0001310480-11-000004.txt : 20111114
0001310480-11-000004.hdr.sgml : 20111111
20111114134536
ACCESSION NUMBER: 0001310480-11-000004
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20110930
FILED AS OF DATE: 20111114
DATE AS OF CHANGE: 20111114
EFFECTIVENESS DATE: 20111114
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Somerset Asset Management LLC
CENTRAL INDEX KEY: 0001310480
IRS NUMBER: 411966252
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 13F-HR
SEC ACT: 1934 Act
SEC FILE NUMBER: 028-11104
FILM NUMBER: 111200619
BUSINESS ADDRESS:
STREET 1: 90 SOUTH SEVENTH STREET
STREET 2: SUITE 4300
CITY: MINNEAPOLIS
STATE: MN
ZIP: 55402
BUSINESS PHONE: 612-317-2199
MAIL ADDRESS:
STREET 1: 90 SOUTH SEVENTH STREET
STREET 2: SUITE 4300
CITY: MINNEAPOLIS
STATE: MN
ZIP: 55402
13F-HR
1
sam3q2011.txt
SOMERSET ASSET MANAGEMENT LLC 13F 3Q2011 FILING
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 30, 2011
Check here if Amendment [ ]: Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Somerset Asset Management LLC
Address: 90 South Seventh Street, Suite 4300
Minneapolis, MN 55402
13F File Number: 28-11104
The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorized to submit it, that all
information contained herein is true, correct and complete, and
that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of
this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: M. Bret Rekas
Title: Chief Operating Officer
Phone: (612) 317-2143
Signature, Place and Date of Signing:
_/s/M. Bret Rekas______ Minneapolis, Minnesota, Date: October 14, 2011
M. Bret Rekas
Report type: (Check only one.):
[ X ] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
List of other Managers Reporting for this Manager: None
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: None
Form 13F Information Table Entry Total: 344
Form 13F Information Table Value Total: $ 151,099 (in thousands)
List of Other Included Managers: None
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
-------------------------------- -------------- --------- -------- --------- --- ---- ------- --------- -------- -------- ---------
1/100 Berkshire Htwy Cla-BRK.B COM 84990175 12 165 SH SOLE 0 0 165
3M Company-MMM COM 88579Y101 14,071 196,007 SH SOLE 0 0 196,007
Abbott Laboratories-ABT COM 2824100 270 5,286 SH SOLE 0 0 5,286
Acacia Resh Acacia Tech-ACTG COM 3881307 375 10,419 SH SOLE 0 0 10,419
Adfitech Inc-ADFT COM 00687B105 12 5,000 SH SOLE 0 0 5,000
Aegean Marine Petro Incf-ANW COM Y0017S102 18 4,000 SH SOLE 0 0 4,000
Alcatel Lucent Adr-ALU COM 13904305 0 30 SH SOLE 0 0 30
Allegro Biodiesel Corp-ABDS COM 17486101 0 100 SH SOLE 0 0 100
Allete Inc New-ALE COM 18522300 2 66 SH SOLE 0 0 66
Alliant Techsystems Inc-ATK COM 18804104 12 215 SH SOLE 0 0 215
Allscripts Misys Health-MDRX COM 01988P108 345 19,153 SH SOLE 0 0 19,153
Altria Group Inc-MO COM 02209S103 40 1,500 SH SOLE 0 0 1,500
Amarin Corp Plc New Adrf-AMRN COM 23111206 2 200 SH SOLE 0 0 200
Amazon.com, Inc.-AMZN COM 23135106 281 1,300 SH SOLE 0 0 1,300
American Cap Agy Corp-AGNC COM 02503X105 7 250 SH SOLE 0 0 250
