TY 2023 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
right arrow

Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0047

2023

Open to Public Inspection

For calendar year 2023, or tax year beginning 01-01-2023 , and ending 12-31-2023

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 If exemption application is pending, check here right arrow

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. right arrow

2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... right arrow

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... right arrow

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) right arrow

$22,182,367J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	497,969		487,891
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		211,548
b	Gross sales price for all assets on line 6a 5,958,476
7	Capital gain net income (from Part IV, line 2)...			211,548
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).......	List of Attached Documents: // Content	3,288	1,181
12	Total. Add lines 1 through 11........	712,805		700,620
13	Compensation of officers, directors, trustees, etc.	153,797		138,417		15,380
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........					0
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	1,500	0	0	1,500
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	10,594	9,535		1,059
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	15,386	12,962		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).......	List of Attached Documents: // Content	2,621	2,536		85
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	183,898		163,450	0	18,024
25	Contributions, gifts, grants paid.......	856,037				856,037
26	Total expenses and disbursements. Add lines 24 and 25	1,039,935		163,450	0	874,061
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-327,130
b	Net investment income (if negative, enter -0-)			537,170
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2023)

Form 990-PF (2023)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	205	835	835
	2	Savings and temporary cash investments.........	3,013,685	1,126,364	1,131,119
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts 0
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	4,723,604
	c	Investments—corporate bonds (attach schedule).......	1,090,000
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	9,286,748	List of Attached Documents: // Content 16,639,479	21,017,638
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	List of Attached Documents: // Content 25,379	List of Attached Documents: // Content 32,775	List of Attached Documents: // Content 32,775
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	18,139,621	17,799,453	22,182,367
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........		0
		Foundations that follow 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........	18,139,621	17,799,453
	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).....	18,139,621	17,799,453
	30	Total liabilities and net assets/fund balances (see instructions).	18,139,621	17,799,453

Part III

Analysis of Changes in Net Assets or Fund Balances

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) ...............

18,139,621

Enter amount from Part I, line 27a .....................

-327,130

Other increases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

2,336

Add lines 1, 2, and 3 ..........................

17,814,827

Decreases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

15,374

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

17,799,453

Form 990-PF (2023)

