TY 2023 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)	0
2	Check .............
3	Interest on savings and temporary cash investments	3,055,973	3,055,973
4	Dividends and interest from securities...	33,324,987	33,324,987
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		18,024,447
b	Gross sales price for all assets on line 6a 84,602,008
7	Capital gain net income (from Part IV, line 2)...		18,024,447
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances	0
b	Less: Cost of goods sold....	0
c	Gross profit or (loss) (attach schedule).....		0
11	Other income (attach schedule).......		0	0	0
12	Total. Add lines 1 through 11........	54,405,407	54,405,407	0
	13	Compensation of officers, directors, trustees, etc.	97,294			97,294
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......	6,938			6,938
16a	Legal fees (attach schedule).........	List of Attached Documents: // Content	32,340	0	0	32,340
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	74,580	46,985	0	27,595
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	772,554	656,202	0	116,352
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	796,645	77,174	0	0
19	Depreciation (attach schedule) and depletion...		0	0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......	625			625
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	47,686	0	0	43,979
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	1,828,662	780,361	0	325,123
25	Contributions, gifts, grants paid.......	52,499,288			52,399,288
26	Total expenses and disbursements. Add lines 24 and 25	54,327,950	780,361	0	52,724,411
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	77,457
b	Net investment income (if negative, enter -0-)		53,625,046
c	Adjusted net income (if negative, enter -0-)...			0

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
	1	Cash—non-interest-bearing.............	454,438	116,597	116,597
2	Savings and temporary cash investments.........	19,505,910	34,081,178	34,081,178
3	Accounts receivable
	Less: allowance for doubtful accounts	0	0	0
4	Pledges receivable
	Less: allowance for doubtful accounts		0	0
5	Grants receivable.................
6	Receivables due from officers, directors, trustees, and other
	disqualified persons (attach schedule) (see instructions).....	0	0	0
7	Other notes and loans receivable (attach schedule) 0
	Less: allowance for doubtful accounts 0	0	0	0
8	Inventories for sale or use..............
9	Prepaid expenses and deferred charges..........
10a	Investments—U.S. and state government obligations (attach schedule)	0	0	0
b	Investments—corporate stock (attach schedule).......	829,227,852	List of Attached Documents: // Content 1,222,584,904	1,222,584,904
c	Investments—corporate bonds (attach schedule).......	56,788,549	List of Attached Documents: // Content 57,804,523	57,804,523
11	Investments—land, buildings, and equipment: basis 0
	Less: accumulated depreciation (attach schedule) 0	0		0
12	Investments—mortgage loans.............
13	Investments—other (attach schedule)..........	150,343,922	List of Attached Documents: // Content 155,436,184	155,436,184
14	Land, buildings, and equipment: basis 0
	Less: accumulated depreciation (attach schedule) 0	0		0
15	Other assets (describe )	List of Attached Documents: // Content 0	List of Attached Documents: // Content -569	List of Attached Documents: // Content -569
16	Total assets (to be completed by all filers—see the
	instructions. Also, see page 1, item I)	1,056,320,671	1,470,022,817	1,470,022,817
	17	Accounts payable and accrued expenses..........
18	Grants payable.................
19	Deferred revenue.................
20	Loans from officers, directors, trustees, and other disqualified persons	0	0
21	Mortgages and other notes payable (attach schedule)......	0	0
22	Other liabilities (describe )
23	Total liabilities (add lines 17 through 22).........	0	0
		Foundations that follow FASB ASC 958, check here
	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
	and complete lines 26 through 30.
26	Capital stock, trust principal, or current funds........	1,056,320,671	1,470,022,817
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).....	1,056,320,671	1,470,022,817
30	Total liabilities and net assets/fund balances (see instructions).	1,056,320,671	1,470,022,817

(e) Gross sales price	(f) Depreciation allowed (or allowable)	(h) Gain or (loss) (e) plus (f) minus (g)
a	19,953,733	10,208	19,943,525
b	64,183,214	66,137,817	-1,954,603
c	35,525		35,525
d
e

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	18,024,447
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	0

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)	1	745,388
b	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) 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
3	Add lines 1 and 2...........................	3	745,388
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	745,388
6	Credits/Payments:

a	2023 estimated tax payments and 2022 overpayment credited to 2023	6a	642,435
b	Exempt foreign organizations—tax withheld at source......	6b
c	Tax paid with application for extension of time to file (Form 8868)...	6c	500,000
d	Backup withholding erroneously withheld ..........	6d

7	Total credits and payments. Add lines 6a through 6d..............	7	1,142,435
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. List of Attached Documents: // Content	8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......	9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...	10	397,047
11	Enter the amount of line 10 to be: Credited to 2024 estimated tax397,047	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
MARY GILLSTROM	VP and Secretary 40.000	97,294	0	0
PO BOX 80 BAYPORT,MN55003
JOHN D PIEPEL	DIRECTOR 1.000	0	0	0
PO BOX 80 BAYPORT,MN55003
PETER CLEMENTS	PRESIDENT 1.000	0	0	0
PO BOX 80 BAYPORT,MN55003
DAVID M ERSPAMER	DIRECTOR 1.000	0	0	0
PO BOX 80 BAYPORT,MN55003
VERN J HILL	DIRECTOR 1.000	0	0	0
PO BOX 80 BAYPORT,MN55003
TRACY GALOWITZ	DIRECTOR 1.000	0	0	0
PO BOX 80 BAYPORT,MN55003
KEITH OLSON	VP and Treasurer 1.000	0	0	0
PO BOX 80 BAYPORT,MN55003


THE CHARLES SCHWAB CORPORATION	Investment Management Services	278,357
4350 BAKER RD STE 245 MINNETONKA,MN55343
FIDELITY INVESTMENTS	Investment Management Services	176,459
4350 BAKER RD STE 245 MINNETONKA,MN55343
FIRST STATE BANK OF BAYPORT	Investment Management Services	165,386
950 NORTH HIGHWAY 95 BAYPORT,MN55003
St Croix Valley Foundation	grants management	79,684
1830 Hanley Rd Ste 200 Hudson,WI54016
Ernst & Young LLP	Audit and tax services	74,580
700 Nicollet Mall Suite 500 Minneapolis,MN55402