American Int'l Group I-AIG/WS COM 26874156 0 23 SH SOLE 0 0 23
American Intl Group New-AIG COM 26874784 1 45 SH SOLE 0 0 45
AmerisourceBergen-ABC COM 3.073E+108 149 4,000 SH SOLE 0 0 4,000
Amerityre Corporation-AMTY COM 03073V107 0 1,000 SH SOLE 0 0 1,000
Amern Campus Communities-ACC COM 24835100 553 14,859 SH SOLE 0 0 14,859
ANGEION CORPORATION-ANGN COM 03462H404 14 3,000 SH SOLE 0 0 3,000
Annaly Capital Mgmt-NLY COM 35710409 144 8,655 SH SOLE 0 0 8,655
Apache Corp-APA COM 37411105 16 200 SH SOLE 0 0 200
Apple Inc.-AAPL COM 37833100 3,103 8,138 SH SOLE 0 0 8,138
Applied Energetics Inc-AERG COM 03819M106 3 16,000 SH SOLE 0 0 16,000
Arch Coal Inc-ACI COM 39380100 170 11,630 SH SOLE 0 0 11,630
ARM HLDGS PLC A D R-ARMH COM 42068106 13 500 SH SOLE 0 0 500
Ashland Inc New-ASH COM 44209104 0 2 SH SOLE 0 0 2
AT&T Inc.-T COM 00206R102 44 1,527 SH SOLE 0 0 1,527
Auto Data Processing-ADP COM 53015103 858 18,188 SH SOLE 0 0 18,188
Avon Prods Inc-AVP COM 54303102 0 10 SH SOLE 0 0 10
Baidu Inc-BIDU COM 56752108 5 50 SH SOLE 0 0 50
Baker Hughes Inc-BHI COM 57224107 21 458 SH SOLE 0 0 458
Bank Of America Corp-BAC COM 60505104 52 8,484 SH SOLE 0 0 8,484
Bemis Company-BMS COM 81437105 80 2,740 SH SOLE 0 0 2,740
Berkshire Hathaway B New-BRKB COM 84670702 156 2,200 SH SOLE 0 0 2,200
Best Buy Inc-BBY COM 86516101 7 300 SH SOLE 0 0 300
BMC Software Inc-BMC COM 55921100 4 100 SH SOLE 0 0 100
Boston Scientific Corp-BSX COM 101137107 160 27,031 SH SOLE 0 0 27,031
BP Plc Spons A D R-BP COM 55622104 1 30 SH SOLE 0 0 30
BP Prudhoe Bay Rty T UBI-BPT COM 55630107 8 75 SH SOLE 0 0 75
Bristol-Myers Squibb Co-BMY COM 110122108 21 680 SH SOLE 0 0 680
Broadcom Corporation-BRCM COM 111320107 46 1,370 SH SOLE 0 0 1,370
BUCKEYE PARTNERS-BPL COM 118230101 136 2,174 SH SOLE 0 0 2,174
C.H. Robinson Worldwide-CHRW COM 12541W209 23,144 338,013 SH SOLE 0 0 338,013
Capital One Financial Cp-COF COM 14040H105 195 4,917 SH SOLE 0 0 4,917
Caterpillar Inc-CAT COM 149123101 392 5,308 SH SOLE 0 0 5,308
Centurylink Inc-CTL COM 156700106 2 56 SH SOLE 0 0 56
Cerner Corporation-CERN COM 156782104 12 174 SH SOLE 0 0 174
Chevron Corporation-CVX COM 166764100 1,529 16,509 SH SOLE 0 0 16,509
China Commun Constr Ordf-CCCGF COM Y14369105 4 6,000 SH SOLE 0 0 6,000
Chipotle Mexican Grill-CMG COM 169656105 12 41 SH SOLE 0 0 41
Cisco Systems-CSCO COM 17275R102 119 7,683 SH SOLE 0 0 7,683
Citadel Broadcasting Cp-CTDBQ COM 17285T106 0 13 SH SOLE 0 0 13
Citigroup Inc-C COM 172967101 4 160 SH SOLE 0 0 160
Cnh Global Nv New-CNH COM N20935206 26 1,000 SH SOLE 0 0 1,000
Coca Cola Company-KO COM 191216100 163 2,418 SH SOLE 0 0 2,418
Colgate-Palmolive Co-CL COM 194162103 89 1,000 SH SOLE 0 0 1,000
Columbia Seligman Comm &-SLMCX COM 19766H429 10 258 SH SOLE 0 0 258
Commercial Vehicle Group-CVGI COM 202608105 53 8,000 SH SOLE 0 0 8,000
Comparator Sys Corp-IDID COM 20449420 0 15,000 SH SOLE 0 0 15,000
Conocophillips-COP COM 20825C104 436 6,891 SH SOLE 0 0 6,891
Copano Energy LLC-CPNO COM 217202100 13 425 SH SOLE 0 0 425
Corning Incorporated-GLW COM 219350105 913 73,875 SH SOLE 0 0 73,875