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	1623. CSPC PHARMACEUTICAL GROUP LTDA D R		2021-04-27	2023-01-03
b	16. AKAMAI TECHNOLOGIES COM		2022-05-12	2023-01-05
c	40. BOOZ ALLEN HAMILTON HOLDING		2022-05-12	2023-01-05
d	62. CHOICE HOTELS INTL INC		2022-10-14	2023-01-05
e	29. CIENA CORPORATION NEW		2022-05-12	2023-01-05
	8. COOPER COS INC		2022-05-12	2023-01-05
	4. FIRST REPUBLIC BANK SAN FRAN		2022-05-12	2023-01-05
	54. FLOOR DECOR HOLDINGS INC A		2022-05-12	2023-01-05
	39. NEUROCRINE BIOSCIENCES INC COM W/RTS EXP		2022-05-12	2023-01-05
	12. PAYCOM SOFTWARE INC		2022-05-12	2023-01-05
	32. QUALYS INC		2022-05-12	2023-01-05
	23. RAYMOND JAMES FINL INC		2022-05-12	2023-01-05
	2. RESMED INC		2022-05-12	2023-01-05
	15. SPS COMMERCE INC		2022-05-12	2023-01-05
	3. SAIA INC		2022-05-12	2023-01-05
	35. SKYWORKS SOLUTIONS INC		2022-05-12	2023-01-05
	1. SUN COMMUNITIES INC		2022-05-12	2023-01-05
	73. TAKE-TWO INTERACTIVE SOFTWARE		2022-05-12	2023-01-05
	2. WEST PHARMACEUTICAL SVCS INC		2022-05-12	2023-01-05
	787. ICICI BANK LTD A D R		2018-11-29	2023-02-03
	315. HORIZON THERAPEUTICS PLC			2023-02-03
	327. GILEAD SCIENCES INC			2023-02-10
	91. MOTOROLA SOLUTIONS INC			2023-02-10
	81. VISA INC			2023-02-10
	112. CHUBB LTD			2023-02-10
	112612.655 ANGEL OAK MULTI STRATEGY INCOME		2022-03-24	2023-02-22
	1500.376 BARON EMERGING MARKETS INSTITUTIONAL		2022-05-04	2023-02-22
	396.93 CAUSEWAY EMERGING MARKETS INSTL		2022-05-04	2023-02-22
	1782. ISHARES MSCI EAFE GROWTH ETF		2011-12-28	2023-02-22
	6675.573 PGIM TOTAL RETURN BOND CL R6		2022-08-15	2023-02-22
	325. VANGUARD FTSE EMERGING MARKETS ETF		2022-08-15	2023-02-22
	118. AMAZON COM INC COM			2023-02-24
	34. EXACT SCIENCES CORPORATION		2022-12-07	2023-02-24
	151. EXACT SCIENCES CORPORATION			2023-02-24
	11. MOTOROLA SOLUTIONS INC		2022-05-26	2023-02-24
	95. TRADE DESK INC THE CLASS A		2021-05-11	2023-02-24
	14. TRANSDIGM GROUP INC			2023-02-24
	299. MCCORMICK & CO INC COM NON VTG			2023-03-09
	161. FIRST REPUBLIC BANK SAN FRAN		2022-05-12	2023-03-13
	196. LOREAL UNSPON A D R		2018-11-29	2023-03-14
	103. LOREAL UNSPON A D R		2021-09-23	2023-03-14
	266. WOODSIDE PETROLEUM LTD A D R		2022-06-01	2023-03-14
	26. DIODES INC			2023-03-20
	8. MONOLITHIC POWER SYSTEMS INC		2022-05-12	2023-03-20
	21. SPS COMMERCE INC		2022-05-12	2023-03-20
	14. ADOBE SYS INC		2022-08-03	2023-03-28
	17. ADOBE SYS INC		2022-01-31	2023-03-28
	87. NVIDIA CORP			2023-03-28
	15628.285 CLEARBRIDGE INTERNATIONAL GROWTH			2023-04-04
	53. CRH PLC ADR		2023-04-04	2023-04-05
	75. COMPASS GROUP PLC A D R		2023-04-04	2023-04-05
	29. HOYA CORP A D R		2023-04-04	2023-04-05
	9. LINDE PLC SHS		2023-04-04	2023-04-05
	43. COPART INC COM			2023-04-12
	.5 DAIFUKU CO LTD UNSP A D R		2022-07-18	2023-04-12
	13. DECKERS OUTDOOR CORP			2023-04-12
	30. KEYSIGHT TECHNOLOGIES INC			2023-04-12
	78. COMPASS GROUP PLC A D R		2023-04-04	2023-04-18
	10. HOYA CORP A D R		2023-04-04	2023-04-18
	16. TE CONNECTIVITY LTD		2023-04-04	2023-04-18
	459. MASCO CORP COM			2023-04-19
	390. TRIMBLE NAV LTD COM W/RIGHTS ATTACHED EX			2023-04-19
	17. HOYA CORP A D R		2023-04-04	2023-04-21
	22. HOYA CORP A D R		2023-04-04	2023-04-26
	484. RECRUIT HOLDINGS CO LTD ADR		2023-04-04	2023-04-26
	40. CRH PLC ADR		2023-04-04	2023-05-03
	17. TE CONNECTIVITY LTD		2023-04-04	2023-05-03
	22. HOYA CORP A D R		2023-04-04	2023-05-08
	332. RECRUIT HOLDINGS CO LTD ADR		2023-04-04	2023-05-08
	210. AMAZON COM INC COM		2022-12-07	2023-05-12
	271. AMAZON COM INC COM		2018-11-29	2023-05-12
	175. CATERPILLAR INC.			2023-05-12
	14. ICON PLC		2023-04-04	2023-05-17
	19. TE CONNECTIVITY LTD		2023-04-04	2023-05-17
	188. ROCHE HLDG LTD SPONSORED ADR			2023-05-18
	499. TENCENT HLDGS LTD A D R			2023-05-18
	280. COPART INC COM			2023-05-24
	196. EXACT SCIENCES CORPORATION		2022-12-07	2023-05-24
	35. MICROSOFT CORP		2018-11-29	2023-05-24
	19. NVIDIA CORP		2022-08-03	2023-05-24
	21. NVIDIA CORP		2021-03-05	2023-05-24
	14. ICON PLC		2023-04-04	2023-05-25
	38. TE CONNECTIVITY LTD		2023-04-04	2023-05-25
	44. NESTLE S A SPONSORED ADR REPSTG REG SH		2023-04-04	2023-05-30
	22. ICON PLC		2023-04-04	2023-05-30
	60. BNP PARIBAS A D R		2023-04-04	2023-06-13
	195. NEUROCRINE BIOSCIENCES INC COM W/RTS EXP		2022-05-12	2023-06-22
	25. SAIA INC		2022-05-12	2023-06-22
	191. LEGRAND SA UNSP A D R		2023-04-04	2023-06-28
	1. SASOL LTD		2023-01-01	2023-07-05
	68. COMPASS GROUP PLC A D R		2023-04-04	2023-07-13
