Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0052
2020
Open to Public Inspection
For calendar year 2020, or tax year beginning 01-01-2020 , and ending 12-31-2020
Name of foundation
FREDERICK B WELLS JR TRUST FUND
 
Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 0634
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
MILWAUKEE, WI532010634
A Employer identification number

41-6015486
B Telephone number (see instructions)

(651) 466-8731
C bullet
G Check all that apply:

D 1. Foreign organizations, check here............. bullet
2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$22,825,363J Accounting method:
 
(Part I, column (d) must be on cash basis.)
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)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 335,717 321,721  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 330,872
b Gross sales price for all assets on line 6a 3,869,328
7 Capital gain net income (from Part IV, line 2)... 330,872
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)....... Click to see attachment 400    
12 Total. Add lines 1 through 11........ 666,989 652,593  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 149,352 134,417   14,935
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule)......... Click to see attachment 5,453 0 0 5,453
b Accounting fees (attach schedule)....... Click to see attachment 1,500 0 0 1,500
c Other professional fees (attach schedule).... Click to see attachment 5,201 4,681   520
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 15,547 6,176   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)....... Click to see attachment 1,184 1,159   25
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 178,237 146,433 0 22,433
25 Contributions, gifts, grants paid....... 926,103 926,103
26 Total expenses and disbursements. Add lines 24 and 25 1,104,340 146,433 0 948,536
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -437,351
b Net investment income (if negative, enter -0-) 506,160
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2020)
Form 990-PF (2020)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............   1,812 1,812
2 Savings and temporary cash investments......... 826,371 1,035,422 1,035,422
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
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) bullet  
Less: allowance for doubtful accounts bullet0      
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)....... 12,083,953 Click to see attachment10,851,919 15,294,949
c Investments—corporate bonds (attach schedule)....... 5,406,922 Click to see attachment5,178,386 5,372,684
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........   Click to see attachment841,008 1,090,163
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment31,397 Click to see attachment30,333 Click to see attachment30,333
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 18,348,643 17,938,880 22,825,363
Liabilities 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 bullet)    
23 Total liabilities (add lines 17 through 22).........   0
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here bullet
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions...........    
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here bullet
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........ 18,348,643 17,938,880
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 18,348,643 17,938,880
30 Total liabilities and net assets/fund balances (see instructions). 18,348,643 17,938,880
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 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
18,348,643
2
Enter amount from Part I, line 27a .....................
2
-437,351
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
32,243
4
Add lines 1, 2, and 3 ..........................
4
17,943,535
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
4,655
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
17,938,880
Form 990-PF (2020)
Form 990-PF (2020)
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 169. HORMEL FOODS CORPORATIONCOM   2018-11-29 2020-01-14
b 297. HORMEL FOODS CORPORATIONCOM   2018-11-29 2020-01-14
c 99. SPLUNK INC   2018-11-29 2020-01-14