Cortrak Medical Inc-9AMCS24M3 COM 9AMCS24M3 100 4,000 SH SOLE 0 0 4,000
COSTCO WHSL CORP-COST COM 22160K105 329 4,000 SH SOLE 0 0 4,000
Cutera Inc-CUTR COM 232109108 21 3,000 SH SOLE 0 0 3,000
CYBERONICS INC-CYBX COM 23251P102 3 100 SH SOLE 0 0 100
Danaher Corp Del-DHR COM 235851102 21 492 SH SOLE 0 0 492
Deere & Co-DE COM 244199105 1,645 25,477 SH SOLE 0 0 25,477
Dendreon Corp-DNDN COM 24823Q107 18 2,000 SH SOLE 0 0 2,000
Digital Realty TRUST Inc-DLR COM 253868103 13 235 SH SOLE 0 0 235
Dominion Resources-D COM 25746U109 1,659 32,684 SH SOLE 0 0 32,684
Dow Chemical Company-DOW COM 260543103 83 3,700 SH SOLE 0 0 3,700
DTE Energy Company-DTE COM 233331107 10 195 SH SOLE 0 0 195
Duke Energy Corp New-DUK COM 26441C105 30 1,500 SH SOLE 0 0 1,500
EASYLINK SERVICES INTL CO-ESIC COM 277858106 2 500 SH SOLE 0 0 500
Eaton Vance Tax Managed-ETY COM 27828N102 50 5,900 SH SOLE 0 0 5,900
El Paso Corporation-EP COM 28336L109 13 750 SH SOLE 0 0 750
EMC Corp Mass-EMC COM 268648102 265 12,645 SH SOLE 0 0 12,645
Emerson Electric Co-EMR COM 291011104 561 13,583 SH SOLE 0 0 13,583
Enbridge Energy Partners-EEP COM 29250R106 29 1,050 SH SOLE 0 0 1,050
Energy Transfer Partners-ETP COM 29273R109 340 8,294 SH SOLE 0 0 8,294
ENSCO PLC ADR-ESV COM 29358Q109 364 9,015 SH SOLE 0 0 9,015
Entergy Transfer Equity-ETE COM 29273V100 380 10,940 SH SOLE 0 0 10,940
Enterprise Prdts Prtn Lp-EPD COM 293792107 8 200 SH SOLE 0 0 200
Evercore Partners Inc A-EVR COM 29977A105 14 600 SH SOLE 0 0 600
Exelon Corporation-EXC COM 30161N101 100 2,354 SH SOLE 0 0 2,354
Exxon Mobil Corporation-XOM COM 30231G102 1,750 24,091 SH SOLE 0 0 24,091
F N M A GTD REMIC 1.03-31359AFF1 COM 31359AFF1 33 5,000,000 SH SOLE 0 0 5,000,000
F5 NETWORKS INC-FFIV COM 315616102 11 150 SH SOLE 0 0 150
FIRST NIAGARA FINANCIAL GRP-FNFG COM 1,051 114,865 SH SOLE 0 0 114,865
First Solar Inc-FSLR COM 336433107 1 14 SH SOLE 0 0 14
First Tr Dj Internet Fd-FDN COM 3.3733E+306 218 7,437 SH SOLE 0 0 7,437
First Tr Exch Traded Fd-FNX COM 33735B108 53 1,850 SH SOLE 0 0 1,850
First TRUST Ise Nat Gas-FCG COM 33734J102 933 58,979 SH SOLE 0 0 58,979
Ford Motor Company-F COM 345370860 1,546 159,910 SH SOLE 0 0 159,910
Forestar Group Inc.-FOR COM 346233109 60 5,500 SH SOLE 0 0 5,500
Freeport Mcmoran Copper-FCX COM 35671D857 355 11,659 SH SOLE 0 0 11,659
Frontier Communication Corp.-FTR COM 35906A108 1 168 SH SOLE 0 0 168
G & K Svcs Inc Cl A-GKSR COM 361268105 23 900 SH SOLE 0 0 900
Gaylord Entmt Co New-GET COM 367905106 19 1,000 SH SOLE 0 0 1,000
General Electric-GE COM 369604103 593 38,945 SH SOLE 0 0 38,945
General Mills-GIS COM 370334104 370 9,600 SH SOLE 0 0 9,600
GENERAL MOTORS CORPORATION-GM COM 37045V100 4 195 SH SOLE 0 0 195
GENETIC TECHNOLOGIES LIMI-GENE COM 37185R109 2 500 SH SOLE 0 0 500
Genmark Diagnostics Inc-GNMK COM 372309104 29 5,000 SH SOLE 0 0 5,000
Google Inc.-GOOG COM 38259P508 1,373 2,666 SH SOLE 0 0 2,666
Graco Incorporated-GGG COM 384109104 565 16,553 SH SOLE 0 0 16,553
Hansen Medical Inc-HNSN COM 411307101 0 7 SH SOLE 0 0 7
Harley Davidson Inc-HOG COM 412822108 36 1,060 SH SOLE 0 0 1,060