	23. RELX PLC SPON A D R		2023-04-04	2023-07-13
	27. SPS COMMERCE INC		2022-05-12	2023-07-13
	195. SKYWORKS SOLUTIONS INC		2022-05-12	2023-07-13
	5. WILLIAMS SONOMA INC		2023-01-05	2023-07-13
	183. WILLIAMS SONOMA INC		2022-05-12	2023-07-13
	213. BARRICK GOLD CORP		2023-04-04	2023-07-18
	216. AKAMAI TECHNOLOGIES COM		2022-05-12	2023-07-21
	30. ASBURY AUTOMOTIVE GROUP		2022-05-12	2023-07-21
	275. BARRICK GOLD CORP		2023-04-04	2023-07-26
	20. DIAGEO PLC SPONSORED ADR NEW		2023-04-04	2023-07-26
	124. ROCHE HLDG LTD SPONSORED ADR		2023-04-04	2023-07-26
	7. SOLAREDGE TECHNOLOGIES INC		2023-04-04	2023-07-26
	15. TELEPERFORMANCE UNSPON ADR		2023-04-04	2023-07-27
	711. AIA GROUP LTD ADR			2023-07-28
	1213. ADYEN NV UNSPON A D R			2023-07-28
	291. KUBOTA LTD A D R			2023-07-28
	46. ROCHE HLDG LTD SPONSORED ADR		2023-04-04	2023-07-28
	23. TELEPERFORMANCE UNSPON ADR		2023-04-04	2023-07-28
	.9632 THOMSON REUTERS CORP		2023-04-04	2023-08-01
	95. AIRBNB INC CL A			2023-08-04
	17. EQUINIX INC		2022-03-04	2023-08-04
	99. MARATHON PETROLEUM CORP			2023-08-04
	314. UBER TECHNOLOGIES INC		2022-08-10	2023-08-04
	73. BNP PARIBAS A D R		2023-04-04	2023-08-08
	12. TELEPERFORMANCE UNSPON ADR		2023-04-04	2023-08-08
	268. RECRUIT HOLDINGS CO LTD ADR		2023-04-04	2023-08-09
	14. TELEPERFORMANCE UNSPON ADR		2023-04-04	2023-08-09
	1932.755 BARON EMERGING MARKETS INSTITUTIONAL		2022-05-04	2023-08-14
	18718.178 COHEN STEERS GLOBAL INFRASTRUCTURE I		2023-02-22	2023-08-14
	.018 CONGRESS MID CAP GROWTH INS		2022-03-24	2023-08-14
	1855. VANGUARD REIT ETF			2023-08-14
	97. ROCHE HLDG LTD SPONSORED ADR		2023-04-04	2023-08-16
	12. TELEPERFORMANCE UNSPON ADR		2023-04-04	2023-08-16
	111. COPART INC COM		2022-05-12	2023-08-17
	98. ROCHE HLDG LTD SPONSORED ADR		2023-04-04	2023-08-21
	28. TELEPERFORMANCE UNSPON ADR		2023-04-04	2023-08-21
	71. BNP PARIBAS A D R		2023-04-04	2023-08-23
	71. BNP PARIBAS A D R		2023-04-04	2023-08-28
	6. DECKERS OUTDOOR CORP		2022-07-20	2023-08-28
	27.99971 ADYEN NV UNSPON A D R		2023-04-04	2023-08-29
	98.00029 ADYEN NV UNSPON A D R		2023-04-04	2023-08-29
	69. COMPASS GROUP PLC A D R		2023-04-04	2023-08-31
	271. FLOOR DECOR HOLDINGS INC A		2022-05-12	2023-09-14
	65. COMPASS GROUP PLC A D R		2023-04-04	2023-09-15
	23. TOKYO ELECTRON LTD ADR		2023-07-28	2023-09-15
	224. ADYEN NV UNSPON A D R		2023-04-04	2023-09-19
	36. TENCENT HLDGS LTD A D R		2023-04-04	2023-09-19
	6580.761 BARON EMERGING MARKETS INSTITUTIONAL		2022-05-04	2023-09-21
	7791.229 CAUSEWAY EMERGING MARKETS INSTL		2022-05-04	2023-09-21
	4809.481 MAINSTAY FLOATING RATE I		2021-06-01	2023-09-21
	43083.422 P I M C O FOREIGN BOND FD US HD INST			2023-09-21
	921.263 PRICE T ROWE GROWTH STK FD INC COM		2016-04-27	2023-09-21
	1934. VANGUARD FTSE EMERGING MARKETS ETF		2022-08-15	2023-09-21
	138000. JPM 24M MXEA 2X LBR MTN L P 10/03/23		2021-09-28	2023-10-03
	5321. VANGUARD FTSE EMERGING MARKETS ETF		2022-08-15	2023-10-05
	5227. VANGUARD REIT ETF		2015-07-09	2023-10-05
	2175. ATLAS COPCO AB SPONS A D R			2023-10-10
	3873. CSPC PHARMACEUTICAL GROUP LTDA D R			2023-10-10
	84. FOMENTO ECONOMICO MEX SP A D R		2019-04-16	2023-10-10
	30. SOLAREDGE TECHNOLOGIES INC			2023-10-10
	90. KERING UNSPON A D R		2023-04-04	2023-10-17
	254. RECRUIT HOLDINGS CO LTD ADR		2023-09-21	2023-10-17
	40. CELLNEX TELECOM S A ADR		2023-04-04	2023-10-23
	125. CELLNEX TELECOM S A ADR		2023-04-04	2023-10-24
	128. LEGRAND SA UNSP A D R		2023-04-04	2023-10-24
	377. RECRUIT HOLDINGS CO LTD ADR			2023-10-24
	7. IDEX CORP		2023-01-05	2023-10-25
	123. IDEX CORP		2022-05-12	2023-10-25
	413. ADYEN NV UNSPON A D R			2023-10-27
	163. MARATHON PETROLEUM CORP			2023-10-27
	224. PAYPAL HOLDINGS INC			2023-10-27
	44. VERALTO CORP COM SHS			2023-10-27
	51. KERING UNSPON A D R		2023-03-09	2023-11-02
	25. BLACKROCK INC		2022-03-29	2023-11-08
	101. CELLNEX TELECOM S A ADR		2023-04-04	2023-11-08
	370. MARATHON PETROLEUM CORP			2023-11-08
	57. ACCENTURE PLC CL A		2021-03-25	2023-11-08
	73. CELLNEX TELECOM S A ADR		2023-04-04	2023-11-13
	18. DECKERS OUTDOOR CORP		2022-07-20	2023-11-13
	754. RECRUIT HOLDINGS CO LTD ADR		2023-04-04	2023-11-13
	109. TENCENT HLDGS LTD A D R		2023-04-04	2023-11-17
	113. AIRBUS GROUP NV A D R		2023-04-04	2023-11-28
	142. CELLNEX TELECOM S A ADR			2023-11-28
	157. AIA GROUP LTD ADR		2023-04-04	2023-12-04
	69. HONG KONG EXCHANGES UNSP A D R		2023-04-04	2023-12-04
	213. TENCENT HLDGS LTD A D R			2023-12-04
	38347.042 MAINSTAY FLOATING RATE I		2021-06-01	2023-12-11