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
180 Degrees Inc 1301 East 7th Street Saint Paul,MN55106		PC	Program or Project	50,000
A Chance To Grow 1800 2nd Street NE Minneapolis,MN55418		PC	Program or Project	35,000
ABC for Rural Health 1645 60th Street Turtle Lake WI,WI54889		PC	General Operating	25,000
Accessability Inc 360 Hoover Street NE Minneapolis,MN55413		PC	Program or Project	20,000
Adoray Home Health & Hospcie 990 Main Street Baldwin,WI54002		PC	Program or Project	75,000
Aeon 901 N 3rd St 150 Minneapolis,MN55401		PC	General Operating	20,000
Alia 1000 University Ave W Ste 230 St Paul,MN55104		PC	General Operating	15,000
Allina Health Foundation 2925 Chicago Ave Mail Route 10721 Minneapolis,MN55407		PC	Program or Project	200,000
Allina Health Foundation 2925 Chicago Ave Mail Route 10721 Minneapolis,MN55407		PC	Program or Project	300,000
Alzheimer's Association Minnesota-North Dakota Chapter 12701 Whitewater Drive Suite 290 Minnetonka,MN55343		PC	General Operating	40,000
American Cancer Society PO Box 21600 Eagan,MN55121		PC	Program or Project	65,000
American Diabetes Association PO Box 7023 Merrifield,VA22116		PC	Program or Project	50,000
American Heart Association 300 S Riverside Plaza Suite 1200 Chicago,IL60606		PC	Program or Project	70,000
American Red Cross 1201 West River Parkway Minneapolis,MN55454		PC	Program or Project	400,000
America's Vetdogs - the Veterans K-9 Corps Inc 371 E Jericho Turnpike Smithtown,NY11787		PC	General Operating	125,000
Amery Area Community Center 608 Harriman Avenue South Amery,WI54001		PC	General Operating	40,000
Amery Regional Medical Center 265 Griffin Street East Amery,WI54001		PC	Capital Campaign	496,000
Amherst H Wilder Foundation 451 Lexington Parkway N Saint Paul,MN55104		PC	Program or Project	200,000
Angel Foundation 1155 Centre Pointe Drive Suite 7 Mendota Heights,MN55120		PC	General Operating	15,000
Animal Humane Society 845 Meadow Lane North Golden Valley,MN55422		PC	General Operating	15,000
Animal Humane Society 845 Meadow Lane North Golden Valley,MN55422		PC	General Operating	125,000
Animal Sanctuary of St Croix Valley dba Home for Life PO Box 847 Stillwater,MN55082		PC	Capital Campaign	25,000
Anu Family Services 901 4th St STE 180 Hudson,WI54016		PC	General Operating	40,000
ArtReach St Croix 224 N 4th Street Stillwater,MN55082		PC	General Operating	15,000
Arts Partnership 345 Washington St Saint Paul,MN55102		SO I	General Operating	27,500
Arts Partnership 345 Washington St Saint Paul,MN55102		SO I	Capital Campaign	2,000,000
Assistance & Resource Center PO Box 223 River Falls,WI54022		PC	General Operating	10,000
Avenues for Youth 1708 Oak Park Avenue North Minneapolis,MN55411		PC	Capital Campaign	500,000
Back on My Feet PO Box 71536 Philadelphia,PA19176		PC	General Operating	50,000
Baldwin Area Medical Center dba Western Wisconsin Health 1100 Bergslien Street Baldwin,WI54002		PC	Capital Campaign	500,000
Basic Needs Inc of South Washington County 445 Broadway Ave 100 St Paul Park,MN55071		PC	General Operating	10,000
Bayport Public Library 582 North 4th Street Bayport,MN55003		GOV	General Operating	75,000
Belwin Conservancy 1553 Stagecoach Tr S Afton,MN55082		PC	Capital Campaign	250,000
BestPrep 7100 Northland Cir N 306 Brooklyn Park,MN55428		PC	Program or Project	12,000
Big Brothers Big Sisters of Northwestern Wisconsin 424 Galloway St Eau Claire,WI54701		PC	General Operating	85,000
Big Brothers Big Sisters of the Greater Twin Cities 3110 Washington Avenue North Minneapolis,MN55411		PC	General Operating	200,000
Blindness Learning In New Dimensions (BLIND) Inc 100 East 22nd Street Minneapolis,MN55404		PC	Program or Project	10,000
Boys and Girls Clubs of the Twin Cities 690 Jackson Street Saint Paul,MN55130		PC	General Operating	50,000
Bridge to Books PO Box 138 Lake Elmo,MN55042		PC	General Operating	15,000
Bridging 201 W 87th Street Bloomington,MN55420		PC	General Operating	280,000
Camp Fire Minnesota 3300 Tanadoona Drive Excelsior,MN55331		PC	General Operating	40,000
Can Do Canines 9440 Science Center Drive New Hope,MN55428		PC	General Operating	40,000
Cancer Legal Care 3503 High Point Drive Suite 270 Oakdale,MN55128		PC	General Operating	50,000
Canvas Health 7066 STILLWATER BLVD N Oakdale,MN55128		PC	Program or Project	35,000
Carpenter St Croix Valley Nature Center 12805 St Croix Trail South Hastings,MN55033		EOF	General Operating	60,000
CASA of St Croix County Inc 1101 Carmichael Road Hudson,WI54016		PC	General Operating	25,000
Catholic Charities of the Archdiocese of St Paul and Minneapolis 1007 East 14th Street Minneapolis,MN55404		PC	Program or Project	22,000
Central Arizona Shelter Services (CASS) 230 S 12th Ave PHOENIX,AZ85007		PC	General Operating	100,000
Central St Croix Valley Community Access Corporation Inc AKA St Croix V 818 West Olive Street Stillwater,MN55082		PC	General Operating	7,500
Cerenity Senior Care-Humboldt 512 Humboldt Ave St Paul,MN55107		PC	Capital Campaign	50,000
Cerenity Senior Care-White Bear Lake 1900 Webber Street White Bear Lake,MN55110		PC	Capital Campaign	25,000
Change Inc 381 East Robie Street Saint Paul,MN55107		PC	General Operating	25,000
Charities Review Council 1915 Hwy 36 W Ste133 Roseville,MN55113		PC	General Operating	18,000
Chicanos Por La Causa Inc 1112 E Buckeye Rd Phoenix AZ 8503 Phoenix,AZ85034		PC	General Operating	350,000
Children's Dental Services 636 Broadway St NE Minneapolis,MN55413		PC	Program or Project	30,000
Children's Health Care Foundation 5901 Lincoln Dr CBC-3-FOUN Edina,MN55436		PC	Program or Project	500,000
Children's Health Care Foundation 5901 Lincoln Dr CBC-3-FOUN Edina,MN55436		PC	Program or Project	250,000
Children's Health Care Foundation 5901 Lincoln Dr CBC-3-FOUN Edina,MN55436		PC	Program or Project	500,000
Children's Home Society of Minnesota 1605 Eustis Street St Paul,MN55108		PC	General Operating	75,000
Children's Theatre Company and School 2400 3rd Ave S Minneapolis,MN55404		PC	General Operating	7,500
Christian Community Homes and Services Inc 1320 Wisconsin St Hudson,WI540161861		PC	Program or Project	100,000
CitySquare 1610 S Malcolm X Blvd Dallas,TX75226		PC	General Operating	200,000
CLIMB Theatre Inc 6415 Carmen Ave Inver Grove Heights,MN55076		PC	General Operating	10,000
CommonBond Communities 1080 Montreal Avenue St Paul,MN55116		PC	Capital Campaign	2,500,000
Communities in Schools of the Twin Cities 161 St Anthony Ave Suite 910 St Paul,MN55103		PC	General Operating	15,000
Community Dental Care 1670 Beam Avenue Suite 204 Maplewood,MN55109		PC	General Operating	15,000
Community Referral Agency PO Box 365 Milltown,WI54858		PC	General Operating	30,000
Community Solutions of Eastern Iowa 7600 Commerce Park Dubuque,IA52002		PC	General Operating	50,000
Community Thread 2300 Orleans Street West Stillwater,MN55082		PC	General Operating	60,000
Community Thread 2300 Orleans Street West Stillwater,MN55082		PC	Program or Project	45,000
Community Thread 2300 Orleans Street West Stillwater,MN55082		PC	General Operating	60,000
Como Friends 1225 Estabrook Drive Saint Paul,MN55103		PC	General Operating	25,000
COMPAS 450 Syndicate St N Suite 325 Saint Paul,MN55104		PC	General Operating	16,000
Comunidades Latinas Unidas En Servicio (CLUES) 797 E 7th Street St Paul,MN55106		PC	Program or Project	250,000
Conservation Corps Minnesota & Iowa 60 Plato Blvd E Ste 210 Saint Paul MN,MN55107		PC	Program or Project	30,000
Disabled Veterans Rest Camp (DVRC) 11300 180th Street Marine on Saint Croix,MN55047		PC	Capital Campaign	150,000
Dodge Nature Center 365 Marie Ave W West St Paul,MN551183848		PC	General Operating	100,000
Dubuque & Jackson County Habitat for Humanity 900 Jackson St Suite LL5-2E Dubuque,IA52001		PC	General Operating	50,000
Dubuque Community Y 35 N Booth St Dubuque,IA52001		PC	General Operating	50,000
Emma Norton Services 670 Robert St N Saint Paul,MN55101		PC	General Operating	50,000
Endeavors Adult Development Center Inc 101 150th Street Balsam Lake,WI54810		PC	General Operating	150,000
Epilepsy Foundation of Minnesota 7760 France Ave S Suite 210 Bloomington,MN55435		PC	Program or Project	15,000
Epilepsy Foundation of Minnesota 7760 France Ave S Suite 210 Bloomington,MN55435		PC	Program or Project	22,500
Episcopal Homes of MN 490 E Lynnhurst Ave Saint Paul,MN55104		PC	Capital Campaign	500,000
EVANGELICAL LUTHERAN CHURCH IN AMERICA 8765 W Higgins Rd Chicago,IL60631		PC	General Operating	50,000
Every Meal 2723 Patton Rd Roseville,MN55113		PC	General Operating	15,000
Evolve Family Services 5850 Omaha Ave N Stillwater,MN55082		PC	General Operating	50,000
Family Achievement Foundation 2101 Wooddale Dr Ste A St Paul,MN55125		PC	General Operating	16,667
Family Gateway 1421 W Mockingbird Ln STE C Dallas,TX75247		PC	General Operating	150,000
Family Resource Center St Croix Valley 857 Main St Baldwin,WI54002		PC	General Operating	95,000
Family Resource Center St Croix Valley 857 Main St Baldwin,WI54002		PC	Capital Campaign	150,000
FamilyMeans 1875 Northwestern Ave Stillwater,MN55082		PC	General Operating	137,500
FamilyWise Services 3036 University Avenue SE Minneapolis,MN55414		PC	General Operating	27,000
Four Oaks Family and Children's Services 5400 Kirkwood Blvd SW Cedar Rapids,IA52404		PC	General Operating	100,000