Heckmann Corp-HEK COM 422680108 11 2,000 SH SOLE 0 0 2,000
HMS Holdings Corp-HMSY COM 40425J101 1,334 54,713 SH SOLE 0 0 54,713
Honeywell International-HON COM 438516106 261 5,940 SH SOLE 0 0 5,940
Hovnanian Enterprs Cl A-HOV COM 442487203 5 4,000 SH SOLE 0 0 4,000
HSBC Hldgs Plc Adr New-HBC COM 404280406 0 1 SH SOLE 0 0 1
Hydrogenics Corp New-HYGS COM 448883207 1 120 SH SOLE 0 0 120
INCYTE CORP-INCY COM 45337C102 3 200 SH SOLE 0 0 200
Inergy-NRGY COM 456615103 236 9,430 SH SOLE 0 0 9,430
Infosys Ltd Spon Adr-INFY COM 456788108 5 105 SH SOLE 0 0 105
Innodata Isogen Inc-INOD COM 457642205 1 350 SH SOLE 0 0 350
Insignia Systems Inc-ISIG COM 45765Y105 54 23,000 SH SOLE 0 0 23,000
Intel Corp-INTC COM 458140100 433 20,305 SH SOLE 0 0 20,305
International Business Machin-IBM COM 459200101 2,370 13,552 SH SOLE 0 0 13,552
International Textile GRO-ITXN COM 46048V10 0 294 SH SOLE 0 0 294
Intuitive Surgical New-ISRG COM 46120E602 2,209 6,064 SH SOLE 0 0 6,064
Invesco Constellation Fd-CSTSZ COM 1413202 4 205 SH SOLE 0 0 205
ION Geophysical Corp-IO COM 462044108 0 15 SH SOLE 0 0 15
iShares Dow Jones US Aerospac-ITA COM 464288760 1 27 SH SOLE 0 0 27
iShares Dow Jones US HealthCa-IHF COM 464288828 745 14,455 SH SOLE 0 0 14,455
iShares Dow Jones US Technolo-IYW COM 464287721 50 848 SH SOLE 0 0 848
Ishares Regional Banks-IAT COM 464288778 1 55 SH SOLE 0 0 55
iShares S&P Global Mat Sector-MXI COM 464288695 29 545 SH SOLE 0 0 545
iShares S&P NA Nat. Re. Sc Id-IGE COM 464287374 70 2,079 SH SOLE 0 0 2,079
iShares S&P NA Tech. Sec. Idx-IGM COM 464287549 221 4,000 SH SOLE 0 0 4,000
Ishares Tr Dj US Hlthcar-IYH COM 464287762 9 135 SH SOLE 0 0 135
James River Coal Co-JRCC COM 470355207 19 3,000 SH SOLE 0 0 3,000
Janus Capital Group Inc-JNS COM 47102X105 140 23,320 SH SOLE 0 0 23,320
Johnson & Johnson-JNJ COM 478160104 843 13,241 SH SOLE 0 0 13,241
JPMorgan Alerian MLP Index ET-AMJ COM 46625H365 4,130 121,294 SH SOLE 0 0 121,294
JPMorgan Chase & Co.-JPM COM 46625H100 1,509 50,092 SH SOLE 0 0 50,092
Kayne Anderson Mlp Investment-KYN COM 486606106 21 752 SH SOLE 0 0 752
Kimco Realty Corp-KIM COM 49446R109 0 12 SH SOLE 0 0 12
Kohls Corp-KSS COM 500255104 177 3,600 SH SOLE 0 0 3,600
Kraft Foods Inc-KFT COM 50075N104 15 460 SH SOLE 0 0 460
Level 3 Communications-LVLT COM 52729N100 15 10,156 SH SOLE 0 0 10,156
Lifetime Fitness-LTM COM 53217R207 113 3,070 SH SOLE 0 0 3,070
LSI Corporation-LSI COM 502161102 0 8 SH SOLE 0 0 8
Lululemon Athletica Inc-LULU COM 550021109 2,330 47,858 SH SOLE 0 0 47,858
Lyris Corp-LYRI COM 55235L104 0 54 SH SOLE 0 0 54
MAJESCO ENTERTAINMENT COM-COOL COM 560690208 40 20,000 SH SOLE 0 0 20,000
Marina Biotech Inc-MRNA COM 56804Q102 0 250 SH SOLE 0 0 250
McDonalds Corporation-MCD COM 580135101 1,519 17,295 SH SOLE 0 0 17,295
Medco Health Solutions In-MHS COM 58405U102 30 630 SH SOLE 0 0 630
Medtronic Inc-MDT COM 585055106 160 4,802 SH SOLE 0 0 4,802
Merck & Co Inc New-MRK COM 58933Y105 14 413 SH SOLE 0 0 413
Micro Component Technolog-MCTIQ COM 59479Q10 0 7,000 SH SOLE 0 0 7,000
Moneygram Intl Inc-MGI COM 60935Y109 9 3,795 SH SOLE 0 0 3,795