d 22. SPLUNK INC   2019-06-21 2020-01-14
e 642. FUCHS PETROLUB SE PREF A D R   2018-11-29 2020-01-22
46. RINGCENTRAL INC   2018-11-29 2020-02-06
15. TYLER TECHNOLOGIES INC   2018-12-07 2020-02-06
1029. VANGUARD REIT ETF     2020-02-25
73. HORMEL FOODS CORPORATIONCOM   2018-11-29 2020-02-26
77. HORMEL FOODS CORPORATIONCOM   2019-11-26 2020-02-26
294. AMERICAN CAMPUS COMMUNITIES   2018-11-29 2020-03-05
305. AMERICAN CAMPUS COMMUNITIES   2018-11-29 2020-03-05
36. AMERICAN TOWER CORP   2018-11-29 2020-03-05
146. CENTENE CORP COM   2018-11-07 2020-03-05
92. FIVE BELOW   2019-03-07 2020-03-05
235. HORMEL FOODS CORPORATIONCOM   2019-11-26 2020-03-05
366. MAGNA INTL INC CL A   2018-11-29 2020-03-05
81. MICROSOFT CORP   2018-11-29 2020-03-05
35. MOHAWK INDS INC COM   2018-11-29 2020-03-05
34. UNITEDHEALTH GROUP INC COM   2018-11-29 2020-03-05
48. UNITEDHEALTH GROUP INC COM   2018-11-29 2020-03-05
9815. VANGUARD GLBL EX US REAL ESTATE ETF   2015-07-09 2020-03-06
54995.417 P I M C O FOREIGN BOND FD US HD INST   2019-08-23 2020-03-09
19. COSTCO WHSL CORP NEW COM   2018-11-29 2020-03-10
17. S P GLOBAL INC   2018-11-29 2020-03-10
1. TAIWAN SEMICONDUCTOR MFG SPON ADR   2018-11-29 2020-03-16
793. CABOT OIL & GAS CORP CL A     2020-03-18
153. CABOT OIL & GAS CORP CL A   2018-11-29 2020-03-18
648. CABOT OIL & GAS CORP CL A   2019-09-05 2020-03-18
8. AMAZON COM INC COM   2018-11-29 2020-03-30
6. AMAZON COM INC COM   2018-12-07 2020-03-30
41. FIVE BELOW   2019-03-07 2020-03-30
290. DENTSU INC UNSPON A D R   2019-01-22 2020-04-02
121. DENTSU INC UNSPON A D R   2019-07-19 2020-04-02
397. HSBC HLDGS PLC SPONSORED ADR NEW   2018-11-29 2020-04-02
504. HSBC HLDGS PLC SPONSORED ADR NEW   2019-12-11 2020-04-02
77. NESTLE S A SPONSORED ADR REPSTG REG SH   2018-11-29 2020-04-02
63. CHECKPOINT SOFTWARE COM   2018-11-29 2020-04-02
59. WAL MART STORES INC COM   2018-11-29 2020-04-07
86. WAL MART STORES INC COM   2018-11-29 2020-04-07
17. CHUGAI PHARMACEUTIC UNSP A D R   2019-03-07 2020-04-16
362. ROCHE HLDG LTD SPONSORED ADR     2020-04-16
391. SASOL LTD SPONSORED ADR   2018-11-29 2020-04-16
357. SCHLUMBERGER LTD ORD   2018-11-29 2020-04-16
188. SCHLUMBERGER LTD ORD   2019-07-19 2020-04-16
44. LINDE PLC   2018-12-12 2020-04-16
275. GILEAD SCIENCES INC     2020-04-22
2. GILEAD SCIENCES INC   2019-06-21 2020-04-22
35. PAYPAL HOLDINGS INC   2018-11-29 2020-05-04
72. 3M CO     2020-05-04
168. CANADIAN NATL RY CO COM   2018-11-29 2020-05-13
182. NESTLE S A SPONSORED ADR REPSTG REG SH   2018-11-29 2020-05-13
241. DELTA AIR LINES INC     2020-05-14
345. DELTA AIR LINES INC   2018-11-29 2020-05-14
508. DELTA AIR LINES INC   2018-11-29 2020-05-14
153. DELTA AIR LINES INC   2020-02-26 2020-05-14
120. ELECTRONIC ARTS COM   2019-05-17 2020-05-21
15. ELECTRONIC ARTS COM   2019-06-21 2020-05-21
18. SERVICENOW INC   2018-11-29 2020-05-27
75. SPLUNK INC     2020-05-27
290. AMADEUS IT HOLDING UNSP A D R   2019-07-19 2020-06-08
63. BAIDU COM INC A D R   2020-04-16 2020-06-08
225. BAIDU COM INC A D R   2018-11-29 2020-06-08
47.00001 MOTOROLA SOLUTIONS INC     2020-06-12
73.99999 MOTOROLA SOLUTIONS INC   2019-12-16 2020-06-12
6537. ISHARES MSCI EAFE GROWTH INDEX ETF     2020-06-29
1059. VANGUARD REIT ETF   2015-07-09 2020-06-29
3. AMAZON COM INC COM   2018-11-29 2020-07-07
44. FACEBOOK INC A   2018-11-29 2020-07-07
.5002 SONOVA HOLDING UNSPON ADR   2018-11-29 2020-07-09
285. TAIWAN SEMICONDUCTOR MFG SPON ADR   2018-11-29 2020-07-29
.594 MATCH GROUP INC NEW   2020-02-06 2020-08-04
173. TAIWAN SEMICONDUCTOR MFG SPON ADR   2018-11-29 2020-08-05
211. ALBEMARLE CORP     2020-08-12
121. ALBEMARLE CORP   2018-11-29 2020-08-12
179. ALBEMARLE CORP   2019-11-26 2020-08-12
7. ALPHABET INC CL A   2018-11-29 2020-08-12
230. BP AMOCO P L C SPONSORED ADR   2020-02-26 2020-08-12
357. BP AMOCO P L C SPONSORED ADR   2018-11-29 2020-08-12
32. BOEING COMPANY   2018-11-29 2020-08-12
22. BOEING COMPANY   2020-02-26 2020-08-12
208. FOOT LOCKER INC   2020-02-26 2020-08-12
524. FOOT LOCKER INC   2018-11-29 2020-08-12
41. MASTERCARD INC     2020-08-12
70. VISA INC     2020-08-12
9960.159 LOOMIS SAYLES STRATEGIC ALPHA N     2020-08-20
117. AIA GROUP LTD ADR   2018-11-29 2020-08-24
12. ADIDAS AG A D R   2019-02-01 2020-08-24
187. ADYEN NV UNSPON A D R   2020-06-08 2020-08-24