	97. IBERDROLA S SPONS A D R		2023-04-04	2023-12-13
	715. FANUC CORPORATION A D R		2018-11-29	2023-12-14
	350. KERING UNSPON A D R		2022-07-18	2023-12-14
	207. LONZA GROUP AG UNSPON A D R		2018-11-29	2023-12-14
	411. SCHNEIDER ELECT SE UNSP A D R		2019-12-11	2023-12-14
	178. SANDVIK AB A D R			2023-12-18
	90. SUNCOR ENERGY INC		2023-09-15	2023-12-18
	15. ASBURY AUTOMOTIVE GROUP		2023-01-05	2023-12-26
	98. ASBURY AUTOMOTIVE GROUP		2022-05-12	2023-12-26
	74. CHOICE HOTELS INTL INC		2023-04-12	2023-12-26
	115. CHOICE HOTELS INTL INC		2022-10-14	2023-12-26
	426. CIENA CORPORATION NEW		2022-05-12	2023-12-26
	385. LONZA GROUP AG UNSPON A D R		2018-11-29	2023-12-28
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	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	6,723	8,407	-1,684
b	1,354	1,539	-185
c	4,093	3,184	909
d	6,971	7,510	-539
e	1,429	1,448	-19
	2,703	2,511	192
	483	548	-65
	4,037	3,754	283
	4,743	3,168	1,575
	3,523	3,237	286
	3,279	3,593	-314
	2,457	2,078	379
	410	382	28
	1,824	1,517	307
	631	588	43
	3,246	3,429	-183
	140	156	-16
	7,735	7,648	87
	467	584	-117
	16,287	8,189	8,098
	34,524	28,840	5,684
	27,943	22,047	5,896
	24,575	13,978	10,597
	18,470	17,048	1,422
	23,929	12,571	11,358
	962,838	1,117,118	-154,280
	19,820	21,305	-1,485
	3,592	4,207	-615
	158,877	91,149	67,728
	78,905	84,581	-5,676
	12,995	13,726	-731
	11,085	11,824	-739
	2,049	1,560	489
	9,098	15,725	-6,627
	2,880	2,376	504
	5,202	4,652	550
	10,269	6,541	3,728
	21,707	28,320	-6,613
	6,267	22,066	-15,799
	15,922	9,357	6,565
	8,367	9,423	-1,056
	5,892	5,724	168
	2,316	1,854	462
	3,936	3,047	889
	3,103	2,124	979
	5,187	5,833	-646
	6,298	8,942	-2,644
	22,603	11,102	11,501
	937,697	862,846	74,851
	2,557	2,695	-138
	1,911	1,903	8
	3,144	3,263	-119
	3,192	3,249	-57
	3,288	2,425	863
	4	5	-1
	5,987	4,124	1,863
	4,755	4,101	654
	1,980	1,979	1
	1,064	1,125	-61
	2,039	2,071	-32
	22,789	24,394	-1,605
	18,550	23,816	-5,266
	1,759	1,913	-154
	2,316	2,475	-159
	2,640	2,703	-63
	1,927	2,034	-107
	2,092	2,201	-109
	2,428	2,475	-47
	1,821	1,854	-33
	23,408	18,431	4,977
	30,207	22,656	7,551
	36,941	37,130	-189
	2,943	2,986	-43
	2,314	2,460	-146
	7,431	6,307	1,124
	21,195	30,191	-8,996
	24,249	11,331	12,918
	15,857	8,992	6,865
	10,996	3,847	7,149
	5,713	3,494	2,219
	6,314	2,609	3,705
	2,845	2,986	-141
	4,504	4,920	-416
	5,284	5,413	-129
	4,577	4,692	-115
	1,838	1,871	-33
	19,105	15,840	3,265
	7,850	4,903	2,947
	3,687	3,512	175
	752		752
	1,876	1,726	150
	754	755	-1
	5,104	2,731	2,373
	22,269	19,107	3,162
	650	587	63
	23,797	22,617	1,180
	3,763	4,138	-375
	19,990	20,774	-784
	7,181	5,280	1,901
	4,735	5,342	-607
	3,531	3,670	-139
	4,871	4,463	408
	1,756	2,071	-315
	1,102	1,848	-746
	28,410	25,519	2,891
	22,277	21,688	589
	22,229	23,634	-1,405
	1,784	1,656	128
	1,731	2,834	-1,103
	130	132	-2
	13,462	16,374	-2,912
	13,122	12,269	853
	13,696	5,985	7,711
	14,192	10,274	3,918
	2,301	2,276	25
	822	1,479	-657
	1,786	1,497	289
	955	1,725	-770
	26,595	27,445	-850
	394,766	406,494	-11,728
		1	-1
	153,825	128,801	25,024
	3,587	3,492	95
	763	1,479	-716
	9,687	5,879	3,808
	3,544	3,528	16
	1,751	3,450	-1,699
	2,255	2,214	41
	2,282	2,214	68
	3,108	1,759	1,349
	232	444	-212
	813	1,553	-740
	1,732	1,751	-19
	25,766	18,839	6,927
	1,677	1,649	28
	1,661	1,754	-93
	1,565	3,549	-1,984
	1,432	1,774	-342
	87,063	93,447	-6,384
	74,250	82,587	-8,337
	42,564	43,959	-1,395
	407,138	406,277	861
	73,581	46,975	26,606
	75,885	81,682	-5,797
	138,000	138,000
	204,112	224,732	-20,620
	384,282	382,313	1,969
	29,535	12,975	16,560
	10,632	19,500	-8,868
	8,938	8,130	808
	3,769	7,452	-3,683
	3,848	5,793	-1,945
	1,533	1,652	-119
	561	804	-243
	1,779	2,512	-733
	2,174	2,354	-180
	2,162	2,141	21
	1,318	1,575	-257
	23,155	22,417	738
	2,765	6,387	-3,622
	23,723	8,966	14,757
	11,369	28,176	-16,807
	3,023	3,871	-848
	2,157	3,574	-1,417
	16,323	19,248	-2,925
	1,619	2,030	-411
	53,454	21,008	32,446
	18,050	15,277	2,773
	1,190	1,467	-277
	11,276	5,277	5,999
	4,358	4,211	147
	4,448	5,371	-923
	4,174	3,895	279
	2,686	2,744	-58
	5,307	6,697	-1,390
	2,365	3,027	-662
	8,652	10,015	-1,363
	338,221	350,492	-12,271
	4,899	4,874	25
	10,008	12,333	-2,325
	16,420	18,242	-1,822
	7,948	6,636	1,312
	16,113	8,282	7,831
	3,796	3,351	445
	2,818	3,131	-313
	3,370	2,708	662
	22,017	17,247	4,770
	8,399	8,956	-557
	13,052	13,930	-878
	18,804	21,268	-2,464
	16,041	12,343	3,698
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004
			97,004

