TY 2024 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	3,842,298	3,842,298
4	Dividends and interest from securities...	36,158,979	36,158,979
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		31,233,580
b	Gross sales price for all assets on line 6a 71,298,179
7	Capital gain net income (from Part IV, line 2)...		31,233,580
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........	71,234,857	71,234,857	0
	13	Compensation of officers, directors, trustees, etc.	247,480	43,270		204,210
14	Other employee salaries and wages......	43,852			43,852
15	Pension plans, employee benefits.......	6,334	1,090		5,244
16a	Legal fees (attach schedule).........	List of Attached Documents: // Content	63,355	0	0	63,355
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	57,070	22,828	0	34,242
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	1,103,031	766,028	0	337,003
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	950,000	0	0	0
19	Depreciation (attach schedule) and depletion...		0	0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......	9,970			9,970
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	50,621	0	0	50,621
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	2,531,713	833,216	0	748,497
25	Contributions, gifts, grants paid.......	59,767,042			59,767,042
26	Total expenses and disbursements. Add lines 24 and 25	62,298,755	833,216	0	60,515,539
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	8,936,102
b	Net investment income (if negative, enter -0-)		70,401,641
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.............	116,597	281,805	281,805
2	Savings and temporary cash investments.........	34,081,178	30,503,760	30,503,760
3	Accounts receivable
	Less: allowance for doubtful accounts	0	0	0
4	Pledges receivable
	Less: allowance for doubtful accounts	0	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).......	1,222,584,904	List of Attached Documents: // Content 1,412,395,066	1,412,395,066
c	Investments—corporate bonds (attach schedule).......	57,804,523	List of Attached Documents: // Content 65,372,066	65,372,066
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)..........	155,436,184	List of Attached Documents: // Content 164,785,918	164,785,918
14	Land, buildings, and equipment: basis 0
	Less: accumulated depreciation (attach schedule) 0	0		0
15	Other assets (describe )	List of Attached Documents: // Content -569	List of Attached Documents: // Content 0	List of Attached Documents: // Content 0
16	Total assets (to be completed by all filers—see the
	instructions. Also, see page 1, item I)	1,470,022,817	1,673,338,615	1,673,338,615
	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........	1,470,022,817	1,673,338,615
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).....	1,470,022,817	1,673,338,615
30	Total liabilities and net assets/fund balances (see instructions).	1,470,022,817	1,673,338,615

(e) Gross sales price	(f) Depreciation allowed (or allowable)	(h) Gain or (loss) (e) plus (f) minus (g)
a	75,700		75,700
b	53,880,818	40,133,324	13,747,494
c	17,417,361	6,975	17,410,386
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	31,233,580
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

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	978,583
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-) List of Attached Documents: // Content	2	0
3	Add lines 1 and 2...........................	3	978,583
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	978,583
6	Credits/Payments:

a	2024 estimated tax payments and 2023 overpayment credited to 2024	6a	847,047
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	580,000
d	Backup withholding erroneously withheld ..........	6d

7	Total credits and payments. Add lines 6a through 6d..............	7	1,427,047
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	448,464
11	Enter the amount of line 10 to be: Credited to 2025 estimated tax448,464	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 GILSTROM	SECRETARY (END 7/2024) 40.000	62,260	0	0
PO Box 80 Bayport,MN550031069
JOHN D PIEPEL	DIRECTOR 1.000	0	0	0
PO Box 80 Bayport,MN550031069
PETER CLEMENTS	BOARD CHAIR 1.000	0	0	0
PO Box 80 Bayport,MN550031069
DAVID M ERSPAMER	DIRECTOR (end 12/2024) 1.000	0	0	0
PO Box 80 Bayport,MN550031069
VERN J HILL	DIRECTOR 1.000	0	0	0
PO Box 80 Bayport,MN550031069
TRACEY GALOWITZ	SECRETARY (beg 8/2024) 1.000	0	0	0
PO Box 80 Bayport,MN550031069
KEITH OLSON	Vice Chair 1.000	0	0	0
PO Box 80 Bayport,MN550031069
Kim Borton	President 40.000	185,221	0	0
PO Box 80 Bayport,MN550031069