55. AIR LIQUIDE ADR   2018-11-29 2020-08-24
48. ALFA LAVAL AB SWEDEN ADR UNSOLICITED BOU   2018-11-29 2020-08-24
10. ALIBABA GROUP HOLDING LTD A D R   2020-05-13 2020-08-24
138. ALLIANZ SE UNSP A D R   2018-11-29 2020-08-24
506. AMBEV SA SPN A D R   2020-04-02 2020-08-24
105. ATLAS COPCO AB SPONS A D R   2018-11-29 2020-08-24
471. BANCO BILBAO VIZCAYA - SPON ADR   2019-04-16 2020-08-24
17. CANADIAN NATL RY CO COM   2018-11-29 2020-08-24
16. CHINA MOBILE LIMITED A D R   2019-03-27 2020-08-24
299. CHUGAI PHARMACEUTIC UNSP A D R   2019-03-07 2020-08-24
86. DBS GROUP HOLDINGS LTD - SPON ADR   2018-11-29 2020-08-24
30. DASSAULT SYSTEMES S.A. SPA ADR   2018-11-29 2020-08-24
24. DIAGEO PLC SPONSORED ADR NEW   2019-03-06 2020-08-24
95. EPIROC AB UNSP A D R   2019-03-27 2020-08-24
55. FANUC CORPORATION A D R   2018-11-29 2020-08-24
43. FOMENTO ECONOMICO MEX SP A D R   2020-06-08 2020-08-24
11. FUCHS PETROLUB SE PREF A D R   2018-11-29 2020-08-24
32. H D F C BK LTD A D R   2018-11-29 2020-08-24
187. ICICI BANK LTD A D R   2018-11-29 2020-08-24
142. INFINEON TECHNOLOGIES A G A D R   2018-11-29 2020-08-24
1342. ITAU UNIBANCO HOLDINGS SA A D R   2020-06-08 2020-08-24
136. KOMATSU LTD - SPON ADR   2018-11-29 2020-08-24
22. KUBOTA LTD A D R   2018-11-29 2020-08-24
64. LOREAL UNSPONSORED A D R   2018-11-29 2020-08-24
77. LONZA GROUP AG UNSPON A D R   2018-11-29 2020-08-24
44. NESTLE S A SPONSORED ADR REPSTG REG SH   2018-11-29 2020-08-24
134. NITORI HLDGS CO LTD UNSP ADR A D R   2020-03-16 2020-08-24
29. NOVOZYMES A S UNSPONS A D R   2018-11-29 2020-08-24
17. LUKOIL PJSC SPON A D R   2019-03-27 2020-08-24
53. PING AN INSURANCE ADR   2019-03-27 2020-08-24
38. RIO TINTO PLC SPONSORED ADR   2019-04-16 2020-08-24
61. ROCHE HLDG LTD SPONSORED ADR   2019-08-15 2020-08-24
2. ROYAL DUTCH SHELL A D R   2020-04-16 2020-08-24
41. SAP AG SYSTEM ANWENDUNGEN PRODUKTE INDER DATENVERARBEITU   2019-04-16 2020-08-24
104. SCHNEIDER ELECT SE UNSP A D R   2019-12-11 2020-08-24
56. SGS SA A D R   2019-04-16 2020-08-24
110. SHIONOGI CO LTD UNSPON A D R   2020-02-20 2020-08-24
62. SONOVA HOLDING UNSPON ADR   2018-11-29 2020-08-24
78. SYMRISE AG UNSPON A D R   2018-11-29 2020-08-24
81. TAIWAN SEMICONDUCTOR MFG SPON ADR   2018-11-29 2020-08-24
10. TENCENT HLDGS LTD A D R   2019-02-01 2020-08-24
254. UNI CHARM CORPORATION A D R   2019-03-06 2020-08-24
54. UNILEVER PLC COM   2018-11-29 2020-08-24
10. LINDE PLC   2018-12-12 2020-08-24
14. ALCON INC   2020-06-08 2020-08-24
34. CHECKPOINT SOFTWARE COM   2018-11-29 2020-08-24
5. YANDEX NV   2018-11-29 2020-08-24
6039.545 BAIRD AGGREGATE BOND FD INSTL   2018-11-27 2020-08-27
551. ISHARES MSCI EAFE GROWTH INDEX ETF   2011-12-29 2020-08-27
279. STANDARD & POORS DEPOSITARY RECEIPTS   2018-11-27 2020-08-27
475. INFINEON TECHNOLOGIES A G A D R   2018-11-29 2020-09-22
7. ALPHABET INC CL A   2018-11-29 2020-10-09
10. ALPHABET INC CL A   2018-11-29 2020-10-09
40. FACEBOOK INC A     2020-10-09
18. TRADE DESK INC THE CLASS A   2019-10-02 2020-10-09
205. YANDEX NV   2018-11-29 2020-10-12
556. MYLAN NV   2020-03-05 2020-11-17
141. MYLAN NV   2019-03-07 2020-11-17
274. MYLAN NV   2020-05-14 2020-11-17
739. MYLAN NV   2018-11-29 2020-11-17
860. MYLAN NV   2018-11-29 2020-11-17
21. BOEING COMPANY   2019-06-21 2020-11-18
15. BOEING COMPANY   2020-02-26 2020-11-18
456. MAXIM INTEGRATED PRODS INC     2020-11-18
15. UNITEDHEALTH GROUP INC COM   2018-11-29 2020-11-18
.6845 VIATRIS INC   2018-11-29 2020-11-30
60. INFINEON TECHNOLOGIES A G A D R   2018-11-29 2020-12-07
44. SPLUNK INC   2019-09-05 2020-12-07
13. TRADE DESK INC THE CLASS A   2019-10-02 2020-12-07
477. CHINA MOBILE LIMITED A D R   2019-03-27 2020-12-21
450000. JPM 24M SPX 1.5X LBR MTN 12/31/20   2018-12-21 2020-12-31
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CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
CAPITAL GAIN DIVIDENDS P    
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 7,666   7,602 64
b 13,472   13,366 106
c 15,414   9,852 5,562
d 3,425   2,721 704
e 7,453   6,831 622
9,440   3,635 5,805
4,926   2,826 2,100
99,699   76,582 23,117
3,272   3,285 -13
3,451   3,336 115
13,286   12,705 581
13,783   13,171 612
8,903   5,839 3,064
8,914   8,980 -66
8,714   10,718 -2,004