Franconcia Sculpture Park 29836 St Croix Trail Shafer,MN55074		PC	General Operating	10,000
Fraser 2400 W 64th Street Minneapolis,MN55423		PC	Program or Project	35,000
Friends & Co (formerly Little Brothers - Friends of the Elderly) 2550 University Avenue W Suite 260 St Paul,MN55114		PC	General Operating	40,000
Friends in Need Food Shelf PO Box 6 Cottage Grove,MN55016		PC	General Operating	10,000
Friends of Willow River and Kinnickinnic State Parks Inc 1034 County Road A Hudson,WI54016		PC	General Operating	25,000
Gammelgrden Museum of Scandia 20880 Olinda Trail North PO Box 6 Scandia,MN55073		PC	General Operating	20,000
Gillette Children's Hospital Foundation 200 University Avenue East Interna St Paul,MN55101		PC	General Operating	450,000
Gillette Children's Hospital Foundation 200 University Avenue East Interna St Paul,MN55101		PC	Program or Project	50,000
Girl Scouts of Minnesota and Wisconsin River Valleys 400 Robert St S Saint Paul,MN55107		PC	General Operating	150,000
GiveMN 200 Southdale Center Office 172 Edina,MN55435		PC	General Operating	50,000
Goodwill Industries Inc dba Goodwill-Easter Seals Minnesota 553 Fairview Ave N Saint Paul,MN55104		PC	General Operating	150,000
Greater Twin Cities United Way 404 South Eight Street Minneapolis,MN554041084		PC	Program or Project	25,000
Greater Twin Cities Youth Symphonies 408 St Peter Street Suite 300 St Paul,MN55102		PC	General Operating	35,000
Guiding Star Wakota 1140 Robert St S West Saint Paul,MN55118		PC	General Operating	60,000
Gundersen Lutheran Medical Foundation Inc 1836 South Ave La Crosse,WI54601		PC	General Operating	250,000
Guthrie Theater 818 South 2nd St Minneapolis,MN55415		PC	General Operating	33,000
Habitat for Humanity Central Arizona 2830 W Glendale Ave Phoenix,AZ85051		PC	General Operating	200,000
Habitat for Humanity of Greater Garland Inc 2909 Broadway Blvd Garland,TX75041		PC	General Operating	50,000
Hadley 700 Elm Street Winnetka,IL60093		PC	Program or Project	10,000
Hammer Residences 1909 Wayzata Blvd Wayzata,MN55391		PC	General Operating	30,000
Hazelden Betty Ford Foundation PO Box 64348 St Paul,MN551640348		PC	Capital Campaign	1,000,000
Hazelden Betty Ford Foundation PO Box 64348 St Paul,MN551640348		PC	Capital Campaign	1,000,000
Hazelden Betty Ford Foundation PO Box 64348 St Paul,MN551640348		PC	Program or Project	222,668
Hearing Health Foundation PO BOX 1397 New York,NY10018		PC	General Operating	15,000
Helping Paws of MN Inc 630 12TH AVE S HOPKINS,MN55343		PC	General Operating	20,000
Hired 217 Fifth Avenue N Minneapolis,MN55401		PC	General Operating	10,000
Hmong American Partnership 1075 ARCADE ST St Paul,MN55106		PC	Program or Project	25,000
Hope Dental Clinic 800 Minnehaha Ave E Ste 465 St Paul,MN55106		PC	General Operating	10,000
Hope House of St Croix Valley 451 EVERETT ST N STILLWATER,MN550824781		PC	General Operating	5,000
Housing Forward 3000 Pegasus Park Dr Ste 1020 Dallas,TX75247		PC	General Operating	400,000
Hudson Area Backpack & Food Program 1830 Hanley Rd Suite 300 Hudson,WI54016		PC	General Operating	20,000
Hudson Hospital Foundation 405 Stageline Road Hudson,WI54106		PC	Program or Project	324,653
Hudson Rod Gun & Archery Inc 285 Krattley Lane Hudson,WI54016		PC	General Operating	19,800
Illusion Theater and School Inc 3754 Pleasant Avenue Ste 321W Minneapolis,MN554091277		PC	Program or Project	5,000
Interfaith Caregivers of Burnett County PO Box 676 Webster,WI54893		PC	Program or Project	20,000
Interfaith Caregivers of Polk County PO Box 833 St Croix Falls,WI54024		PC	General Operating	25,000
International Institute of Minnesota 1694 Como Avenue Saint Paul,MN55108		PC	General Operating	100,000
Jeremiah Program 1510 Laurel Avenue Minneapolis,MN55403		PC	General Operating	60,000
Junior Achievement North 1745 University Ave W Saint Paul,MN55104		PC	Program or Project	100,000
Karen Wycoff Rein in Sarcoma Foundation (dba Rein in Sarcoma) 7401 Central Avenue NE Suite A Fridley,MN55432		PC	General Operating	50,000
Keys to Change 204 S 12th Ave Phoenix,AZ85007		PC	General Operating	100,000
Kinnickinnic River Land Trust PO Box 87 River Falls,WI54022		PC	General Operating	30,000
Kinship of Polk County PO Box 68 Balsam Lake,WI54009		PC	General Operating	15,000
Lakeview Health Foundation 927 Churchill St W Stillwater,MN55082		PC	Program or Project	320,000
Learning Disabilities Association Inc (LDA Minnesota) 6100 Golden Valley Road Golden Valley,MN55422		PC	General Operating	25,000
Lifeworks Services Inc 6636 Cedar Ave S Suite 250 Richfield,MN55423		PC	Program or Project	30,000
Listening House of St Paul 421 E 7th St Saint Paul,MN55101		PC	General Operating	25,000
Literacy Minnesota 700 Raymond Avenue Suite 180 Saint Paul,MN551141780		PC	General Operating	20,000
Living Well Disability Services 1168 Northland Drive Mendota,MN55120		PC	General Operating	25,000
Lutheran Social Service of Minnesota 2485 Como Ave St Paul,MN55108		PC	Program or Project	100,000
Lutheran Social Service of Minnesota 2485 Como Ave St Paul,MN55108		PC	Capital Campaign	2,000,000
Lyngblomsten Foundation 1415 Almond Avenue St Paul,MN55108		PC	General Operating	40,000
Mayo Clinic 200 1st St SW Rochester MN 55905 Rochester,MN55905		PC	Capital support	6,000,000
Mental Health Task Force of Polk County PO Box 432 St Croix Falls,WI54024		PC	General Operating	50,000
Merrick Community Services 1669 North Arcade Street Suite 4 St Paul,MN55106		PC	General Operating	15,000
Merrill Arts Center 380 Rivertown Drive Suite 200 Woodbury,MN55125		PC	General Operating	35,000
Minneapolis American Indian Center 1530 E Franklin Avenue Minneapolis,MN55404		PC	Capital Campaign	100,000
Minneapolis Institute of Art 2400 Third Avenue South Minneapolis,MN55404		PC	General Operating	15,000
Minnesota Autism Center 5868 Baker Rd Minnetonka,MN55345		PC	Program or Project	80,000
Minnesota Center for Book Arts 1011 Washington Ave S Suite 100 Minneapolis,MN55415		PC	General Operating	30,000
Minnesota Children's Museum 10 W 7th Street Saint Paul,MN55102		PC	General Operating	50,000
Minnesota DARE PO Box 279 St Bonifacius,MN55375		PC	General Operating	1,000
Minnesota Diversified Industries Inc 3501 Broadway St NE Suite 100 Minneapolis,MN55413			Program or Project	250,000
Minnesota Historical Society 345 Kellogg Blvd W Saint Paul,MN55102		PC	General Operating	40,000
Minnesota Landscape Arboretum 3675 Arboretum Drive Chaska,MN55318		PC	General Operating	7,500
Minnesota Museum of American Art 350 Robert Street North Saint Paul,MN55101		PC	Program or Project	25,000
Minnesota Orchestral Association 1111 Nicollet Mall Minneapolis,MN55403		PC	General Operating	38,000
Minnesota Private College Fund 445 Minnesota Street Suite 500 St Paul,MN55101		PC	Program or Project	50,000
Minnesota Tech for Success 504 Malcom Ave SE Suite 100 Minneapolis,MN55414		PC	General Operating	75,000
Minnesota Youth Symphonies 790 Cleveland Ave S Suite 203 Saint Paul,MN55116		PC	General Operating	17,000
Minnesota Zoo Foundation 13000 Zoo Boulevard Apple Valley,MN55057		PC	Program or Project	25,000
Minnesota Zoo Foundation 13000 Zoo Boulevard Apple Valley,MN55057		PC	General Operating	12,500
MN Adult & Teen Challenge 740 E 24th St Minneapolis,MN55404		PC	General Operating	30,000
Moms and Dads against Meth Inc Po Box 172 336 N Washington St St Croix Falls,WI54024		PC	General Operating	5,000
Morris Animal Foundation 720 S Colorado Blvd Suite 174a Denver,CO80246		PC	Program or Project	50,000
Mount Olivet Rolling Acres 18986 Lake Dr E Chanhassen,MN553179348		PC	General Operating	50,000
NAMI Minnesota 1919 University Ave W Suite 400 St Paul,MN55104		PC	General Operating	20,000
Native American Connections 3216 N 3rd Street Phoenix,AZ85012		PC	General Operating	150,000
NEADS Inc PO Box 1100 Princeton,MA01541		PC	General Operating	32,000
New Heights School 614 W Mulberry Street Stillwater,MN55082		PC	Capital Campaign	200,000
New Richmond Preservation SocietyNew Richmond Heritage Center 1100 Heritage Drive New Richmond,WI54017		PC	General Operating	20,000
Northern Star Council Boy Scouts of America 6202 Bloomington Road Fort Snelling,MN55111		PC	General Operating	550,000
Northern Star Council Boy Scouts of America 6202 Bloomington Road Fort Snelling,MN55111		PC	General Operating	100,000
Northwood Technical College Foundation 1900 COLLEGE DRIVE Rice Lake,WI54868		PC	Capital Campaign	500,000
Northwoods Homeless Shelters Inc PO Box 411 Amery,WI54001		PC	General Operating	15,000
Open Arms of Minnesota 2500 Bloomington Ave S Minneapolis,MN55404		PC	General Operating	25,000
Open Cupboard 8264 4th St N Oakdale,MN55128		PC	General Operating	40,000
Opening Doors 2100 Asbury Road Suite 8 Dubuque,IA52001		PC	General Operating	200,000
Operation HELP 901 4th Street Ste 214 Hudson,WI54016		PC	General Operating	35,000
Operation HELP 901 4th Street Ste 214 Hudson,WI54016		PC	Capital Campaign	1,000,000
Options for Women St Croix Valley PO Box 158 Stillwater,MN55082		PC	General Operating	50,000
Ordway Center for the Performing Arts 345 Washington Street Saint Paul,MN55102		PC	Program or Project	300,000
Osceola Medical Center 2630 65th Ave Osceola,WI54020		PC	Program or Project	550,000
Our Lady of Peace 2076 St Anthony Ave St Paul,MN55104		PC	General Operating	35,000
OutFront Minnesota Community Services 2446 University Avenue W Ste 112 St Paul,MN55114		PC	General Operating	15,000