Moodys Corp-MCO COM 61536910 18 604 SH SOLE 0 0 604
Morgan Stanley Oppty-MEGHX COM 61756E727 6 405 SH SOLE 0 0 405
Mosaic Company-MOS COM 61945A107 555 11,328 SH SOLE 0 0 11,328
NextEra Energy Inc-NEE COM 65339F101 1,152 21,326 SH SOLE 0 0 21,326
NII Holdings Inc New-NIHD COM 62913F201 405 15,023 SH SOLE 0 0 15,023
Nokia Corporation-NOK COM 654902204 1 200 SH SOLE 0 0 200
North Amer Expl Corp New-NAMX COM 65685520 0 61 SH SOLE 0 0 61
Northern Tr Corp-NTRS COM 665859104 297 8,500 SH SOLE 0 0 8,500
NRG Energy Inc-NRG COM 62937750 28 1,312 SH SOLE 0 0 1,312
Nucor Corp-NUE COM 670346105 8 255 SH SOLE 0 0 255
NuStar GP Holdings-NSH COM 67059L10 109 3,550 SH SOLE 0 0 3,550
Nyse Euronext N V-NYX COM 629491101 17 750 SH SOLE 0 0 750
Oil Service Hldrs-OIH COM 678002106 742 7,200 SH SOLE 0 0 7,200
Oncothyreon Inc-ONTY COM 682324108 24 4,000 SH SOLE 0 0 4,000
Oppenheimer Discovery A-OPOCX COM 683921100 4 82 SH SOLE 0 0 82
Oracle Corporation-ORCL COM 68389X105 2,917 101,481 SH SOLE 0 0 101,481
P M I Group Inc-PMI COM 69344M101 4 21,500 SH SOLE 0 0 21,500
Palatin Technologies New-PTN COM 696077403 13 25,000 SH SOLE 0 0 25,000
Pandora Media Inc-P COM 698341104 13 900 SH SOLE 0 0 900
Partner Re LTD-PRE COM G6852T10 10 400 SH SOLE 0 0 400
Pepsico-PEP COM 713448108 1,341 21,666 SH SOLE 0 0 21,666
Perrigo Co-PRGO COM 714290103 291 2,999 SH SOLE 0 0 2,999
Pfizer Incorporated-PFE COM 717081103 50 2,800 SH SOLE 0 0 2,800
Pinnacle West Capital Cp-PNW COM 723484101 13 296 SH SOLE 0 0 296
Plum Creek Timber Co Inc-PCL COM 729251108 8 230 SH SOLE 0 0 230
Potlatch Corporation New-PCH COM 737630103 115 3,634 SH SOLE 0 0 3,634
PowerShares Dynamic Energy Ex-PXE COM 73935X658 71 3,725 SH SOLE 0 0 3,725
PowerShares Dynamic Energy Se-PXI COM 73935X385 29 929 SH SOLE 0 0 929
PowerShares Dynamic Oil & Gas-PXJ COM 73935X625 67 4,138 SH SOLE 0 0 4,138
Powerwave Tech Inc-PWAV COM 739363109 5 2,900 SH SOLE 0 0 2,900
Praxair Inc.-PX COM 74005P104 4 40 SH SOLE 0 0 40
Procter & Gamble Company-PG COM 742718109 2,263 35,824 SH SOLE 0 0 35,824
Prudential Financial Inc-PRU COM 744320102 4 85 SH SOLE 0 0 85
Prudential Jennison-PEEAX COM 74441C105 2 66 SH SOLE 0 0 66
Prudential Large Cap-PTMAX COM 74441J100 7 644 SH SOLE 0 0 644
Prudential Small Cap-PZVCZ COM 74440V708 8 690 SH SOLE 0 0 690
Purple Beverage Co Inc-PPBV COM 746387109 0 6,000 SH SOLE 0 0 6,000
Putnam Small Cap Value-PSLAX COM 746802610 5 579 SH SOLE 0 0 579
Quest Diagnostic Inc-DGX COM 74834L100 16 326 SH SOLE 0 0 326
Raymedica Inc-9AMCS24Y7 COM 9AMCS24Y7 3 3,333 SH SOLE 0 0 3,333
Raytheon Company-RTN COM 755111507 14 350 SH SOLE 0 0 350
Renewable Energy Cp Ordf-RNWEF COM R7199U100 0 350 SH SOLE 0 0 350
RIVERBED TECHNOLOGY INC-RVBD COM 768573107 2 100 SH SOLE 0 0 100
ROSETTA RESOURCES INC-ROSE COM 777779307 9 250 SH SOLE 0 0 250
ROVI CORP-ROVI COM 779376102 145 3,370 SH SOLE 0 0 3,370
Salesforce Com-CRM COM 79466L302 1,796 15,713 SH SOLE 0 0 15,713
Sandisk Corp-SNDK COM 80004C101 61 1,500 SH SOLE 0 0 1,500
Sanmina SCI Corporation-SANM COM 800907206 142 21,202 SH SOLE 0 0 21,202