10,334   10,181 153
16,881   18,155 -1,274
13,504   8,912 4,592
4,208   4,470 -262
9,598   9,696 -98
13,550   13,672 -122
537,208   526,608 10,600
597,800   621,998 -24,198
5,823   4,370 1,453
4,272   3,091 1,181
48   38 10
14,364   14,513 -149
2,771   3,778 -1,007
11,737   11,408 329
15,344   13,374 1,970
11,508   10,260 1,248
2,804   4,777 -1,973
5,089   14,112 -9,023
2,124   4,135 -2,011
9,720   17,030 -7,310
12,340   18,670 -6,330
7,997   6,579 1,418
6,185   6,978 -793
7,339   5,721 1,618
10,697   8,339 2,358
4,345   2,372 1,973
14,966   11,851 3,115
1,201   12,014 -10,813
5,014   16,493 -11,479
2,640   7,278 -4,638
7,910   7,110 800
21,725   19,128 2,597
158   137 21
4,233   2,957 1,276
10,587   13,014 -2,427
13,517   14,384 -867
19,732   15,550 4,182
4,253   13,011 -8,758
6,088   20,484 -14,396
8,964   30,099 -21,135
2,700   7,710 -5,010
14,172   11,703 2,469
1,772   1,392 380
6,494   3,244 3,250
12,975   8,889 4,086
17,548   23,546 -5,998
7,397   6,409 988
26,419   41,381 -14,962
6,630   7,591 -961
10,439   11,966 -1,527
542,735   418,439 124,296
81,822   79,016 2,806
9,151   5,015 4,136
10,761   6,075 4,686
20   16 4
22,420   10,889 11,531
60   45 15
14,180   6,610 7,570
19,109   20,057 -948
10,958   11,595 -637
16,211   11,740 4,471
10,562   7,626 2,936
5,575   7,634 -2,059
8,653   14,466 -5,813
5,621   10,861 -5,240
3,864   6,842 -2,978
6,086   7,442 -1,356
15,331   28,951 -13,620
13,425   8,321 5,104
13,910   9,857 4,053
100,100   99,447 653
4,733   3,860 873
1,828   1,370 458
6,092   4,856 1,236
1,822   1,193 629
1,212   1,027 185
2,759   2,019 740
2,966   2,973 -7
1,151   1,201 -50
4,770   2,535 2,235
1,340   2,981 -1,641
1,796   1,456 340
606   824 -218
6,961   3,476 3,485
5,183   6,096 -913
5,488   3,696 1,792
3,309   3,786 -477
1,406   937 469
969   949 20
2,537   3,129 -592
121   117 4
1,597   1,632 -35
1,946   1,946  
3,803   2,976 827
5,750   7,859 -2,109
2,891   3,631 -740
1,857   1,833 24
4,193   3,055 1,138
4,735   2,469 2,266
5,329   3,759 1,570
2,809   1,747 1,062
1,672   1,377 295
1,181   1,531 -350
1,147   1,159 -12
2,352   2,299 53
2,671   2,109 562
57   64 -7
6,691   4,590 2,101
2,556   2,096 460
1,467   1,461 6
1,589   1,618 -29
2,889   2,000 889
2,644   1,580 1,064
6,381   3,095 3,286
702   444 258
2,235   1,754 481
3,251   2,941 310
2,494   1,616 878
823   879 -56
4,400   3,766 634
325   147 178
71,448   62,630 8,818
49,769   28,481 21,288
97,266   74,274 22,992
12,947   9,956 2,991
10,509   7,626 2,883
15,023   10,886 4,137
10,528   6,623 3,905
11,137   3,334 7,803
12,602   6,009 6,593
8,760   9,143 -383
2,221   3,788 -1,567
4,317   4,124 193
11,643   25,249 -13,606
13,549   29,397 -15,848
4,564   7,846 -3,282
3,260   4,665 -1,405
36,620   25,700 10,920
5,262   4,278 984
12   23 -11
2,188   1,258 930
7,002   4,894 2,108
11,752   2,408 9,344
13,380   24,570 -11,190
540,000   450,000 90,000
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
      83,217
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       64
b       106
c       5,562
d       704
e       622
      5,805
      2,100
      23,117
      -13
      115
      581
      612
      3,064
      -66
      -2,004
      153
      -1,274
      4,592
      -262
      -98
      -122
      10,600
      -24,198
      1,453
      1,181
      10
      -149
      -1,007
      329
      1,970
      1,248
      -1,973
      -9,023
      -2,011
      -7,310
      -6,330
      1,418
      -793
      1,618
      2,358
      1,973
      3,115
      -10,813
      -11,479
      -4,638
      800
      2,597
      21
      1,276
      -2,427
      -867
      4,182
      -8,758
      -14,396
      -21,135
      -5,010
      2,469
      380
      3,250
      4,086
      -5,998
      988
      -14,962
      -961
      -1,527
      124,296
      2,806
      4,136
      4,686
      4
      11,531
      15
      7,570
      -948
      -637
      4,471
      2,936
      -2,059
      -5,813
      -5,240
      -2,978
      -1,356
      -13,620
      5,104
      4,053
      653
      873
      458
      1,236
      629
      185
      740
      -7
      -50
      2,235
      -1,641
      340
      -218
      3,485
      -913
      1,792
      -477
      469
      20
      -592
      4
      -35
       