FIDELITY INVESTMENTS	INVESTMENT MANAGEMENT SERVICES	311,337
4350 BAKER RD STE 245 MINNETONKA,MN55343
THE CHARLES SCHWAB CORPORATION	INVESTMENT MANAGEMENT SERVICES	250,975
4350 BAKER RD STE 245 MINNETONKA,MN55343
FIRST STATE BANK OF BAYPORT	INVESTMENT MANAGEMENT SERVICES	202,411
950 N HIGHWAY 95 BAYPORT,MN55003
COHEN TAYLOR	EXECUTIVE SEARCH	91,150
13033 RIDGEDALE DR 139 MINNETONKA,MN55305
St Croix Valley Foundation	GRANTMAKING SERVICES	83,486
516 2ND ST SUITE 214 Hudson,WI54016

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,WI54889		PC	GENERAL OPERATING	60,000
AccessAbility Inc 360 HOOVER STREET NE Minneapolis,MN55413		PC	PROGRAM OR PROJECT	25,000
Adoray Home Health & Hospice 990 MAIN STREET BALDWIN,WI54002		PC	PROGRAM OR PROJECT	75,000
Aeon 901 N 3rd St 150 Minneapolis,MN55401		PC	GENERAL OPERATING	30,000
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	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	500,000
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	92,000
Amery Regional Medical Center 265 Griffin Street East Amery,WI54001		PC	CAPITAL CAMPAIGN	377,395
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	125,000
Animal Sanctuary of St Croix Valley dba Home for life PO Box 847 Stillwater,MN55082		PC	CAPITAL CAMPAIGN	25,000
Ann Bancroft Foundation 2356 University Ave W 404 St Paul,MN55114		PC	GENERAL OPERATING	40,000
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	38,000
Arts Partnership 345 Washington St Saint Paul,MN55102		SO I	GENERAL OPERATING	27,500
Artspace Projects Inc 250 Third Avenue North Suite 400 Minneapolis,MN55401		PC	PROGRAM OR PROJECT	1,000,000
Back On My Feet PO Box 71536 Philadelphia,PA19176		PC	GENERAL OPERATING	50,000
Basic Needs Inc of South Washington County 445 Broadway Ave 100 St Paul Park,MN55071		PC	GENERAL OPERATING	15,000
Bayport Police Department 294 N 3rd Street Bayport,MN55003		GOV	PROGRAM OR PROJECT	119,000
Bayport Public Library 582 North 4th Street Bayport,MN55003		GOV	GENERAL OPERATING	125,000
Belwin Conservancy 1553 Stagecoach Tr S Afton,MN55082		PC	CAPITAL CAMPAIGN	30,000
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	90,000
Big Brothers Big Sisters of the Greater Twin Cities 3110 Washington Avenue North Minneapolis,MN55411		PC	GENERAL OPERATING	200,000
Boys and Girls Club of the Greater Twin Cities 690 Jackson Street Saint Paul,MN55130		PC	GENERAL OPERATING	60,000
Breanna's Gift 4046 23rd Avenue South Minneapolis,MN55407		PC	GENERAL OPERATING	10,000
Bridge to Books PO Box 138 Lake Elmo,MN55042		PC	GENERAL OPERATING	30,000
Bridging 201 W 87th Street Bloomington,MN55420		PC	GENERAL OPERATING	30,000
Camp Fire Minnesota 3300 Tanadoona Drive Excelsior,MN55331		PC	GENERAL OPERATING	85,000
Can Do Canines 9440 Science Center Drive New Hope,MN55428		PC	GENERAL OPERATING	40,000
Cancer Center of Western Wisconsin 501 Hospital Rd New Richmond,WI54017		SO I	CAPITAL CAMPAIGN	1,500,000
Cancer Legal Care 3503 High Point Drive Suite 270 Oakdale,MN55128		PC	GENERAL OPERATING	75,000
Canvas Health 7066 STILLWATER BLVD N Oakdale,MN55128		PC	PROGRAM OR PROJECT	140,000
Carpenter St Croix Valley Nature Center 12805 St Croix Trail South Hastings,MN55033		EOF	GENERAL OPERATING	65,000
CASA of St Croix County Inc 1101 Carmichael Road Hudson,WI54016		PC	GENERAL OPERATING	30,000
Center for Disaster Philanthropy Inc One Thomas Circle NW Suite 700 Washington,DC20005		PC	PROGRAM OR PROJECT	500,000
Central Arizona Shelter Services (CASS) 230 S 12th Ave PHOENIX,AZ85007		PC	GENERAL OPERATING	100,000
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	50,000