Pacer Center Inc 8161 Normandale Blvd Bloomington,MN554371044		PC	Program or Project	125,000
Park Square Theatre 408 St Peter Street Suite 110 Saint Paul,MN55102		PC	General Operating	40,000
Pawsitive Perspectives Assistance Dogs (PawPADs) 9877 234TH ST E Lakeville,MN55044		PC	General Operating	40,000
People Incorporated 3000 Ames Crossing Road Suite 600 Eagan,MN55121		PC	Program or Project	25,000
Philadelphia Community Farm Inc PO BOX 668 Osceola,WI54020		PC	General Operating	35,000
Polk County Historical Society & Museum 120 West Main Street PO Box 41 Balsam Lake,WI54810		PC	General Operating	15,000
Ponies Better Together co Stillwater Softball Booster Club 1035 3rd ave south stillwater,MN55082		PC	Capital Campaign	25,000
Prevent Blindness 225 W Wacker Dr Chicago,IL60606		PC	Program or Project	15,000
Prevent Blindness Wisconsin 731 N Jackson Street Suite 405 Milwaukee,WI53202		PC	Program or Project	5,000
Project for Pride in Living Inc 1035 East Franklin Avenue Minneapolis,MN55404		PC	Program or Project	20,000
PTA MN Congress - Rutherford PTA 115 Rutherford Rd Stillwater,MN55082		PC	Capital Campaign	200,000
Rebuilding Together Minnesota 1050 SE 33rd Avenue Minneapolis,MN55414		PC	General Operating	100,000
Regions Hospital Foundation 640 Jackson Street MS 11202C St Paul,MN55101		PC	Capital Campaign	1,400,000
Regions Hospital Foundation 640 Jackson Street MS 11202C St Paul,MN55101		PC	Capital Campaign	1,600,000
Rise Incorporated 8406 Sunset Rd NE Spring Lake Park,MN55407		PC	General Operating	25,000
Riverwood Nature Center Inc 218 W 1st Street PO Box 100 Star Prairie,WI54026		PC	Program or Project	95,000
Ronald McDonald House Charities Upper Midwest 621 Oak Street SE Minneapolis,MN554143125		PC	General Operating	100,000
Saint Paul & Minnesota Foundation 101 Fifth Street East - Suite 2400 Saint Paul,MN55101		PC	Program or Project	250,000
Saint Paul Urban Tennis 1675 5th Street E Saint Paul,MN55106		PC	Capital Campaign	500,000
Scandia Heritage Alliance PO Box 159 Scandia,MN55073		PC	Capital Campaign	100,000
Science Museum of Minnesota 120 W Kellogg Blvd St Paul,MN55102		PC	General Operating	50,000
Second Harvest Heartland 7101 Winnetka Avenue North Brooklyn Park,MN55428		PC	General Operating	100,000
Sharing and Caring Hands 525 North 7th Street Minneapolis,MN55405		PC	General Operating	175,000
Sharing and Caring Hands 525 North 7th Street Minneapolis,MN55405		PC	Program or Project	350,000
Shriners Children's Twin Cities 215 Radio Dr Ste 100 Woodbury,MN55125		PC	General Operating	125,000
Silver Sobriety 11550 Stillwater Blvd Lake Elmo,MN55042		PC	General Operating	15,000
Solid Ground 3521 Century Avenue North White Bear Lake,MN55110		PC	Program or Project	45,000
Solid Ground 3521 Century Avenue North White Bear Lake,MN55110		PC	Capital Campaign	100,000
Southern Minnesota Regional Legal Services 55 5th St E Unit 800 Saint Paul,MN55101		PC	Program or Project	20,000
Special Olympics Minnesota 900 2nd Ave S Suite 300 Minneapolis,MN55402		PC	General Operating	30,000
Spring Valley Seniors Staying Put Inc (DBA Staying Put Inc) S312 McKay Ave PO Box 193 Spring Valley,WI54767		PC	General Operating	15,000
St Croix Valley Restorative Services 215 North 2nd Street Suite 108 RIVER FALLS,WI54022		PC	General Operating	30,000
St Croix County Sheriff's Office 1101 Carmichael Road Hudson,WI54016		GOV	Program or Project	7,000
St Croix Family Resource Center dba The Connect Center PO Box 73 Bayport,MN55003		PC	General Operating	175,000
St Croix Valley Chamber Chorale PO Box 352 Stillwater,MN55082		PC	General Operating	15,000
St Croix Valley Food Bank PO Box 377 Hudson,WI54016		PC	Capital Campaign	2,000,000
St Croix Valley Food Bank PO Box 377 Hudson,WI54016		PC	General Operating	250,000
St Croix Valley Foundation 1830 West Hanley Suite 200 Hudson,WI54016		PC	Program or Project	75,000
St Croix Valley Habitat for Humanity 749 Ryan Drive Hudson,WI54016		PC	Program or Project	200,000
St Croix Valley Opera PO Box 2300 Stillwater,MN55082		PC	General Operating	25,000
St Croix Valley Sexual Assault Response Team Inc 1200 Hosford Street Suite 203 Hudson,WI54016		PC	General Operating	35,000
St Mary's Health Clinics 1884 Randolph Ave Western Lot St Paul,MN55105		PC	General Operating	20,000
StoryArk 640 Main Street N Unit 34 Stillwater,MN55082		PC	General Operating	25,000
Sustainable Stillwater MN 5865 Neal AVe N 152 Stillwater,MN55082		PC	General Operating	20,000
The Arc Minnesota PO Box 64007 St Paul,MN55164		PC	General Operating	20,000
The Bridge for Youth 1111 W 22nd Street Minneapolis,MN55405		PC	General Operating	25,000
The Bridge Homeless Recovery Center 1818 Corsicana St Dallas,TX75201		PC	General Operating	150,000
The Crohn's & Colitis Foundation 2277 HWY 36 W Suite 170 Saint Paul,MN55113		PC	General Operating	5,000
The Food Group 8501 54th Ave N New Hope,MN55428		PC	General Operating	100,000
The Food Group 8501 54th Ave N New Hope,MN55428		PC	Capital Campaign	100,000
The Lakes Community Health Center DBA NorthLakes Community Clinic 7665 US Highway 2 Iron River,WI54847		PC	General Operating	100,000
The Lift Garage 2401 E Lake Street Minneapolis,MN55406		PC	General Operating	15,000
The Link 1210 Glenwood Avenue Minneapolis,MN55405		PC	Program or Project	17,500
The Partnership Plan 1875 Greeley Street S Stillwater,MN55082		PC	General Operating	50,000
The Saint Paul Chamber Orchestra 408 Saint Peter Street Suite 300 Saint Paul,MN551021497		PC	General Operating	50,000
The Saint Paul Chamber Orchestra 408 Saint Peter Street Suite 300 Saint Paul,MN551021497		PC	Program or Project	50,000
The Salvation Army Northern Division 2445 Prior Avenue Roseville,MN55113		PC	Program or Project	125,000
The Salvation Army of St Croix County 505 W 8th St New Richmond,WI54017		PC	General Operating	80,000
Theresa Living Center 917 Jessamine Ave E St Paul,MN55106		PC	General Operating	50,000
Tickets for Kids Charities 2038 Ford Parkway 428 Saint Paul,MN55116		PC	General Operating	7,500
True Friends 10509 108th Street NW Annandale,MN55302		PC	General Operating	15,000
True Friends 10509 108th Street NW Annandale,MN55302		PC	Capital Campaign	250,000
Tubman 4432 Chicago Ave South Minneapolis,MN55407		PC	General Operating	37,000
Turningpoint for Victims of Domestic and Sexual Violence 117 North Main Street River Falls,WI54022		PC	Capital Campaign	350,000
Turningpoint for Victims of Domestic and Sexual Violence 117 North Main Street River Falls,WI54022		PC	General Operating	27,000
Twin Cities Habitat for Humanity 1954 University Ave W St Paul,MN55104		PC	General Operating	6,000,000
Twin Cities PBS (TPT) 172 East Fourth Street St Paul,MN55101		PC	General Operating	55,000
Twin Cities PBS (TPT) 172 East Fourth Street St Paul,MN55101		PC	Program or Project	60,000
Two Rivers Community Land Trust PO Box 25451 Woodbury,MN55125		PC	General Operating	40,000
UMOM New Day Centers 3333 E Van Buren Street Phoenix,AZ85008		PC	General Operating	100,000
Union Gospel Mission Twin Cities 376 Western Ave N St Paul,MN55103		PC	Capital Campaign	250,000
Union Gospel Mission Twin Cities 376 Western Ave N St Paul,MN55103		PC	General Operating	125,000
United Pioneer Home Inc 623 S 2nd St Luck,WI54853		PC	Program or Project	140,000
United Way of Washington County East 1825 Curve Crest Blvd PO Box 30 Stillwater,MN55082		PC	General Operating	80,000
United Way of Washington County East 1825 Curve Crest Blvd PO Box 30 Stillwater,MN55082		PC	General Operating	90,000
United Way St Croix Valley 201 Second Street Suite 300 Hudson,WI54016		PC	Program or Project	60,000
Urban Boatbuilders 2288 University Avenue W Saint Paul,MN55114		PC	General Operating	25,000
Valley Friendship Club 6201 North Osgood Avenue Stillwater,MN55082		PC	General Operating	30,000
Valley Outreach 1911 Curve Crest Boulevard West Stillwater,MN55082		PC	General Operating	80,000
Vision Loss Resources 3230 Spruce Street Little Canada,MN55117		PC	General Operating	15,000
Washington County 4-H 14949 62nd St N Stillwater,MN55082		PC	Program or Project	15,000
Washington County Historical Society 1862 S Greeley Street Stillwater,MN55082		PC	General Operating	25,000
Wayside Recovery Center 1600 University Ave W Suite 500 St Paul,MN55104		PC	General Operating	15,000
West Central Wisconsin Community Action Agency Inc 525 2nd Street Glenwood City,WI54013		PC	General Operating	100,000
Westfields Hospital Foundation 535 Hospital Rd New Richmond,WI54017		PC	Capital Campaign	1,650,000
White Bear Area Food Shelf 1884 Whitaker Street White Bear Lake,MN55110		PC	General Operating	20,000
Wild Rivers Conservancy of the St Croix & Namekagon PO Box 938 Osceola,WI540208166		PC	General Operating	25,000
Wilderness Inquiry Inc 1611 County Rd B West Suite 315 St Paul,MN55113		PC	General Operating	35,000
YMCA of the North 651 Nicollet Mall Ste 500 Minneapolis,MN55402		PC	General Operating	125,000
Young Life 1151 Parkwood Ln Stillwater,MN55082		PC	General Operating	125,000
Youth Advantage Inc PO Box 11 Stillwater,MN55082		PC	General Operating	45,000
Youth Service Bureau Inc 6120 Oren Avenue N Stillwater,MN55082		PC	General Operating	35,000
YWCA St Paul 375 Selby Avenue St Paul,MN55102		PC	General Operating	30,000
Total ................................. 3a				52,399,288