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			-1,684
b			-185
c			909
d			-539
e			-19
			192
			-65
			283
			1,575
			286
			-314
			379
			28
			307
			43
			-183
			-16
			87
			-117
			8,098
			5,684
			5,896
			10,597
			1,422
			11,358
			-154,280
			-1,485
			-615
			67,728
			-5,676
			-731
			-739
			489
			-6,627
			504
			550
			3,728
			-6,613
			-15,799
			6,565
			-1,056
			168
			462
			889
			979
			-646
			-2,644
			11,501
			74,851
			-138
			8
			-119
			-57
			863
			-1
			1,863
			654
			1
			-61
			-32
			-1,605
			-5,266
			-154
			-159
			-63
			-107
			-109
			-47
			-33
			4,977
			7,551
			-189
			-43
			-146
			1,124
			-8,996
			12,918
			6,865
			7,149
			2,219
			3,705
			-141
			-416
			-129
			-115
			-33
			3,265
			2,947
			175
			752
			150
			-1
			2,373
			3,162
			63
			1,180
			-375
			-784
			1,901
			-607
			-139
			408
			-315
			-746
			2,891
			589
			-1,405
			128
			-1,103
			-2
			-2,912
			853
			7,711
			3,918
			25
			-657
			289
			-770
			-850
			-11,728
			-1
			25,024
			95
			-716
			3,808
			16
			-1,699
			41
			68
			1,349
			-212
			-740
			-19
			6,927
			28
			-93
			-1,984
			-342
			-6,384
			-8,337
			-1,395
			861
			26,606
			-5,797