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	20,000
Chicanos Por La Causa Inc 1112 E Buckeye Rd Phoenix AZ 8503 Phoenix,AZ85034		PC	GENERAL OPERATING	200,000
Children's Health Care Foundation 5901 Lincoln Dr CBC-3-FOUN Edina,MN55436		PC	PROGRAM OR PROJECT	1,000,000
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 Campus Foundation 1320 Wisconsin St Hudson,WI54016		PC	PROGRAM OR PROJECT	100,000
Citizens Against Sex Trafficking PO Box 251001 Woodury,MN55125		PC	PROGRAM OR PROJECT	15,000
Clear Lake Area Community Center Inc 560 5th St Clear Lake,WI54005		PC	CAPITAL CAMPAIGN	35,000
CommonBond Communities 1080 Montreal Avenue St Paul,MN55116		PC	CAPITAL CAMPAIGN	135,000
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 Foundation for Greater Atlanta 191 Peachtree Street NE Suite 1000 Atlanta,GA30303		PC	PROGRAM OR PROJECT	75,000
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	357,400
Como Friends 1225 Estabrook Drive Saint Paul,MN55103		PC	GENERAL OPERATING	35,000
COMPAS 450 Syndicate St N Suite 325 Saint Paul,MN55104		PC	GENERAL OPERATING	18,000
Comunidades Latinas Unidas En Servicio (CLUES) 797 E 7th Street St Paul,MN55106		PC	PROGRAM OR PROJECT	150,000
Connecting Henry Inc 162 Keys Ferry Street McDonough,GA30253		PC	GENERAL OPERATING	50,000
Conservation Corps Minnesota & Iowa 60 Plato Blvd E Ste 210 Saint Paul MN,MN55107		PC	PROGRAM OR PROJECT	30,000
Dallas Area Habitat for Humanity 2800 N Hampton Rd Dallas,TX75212		PC	GENERAL OPERATING	50,000
DARTS 1645 Marthaler Lane West St Paul,MN55118		PC	CAPITAL CAMPAIGN	47,000
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	75,000
Ecumen Point Pleasant Heights 28600 Fairway Lane Chicago,MN55013		SO II	PROGRAM OR PROJECT	125,000
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	125,000
Epilepsy Foundation of Minnesota 7760 France Ave S Suite 210 Bloomington,MN55435		PC	PROGRAM OR PROJECT	25,000
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	20,000
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	200,000
Family Pathways 6413 Oak Street North Branch,MN55056		PC	PROGRAM OR PROJECT	15,000
Family Resources Center St Croix Valley 857 Main St Baldwin,WI54002		PC	CAPITAL CAMPAIGN	150,000
FamilyMeans 1875 Northwestern Ave Stillwater,MN55082		PC	GENERAL OPERATING	550,000
FamilyWise Services 3036 University Avenue SE Minneapolis,MN55414		PC	GENERAL OPERATING	30,000
Four Oaks Family and Children's Services 5400 Kirkwood Blvd SW Cedar Rapids,IA52404		PC	GENERAL OPERATING	50,000
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	25,000
Friends of Lake Elmo's Sunfish Lake Park PO Box 241 Lake Elmo,MN55042		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
Gillette Children's Hospital Foundation 200 University Avenue East Interna St Paul,MN55101		PC	GENERAL OPERATING	1,050,000
Girl Scouts of Minnesota and Wisconsin River Valleys 400 Robert St S Saint Paul,MN55107		PC	GENERAL OPERATING	355,000
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
Hearing Health Association 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	30,000
Hope Dental Clinic 800 Minnehaha Ave E Ste 465 St Paul,MN55106		PC	GENERAL OPERATING	12,500
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	85,000
Hudson Hockey Association 1820 Hanley Rd Hudson,WI54016		PC	CAPITAL CAMPAIGN	200,000
Illusion Theater and School Inc 3754 Pleasant Avenue Ste 321W Minneapolis,MN554091277		PC	PROGRAM OR PROJECT	7,500
Independent School District No 834 - Stillwater Area Public Schools 1875 South Greeley Street Stillwater,MN55082		GOV	PROGRAM OR PROJECT	200,000