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Audit, Tax and Accounting Fees	74,580	46,985	0	27,595

Name of Bond	End of Year Book Value	End of Year Fair Market Value
APPLE INC NOTE CPN	1,469,460	1,469,460
ARCHER DANIELS MIDLAND CO BOND	362,466	362,466
BERKSHIRE HATHAWAY SR NOTE CPN	2,041,977	2,041,977
BRISTOL MYERS SQUIBB CO SR NOTE CPN	484,490	484,490
CATERPILLAR INC SR NOTE CPN	1,380,600	1,380,600
CHEVRON CORP NT	1,468,350	1,468,350
COLGATE-PALMOLIVE CO	0	0
COMCAST CORP NEW	482,365	482,365
COMCAST CORP NEW	985,580	985,580
GLAXOSMITHKLINE CAP INC	290,273	290,273
HERSHEY CO NT	0	0
HERSHEY CO NT	243,303	243,303
INTEL CORP SR NOTE	968,940	968,940
JP MORGAN CHASE & CO	2,129,556	2,129,556
MERCK & CO NT	1,466,670	1,466,670
MERCK & CO INC DEBENTURE CPN	268,133	268,133
PNC BANK SR NT	1,969,485	1,969,485
PNC FINL SVCS GROUP INC NOTE	946,780	946,780
PEPSICO INC NT	498,440	498,440
PEPSICO INC NOTE CALL MAKE WHOLE	918,620	918,620
PROCTER & GAMBLE CO NTE	477,025	477,025
TARGET CORP NTE	962,110	962,110
TARGET CORP NOTE CALL	895,190	895,190
UNITED PARCEL SVC INC SR NTE	966,430	966,430
UNITED PARCEL SVC INC SR NTE	1,715,385	1,715,385
UNITEDHEALTH GROUP NT	1,478,325	1,478,325
UNITEDHEALTH GRP INC UNSECD NTE	489,400	489,400
UNITEDHEALTH GROUP INC NOTE	433,260	433,260
VISA INC	1,427,955	1,427,955
WAL MART STORES INC	338,940	338,940
WALT DISNEY CO	488,285	488,285
APPLE INC	0	0
APPLE INC	490,046	490,046
APPLE INC	975,097	975,097
ARCHER DANIELS M	1,165,244	1,165,244
ARCHER DANIELS	820,759	820,759
BANK OF MONTREAL	457,321	457,321
BERKSHIRE HATHAW	874,214	874,214
BRITSOL-MYERS SQUIB	2,457,073	2,457,073
CATERPILLAR FIN	0	0
CHEVRON CORP	986,213	986,213
COMCAST CORP	994,010	994,010
COMCAST CORP	987,618	987,618
CONOCOPHILLIPS	1,967,046	1,967,046
JOHN DEERE CAPIT	1,338,834	1,338,834
JOHN DEERE CAPIT	789,820	789,820
JOHN DEERE CAPITA	1,561,131	1,561,131
THE HERSHEY CO	972,422	972,422
INTEL CORP	989,515	989,515
JPMORGAN CHASE	774,818	774,818
ELI LILLY AND CO	487,113	487,113
MERCK & CO	1,222,354	1,222,354
METLIFE, INC	0	0
NTNL AUSTRALIA BAN	0	0
ORACLE CORP	987,608	987,608
PNC BANK, NTNL	638,507	638,507
PNC BANK, NTNL	234,458	234,458
PEPSICO	498,114	498,114
PEPSICO	1,896,422	1,896,422
PRECISION CSTPA	440,665	440,665
THE PROCTER & GA	957,948	957,948
TARGET CORP	962,399	962,399
TEXAS INSTRUMENT	0	0
UNITED PARCEL SER	723,792	723,792
UNITEDHEALTH GROUP INC	986,908	986,908
VISA INC.	950,036	950,036
WALMART INC	169,225	169,225

