5,811
	25,000	25,000
	20	20
	53	53
	285	291	-6
	22	22
	23	22	1
	18	18
	83	83
	9,922	8,936	986
	46	50	-4
	257	261	-4
	22	22
	59	58	1
	7,394	5,278	2,116
	475	430	45
	8,312	9,569	-1,257
	20	19	1
	106	106
	9	4	5
	243	248	-5
	22	22
	78	77	1
	9,711	11,389	-1,678
	1,862	1,720	142
	305	303	2
	108	107	1
	70,301	54,294	16,007
	242	246	-4
	22	22
	59	58	1
	19,994	19,994
	11	11
	84	83	1
	8,537	7,237	1,300
	11,539	7,159	4,380
	7,557	5,132	2,425
	240	245	-5
	23	22	1
	149	146	3
	19	19
	77	77
	18,901	19,500	-599
	4,540	3,081	1,459
	4,491	6,827	-2,336
	239	243	-4
	1,176	1,165	11
	26	26
	11	11
	84	83	1
	432	439	-7
	20	20
	111	109	2
	10,600	5,458	5,142
	6,417	5,803	614
	10,033	10,134	-101
	35	35
	81	81
	283	288	-5
	20	20
	75	74	1
	3,777	6,703	-2,926
	5,704	7,848	-2,144
	16	16
	48	48
	4,191	5,922	-1,731
	282	287	-5
	20	20
	58	57	1
	23	23
	44	43	1
	462	470	-8
	20	20
	57	56	1
			11,747

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
b
c			-4
d
e			2


			-4

			2
			42
			5,811



			-6

			1


			986
			-4
			-4

			1
			2,116
			45
			-1,257
			1

			5
			-5

			1
			-1,678
			142
			2
			1
			16,007
			-4

			1


			1
			1,300
			4,380
			2,425
			-5
			1
			3


			-599
			1,459
			-2,336
			-4
			11


			1
			-7

			2
			5,142
			614
			-101


			-5

			1
			-2,926
			-2,144


			-1,731
			-5

			1

			1
			-8

			1

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	39,419
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

(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))
2014	58,012	1,176,862	0.049294
2013	56,500	1,139,355	0.049589
2012	53,000	1,094,794	0.048411
2011	56,618	1,104,797	0.051247
2010	54,354	1,068,854	0.050853

1a	Exempt operating foundations described in section 4940(d)(2), check here and 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	539
	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	539
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	539
6	Credits/Payments:

a	2015 estimated tax payments and 2014 overpayment credited to 2015	6a	488
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	488
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	51
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2015 estimated tax0	Refunded	11	0

(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
BREMER TRUST N A	TRUSTEE 1	11,994
1100 WEST ST GERMAIN STREET ST CLOUD,MN56302

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

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

		(a) Corpus	(b) Years prior to 2014	(c) 2014	(d) 2015
1 Distributable amount for 2015 from Part XI, line 7					56,476
2 Undistributed income, if any, as of the end of 2015:
a Enter amount for 2014 only.......				0
b Total for prior years:2013, 20, 20			0
3 Excess distributions carryover, if any, to 2015:
a From 2010......	0
b From 2011......	1,111
c From 2012......	0
d From 2013......	605
e From 2014......	145
fTotal of lines 3a through e........		1,861
4Qualifying distributions for 2015 from Part
XII, line 4: $ 58,000
a Applied to 2014, 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 2015 distributable amount.....					56,476
e Remaining amount distributed out of corpus		1,524
5 Excess distributions carryover applied to 2015.		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		3,385
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 2014. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2016. 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 2010 not applied on line 5 or line 7 (see instructions) ...		0
9Excess distributions carryover to 2016. Subtract lines 7 and 8 from line 6a ......		3,385
10 Analysis of line 9:
a Excess from 2011....	1,111
b Excess from 2012....	0
c Excess from 2013....	605
d Excess from 2014....	145
e Excess from 2015....	1,524

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) 2015	(b) 2014	(c) 2013	(d) 2012	(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

NA

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

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

cAny submission deadlines:

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

3 Grants and Contributions Paid During the Year or Approved for Future Payment
aPaid during the year
MSU SCHOLARSHIP COMMITTEE FINANCIAL AID DIRECTOR 500 UNIVERSITY AVE W MINOT,ND58701	NONE	PC	SCHOLARSHIP GRANTS	58,000
Total ................................. 3a	58,000

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.)