Sanofi Aventis Adr-SNY COM 80105N105 880 26,830 SH SOLE 0 0 26,830
Schlumberger Limited-SLB COM 806857108 137 2,289 SH SOLE 0 0 2,289
Sector Spdr Fincl Select-XLF COM 81369Y605 3 275 SH SOLE 0 0 275
Sector Spdr Indl Select-XLI COM 81369Y704 22 750 SH SOLE 0 0 750
Shop For School Inc-9AMCS24N1 COM 9AMCS24N1 175 7,000 SH SOLE 0 0 7,000
Simon Property Group Inc-SPG COM 828806109 111 1,012 SH SOLE 0 0 1,012
SMTC Corporation New-SMTX COM 832682207 6 3,973 SH SOLE 0 0 3,973
Southern Company (The)-SO COM 84258710 0 11 SH SOLE 0 0 11
SOUTHERN COPPER CORP DEL-SCCO COM 84265V105 522 20,874 SH SOLE 0 0 20,874
SPDR Consumer Staples Select-XLP COM 81369Y308 84 2,841 SH SOLE 0 0 2,841
Spdr Dow Jones Reit-RWR COM 78464A607 13 232 SH SOLE 0 0 232
SPDR Energy Select Sector-XLE COM 81369Y506 508 8,689 SH SOLE 0 0 8,689
SPDR Materials-XLB COM 81369Y100 20 690 SH SOLE 0 0 690
SPDR S&P Retail Etf-XRT COM 78464A714 208 4,494 SH SOLE 0 0 4,494
SPDR S&P Semiconductor-XSD COM 78464A862 1 35 SH SOLE 0 0 35
SPDR SER TR S&P OIL & GAS EQU-XES COM 78464A748 1,371 48,366 SH SOLE 0 0 48,366
SPDR Utilities-XLU COM 81369Y886 246 7,330 SH SOLE 0 0 7,330
Spectrascience Inc New-SCIE COM 8.476E+305 0 3,000 SH SOLE 0 0 3,000
SPRINT NEXTEL COMPANY-S COM 852061100 5 1,536 SH SOLE 0 0 1,536
St Jude Medical Inc-STJ COM 790849103 682 18,857 SH SOLE 0 0 18,857
Starwood Hotels & Resorts-HOT COM 85590A40 2 50 SH SOLE 0 0 50
Stericycle Inc-SRCL COM 85891210 20 250 SH SOLE 0 0 250
Stryker Corporation-SYK COM 86366710 138 2,934 SH SOLE 0 0 2,934
Supervalu Inc-SVU COM 868536103 5 750 SH SOLE 0 0 750
Symantec Corp-SYMC COM 871503108 12 750 SH SOLE 0 0 750
Sysco Corporation-SYY COM 87182910 12 450 SH SOLE 0 0 450
Targa Resources Ptnr Lp-NGLS COM 87611X105 58 1,775 SH SOLE 0 0 1,775
Target Corporation-TGT COM 8.7612E+110 879 17,916 SH SOLE 0 0 17,916
TCF Financial Corp-TCB COM 872275102 131 14,283 SH SOLE 0 0 14,283
Techne Corp Common-TECH COM 878377100 3 50 SH SOLE 0 0 50
TELEFONICA SPON ADR FSPONSORE-TEF COM 879382208 706 36,902 SH SOLE 0 0 36,902
Texas Instruments Inc-TXN COM 882508104 274 10,300 SH SOLE 0 0 10,300
Thermogenesis Cp Com New-KOOL COM 88362320 55 44,516 SH SOLE 0 0 44,516
Total SA ADR-TOT COM 8.9151E+113 66 1,500 SH SOLE 0 0 1,500
Travelers Companies Inc-TRV COM 8.9417E+113 1,178 24,180 SH SOLE 0 0 24,180
TRINITY BIOTECH PLC SPON-TRIB COM 896438306 2 250 SH SOLE 0 0 250
U.S. Bancorp-USB COM 902973304 8,562 363,728 SH SOLE 0 0 363,728
Under Armour Inc Cl A-UA COM 90431110 16 240 SH SOLE 0 0 240
Underground Sltns Inc-UGSI COM 904323102 38 260,263 SH SOLE 0 0 260,263
Unilever Plc Adr New-UL COM 904767704 70 2,240 SH SOLE 0 0 2,240
Union Pacific Corp-UNP COM 907818108 1,619 19,820 SH SOLE 0 0 19,820
United Technologies Corp-UTX COM 91301710 24 335 SH SOLE 0 0 335
Unitedhealth Group Incorporat-UNH COM 91324P10 34 730 SH SOLE 0 0 730
Uroplasty Inc New-UPI COM 917277204 2 498 SH SOLE 0 0 498
Vanguard REIT ETF-VNQ COM 922908553 2,581 50,738 SH SOLE 0 0 50,738
Varian Medical Systems-VAR COM 92220P105 452 8,661 SH SOLE 0 0 8,661
Ventas Inc-VTR COM 92276F100 3,081 62,364 SH SOLE 0 0 62,364