- TIN:

TY 2023 InvestmentsCorpStockSchedule

Name:

Fred C and Katherine B Andersen Foundation

EIN:

41-6020920

Software ID:

23017437

Software Version:

2023v5.1

Name of Stock	End of Year Book Value	End of Year Fair Market Value
GOLDMAN SACHS PHYSICAL	2,422,140	2,422,140
AGILENT TECHNOLOGIES	204,096	204,096
AIR PROD & CHEMICALS	0	0
ANSYS INC	86,728	86,728
ARES MANAGEMENT CORP	88,595	88,595
AUTODESK INC	241,532	241,532
BLACK KNIGHT INC	0	0
BROOKFIELD CORP	721,598	721,598
BROOKFIELD ASSET MGM F	140,193	140,193
BROOKFIELD INFRASTRUCT F	334,701	334,701
BROOKFIELD RENEWABLE CF	140,035	140,035
BROWN & BROWN INC	402,554	402,554
BROWN FORMAN CORP	60,526	60,526
CBRE GROUP INC	283,552	283,552
CARMAX INC	311,488	311,488
COGNEX CORP	24,585	24,585
ENOVIS CORP	15,742	15,742
COPART INC	709,275	709,275
COSTAR GROUP INC	628,771	628,771
CREDIT ACCEPT CORP	0	0
DOLLAR GENERAL CORP	0	0
DOMINOS PIZZA INC	312,058	312,058
ESAB CORP	0	0
FASTENAL CO	219,117	219,117
FIDELITY NATL FINL	0	0
FIRST REPBULIC BANK	0	0
GARTNER INC	327,055	327,055
GUIDEWIRE SOFTWARE	0	0
HEICO CORP	595,684	595,684
HILTON WORLDWIDE HLD	602,536	602,536
HOWARD HUGHES CORP	64,590	64,590
HYATT HOTELS	132,888	132,888
IDEXX LABS INC	145,423	145,423
KKR & CO INC	619,718	619,718
KENNEDY WILSON HLDGS	0	0
LENNAR CORP	306,426	306,426
LIBERTY BROADBAND CO	0	0
LIBERTY BROADBAND CO	0	0
LIBERTY MEDIA CORP	154,100	154,100
LIBERTY MEDIA CORP	11,132	11,132
LIVE NATION ENTRTMNT	306,446	306,446
MSCI INC	194,584	194,584
MARKEL CORP	383,373	383,373
MARTIN MARIETTA MATR	209,043	209,043
MICROCHIP TECHNOLOGY	241,863	241,863
MOODYS CORP	131,228	131,228
O REILLY AUTOMOTIVE	609,001	609,001
PROGRESSIVE CO OHIO	237,964	237,964
ROPER TECHNOLOGIES	505,918	505,918
ROSS STORES INC	57,709	57,709
S B A COMMUNICATIONS	310,009	310,009
SHERWIN WILLIAMS CO	77,039	77,039
SUMMIT MATERIALS INC	61,036	61,036
TRANSDIGM GROUP INC	745,549	745,549
TRANSUNION	0	0
TYLER TECHNOLOGIES	303,973	303,973
VAIL RESORTS INC	163,518	163,518
VERISIGN INC	243,033	243,033
VERISK ANALYTICS INC	142,838	142,838
VULCAN MATERIALS COM	448,345	448,345
WATERS CORP	73,418	73,418
AON PLC	91,089	91,089
ARCH CAP GROUP LTD	200,603	200,603
PERIMETER SOLUTIONS SA	23,428	23,428
WIX COM LTD	61,264	61,264
FIDELITY MSCI REAL	1,936,789	1,936,789
A B M INDUSTRIES INC	0	0
ADAPTIVE BIOTECHNOLOGIES	8,658	8,658
ADDUS HOMECARE CORP	49,860	49,860
ALLEGRO MICROSYSTEMS INC	68,440	68,440
AMERIS BANCORP	58,992	58,992
ARRAY TECHNOLOGIES INC	32,088	32,088
AVEANNA HEALTHCARE HLDGS	0	0
B J S WHOLESALE CLUB HOL	55,194	55,194
BLOOMIN BRANDS INC	47,939	47,939
BRIDGEBIO PHARMA INC	42,550	42,550
CAESARS ENTMT INC NEW	52,646	52,646
CALERES INC	61,429	61,429
CALIFORNIA RESOURCES	0	0
CASTLE BIOSCIENCES INC	32,586	32,586
CELLECTIS S A F	0	0
CENTRAL GARDEN & PET	0	0
CHAMPIONX CORP	40,368	40,368
CNO FINL GROUP	48,407	48,407
C V B FINL CORP	59,601	59,601
CHART INDUSTRIES INC	59,576	59,576
CIVITAS RES INC	57,781	57,781
COLLEGIUM PHARMACEUTICAL	56,174	56,174
COMMERCIAL METALS CO	71,857	71,857
CONCENTRIX	45,864	45,864
CREDO TECHNOLOGY GROUP F	34,715	34,715
CORE & MAIN INC	0	0
CROSS CNTRY HEALTHCA	42,722	42,722
DARLING INGREDIENTS	54,575	54,575
DENALI THERAPEUTICS I N	25,430	25,430
DESIGN THERAPEUTICS INC	0	0
DIGITALOCEAN HLDGS INC	34,012	34,012
DOUBLEVERIFY HLDGS INC	50,720	50,720
DOXIMITY INC	0	0
DYCOM INDUSTRIES INC	106,458	106,458
ENCORE CAPITAL GROUP	22,533	22,533
ENERSYS	73,095	73,095
ENTEGRIS INC	62,666	62,666
EXACT SCIENCES CORPORATI	70,059	70,059
EXLSERVICE HOLDINGS	86,380	86,380
FIRST ADVANTAGE CORP NEW	0	0
FIRST FOUNDATION INC	0	0
FIRST MERCHANTS CORP	42,420	42,420
FLYWIRE CORP	20,418	20,418
F N B CORP PA	47,768	47,768
FOCUS FINL PARTNERS 0051	0	0
GRAPHIC PACKAGING HL	66,333	66,333
HANOVER INSURANCE	49,661	49,661
HORIZON THERAPEUTICS P F	0	0
HURON CONSULTING GRP	46,054	46,054
I C F INTERNTNL	63,961	63,961
IMMUNOCORE HLDGS PLC F	37,234	37,234
IMMUNOGEN INC	35,106	35,106
IMMUNOVANT INC	18,748	18,748
INSMED INC	49,863	49,863
INTRA-CELLULAR THERA	33,088	33,088
IOVANCE BIOTHERAPEUTICS	30,073	30,073
JAMF HOLDING CORP	20,823	20,823
JANUS HENDERSON GP F	50,411	50,411
KNOWBE4 INC	0	0
LIFE TIME GROUP HLDGS IN	70,273	70,273
LIFESTANCE HEALTH GROUP	30,177	30,177
LINCOLN NTNL CO	24,543	24,543
LINDBLAD EXPEDITIONS HOL	17,570	17,570
LIVENT CORP	36,859	36,859
LULUS FASHION LOUNGE HOL	5,035	5,035
MEDIFAST INC	0	0
MODINE MANUFACTURING	113,848	113,848
MOELIS & CO	29,468	29,468
MYR GROUP INC	86,923	86,923
NATERA INC	101,602	101,602
NEVRO CORP	22,402	22,402
NORTHERN OIL AND GAS	47,783	47,783
CHORD ENERGY CORP	55,355	55,355
OLINK HOLDING AB F	23,176	23,176
PATTERSON UTI ENERGY	34,862	34,862
PDC ENERGY INC	0	0
PERFORMANCE FOOD GROUP C	70,948	70,948
PETCO HEALTH & WELLNESS	8,731	8,731
PIEDMONT LITHIUM LTD	13,635	13,635
PIPER SANDLER COMPANIES	0	0
PINNACLE FINL PARTNR	33,667	33,667
PMV PHARMACEUTICALS INC	0	0
POPULAR INC	57,367	57,367
PORTILLOS INC	16,026	16,026
PORTLAND GENERL ELEC	73,548	73,548
PRIVIA HEALTH GROUP INC	74,295	74,295
PROGRESS SOFTWARE CO	50,499	50,499
PROGYNY INC	33,574	33,574
RADNET INC	33,623	33,623
PROVIDENT FINL	0	0
REGAL BELOIT CORP	0	0
REGAL REXNORD CORP	34,489	34,489
REVANCE THERAPEUTICS	5,397	5,397
RUSH ENTERPRISES	0	0
SEAGEN INC	0	0
SIGNIFY HEALTH INC	0	0
SITIME CORP	33,816	33,816
SONDER HLDGS INC	451	451
SOPHIA GENETICS SA F	3,405	3,405
SOUTHWEST GAS HOLDINGS I	64,807	64,807
SPROUT SOCIAL INC	61,440	61,440
STAAR SURGICAL CO	0	0
STIFEL FINL CO	58,708	58,708
STIFEL FINL CO	6,276	6,276
STONEX GROUP INC	0	0
SUMMIT MATERIALS INC	84,151	84,151
SUN COUNTRY AIRLS HOLDIN	16,391	16,391
SUPER MICRO COMPUTER	40,365	40,365
SYNEOS HEALTH INC	0	0
TAYLOR MORRISON HOME	91,389	91,389
TD SYNNEX CORP	59,508	59,508
TKO GROUP HLDGS INC	85,251	85,251
TITAN MACHINERY INC	0	0
UNITED COMMUNITY BKS	60,159	60,159
VARONIS SYS INC	34,730	34,730
VERRA MOBILITY CORP	65,705	65,705
VISHAY INTERTECH	78,694	78,694
WEBSTER FINL CO	37,309	37,309
WESCO INTERNTNL	94,243	94,243
WORLD FUEL SERVICES	0	0
WORLD WRESTLING ENTM	0	0
WINTRUST FINL	61,586	61,586
WORLD KINECT CORP	32,257	32,257
ZURN ELKAY WATER SOLUTIO	27,381	27,381
ESSENT GROUP LTD F	38,922	38,922
VALARIS LTD F	41,691	41,691
TEEKAY TANKERS LTD. F	44,423	44,423
AIA GROUP LTD	107,096	107,096
ADYEN NV	85,137	85,137
AIR LIQUIDE	85,184	85,184
ALFA LAVAL	91,394	91,394