			-20,620
			1,969
			16,560
			-8,868
			808
			-3,683
			-1,945
			-119
			-243
			-733
			-180
			21
			-257
			738
			-3,622
			14,757
			-16,807
			-848
			-1,417
			-2,925
			-411
			32,446
			2,773
			-277
			5,999
			147
			-923
			279
			-58
			-1,390
			-662
			-1,363
			-12,271
			25
			-2,325
			-1,822
			1,312
			7,831
			445
			-313
			662
			4,770
			-557
			-878
			-2,464
			3,698

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	211,548
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Part V

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 and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	7,467
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	0
3	Add lines 1 and 2...........................	3	7,467
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	7,467
6	Credits/Payments:

a	2023 estimated tax payments and 2022 overpayment credited to 2023	6a	5,096
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	5,096
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	2,371
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2024 estimated tax0	Refunded	11	0

Form 990-PF (2023)

Page 4

Part VI-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. right arrow

$ (2) On foundation managers. right arrow

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. right arrow

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....

Did the foundation have unrelated business gross income of $1,000 or more during the year?.........

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument? ................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),

and Part XIV..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If "No," attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2023 or the taxable year beginning in 2023? See the instructions for Part XIII.

If "Yes," complete Part XIII .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............

Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had

advisory privileges? If "Yes," attach statement. See instructions.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address right arrow

The books are in care of right arrow

US BANK NA Telephone no. right arrow

(855) 452-4084

Located at right arrow

101 E 5TH STREETST PAULMN ZIP+4 right arrow

55101

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here ......... right arrow

and enter the amount of tax-exempt interest received or accrued during the year ........ right arrow

16 At any time during calendar year 2023, 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 right arrow

Form 990-PF (2023)

Page 5

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........

1a(1)

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person? ..............................

1a(2)

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........

1a(3)

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............

1a(4)

Yes

(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)? ......................

1a(5)

(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.) ...............

1a(6)

If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........

Organizations relying on a current notice regarding disaster assistance check here ........ right arrow

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 2023? .............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d

and 6e) for tax year(s) beginning before 2023?....................

If "Yes," list the years right arrow

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year? ..............................

If "Yes," did it have excess business holdings in 2023 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 2023.) .....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2023? ..

Form 990-PF (2023)

Page 6

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........

5a(1)

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive? ....................

5a(2)

(3) Provide a grant to an individual for travel, study, or other similar purposes? .............

5a(3)

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions ........................

5a(4)

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals? .............

5a(5)

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........

Organizations relying on a current notice regarding disaster assistance check ......... right arrow

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).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract? .............................

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....

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 VII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation. See instructions

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
US BANK NA	TRUSTEE 1	153,797
PO BOX 0634 MILWAUKEE,WI532010634	TRUSTEE 1	153,797

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









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

Form 990-PF (2023)

Page 7

Part VII

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............. right arrow

Part VIII-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 VIII-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......................... right arrow

Form 990-PF (2023)

Page 8

Part IX

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

18,700,672

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

2,037,481

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

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

20,738,153

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

20,738,153

Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see

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

311,072

Net value of noncharitable-use assets. Subtract line 4 from line 3. ............

20,427,081

Minimum investment return. Enter 5% (0.05) of line 5................

1,021,354

Part X

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.)

Minimum investment return from Part IX, line 6..................

1,021,354

Tax on investment income for 2022 from Part V, line 5.......

7,467

Income tax for 2022. (This does not include the tax from Part V.) ...

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

7,467

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

1,013,887

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

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

1,013,887

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

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

1,013,887

Part XI

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

874,061

Program-related investments—total from Part VIII-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......

874,061

Form 990-PF (2023)

Page 9

Part XII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2022	(c) 2022	(d) 2023
1 Distributable amount for 2023 from Part X, line 7					1,013,887
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......				210,601
b Total for prior years:20 , 20, 20			0
3 Excess distributions carryover, if any, to 2022:
a From 2018......	0
b From 2019......	0
c From 2020......	0
d From 2021......	0
e From 2022......	0
f Total of lines 3a through e ........		0
4Qualifying distributions for 2023 from Part
XI, line 4: $ 874,061
a Applied to 2022, but not more than line 2a				210,601
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.....					663,460
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2023.		0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		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......			0
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 ..........					350,427
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

Form 990-PF (2023)

Page 10

Part XIII

Private Operating Foundations (see instructions and Part VI-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 2023, enter the date of the ruling ...... right arrow

b Check box to indicate whether the organization is a private operating foundation described in section 4942(j)(3) or4942(j)(5)

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

Part XIV

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 right arrow

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions

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 (2023)

Page 11

Part XIV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
UNIVERSITY OF MINNESOTA FOUNDATION 200 OAK STREET SE MINNEAPOLIS,MN55455	NONE	PC	GENERAL OPERATING	856,037
Total ................................. 3a				856,037

bApproved for future payment

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

Form 990-PF (2023)

Page 12

Part XV-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities ....			14	497,969
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	211,548
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aOTHER INCOME			1	1,181
bFEDERAL TAX REFUND			1	2,107
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..				712,805

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

712,805

(See worksheet in line 13 instructions to verify calculations.)