Interfaith Caregivers of Burnett County PO Box 676 Webster,WI54893		PC	PROGRAM OR PROJECT	45,000
Interfaith Caregivers of Polk County PO Box 833 St Croix Falls,WI54024		PC	GENERAL OPERATING	50,000
International Institute of Minnesota 1694 Como Avenue Saint Paul,MN55108		PC	GENERAL OPERATING	110,000
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	250,000
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	40,000
Learning Ally 20 Roszel Road Princeton,NJ08540		PC	GENERAL OPERATING	25,000
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	25,000
Living Well Disabilities Services 1168 Northland Drive Mendota,MN55120		PC	GENERAL OPERATING	25,000
Loaves & Fishes 721 Kasota Avenue SE Minneapolis,MN55414		PC	GENERAL OPERATING	15,000
Lutheran Social Services of Minnesota 2485 Como Ave St Paul,MN55108		PC	PROGRAM OR PROJECT	125,000
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	10,000,000
Mental Health Task Force of Polk County PO Box 432 St Croix Falls,WI54024		PC	GENERAL OPERATING	60,000
Merrick Community Services 1669 North Arcade Street Suite 4 St Paul,MN55106		PC	GENERAL OPERATING	42,000
Merrill Arts Center 380 Rivertown Drive Suite 200 Woodbury,MN55125		PC	GENERAL OPERATING	35,000
Metro Relief 5201 S Colony Blvd Ste 545 The Colony,TX75056		PC	PROGRAM OR PROJECT	50,000
Metropolitan Economic Development Association (MEDA) 1256 Penn Ave N Ste 4800 Minneapolis,MN55411		PC	GENERAL OPERATING	10,000
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 Assistance Council for Veterans 1000 University Avenue West Suite 1 0 St Paul,MN55104		PC	GENERAL OPERATING	30,000
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	32,500
Minnesota Children's Museum 10 W 7th Street Saint Paul,MN55102		PC	GENERAL OPERATING	50,000
Minnesota Council of Nonprofits Inc 2314 University Ave Saint Paul,MN55114		PC	GENERAL OPERATING	25,000
Minnesota Diversified Industries Inc 3501 Broadway St NE Suite 100 Minneapolis,MN55413		SO II	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	35,000
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	85,000
Minnesota Youth Symphonies 790 Cleveland Ave S Suite 203 Saint Paul,MN55116		PC	GENERAL OPERATING	20,000
Minnesota Zoo Foundation 13000 Zoo Boulevard Apple Valley,MN55057		PC	PROGRAM OR PROJECT	290,000
MN Adult & Teen Challenge 740 E 24th St Minneapolis,MN55404		PC	GENERAL OPERATING	35,000
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	65,000
MSS 900 Ocean St ST PAUL,MN55106		PC	GENERAL OPERATING	15,000
NAMI Minnesota 1919 University Ave W Suite 400 St Paul,MN55104		PC	GENERAL OPERATING	25,000
Native American Connections 3216 N 3rd Street Phoenix,AZ85012		PC	GENERAL OPERATING	150,000
New Richmond Preservation SocietyNew Richmond Heritage Center 1100 Heritage Drive New Richmond,WI54017		PC	GENERAL OPERATING	25,000
Northern Star Council Boy Scouts of America 6202 Bloomington Road Fort Snelling,MN55111		PC	GENERAL OPERATING	10,650,000
Northwoods Homeless Shelters Inc PO Box 411 Amery,WI54001		PC	GENERAL OPERATING	15,000
Open Arms Minnesota 2500 Bloomington Ave S Minneapolis,MN55404		PC	GENERAL OPERATING	30,000
Open Cupboard 8264 4th St N Oakdale,MN55128		PC	GENERAL OPERATING	140,000
Opening Doors 2100 Asbury Road Suite 8 Dubuque,IA52001		PC	GENERAL OPERATING	225,000
Operation HELP 901 4th Street Ste 214 Hudson,WI54016		PC	GENERAL OPERATING	60,000
Options for Women St Croix Valley PO Box 158 Stillwater,MN55082		PC	GENERAL OPERATING	50,000
Ordway Center For Performing Arts 345 Washington Street Saint Paul,MN55102		PC	PROGRAM OR PROJECT	300,000