ALLIANZ SE	272,265	272,265
AMBEY S A	65,514	65,514
ASSA ABLOY AB F	78,788	78,788
ATLAS COPCO AB	127,147	127,147
BANCO BILBOA VIZCAYA A F	139,957	139,957
BHP GROUP LTD	182,934	182,934
BIONTECH SE F	88,548	88,548
CSPC PHARMA GROUP	0	0
CANADIAN NATL RAILWY	68,091	68,091
CHUGAI PHARMACEUTICALS	224,390	224,390
DBS GROUP HOLDINGS LIM	248,796	248,796
DAIFUKU CO LTD	57,700	57,700
DASSAULT SYSTEM SA	206,227	206,227
ENN ENERGY HOLDINGS	43,483	43,483
EPIROC AKTIEBOLAG	96,553	96,553
FANUC LTD JAPAN	0	0
FOMENTO ECONOMICO MEXI	227,330	227,330
GENMAB A/S F	81,351	81,351
HDFC BANK LTD	110,463	110,463
HAIER SMART HOME CO LT	173,515	173,515
HALEON PLC F	137,038	137,038
ICICI BANK LTD	75,334	75,334
INFINEON TECH AG	289,309	289,309
KERING S A	0	0
KOMATSU LTD	86,109	86,109
KUBOTA LTD	0	0
LOREAL SA	220,690	220,690
LONZA GROUP AG	0	0
MANULIFE FINL	169,595	169,595
NESTLE SA	85,566	85,566
NITORI HLDGS CO LTD	68,042	68,042
NOVOZYMES AS	51,446	51,446
TELEKOMINIK INDONESIA	78,439	78,439
PING AN INSURNCE GP	35,503	35,503
RIO TINTO PLC	130,975	130,975
ROCHE HLDG AG	117,349	117,349
SHELL PLC	139,759	139,759
SAP SE	194,165	194,165
SCHNEIDER ELECTRIC SA	150,138	150,138
SHIMANO INC 00500 F	50,655	50,655
SHIONOGI & CO LTD	71,581	71,581
SHISEIDO LTD	40,734	40,734
SONY GROUP CORP F	160,500	160,500
SONOVA HOLDING A G	71,531	71,531
SYMRISE AG	85,529	85,529
SYSMEX CORP	56,353	56,353
TAIWAN SEMICONDUCTR	259,584	259,584
TENCENT HOLDINGS	69,005	69,005
UNICHARM CORP	82,510	82,510
CREDICORP LTD F	63,270	63,270
WOODSIDE ENERGY GROUP	0	0
LINDE PLC	92,820	92,820
XP INC.	60,117	60,117
ALCON INC	96,791	96,791
ABB LTD	84,037	84,037
ACCENTURE PLC	0	0
AIA GROUP LTD	108,586	108,586
ADVANTEST CORP	49,781	49,781
AIR LIQUIDE	98,505	98,505
AIRBUS SE	96,502	96,502
AKZO NOBEL N V IAM COM	74,426	74,426
ANGLO AMERICAN PLC	0	0
AON PLC	0	0
ASICS CORP	54,291	54,291
BP PLC	121,280	121,280
BANDAI NAMCO HLDGS INC	38,802	38,802
BARCLAYS PLC	0	0
BUREAU VERITAS SA	76,178	76,178
CAPGEMINI S E F	65,495	65,495
CARLSBERG AS	48,674	48,674
COMPAGNIE FINANCIERE R F	77,416	77,416
COMPASS GROUP	118,749	118,749
CONTINENTAL AG HANNOVE	82,911	82,911
COVESTRO AG F	56,299	56,299
DBS GROUP OLDINGS IM	48,605	48,605
DAIKIN INDUSTRIES	71,164	71,164
DAIWA HOUSE IND LTD	58,039	58,039
DISCO CORP	71,119	71,119
ENGIE SA	155,135	155,135
EXPERIAN PLC F	41,473	41,473
FANUC LTD JAPAN F	61,095	61,095
GILDAN ACTIVEWEAR F	43,771	43,771
FERGUSON PLC NEW	0	0
HSBC HLDGS PLC	109,985	109,985
HALMA PLC F	44,135	44,135
HENKEL AG&CO KGAA	53,771	53,771
HOYA CORP	83,179	83,179
IMCD GROUP N V	51,627	51,627
INFINEON TECH AG	0	0
ING GROEP ADR REP 1 OR F	81,649	81,649
KBC GROUP NV F	61,485	61,485
LEGRAND SA	78,191	78,191
LONDON STOCK EXCHANGE F	68,283	68,283
MERCK KGAA	67,213	67,213
MTU AERO ENGINES HOLDI	40,801	40,801
NOMURA RESEARCH IND	80,351	80,351
NOVO-NORDISK AS VORMAL F	171,934	171,934
OLYMPUS CORP	0	0
PEARSON PLC	0	0
PERNOD RICARD S A	71,130	71,130
RECRUIT CO., LTD. F	46,935	46,935
RELX PLC	172,402	172,402
ROCHE HLDG AG	135,899	135,899
RENESAS ELECTRS CO F	66,424	66,424
ROYAL DSM N V	0	0
RYANAIR HLDGS PLC	124,292	124,292
SAMPO OYJ	74,518	74,518
SANDVIK AB	62,872	62,872
SAP SE F	80,851	80,851
SHIN ETSU CHEMICAL CO F	77,539	77,539
SHIMANO INC	0	0
SHIMANO INC 00500	0	0
SIEMENS HEALTHINEERS	59,367	59,367
SUMITOMO MITSUI FINLOO	0	0
SUNCOR ENERGY INC	68,566	68,566
SUZUKI MOTOR CO LTD	55,367	55,367
TELEPERFORMANCE SA	0	0
THALES SA	90,616	90,616
UNILEVER PLC	102,002	102,002
UNIVERSAL MUSIC GROUP	63,962	63,962
VESTAS WIND SYS AS UTD	0	0
VONOVIA SE	61,697	61,697
WOLTERS KLUWER N V	0	0
YAMAHA CORP	0	0
ZOZO INC	43,492	43,492
AON PLC F	98,947	98,947
COCA-COLA EUROPACIFIC F	65,405	65,405
ICON PLC	91,715	91,715
CHUBB LTD F	70,512	70,512
ASM INTERNTNL N V F	95,533	95,533
ASML HOLDING N V F	57,526	57,526
LINDE PLC	0	0
ANDERSEN STOCK	1,151,511,068	1,151,511,068
ABBOTT LABORATORIES	0	0
ADVANCE AUTO PARTS INC	0	0
AIR PRODUCTS AND CHEMICALS, INC	520,768	520,768
ALPHABET INC CLASS C	687,738	687,738
AMDOCS LTD	599,322	599,322
ACCENTURE PLC	759,720	759,720
AMETEK INC	753,547	753,547
AMPHENOL CORP CLASS A COM	836,360	836,360
ANALOG DEVICES INC COM	760,485	760,485
AUTOMATIC DATA PROCESSING INC	638,804	638,804
AVERY DENNISON CORP COM	645,699	645,699
ARTHUR J GALLAGHER & COMPANY	691,056	691,056
BECTON, DICKINSON & CO.	549,837	549,837
BOSTON SCIENTIFIC CORP	647,067	647,067
BROADRIDGE FINANCIAL SOLUTIONS INC	845,633	845,633
BROWN & BROWN INC	690,051	690,051
CACI INTERNATIONAL INC. CLASS A	706,015	706,015
CARLISLE COMPANIES, INC	705,467	705,467
CENTENE CORP	516,650	516,650
COLUMBIA SPORTSWEAR COMPANY	0	0
DARDEN RESTAURANTS INC	738,364	738,364
DOLLAR GENERAL CORP NEW	0	0
DECKERS OUTDOOR CORP	609,608	609,608
EMCOR GROUP INC COM	872,276	872,276
FACTSET RESEARCH SYSTEMS	734,180	734,180
EATON CORPORATION PLC	669,239	669,239
FIRST REPUBLIC BANK SAN FRANCISCO	0	0
FISERV INV	790,531	790,531
FORTUNE BRANDS HOME & SECURITY INC	0	0
FORWARD AIR CORP	0	0
FRANKLIN ELECTRIC CO INC	589,372	589,372
GENPACT LIMITED	452,445	452,445
GENERAL DYNAMICS CORP	620,092	620,092
GRACO INC	737,981	737,981
GRAINGER W W INC	680,354	680,354
HONEYWELL INTERNATIONAL INC	651,569	651,569
HUNT J.B. TRANSPORT EXCHANGE INC COM	651,552	651,552
ICON PLC ORD EUR	759,477	759,477
ITT INC COM	835,956	835,956
INTERCONTINENTAL EXCHANGE INC	740,142	740,142
IQVIA HOLDINGS INC	630,973	630,973
JACOBS SOLUTIONS INC	682,359	682,359
KLA CORP	0	0
LEIDOS HOLDINGS INC	593,372	593,372
MARSH & MCLENNAN COS. INC	709,565	709,565
MAXIMUS INC	0	0
MEDTRONIC PLC	468,989	468,989
NORTHROP GRUMMAN CORP	0	0
PARKER-HANNIFIN CORP	750,480	750,480
PERKINELMER INC	0	0
PRIMERICA INC	644,029	644,029
RB GLOBAL INC COM	670,037	670,037
REPUBLIC SERVICES INC	644,963	644,963
RITCHIE BROS AUCTIONEERS COM	0	0
SIMPSON MANUFACTURING CO INC	0	0
SS&C TECHNOLOGIES HOLDINGS INC	573,517	573,517
STERIS PLC ORD USD	687,031	687,031
STRYKER CORP	736,073	736,073
TELEDYNE TECHNOLOGIES INC	654,261	654,261
TEXAS INSTRUMENTS INC	575,303	575,303
TEXAS ROADHOUSE INC CLASS A	724,702	724,702
TJX COMPANIES INC	685,751	685,751
TORO COMPANY	490,509	490,509
TRACTOR SUPPLY CO	593,268	593,268
TTEC HOLDINGS, INC	0	0
ULTA BEAUTY INC	592,888	592,888
UNION PACIFIC CORP	638,612	638,612
UNITEDHEALTH GROUP INC	617,549	617,549
VISA INC	697,217	697,217
WATSCO INC CL A	720,258	720,258