      827
      -2,109
      -740
      24
      1,138
      2,266
      1,570
      1,062
      295
      -350
      -12
      53
      562
      -7
      2,101
      460
      6
      -29
      889
      1,064
      3,286
      258
      481
      310
      878
      -56
      634
      178
      8,818
      21,288
      22,992
      2,991
      2,883
      4,137
      3,905
      7,803
      6,593
      -383
      -1,567
      193
      -13,606
      -15,848
      -3,282
      -1,405
      10,920
      984
      -11
      930
      2,108
      9,344
      -11,190
      90,000
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 330,872
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 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE
1 Reserved
(a)
Reserved 		(b)
Reserved 		(c)
Reserved 		(d)
Reserved
2
Reserved...........................
2
3
Reserved...........................
3
4
Reserved...........................
4
5
Reserved...........................
5
6
Reserved...........................
6
7
Reserved...........................
7
8
Reserved,..........................
8
Form 990-PF (2020)
Form 990-PF (2020)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here Bullet and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b Reserved................................ 1 7,036
c All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2........................... 3 7,036
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 7,036
6 Credits/Payments:
a 2020 estimated tax payments and 2019 overpayment credited to 2020 6a 5,192
b Exempt foreign organizations—tax withheld at source...... 6b 0
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 5,192
8 Enter any penalty for underpayment of estimated tax. Check here if 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.......Bullet 9 1,844
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2021 estimated taxBullet0 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
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.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
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$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
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....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
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?................
    6
    Yes
     