Our Lady of Peace 2076 St Anthony Ave St Paul,MN55104		PC	GENERAL OPERATING	35,000
Our Neighbors' Place 122 West Johnson Street River Falls,WI54022		PC	GENERAL OPERATING	75,000
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	30,000
Philadelphia Community Farm Inc PO BOX 668 Osceola,WI54020		PC	GENERAL OPERATING	40,000
Phipps Center for the Arts 109 Locust St Hudson,WI54016		PC	GENERAL OPERATING	325,000
Polk County Historical Society & Museum 120 West Main Street PO Box 41 Balsam Lake,WI54810		PC	GENERAL OPERATING	15,000
Presbyterian Homes Foundation 2845 Hamline Ave Roseville,MN55306		PC	CAPITAL CAMPAIGN	2,600,000
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
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	2,500,000
Rhinos Foundation PO Box 689 River Falls,WI54022		PC	PROGRAM OR PROJECT	7,500
Rise Incorporated 8406 Sunset Rd NE Spring Lake Park,MN55407		PC	GENERAL OPERATING	25,000
River Valley Charities Inc PO Box 272 Hudson,WI54016		PC	GENERAL OPERATING	25,000
River Valley Riders 8362 Tamarack Village Suite 119-440 Woodbury,MN55125		PC	GENERAL OPERATING	300,000
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
Science Museum of Minnesota 120 W Kellogg Blvd St Paul,MN55102		PC	GENERAL OPERATING	60,000
Second Harvest Heartland 7101 Winnetka Avenue North Brooklyn Park,MN55428		PC	GENERAL OPERATING	300,000
Sharing and Caring Hands 525 North 7th Street Minneapolis,MN55405		PC	PROGRAM OR PROJECT	625,000
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	1,625,000
Somerset Youth Hockey Association 529 Main St Somerset,WI54025		PC	CAPITAL CAMPAIGN	250,000
Southern Crescent Habitat for Humanity PO Box 189 Jonesboro,GA30237		PC	PROGRAM OR PROJECT	200,000
Southern Crescent Technical College Foundation Inc 501 Varsity Road Griffin,GA30223		PC	PROGRAM OR PROJECT	100,000
Southern Minnesota Regional Legal Services 55 5th St E Unit 800 Saint Paul,MN55101		PC	PROGRAM OR PROJECT	25,000
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 Andrew's Community Recourse Center 900 Stillwater Road Mahtomedi,MN55115		PC	GENERAL OPERATING	25,000
St Croix Curling Center 1815 Northwestern Ave Suite 2 Stillwater,MN55082		PC	PROGRAM OR PROJECT	25,000
St Croix Family Resource Center dba the Connect Center PO Box 73 Bayport,MN55003		PC	GENERAL OPERATING	180,000
St Croix Health 235 E State Street St Croix Falls,WI54024		PC	CAPITAL CAMPAIGN	900,000
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	450,000
St Croix Valley Foundation 1830 West Hanley Suite 200 Hudson,WI54016		PC	PROGRAM OR PROJECT	375,000
St Croix Valley Habitat for Humanity 749 Ryan Drive Hudson,WI54016		PC	PROGRAM OR PROJECT	675,000
St Croix Valley Opera PO Box 2300 Stillwater,MN55082		PC	GENERAL OPERATING	77,000
St Croix Valley Restorative Services 215 North 2nd Street Suite 108 RIVER FALLS,WI54022		PC	GENERAL OPERATING	40,000
St Croix Valley Sexual Assault Response Team Inc 1200 Hosford Street Suite 203 Hudson,WI54016		PC	GENERAL OPERATING	45,000
St Mary's Health Clinics 1884 Randolph Ave Western Lot St Paul,MN55105		PC	GENERAL OPERATING	20,000
Stillwater Area Historic Newspaper Initiative 224 North Third Street Stillwater,MN55082		PC	PROGRAM OR PROJECT	45,000
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	25,000
The Bridge for Youth 1111 W 22nd Street Minneapolis,MN55405		PC	GENERAL OPERATING	30,000
The Bridge Homeless Recovery Center 1818 Corsicana St Dallas,TX75201		PC	GENERAL OPERATING	200,000
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	250,000