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XV-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 (2023)

Page 13

Part XVI

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Yes

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

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

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........Yes No

If "Yes," complete the following schedule.

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

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

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

Form 990-PF (2023)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

Name of Bond	End of Year Book Value	End of Year Fair Market Value
48132WYZ6 JPM 24M MXEA 2X LBR
17330YA59 CITIGROUP GLOBAL MTN
48133NF37 JPMORGAN CHASE LLC M

Name of Stock	End of Year Book Value	End of Year Fair Market Value
931142103 WAL MART STORES INC
641069406 NESTLE SA SPONSORED
502117203 LOREAL UNSPON A D R
45104G104 ICICI BANK LTD A D R
87155N109 SYMRISE AG UNSPON A
54338V101 LONZA GROUP AG UNSPO
56585A102 MARATHON PETROLEUM C
893641100 TRANSDIGM GROUP INC
882508104 TEXAS INSTRUMENTS IN
771195104 ROCHE HOLDINGS LTD S
808513105 SCHWAB CHARLES CORP
012653101 ALBEMARLE CORP
81762P102 SERVICENOW INC
G6095L109 APTIV PLC
H1467J104 CHUBB LTD
17275R102 CISCO SYSTEMS INC
02079K305 ALPHABET INC CL A
437076102 HOME DEPOT INC
237545108 DASSAULT SYSTEMES SA
30303M102 FACEBOOK INC A
15135B101 CENTENE CORP COM
09247X101 BLACKROCK INC
438516106 HONEYWELL INTERNATIO
92826C839 VISA INC
009126202 AIR LIQUIDE S A A D
307305102 FANUC CORPORATION A
28176E108 EDWARDS LIFESCIENCES
874039100 TAIWAN SEMICONDUCTOR
501173207 KUBOTA LTD A D R
23304Y100 DBS GROUP HLDGS LTD
049255706 ATLAS COPCO AB SPONS
83569C102 SONOVA HOLDING UNSPO
02319V103 AMBEV SA SPN A D R
N97284108 YANDEX NV
500458401 KOMATSU LTD SPONS A
87184P109 SYSMEX CORP UNSPON A
001317205 AIA GROUP LTD ADR
57636Q104 MASTERCARD INC
70450Y103 PAYPAL HOLDINGS INC
78409V104 S P GLOBAL INC
375558103 GILEAD SCIENCES INC
G1151C101 ACCENTURE PLC CL A
803054204 SAP SE SPONSORED A D
670108109 NOVOZYMES A S UNSPON
015393101 ALFA LAVAL AB A D R
594918104 MICROSOFT CORP
03027X100 AMERICAN TOWER CORP
023135106 AMAZON.COM INC
05946K101 BANCO BILBAO VIZCAYA
G5494J103 LINDE PLC
037833100 APPLE INC
060505104 BANK OF AMERICA CORP
22160K105 COSTCO WHSL CORP
91324P102 UNITED HEALTH GROUP
46625H100 J P MORGAN CHASE CO
20030N101 COMCAST CORP CL A
136375102 CANADIAN NATL RAILWA
344419106 FOMENTO ECONOMICO ME
45662N103 INFINEON TECHNOLOGIE
40415F101 HDFC BANK LTD A D R
767204100 RIO TINTO PLC A D R
29429L105 EPIROC AB UNSP A D R
90460M204 UNI CHARM CORPORATIO
72341E304 PING AN INSURANCE AD
88339J105 TRADE DESK INC THE C
031162100 AMGEN INC
88032Q109 TENCENT HLDGS LTD A
002824100 ABBOTT LABORATORIES
92343V104 VERIZON COMMUNICATIO
12572Q105 CME GROUP INC
620076307 MOTOROLA SOLUTIONS I
171269103 CHUGAI PHARMACEUTIC
80687P106 SCHNEIDER ELECT SE U
87612E106 TARGET CORP
H01301128 ALCON INC
855244109 STARBUCKS CORP
461202103 INTUIT INC
717081103 PFIZER INC
018820100 ALLIANZ SE UNSP A D
79466L302 SALESFORCE COM INC
00783V104 ADYEN NV UNSPON A D
65479L108 NITORI HLDGS CO LTD
G5960L103 MEDTRONIC PLC
824667109 SHIONOGI CO LTD UNSP
57667L107 MATCH GROUP INC NEW
217204106 COPART INC COM
65339F101 NEXTERA ENERGY INC
149123101 CATERPILLAR INC
67066G104 NVIDIA CORP
12591J207 CSPC PHARMACEUTICAL
715684106 P T TELEKOMUNIKASI I
086516101 BEST BUY CO INC
088606108 B H P BILLITON LIMIT
26876F102 ENN ENERGY HOLDINGS
40523H106 HAIER SMART HOME CO
30063P105 EXACT SCIENCES CORPO
98954M101 ZILLOW GROUP INC
G98239109 XP INC CLASS A
009066101 AIRBNB INC CL A
574599106 MASCO CORP
29362U104 ENTEGRIS INC
00724F101 ADOBE SYS INC
00971T101 AKAMAI TECHNOLOGIES
171340102 CHURCH AND DWIGHT CO
45167R104 IDEX CORP
617446448 MORGAN STANLEY
043436104 ASBURY AUTOMOTIVE GR
00287Y109 ABBVIE INC
82455C101 SHIMANO INC A D R
243537107 DECKERS OUTDOOR CORP
64110L106 NETFLIX.COM INC
159864107 CHARLES RIV LABORATO
254543101 DIODES INC
171779309 CIENA CORPORATION NE
550021109 LULULEMON ATHLETICA
29444U700 EQUINIX INC
866674104 SUN COMMUNITIES INC
70432V102 PAYCOM SOFTWARE INC
559222401 MAGNA INTL INC CL
64125C109 NEUROCRINE BIOSCIENC
879360105 TELEDYNE TECHNOLOGIE
74758T303 QUALYS INC
980228308 WOODSIDE PETROLEUM L
233802107 DAIFUKU CO LTD UNSP
216648402 COOPER COS INC
G8473T100 STERIS PLC SHS USD
78709Y105 SAIA INC
609839105 MONOLITHIC POWER SYS
56501R106 MANULIFE FINANCIAL C
761152107 RESMED INC
754730109 RAYMOND JAMES FINL I
099502106 BOOZ ALLEN HAMILTON
29084Q100 EMCOR GROUP INC
502431109 L3HARRIS TECHNOLOGIE
824841407 SHISEIDO COMPANY LIM
49338L103 KEYSIGHT TECHNOLOGIE
492089107 KERING UNSPON A D R
896239100 TRIMBLE NAV LTD COM
20825C104 CONOCOPHILLIPS
78463M107 SPS COMMERCE INC
780259305 SHELL PLC SPON A D R
95MSC2S73 LUKOIL PJSC SPON A D
235851102 DANAHER CORP
579780206 MCCORMICK CO NON VTG
73278L105 POOL CORPORATION
032654105 ANALOG DEVICES INC
592688105 METTLER-TOLEDO INTL
33616C100 FIRST REPUBLIC BANK
955306105 WEST PHARMACEUTICAL
697435105 PALO ALTO NETWORKS I
83088M102 SKYWORKS SOLUTIONS I
053611109 AVERY DENNISON CORP
90353T100 UBER TECHNOLOGIES IN
969904101 WILLIAMS SONOMA INC
007903107 ADVANCED MICRO DEVIC
169905106 CHOICE HOTELS INTL I
907818108 UNION PACIFIC CORP
609207105 MONDELEZ INTERNATION
90384S303 ULTRA SALON COSMETIC
339750101 FLOOR DECOR HOLDINGS
874054109 TAKE-TWO INTERACTIVE
G46188101 HORIZON THERAPEUTICS