    7
    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..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletMN
    b
    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 .
    8b
    Yes
     
    9
    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 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.
    If "Yes," complete Part XIV .............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    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 .............
    11
     
    No
    12
    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.................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullet  
    14
    The books are in care ofbulletUS BANK NA Telephone no.bullet (855) 452-4084

    Located atbullet101 E 5TH STREETST PAULMN ZIP+4bullet55101
    15
    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
    15
     
    16 At any time during calendar year 2020, 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 the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
    country bullet
    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
    No
    1a
    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?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (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)?...............
    (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.).......
    b
    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 ........
    1b
     
    No
    ........bullet
    c
    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 2020?.............
    1c
     
    No
    2
    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)):
    a
    At the end of tax year 2020, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2020?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    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.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2020 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 2020.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    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 2020?
    4b
     
    No
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (continued)
    5a
    During the year did the foundation pay or incur any amount to:
    Yes
    No
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? See instructions................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    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 ......
    5b
     
     
    .........bullet
    c
    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?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    8
    Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
    excess parachute payment during the year? .................
    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 N A TRUSTEE
    1     		149,352    
    PO BOX 0634
    MILWAUKEE,WI532010634
    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...................bullet 0
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors (continued)
    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.............bullet0
    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  
    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  
    Form 990-PF (2020)
    Form 990-PF (2020)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    19,776,165
    b
    Average of monthly cash balances.......................
    1b
    491,005
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    20,267,170
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    20,267,170
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    304,008
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    19,963,162
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    998,158
    Part XI
    Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    998,158
    2a
    Tax on investment income for 2020 from Part VI, line 5......
    2a
    7,036
    b
    Income tax for 2020. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    7,036
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    991,122
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    991,122
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    991,122
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    948,536
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    948,536
    5
    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.................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    948,536
    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 (2020)
    Form 990-PF (2020)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2019     		(c)
    2019     		(d)
    2020
    1 Distributable amount for 2020 from Part XI, line 7 991,122
    2 Undistributed income, if any, as of the end of 2020:
    a Enter amount for 2019 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2020:
    a From 2015...... 391,335
    b From 2016...... 34,130
    c From 2017...... 28,451
    d From 2018...... 137,095
    e From 2019...... 36,209
    fTotal of lines 3a through e........ 627,220
    4Qualifying distributions for 2020 from Part
    XII, line 4: bullet$ 948,536
    a Applied to 2019, 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 2020 distributable amount..... 948,536
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2020. 42,586 42,586
    (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 5 584,634
    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 2019. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2020. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2021 ..........     		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
    8 Excess distributions carryover from 2015 not
    applied on line 5 or line 7 (see instructions) ...     		348,749
    9Excess distributions carryover to 2021.
    Subtract lines 7 and 8 from line 6a ......     		235,885
    10 Analysis of line 9:
    a Excess from 2016.... 34,130
    b Excess from 2017.... 28,451
    c Excess from 2018.... 137,095
    d Excess from 2019.... 36,209
    e Excess from 2020....  
    Form 990-PF (2020)
    Form 990-PF (2020)
    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 2020, enter the date of the ruling....... bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    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) 2020 (b) 2019 (c) 2018 (d) 2017
             
    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 foundation 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).)
    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.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    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:
    Form 990-PF (2020)
    Form 990-PF (2020)
    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)
    aPaid during the year
    UNIVERSITY OF MINNESOTA FOUNDATION
    200 OAK STREET SE
    MINNEAPOLIS,MN55455     		NONE PC GENERAL OPERATING 926,103
    Total .................................bullet 3a 926,103
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2020)
    Form 990-PF (2020)
    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
    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....     14 335,717  
    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 ............     		    18 330,872  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory          
    11 Other revenue:
    aFEDERAL TAX REFUND     		    1 400  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   666,989  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13
    666,989
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		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 (2020)
    Form 990-PF (2020)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    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
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
    b
    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.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below?
    See instructions.
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2020)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2020 AccountingFeesSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX PREPARATION FEE (NON-ALLOC 1,500     1,500

    TY 2020 InvestmentsCorpBondsSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Name of Bond End of Year Book Value End of Year Fair Market Value
    258620103 DOUBLELINE TOTAL RET 1,380,000 1,375,512
    48130WLB5 JPM 24M SPX 1.5X LBR    
    057071854 BAIRD AGGREGATE BOND 387,370 439,667
    63872T620 LOOMIS SAYLES STRATE    
    95001HAT8 WFF 24M MXEA 1.5X LB 115,000 126,017
    95001HA68 WFF 24M MXEF 2X LBR 340,000 387,022
    693390882 P I M C O FOREIGN BO 974,016 982,667
    06367WPJ6 BMO 24M MXEA 2X LBR 115,000 120,969
    95001HAS0 WFF 24M MXEF 1.5X LB 340,000 380,256
    74440B884 PGIM TOTAL RETURN BO 1,327,000 1,330,574
    95001HFH9 WFC 24M MXEA FLOOR M 200,000 230,000