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

(a) Name of organization	(b) Type of organization	(c) Description of relationship

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

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 ...........
4 Dividends and interest from securities....			14	26,820
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	39,419
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: aOTHER REVENUE			14	100
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				66,339

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

Name of Bond	End of Year Book Value	End of Year Fair Market Value
EATON VANCE BUILD AMER BND - I	46,461	39,529
FEDERATED INTMD COR BD INSTL	111,327	103,289
SEI SIMT HIGH YIELD BOND CL A	15,492	13,573
SEI SIT EMERGING MKT DEBT CL A	20,000	15,148
SEI SIT INTL FIXED INCOME CL A
PIMCO MTGE-BACKED SEC FD-INS	58,947	58,940

Name of Stock	End of Year Book Value	End of Year Fair Market Value
BARON GROWTH FUND - INS	16,434	36,732
DIAMOND HILL LARGE CAP FD - I	14,879	23,251
FEDERATED STRATEGIC VAL DIV IS	53,786	75,251
HARBOR INTERNATIONAL FD - INS	31,384	51,245
JP MORGAN MID CAP VALUE FUND I	15,142	25,542
3M CO	3,561	7,381
ABBOT LABS	5,123	7,725
AIR PRODUCTS & CHEMICALS, INC.
AKAMAI TECHNOLOGIES, INC.	2,418	6,052
APPLE, INC.	3,724	12,000
CAMERON INTERNATIONAL CORP
CELGENE CORP	1,748	9,581
CISCO SYSTEMS, INC.	5,180	7,658
CITIGROUP, INC.
COLGATE PALMOLIVE CO	3,650	6,862
COMCAST CORP - CL A	3,075	11,060
DOVER CORP
EBAY INC	3,572	5,771
EMC CORP MASS	5,000	6,831
EMERSON ELEC CO
EXXONMOBIL CORP	4,150	5,457
GOOGLE INC CL A
HUDSON CITY BANCORP INC
ITC HOLDINGS CORP	6,745	11,461
MYLAN INC
NIKE INC - CLASS B	4,558	11,375
PEPSICO INC
PROCTER & GAMBLE CO	5,058	7,067
QUALCOMM INC	3,466	4,449
SCHLUMBERGER LTD
ST JUDE MEDICAL INC	3,688	6,301
STATE STREET CORP	7,384	10,419
STERICYCLE INC	3,211	7,115
T ROWE PRICE GROUP INC	5,900	8,936
TARGET CORP	9,572	13,215
THERMO FISHER SCIENTIFIC INC	2,951	8,511
VODAFONE GROUP SPONS ADR
EXPEDITORS INTL WASH INC	6,810	7,171
F5 NETWORKS	4,536	6,108
FORD MOTOR CO	5,475	5,791
VMWARE INC
CORE LABORATORIES NV
ECOLAB INC
EXPRESS SCRIPTS HLDG	6,970	8,916
HALLIBURTON CO
HONEYWELL INTERNATIONAL	7,023	7,768
QUANTA SERVICES INCORPORATED
DODGE & COX INTL STOCK FUND	49,718	41,090
OPPENHEIMER DEVELOPING MKT-Y	34,878	26,374
OPPENHEIMER INTL SMALL CO-Y	9,966	11,435
SPDR S&P REGIONAL BANKING EFT	5,785	7,252
ALPHABET INC CL C	1,582	4,553
ALTRIA GROUP	6,013	6,578
AMERIPRISE FINANCIAL	7,001	6,917
BLACKROCK INC.	7,654	7,151
DELTA AIRLINES	4,515	5,322
GILEAD SCIENCES INC	9,670	10,119
HOME DEPOT INC	7,924	9,390
JP MORGAN CHASE & CO	10,266	10,565
LINCOLN NATL CORP	3,422	3,669
MARATHON PETROLEUM CORP	3,861	4,095
NVR INC	7,040	8,215
ON SEMICONDUCTOR CORP	4,296	4,106
PAYPAL HOLDINGS INC	5,262	7,602
PFIZER INC	2,771	2,615
PHILIP MORRIS INTERNATIONAL	5,974	6,154
PRICELINE GROUP INC	3,764	3,825
SOUTHWEST AIRLINES	3,240	3,660
STRYKER CORP	2,632	2,602
UNION PAC CORP	8,537	6,960
UNITED TECHNOLOGIES	4,620	4,804
UNITED HEALTH GROUP INC	3,925	3,882
WELLS FARGO & CO	7,849	7,773


(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 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
MSU SCHOLARSHIP COMMITTEE FINANCIAL AID DIRECTOR 500 UNIVERSITY AVE W MINOT,ND58701	NONE	PC	SCHOLARSHIP GRANTS	58,000
Total ................................. 3a				58,000

bApproved for future payment

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

Category	Amount	Net Investment Income
FOREIGN TAXES	11	11
FOREIGN TAXES ON QUALIFIED FOR	176	176
FOREIGN TAXES ON NONQUALIFIED	14	14

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