Verizon Communications-VZ COM 92343V104 462 12,557 SH SOLE 0 0 12,557
VF Corporation-VFC COM 918204108 20 163 SH SOLE 0 0 163
VMware, Inc-VMW COM 928563402 171 2,133 SH SOLE 0 0 2,133
VOYAGER OIL GAS INC-VOG COM 92911K100 20 9,500 SH SOLE 0 0 9,500
Wabash National Corp-WNC COM 929566107 24 5,000 SH SOLE 0 0 5,000
Wal-Mart Stores-WMT COM 931142103 36 685 SH SOLE 0 0 685
Watsco Inc-WSO COM 942622200 23 450 SH SOLE 0 0 450
Wells Fargo & Co New-WFC COM 949746101 2,243 93,000 SH SOLE 0 0 93,000
Weyerhaeuser Co-WY COM 96216610 1,786 114,840 SH SOLE 0 0 114,840
Whirlpool Corp-WHR COM 96332010 65 1,297 SH SOLE 0 0 1,297
WHOLE FOODS MKT INC-WFM COM 966837106 2,165 33,145 SH SOLE 0 0 33,145
Williams Companies-WMB COM 969457100 17 700 SH SOLE 0 0 700
Williams Partners L.P.-WPZ COM 96950F104 321 5,925 SH SOLE 0 0 5,925
Wisconsin Energy Corporation-WEC COM 976657106 8 252 SH SOLE 0 0 252
Xcel Energy Inc-XEL COM 98389B100 28 1,139 SH SOLE 0 0 1,139
XILINX INC-XLNX COM 983919101 289 10,550 SH SOLE 0 0 10,550
Zimmer Holdings Inc-ZMH COM 98956P102 21 400 SH SOLE 0 0 400
First Tr Valu Line Divid-FVD ETF 33734H106 174 12,010 SH SOLE 0 0 12,010
Guggenheim BRIC ETF-EEB ETF 18383M100 12 350 SH SOLE 0 0 350
iShares Dow Jones Select Divi-DVY ETF 464287168 33 679 SH SOLE 0 0 679
iShares Morningstar Large Cor-JKD ETF 464287127 48 750 SH SOLE 0 0 750
iShares MSCI Brazil Index Fd-EWZ ETF 4642864000 7 140 SH SOLE 0 0 140
iShares MSCI Canada Index Fd-EWC ETF 464286509 94 3,688 SH SOLE 0 0 3,688
iShares MSCI EAFE Growth Indx-EFG ETF 464288885 0 10 SH SOLE 0 0 10
iShares MSCI EAFE Index Fund-EFA ETF 464287465 84 1,765 SH SOLE 0 0 1,765
iShares MSCI Emerging Markets-EEM ETF 464287234 181 5,166 SH SOLE 0 0 5,166
iShares Russell 1000 Growth I-IWF ETF 464287614 95 1,815 SH SOLE 0 0 1,815
iShares Russell 1000 Index-IWB ETF 464287622 158 2,527 SH SOLE 0 0 2,527
iShares Russell 2000 Index-IWM ETF 464287655 89 1,390 SH SOLE 0 0 1,390
iShares S&P 100 Index-OEF ETF 464287101 10 200 SH SOLE 0 0 200
iShares S&P 500 Growth-IVW ETF 464287309 45 732 SH SOLE 0 0 732
iShares S&P Global 100 Index-IOO ETF 464287572 23 420 SH SOLE 0 0 420
iShares S&P Latin America 40-ILF ETF 464287390 16 422 SH SOLE 0 0 422
iShares S&P Mid Cap 400 Growt-IJK ETF 464287606 556 6,189 SH SOLE 0 0 6,189
iShares S&P SmallCap 600 Indx-IJR ETF 464287804 88 1,500 SH SOLE 0 0 1,500
iShares S&P US Pfd Stk Index-PFF ETF 464288687 739 20,750 SH SOLE 0 0 20,750
ISHARES SILVER TRUST-SLV ETF 1,127 39,000 SH SOLE 0 0 39,000
Market Vectors Agribusiness-MOO ETF 57060U605 1,681 38,890 SH SOLE 0 0 38,890
NASDAQ 100 INDEX TRACKING STK-QQQ ETF 73935A104 904 17,219 SH SOLE 0 0 17,219
PIMCO Commodity Real Ret St-PCRAX ETF 722005584 0 9 SH SOLE 0 0 9
PowerShares DB Agriculture Fu-DBA ETF 73936B408 850 28,659 SH SOLE 0 0 28,659
PowerShares DB Com Indx Trckg-DBC ETF 73935S10 497 19,300 SH SOLE 0 0 19,300
PowerShares DWA Technical Ldr-PDP ETF 73935X153 26 1,199 SH SOLE 0 0 1,199
PowerShares Dynamic Mid Cap G-PWJ ETF 73935X807 58 3,163 SH SOLE 0 0 3,163
PowerShares Dynamic Software-PSJ ETF 73935X773 1 65 SH SOLE 0 0 65