    TY 2020 InvestmentsCorpStockSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Name of Stock End of Year Book Value End of Year Fair Market Value
    922042676 VANGUARD GLBL EX US    
    344849104 FOOT LOCKER INC    
    922908553 VANGUARD REIT ETF 676,269 766,833
    931142103 WAL MART STORES INC 51,754 75,967
    741479109 PRICE T ROWE GROWTH 250,378 476,008
    464288885 ISHARES MSCI EAFE GR 413,913 816,059
    77954Q106 T ROWE PRICE BLUE CH 450,000 725,894
    608190104 MOHAWK INDS INC CO    
    097023105 BOEING CO    
    641069406 NESTLE SA SPONSORED 28,537 39,345
    502117203 LOREAL UNSPONSORED A 33,992 54,219
    45104G104 ICICI BANK LTD A D R 17,637 25,188
    87155N109 SYMRISE AG UNSPON A 17,456 28,674
    54338V101 LONZA GROUP AG UNSPO 22,891 45,753
    024835100 AMERICAN CAMPUS COMM    
    56585A102 MARATHON PETROLEUM C 97,538 70,271
    893641100 TRANSDIGM GROUP INC 20,574 27,229
    882508104 TEXAS INSTRUMENTS IN 25,021 38,735
    055622104 BP PLC SPONS A D R    
    771195104 ROCHE HOLDINGS LTD S 35,645 48,662
    595112103 MICRON TECHNOLOGY IN 22,343 33,079
    76680R206 RINGCENTRAL INC 13,448 27,286
    958102105 WESTERN DIGITAL CORP 23,487 23,042
    808513105 SCHWAB CHARLES CORP 69,006 87,781
    012653101 ALBEMARLE CORP 24,043 56,795
    902252105 TYLER TECHNOLOGIES I 7,418 12,223
    81762P102 SERVICENOW INC 2,343 7,156
    G6095L109 APTIV PLC 6,503 11,726
    H1467J104 CHUBB LTD 53,826 66,186
    17275R102 CISCO SYSTEMS INC 43,807 42,557
    78462F103 SPDR S P 500 ETF 2,901,735 4,075,292
    N59465109 MYLAN NV    
    02079K305 ALPHABET INC CL A 47,104 73,611
    437076102 HOME DEPOT INC 32,097 40,374
    237545108 DASSAULT SYSTEMES SA 41,387 57,028
    127097103 CABOT OIL GAS CORP C 24,968 23,606
    30303M102 FACEBOOK INC A 16,016 31,687
    15135B101 CENTENE CORP COM 30,995 31,576
    247361702 DELTA AIR LINES INC    
    09247X101 BLACKROCK INC 18,035 29,583
    438516106 HONEYWELL INTERNATIO 39,918 57,004
    92826C839 VISA INC 22,495 31,497
    404280406 HSBC HOLDINGS PLC SP    
    009126202 AIR LIQUIDE S A A D 11,649 17,662
    307305102 FANUC CORPORATION A 12,333 17,653
    780259107 ROYAL DUTCH SHELL A 30,730 20,300
    440452100 HORMEL FOODS CORP    
    848637104 SPLUNK INC    
    57772K101 MAXIM INTEGRATED PRO    
    N53745100 LYONDELLBASELL INDUS 23,779 24,932
    28176E108 EDWARDS LIFESCIENCES 7,224 10,674
    M22465104 CHECK POINT SOFTWARE 34,966 42,398
    874039100 TAIWAN SEMICONDUCTOR 29,572 84,397
    501173207 KUBOTA LTD A D R 23,634 32,109
    23304Y100 DBS GROUP HLDGS LTD 40,734 46,847
    049255706 ATLAS COPCO AB SPONS 25,647 55,933
    83569C102 SONOVA HOLDING UNSPO 15,031 24,479
    02319V103 AMBEV SA SPN A D R 25,743 20,312
    056752108 BAIDU COM INC A D R    
    N97284108 YANDEX NV 6,859 16,282
    500458401 KOMATSU LTD A D R 20,278 26,215
    87184P109 SYSMEX CORP UNSPON A 12,338 29,474
    35952Q106 FUCHS PETROLUB SE PR 7,310 9,776
    001317205 AIA GROUP LTD ADR 47,878 70,158
    89400J107 TRANSUNION 15,074 22,027
    46090E103 INVESCO QQQ TRUST ET 401,524 832,352
    779556109 ROWE T PRICE MID-CAP 700,000 871,186
    78467Y107 MIDCAP SPDR TRUST SE 1,043,739 1,310,150
    57636Q104 MASTERCARD INC 24,577 42,476
    70450Y103 PAYPAL HOLDINGS INC 22,559 51,992
    78409V104 S P GLOBAL INC 4,182 7,561
    278865100 ECOLAB INC 22,723 26,180
    559222401 MAGNA INTL INC CL    
    375558103 GILEAD SCIENCES INC 56,155 49,812
    G1151C101 ACCENTURE PLC CL A 6,132 9,926
    803054204 SAP SE SPONSORED A D 46,178 57,632
    803866300 SASOL LTD SPONSORED    
    465562106 ITAU UNIBANCO HOLDIN 33,249 27,892
    670108109 NOVOZYMES A S UNSPON 12,342 14,838
    018805101 ALLIANZ SE A D R    
    015393101 ALFA LAVAL AB SWEDEN 15,622 19,798
    594918104 MICROSOFT CORP 95,029 192,171
    03027X100 AMERICAN TOWER CORP 64,336 85,519
    023135106 AMAZON.COM INC 92,918 169,360
    88579Y101 3M CO 41,258 37,755
    00206R102 ATT INC 15,239 14,984
    806857108 SCHLUMBERGER LTD    
    05946K101 BANCO BILBAO VIZCAYA 33,835 28,899
    G5494J103 LINDE PLC 16,644 27,142
    037833100 APPLE INC 55,977 139,590
    060505104 BANK OF AMERICA CORP 83,347 93,688
    22160K105 COSTCO WHSL CORP 14,278 21,476
    91324P102 UNITED HEALTH GROUP 33,361 43,134
    46625H100 J P MORGAN CHASE CO 83,474 98,733
    20030N101 COMCAST CORP CL A 40,101 51,614
    00687A107 ADIDAS AG A D R 18,458 29,827
    136375102 CANADIAN NATL RY CO 13,870 17,796
    344419106 FOMENTO ECONOMICO ME 28,341 25,004
    904767704 UNILEVER PLC SPSD AD 24,922 28,309
    45662N103 INFINEON TECHNOLOGIE 41,009 86,429
    40415F101 H D F C BK LTD A D R 14,687 20,811
    767204100 RIO TINTO PLC A D R 25,951 37,234
    29429L105 EPIROC AB UNSP A D R 13,881 26,234
    90460M204 UNI CHARM CORPORATIO 29,893 41,275
    249034109 DENTSU INC UNSPON A    
    72341E304 PING AN INSURANCE AD 24,330 27,269
    00170K372 AMG TRILOGY EMERGING 345,000 452,825
    88339J105 TRADE DESK INC THE C 2,408 10,413
    031162100 AMGEN INC 18,502 23,452
    88032Q109 TENCENT HLDGS LTD A 29,625 45,363
    818800104 SGS SA A D R 14,065 16,173
    285512109 ELECTRONIC ARTS INC 6,866 10,626
    002824100 ABBOTT LABORATORIES 33,171 43,796
    69343P105 LUKOIL PJSC SPON A D 23,220 17,979
    92343V104 VERIZON COMMUNICATIO 26,694 26,731
    12572Q105 CME GROUP INC 47,781 43,692
    779572106 T ROWE PRICE SMALL C 500,000 611,937
    33829M101 FIVE BELOW    
    620076307 MOTOROLA SOLUTIONS I 13,978 15,475
    16941M109 CHINA MOBILE LIMITED    
    171269103 CHUGAI PHARMACEUTIC 17,033 38,969
    80687P106 SCHNEIDER ELECT SE U 28,644 43,251
    02263T104 AMADEUS IT HOLDING U    
    25243Q205 DIAGEO PLC SPONSORED 24,291 24,457
    87612E106 TARGET CORP 32,707 46,957
    87918A105 TELADOC INC 19,817 22,595
    H01301128 ALCON INC 22,286 23,423
    776696106 ROPER INDS INC 9,168 10,777
    855244109 STARBUCKS CORP 13,857 18,828
    461202103 INTUIT INC 8,219 11,775
    92556V106 VIATRIS INC 73,663 50,523
    01609W102 ALIBABA GROUP HOLDIN 18,168 20,946
    717081103 PFIZER INC 36,036 37,583
    018820100 ALLIANZ SE UNSP A D 40,086 45,874
    79466L302 SALESFORCE COM INC 13,019 17,357
    00783V104 ADYEN NV UNSPON A D 41,625 86,629
    65479L108 NITORI HLDGS CO LTD 12,271 19,930
    G5960L103 MEDTRONIC PLC 15,466 18,274
    458140100 INTEL CORP 15,010 16,540
    98419M100 XYLEM INC 26,393 40,003
    824667109 SHIONOGI CO LTD UNSP 15,401 14,344
    57667L107 MATCH GROUP INC NEW 24,895 47,927
    217204106 COPART INC COM 15,075 23,923