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
06828M876 BARON EMERGING MARKE
74316J458 CONGRESS MID CAP GRO
19765N245 COLUMBIA DIVIDEND IN
56063J344 MAINSTAY FLOATING RA
524686524 CLEARBRIDGE INTERNAT
74440B884 PGIM TOTAL RETURN BO
464288885 ISHARES MSCI EAFE GR
03463K406 ANGEL OAK MULTI STRA
922042858 VANGUARD FTSE EMERGI
779556109 T ROWE PRICE MID CAP
149498107 CAUSEWAY EMERGING MA
78462F103 SPDR S P 500 ETF
922908553 VANGUARD REAL ESTATE
779572106 T ROWE PRICE SMALL C
741479109 PRICE T ROWE GROWTH
46090E103 INVESCO QQQ TRUST ET
78467Y107 SPDR S P MIDCAP 400
SEE ATTACHED	AT COST	16,639,479	21,017,638

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
ACCRUED INCOME		0	0
000000000 MISCELLANEOUS ENTRY	25,379	32,775	32,775

Category	Amount	Net Investment Income
FOREIGN TAXES	10,823	10,823
FEDERAL ESTIMATES - PRINCIPAL	2,424	0
FOREIGN TAXES ON NONQUALIFIED	2,139	2,139

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
OTHER MISC EXPENSES	60	0	60
STATE FILING FEE/TAX	25	0	25
ADR FEES	2,536	2,536	0