The James P Shannon Leadership Institute 1041 Grand Avenue Box 534 Saint Paul,MN55105		PC	GENERAL OPERATING	15,000
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	20,000
The Minneapolis Foundation 800 IDS Center 80 S 8th St Minneapolis,MN55402		PC	PROGRAM OR PROJECT	500,000
The Minnesota Opera 620 N 1st Street Minneapolis,MN55401		PC	GENERAL OPERATING	15,000
The Partnership Plan 1875 Greeley Street S Stillwater,MN55082		PC	GENERAL OPERATING	65,000
The Saint Paul Chamber Orchestra 408 Saint Peter Street Suite 300 Saint Paul,MN551021497		PC	GENERAL OPERATING	100,000
The Salvation Army Northern Division 2445 Prior Avenue Roseville,MN55113		PC	PROGRAM OR PROJECT	120,000
The Salvation Army of St Croix County 505 W 8th St New Richmond,WI54017		PC	GENERAL OPERATING	145,000
The Women's Foundation of Minnesota 105 5th Ave S Suite 525 Minneapolis,MN55401		PC	PROGRAM OR PROJECT	100,000
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	265,000
Tubman 4432 Chicago Ave South Minneapolis,MN55407		PC	GENERAL OPERATING	93,000
Turningpoint for Victims of Domestic and Sexual Violence 117 North Main Street River Falls,WI54022		PC	GENERAL OPERATING	303,000
Twin Cities Habitat for Humanity 1954 University Ave W St Paul,MN55104		PC	GENERAL OPERATING	1,000,000
Twin Cities PBS (TPT) 172 East Fourth Street St Paul,MN55101		PC	PROGRAM OR PROJECT	120,000
Two Rivers Community Land Trust PO Box 25451 Woodbury,MN55125		PC	GENERAL OPERATING	55,000
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	1,150,000
United Family Medicine DBA Riverland Community Health Center 1026 West Seventh Street St Paul,MN55102		PC	PROGRAM OR PROJECT	25,000
United Pioneer Home Inc 623 S 2nd St Luck,WI54853		PC	PROGRAM OR PROJECT	151,800
United Way of Greater Atlanta 40 Courtland Street Northeast Atlanta,GA30303		PC	PROGRAM OR PROJECT	75,000
United Way of Washington County East 1825 Curve Crest Blvd PO Box 30 Stillwater,MN55082		PC	GENERAL OPERATING	200,000
United Way St Croix Valley 201 Second Street Suite 300 Hudson,WI54016		PC	PROGRAM OR PROJECT	120,000
University of Wisconsin - River Falls Foundation 410 S 3rd Street River Falls,WI54022		PC	PROGRAM OR PROJECT	175,000
Urban Boatbuilders 2288 University Avenue W Saint Paul,MN55114		PC	GENERAL OPERATING	30,000
Vail Place 23 9th Ave S Hopkins,MN55343		PC	GENERAL OPERATING	45,000
Valley Friendship Club 6201 North Osgood Avenue Stillwater,MN55082		PC	GENERAL OPERATING	75,000
Valley Outreach 1911 Curve Crest Boulevard West Stillwater,MN55082		PC	GENERAL OPERATING	806,780
Washington County 4-H 14949 62nd St N Stillwater,MN55082		PC	PROGRAM OR PROJECT	20,000
Washington County Historical Society 1862 S Greeley Street Stillwater,MN55082		PC	GENERAL OPERATING	275,000
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	200,000
White Bear Area Food Shelf 1884 Whitaker Street White Bear Lake,MN55110		PC	GENERAL OPERATING	80,000
Wild Rivers Conservancy of the St Croix & Namekagon PO Box 938 Osceola,WI540208166		PC	GENERAL OPERATING	30,000
Wild Rivers Habitat for Humanity Inc 1357 N River Street Spooner,WI54801		PC	GENERAL OPERATING	50,000
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	325,000
Young Life 1151 Parkwood Ln Stillwater,MN55082		PC	GENERAL OPERATING	225,000
Youth Advantage Inc PO Box 11 Stillwater,MN55082		PC	GENERAL OPERATING	100,000
Youth Services Bureau Inc 6120 Oren Avenue N Stillwater,MN55082		PC	GENERAL OPERATING	85,000
YWCA St Paul 375 Selby Avenue St Paul,MN55102		PC	GENERAL OPERATING	35,000
Total ................................. 3a				59,767,042