PowerShares High Yld. Dividnd-PEY ETF 73935X302 0 3 SH SOLE 0 0 3
Rydex ETF Trust-RSP ETF 78355W106 6,086 146,998 SH SOLE 0 0 146,998
SPDR Gold Trust-GLD ETF 78463V107 5,083 32,156 SH SOLE 0 0 32,156
SPDR S&P 500 ETF TR-SPY ETF 78462F103 107 949 SH SOLE 0 0 949
Vanguard Mid-Cap ETF-VO ETF 92290862 0 5 SH SOLE 0 0 5
Vanguard Small Cap-VB ETF 922908751 894 14,560 SH SOLE 0 0 14,560
Vanguard Total Stock Mkt-VTI ETF 922908769 9 162 SH SOLE 0 0 162
WisdomTree India Earnings Fd-EPI ETF 97717W42 4 200 SH SOLE 0 0 200
Aegon N V 6.5000%-AED PFD 7924400 531 27,345 SH SOLE 0 0 27,345
Aegon N V Cap 6.3750-AEH PFD 7924301 44 2,250 SH SOLE 0 0 2,250
Allianz SE-AZSEY PFD 18805200 47 1,800 SH SOLE 0 0 1,800
Bank of Amer Corp 8.2000%-BAC.Z PFD 05518T209 646 34,375 SH SOLE 0 0 34,375
Bank of Amer Corp 8.6250%-BML.Q PFD 60505559 442 20,000 SH SOLE 0 0 20,000
Bank of Amer Crp 0.0000%-BML.J PFD 60505591 17 1,250 SH SOLE 0 0 1,250
Bank of America Crp 0.0000%-BML.H PFD 60505625 19 1,600 SH SOLE 0 0 1,600
Barclays Bank Plc 7.1000%-BCS.A PFD 06739H776 159 7,500 SH SOLE 0 0 7,500
Countrywide IV (BAC)6.7500%-CFC.A PFD 2.2238E+210 29 1,500 SH SOLE 0 0 1,500
Credit Suisse-CRP PFD 225448208 20 785 SH SOLE 0 0 785
Everest Re Cp TrstII 6.2000%-RE.B PFD 29980R202 10 400 SH SOLE 0 0 400
FPL Group CapI (NEE)5.8750%-NEE.C PFD 30257V207 16 600 SH SOLE 0 0 600
General Elec Cap 6.4500%-GER PFD 369622477 51 2,000 SH SOLE 0 0 2,000
Goldman Sachs GP 6.2000%-GS.B PFD 38144X500 222 9,214 SH SOLE 0 0 9,214
ING Groep NV-ISG PFD 456837509 177 10,525 SH SOLE 0 0 10,525
ING Group NV-INZ PFD 456837301 45 2,350 SH SOLE 0 0 2,350
ING Group NV 7.0500%-IND PFD 456837202 14 750 SH SOLE 0 0 750
JP Morgan Chase 7.0000%-JPM.J PFD 46623D200 64 2,515 SH SOLE 0 0 2,515
JPMorgan Chase 8.6250%-JPM.I PFD 46625H621 41 1,500 SH SOLE 0 0 1,500
Kimco Realty 6.6500%-KIM.F PFD 49446R869 28 1,100 SH SOLE 0 0 1,100
Merrill Lynch Cap-MER.D PFD 59021F206 12 593 SH SOLE 0 0 593
Merrill Lynch Depositor IncPP-PYS PFD 73941X593 13 600 SH SOLE 0 0 600
Merrill Lynch Pfd Cap Tr-MER+PD PFD 59021F206 4 200 SH SOLE 0 0 200
MS Cap Trust VI-MSJ PFD 617461207 207 9,500 SH SOLE 0 0 9,500
PLC Cap Tr III 7.5000%-PL+S PFD 69340M204 18 734 SH SOLE 0 0 734
Preferred Plus 8.375% Pfd-PIY PFD 740434882 22 900 SH SOLE 0 0 900
Preferred Plus Tr Frd-I 7.400-PIJ PFD 740434600 6 230 SH SOLE 0 0 230
Principal Preferred Sec-PPASZ PFD 74254T252 27 2,882 SH SOLE 0 0 2,882
Prudential Plc-PUK.A PFD G7293H189 43 1,700 SH SOLE 0 0 1,700
Sears Roebuck Ac7.4000%-812404507 PFD 812404507 47 3,200 SH SOLE 0 0 3,200
US Bancorp 7.8750%-USB.L PFD 902973882 55 2,000 SH SOLE 0 0 2,000
USB Capital XII 6.3000%-USB.K PFD 903305209 12 465 SH SOLE 0 0 465
Wells Fargo Cap 8.6250%-WCO PFD 949829204 10 400 SH SOLE 0 0 400
Wells Fargo CapitalXII 7.8750-BWF PFD 94985V202 32 1,250 SH SOLE 0 0 1,250
Wells Fargo Co 8.0000%-WFC.J PFD 949746879 55 2,000 SH SOLE 0 0 2,000
Xcel Energy Inc 7.6000%-XCJ PFD 98389B886 77 2,785 SH SOLE 0 0 2,785
General Motors Cl A 16wt-37045V11 37045V118 1 45 SH SOLE 0 0 45
Sanofi 20rtsf-GCVRZ 80105N113 0 200 SH SOLE 0 0 200