(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
1 a	Andersen Corporation Capital gain on sale of Stock	D
b	Publicly Traded Securities
c	Capital Gains Dividends
d
e

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		0	19,943,525
b		0	-1,954,603
c		0	35,525
d
e

		(a) Corpus	(b) Years prior to 2022	(c) 2022	(d) 2023
1 Distributable amount for 2023 from Part X, line 7					61,310,902
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......				49,976,562
b Total for prior years:20 , 20, 20			0
3 Excess distributions carryover, if any, to 2022:
a From 2018......
b From 2019......
c From 2020......
d From 2021......
e From 2022......
f Total of lines 3a through e ........		0
4Qualifying distributions for 2023 from Part
XI, line 4: $ 52,724,411
a Applied to 2022, but not more than line 2a				49,976,562
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 2023 distributable amount.....					2,747,849
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2023.					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		0
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......
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........			0
e Undistributed income for 2022. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2023. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2024 ..........					58,563,053
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 2018 not applied on line 5 or line 7 (see instructions) ...		0
9 Excess distributions carryover to 2024. Subtract lines 7 and 8 from line 6a ......		0
10 Analysis of line 9:
a Excess from 2019....	0
b Excess from 2020....	0
c Excess from 2021....	0
d Excess from 2022....	0
e Excess from 2023....	0

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part IX for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2023	(b) 2022	(c) 2021	(d) 2020	(e) Total

b 85% (0.85) of line 2a .........
c Qualifying distributions from Part XI, 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 IX, 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

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........			14	3,055,973
4 Dividends and interest from securities ....			14	33,324,987
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	18,024,447
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		54,405,407	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.............	454,438	116,597	116,597
	2	Savings and temporary cash investments.........	19,505,910	34,081,178	34,081,178
	3	Accounts receivable
		Less: allowance for doubtful accounts	0	0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts		0	0
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....	0	0	0
	7	Other notes and loans receivable (attach schedule) 0
		Less: allowance for doubtful accounts 0	0	0	0
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)	0	0	0
	b	Investments—corporate stock (attach schedule).......	829,227,852	List of Attached Documents: // Content 1,222,584,904	1,222,584,904
	c	Investments—corporate bonds (attach schedule).......	56,788,549	List of Attached Documents: // Content 57,804,523	57,804,523
	11	Investments—land, buildings, and equipment: basis 0
		Less: accumulated depreciation (attach schedule) 0	0		0
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	150,343,922	List of Attached Documents: // Content 155,436,184	155,436,184
	14	Land, buildings, and equipment: basis 0
		Less: accumulated depreciation (attach schedule) 0	0		0
	15	Other assets (describe )	List of Attached Documents: // Content 0	List of Attached Documents: // Content -569	List of Attached Documents: // Content -569
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	1,056,320,671	1,470,022,817	1,470,022,817
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons	0	0
	21	Mortgages and other notes payable (attach schedule)......	0	0
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........	0	0
		Foundations that follow FASB ASC 958, check here
		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
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	1,056,320,671	1,470,022,817
	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).....	1,056,320,671	1,470,022,817
	30	Total liabilities and net assets/fund balances (see instructions).	1,056,320,671	1,470,022,817


(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










Total number of other employees paid over $50,000...................				0

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
THE CHARLES SCHWAB CORPORATION	Investment Management Services	278,357
4350 BAKER RD STE 245 MINNETONKA,MN55343	Investment Management Services	278,357
FIDELITY INVESTMENTS	Investment Management Services	176,459
4350 BAKER RD STE 245 MINNETONKA,MN55343	Investment Management Services	176,459
FIRST STATE BANK OF BAYPORT	Investment Management Services	165,386
950 NORTH HIGHWAY 95 BAYPORT,MN55003	Investment Management Services	165,386
St Croix Valley Foundation	grants management	79,684
1830 Hanley Rd Ste 200 Hudson,WI54016	grants management	79,684
Ernst & Young LLP	Audit and tax services	74,580
700 Nicollet Mall Suite 500 Minneapolis,MN55402	Audit and tax services	74,580

bApproved for future payment

Total ................................. 3b				0

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.

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
AGREE REALTY CORP	FMV	95,055	95,055
MIRION TECHNOLOGI 27 WTF	FMV	4,927	4,927
PEBBLEBROOK HOTEL TR	FMV	106,698	106,698
GQG PARTNERS EMRG MKTS	FMV	5,213,528	5,213,528
JPMORGAN HEDGED EQUITY I	FMV	11,364,622	11,364,622
COHEN & STEERS REAL	FMV	1,943,697	1,943,697
NUVEEN REAL ESTATE SECUR	FMV	0	0
RECURRENT MLP &	FMV	0	0
VANGUARD TOTAL STOCK MKT	FMV	3,428,414	3,428,414
AMERICAN FUNDS U.S. GOV MONEY MRKT CL F2	FMV	190,978	190,978
Driehaus Emerging Mkts Growth	FMV	6,963,794	6,963,794
T Rowe Price International Discovery Fund Class I	FMV	4,482,123	4,482,123
Vanguard Developed Markets Index Fund Admiral Shares (0127)	FMV	14,718,182	14,718,182
Vanguard Mid-Cap Index Fund Admiral Shares (5859)	FMV	15,725,457	15,725,457
Vanguard Total Stock Market Index Fund Institutional Shares (855)	FMV	40,260,400	40,260,400
Dodge & Cox Income Fund	FMV	9,232,042	9,232,042
Federated Instl High Yield Bond Fd (900)	FMV	5,134,393	5,134,393
FIDELITY US BOND INDEX FUND INST PREM CLASS	FMV	14,292,289	14,292,289
Federated Total Return Bond Fund Class R6	FMV	0	0
JPMorgan Global Bond Opp Fund Class I	FMV	0	0
Vanguard Intermediate-Term Treasury Fund Admiral Shares (535)	FMV	7,435,634	7,435,634
Vanguard Total International Bond Index Fund Admiral Shares (511)	FMV	0	0
Vanguard Short-Term Federal Fund Admiral Shares (549)	FMV	0	0
ISHARES INC MSCI EMERG MRKT	FMV	0	0
ISHARES S&P GLOBAL TECHNOLOGY SECTOR	FMV	2,326,506	2,326,506
ISHARES GLOBAL ENERGY ETF	FMV	376,942	376,942
ISHARES DOW JONES US ENERGY SECTOR FUND	FMV	0	0
ISHARES TR GLB INGRASTR ETF	FMV	747,813	747,813
ISHARES TR EAFE VALUE ETF	FMV	5,134,820	5,134,820
ISHARES TR EAFE GROWTH ETF	FMV	3,076,440	3,076,440
ISHARES INC CORE MSCI EMERGING MKTS	FMV	2,036,705	2,036,705
ISHARES MSCI EMR MRK EX CHNA	FMV	1,053,787	1,053,787
LORD ABBETT ULTRA SHORT BOND CL	FMV	0	0
REXFORD INDL REALTY	FMV	90,938	90,938

Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
First State Bank Trust Fees	165,386	165,386	0
Charles Schwab Fees	278,357	278,357	0
Fidelity Fees	176,459	176,459	0
Cohen Taylor	22,000	0	22,000
Pavolne Partners Consulting Fees	14,668	0	14,668
Marks Group Consulting Fees	36,000	36,000	0
St. Croix Valley Foundation	79,684	0	79,684

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

Line No.	Explain below how each activity for which income is reported in column (e) of Part XV-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