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
ACCOUNTING FEES	57,070	22,828		34,242

Name of Bond	End of Year Book Value	End of Year Fair Market Value
APPLE INC NOTE CPN	1,493,280	1,493,280
ARCHER DANIELS MIDLAND CO BOND	353,766	353,766
BERKSHIRE HATHAWAY SR NOTE CPN	2,067,765	2,067,765
BRISTOL MYERS SQUIBB CO SR NOTE CPN	486,030	486,030
CATERPILLAR INC SR NOTE CPN	1,366,620	1,366,620
CHEVRON CORP NT	1,486,215	1,486,215
CHEVRON CORP NT CALL MAKE WHOLE	440,375	440,375
COMCAST CORP NEW	486,695	486,695
COMCAST CORP NEW	964,310	964,310
CONOCO FDG CO NT CALL MAKE WHOLE	1,117,940	1,117,940
GLAXOSMITHKLINE CAP INC	270,968	270,968
HERSHEY CO NT	0	0
INTEL CORP SR NOTE	936,900	936,900
JP MORGAN CHASE & CO	2,166,406	2,166,406
MERCK & CO NT	1,497,150	1,497,150
MERCK & CO INC DEBENTURE CPN	730,583	730,583
PNC BANK SR NT	2,013,018	2,013,018
PNC FINL SVCS GROUP INC NOTE	946,280	946,280
PEPSICO INC NT	0	0
PEPSICO INC NOTE CALL MAKE WHOLE	908,320	908,320
PEPSICO INC NOTE CALL MAKE WHOLE	467,320	467,320
PROCTER & GAMBLE CO NTE	483,545	483,545
TARGET CORP NTE	949,130	949,130
TARGET CORP NOTE CALL	891,360	891,360
TARGET CORP BOND CALL MAKE WHOLE	1,086,480	1,086,480
UNITED PARCEL SVC INC SR NTE	949,380	949,380
UNITED PARCEL SVC INC SR NTE	0	0
UNITEDHEALTH GROUP NT	1,493,790	1,493,790
UNITEDHEALTH GRP INC UNSECD NTE	483,515	483,515
UNITEDHEALTH GROUP INC NOTE	850,310	850,310
VISA INC	1,435,530	1,435,530
WAL MART STORES INC	1,293,770	1,293,770
WALT DISNEY CO	0	0
APPLE INC	497,478	497,478
APPLE INC	987,052	987,052
ARCHER DANIELS M	1,842,608	1,842,608
ARCHER DANIELS	794,219	794,219
ARCHER DANIELS MI	863,446	863,446
BANK OF MONTREAL	479,148	479,148
BERKSHIRE HATHAW	886,152	886,152
BERKSHIRE HATHA	876,309	876,309
BRITSOL-MYERS SQUIB	2,445,635	2,445,635
CHEVRON CORP	985,896	985,896
COMCAST CORP	0	0
COMCAST CORP	964,297	964,297
COMCAST CORP	1,253,253	1,253,253
CONOCOPHILLIPS	1,964,620	1,964,620
JOHN DEERE CAPIT	1,364,916	1,364,916
JOHN DEERE CAPIT	0	0
JOHN DEERE CAPITA	1,589,607	1,589,607
JOHN DEERE CAPIT	2,154,231	2,154,231
JOHN DEERE CAPITA	498,307	498,307
THE HERSHEY CO	0	0
INTEL CORP	0	0
JPMORGAN CHASE	785,970	785,970
ELI LILLY AND CO	495,756	495,756
MERCK & CO	1,247,160	1,247,160
MERCK & CO., INC.	521,993	521,993
ORACLE CORP	0	0
PNC BANK, NTNL	0	0
PNC BANK, NTNL	239,732	239,732
PEPSICO	0	0
PEPSICO	1,927,420	1,927,420
PEPSICO	414,512	414,512
PRECISION CSTPA	447,343	447,343
THE PROCTER & GA	965,306	965,306
THE PROCTER & GA	1,585,988	1,585,988
TARGET CORP	949,355	949,355
UNITED PARCEL SER	1,187,498	1,187,498
UNITEDHEALTH GROUP INC	995,026	995,026
VISA INC.	957,007	957,007
WALMART INC	2,088,075	2,088,075