    TY 2020 InvestmentsOtherSchedule2
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    921910501 VANGUARD INTL GRWTH AT COST 200,000 353,023
    63873P817 LOOMIS SAYLES STRATE AT COST 390,475 415,206
    670690510 NUVEEN GLOBAL INFRAS AT COST 134,457 145,506
    06828M876 BARON EMERGING MARKE AT COST 116,076 176,428

    TY 2020 LegalFeesSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES - PRINCIPAL (ALLOCA 5,453     5,453


    TY 2020 OtherAssetsSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    ACCRUED INCOME   0 0
    000000000 MISCELLANEOUS ENTRY 31,397 30,333 30,333


    TY 2020 OtherDecreasesSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Description Amount
    ROC ADJ ON CY SALES 526
    PY ROC ADJ 4,129


    TY 2020 OtherExpensesSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    STATE FILING FEE/TAX 25 0   25
    ADR FEES 1,159 1,159   0


    TY 2020 OtherIncomeSchedule2
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    FEDERAL TAX REFUND 400 0  


    TY 2020 OtherIncreasesSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Description Amount
    MYLAN CORPORATE ACTION ADJUSTMENT 31,210
    COST BASIS ADJ 1,033


    TY 2020 OtherProfessionalFeesSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    OTHER EXPENSE (NON-DEDUCTIBLE 5,201 4,681   520


    TY 2020 TaxesSchedule
    Name:
    FREDERICK B WELLS JR TRUST FUND
    EIN:
    41-6015486
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 6,176 6,176   0
    FEDERAL TAX PAYMENT - PRIOR YE 4,179 0   0
    FEDERAL ESTIMATES - PRINCIPAL 5,192 0   0