- TIN:

TY 2024 InvestmentsCorpStockSchedule

Name:

Fred C and Katherine B Andersen Foundation

EIN:

41-6020920

Software ID:

24020961

Software Version:

2024v5.1

Name of Stock	End of Year Book Value	End of Year Fair Market Value
GOLDMAN SACHS PHYSICAL	2,548,166	2,548,166
AGILENT TECHNOLOGIES	0	0
AMETEK INC NEW	108,156	108,156
ANSYS INC	83,995	83,995
ARES MANAGEMENT CORP	228,723	228,723
AUTODESK INC	178,524	178,524
BERKLEY W R CORP	83,859	83,859
BROOKFIELD CORP	773,047	773,047
BROOKFIELD ASSET MGM F	147,993	147,993
BROOKFIELD INFRASTRUCT F	411,983	411,983
BROOKFIELD RENEWABLE CF	117,223	117,223
BROWN & BROWN INC	519,486	519,486
BROWN FORMAN CORP	0	0
CBRE GROUP INC	383,236	383,236
CCC INTELLIGENT SOLUTION	146,461	146,461
CARMAX INC	281,418	281,418
COGNEX CORP	0	0
ENOVIS CORP	0	0
COPART INC	729,484	729,484
COSTAR GROUP INC	439,419	439,419
DOMINOS PIZZA INC	276,202	276,202
ENTEGRIS INC	47,054	47,054
FAIR ISAAC CORP	449,950	449,950
FASTENAL CO	166,975	166,975
FLOOR & DECOR HLDGS INC	46,261	46,261
GALLAGHER ARTHER INC	168,607	168,607
GARTNER INC	353,663	353,663
GRACO INC	64,145	64,145
HEICO CORP	687,938	687,938
HILTON WORLDWIDE HLD	722,943	722,943
HOWARD HUGHES CORP	0	0
HYATT HOTELS	142,067	142,067
IDEXX LABS INC	99,226	99,226
KKR & CO INC	751,235	751,235
LENNAR CORP	253,512	253,512
LIBERTY MEDIA CORP	217,936	217,936
LIBERTY MEDIA CORP	77,905	77,905
LIVE NATION ENTRTMNT	378,529	378,529
MSCI INC	316,205	316,205
MARKEL CORP	391,854	391,854
MARTIN MARIETTA MATR	368,265	368,265
MICROCHIP TECHNOLOGY	161,211	161,211
MOODYS CORP	107,455	107,455
O REILLY AUTOMOTIVE	649,818	649,818
PERIMETER SOLUTIONS	57,970	57,970
PROCURE TECHNOLOGIES INC	85,120	85,120
PROGRESSIVE CO OHIO	161,737	161,737
ROPER TECHNOLOGIES	372,732	372,732
ROSS STORES INC	96,056	96,056
RYAN SPECIALTY HOLDINGS	44,848	44,848
S B A COMMUNICATIONS	50,542	50,542
SHERWIN WILLIAMS CO	0	0
SUMMIT MATERIALS INC	0	0
TRANSDIGM GROUP INC	747,695	747,695
TYLER TECHNOLOGIES	301,006	301,006
VAIL RESORTS INC	122,030	122,030
VEEVA SYS INC	262,392	262,392
VERALTO CORP	37,685	37,685
VERISIGN INC	48,636	48,636
VERISK ANALYTICS INC	101,358	101,358
VULCAN MATERIALS COM	548,414	548,414
WASTE CONNECTIONS INC	136,578	136,578
WATERS CORP	118,343	118,343
AON PLC	0	0
ARCH CAP GROUP LTD	309,834	309,834
PERIMETER SOLUTIONS SA	0	0
WIX COM LTD	79,598	79,598
FIDELITY MSCI REAL	1,627,658	1,627,658
ABACUS LIFE INC	4,972	4,972
ACADIA HEALTHCARE CO INC	11,895	11,895
ADAPT HEALTH CORP	8,140	8,140
ADAPTIVE BIOTECHNOLOGIES	0	0
ADDUS HOMECARE CORP	33,845	33,845
AGILYSYS INC	34,376	34,376
ALLEGRO MICROSYSTEMS INC	39,654	39,654
AMERICAN EAGLE OUTFITTER	24,855	24,855
AMERICAN STS WTR CO	18,264	18,264
AMERIS BANCORP	46,677	46,677
ARRAY TECHNOLOGIES INC	0	0
AXSOME THERAPEUTICS INC.	13,791	13,791
B J S WHOLESALE CLUB HOL	43,335	43,335
BELLRING BRANDS INC	26,595	26,595
BLOOMIN BRANDS INC	0	0
BRIDGEBIO PHARMA INC	22,693	22,693
BICYCLE THERAPEUTICS P F	5,222	5,222
CAESARS ENTMT INC NEW	23,427	23,427
CALERES INC	29,066	29,066
CASTLE BIOSCIENCES INC	31,847	31,847
CHAMPIONX CORP	30,589	30,589
CNO FINL GROUP	37,843	37,843
C V B FINL CORP	0	0
CHART INDUSTRIES INC	98,473	98,473
CIVITAS RES INC	31,237	31,237
CLEARWATER ANALYTICS HLD	30,932	30,932
COLLEGIUM PHARMACEUTICAL	34,581	34,581
COMMERCIAL METALS CO	54,709	54,709
CONCENTRIX	0	0
COUSINS PPTYS INC	36,278	36,278
CREDO TECHNOLOGY GROUP F	82,601	82,601
CROSS CNTRY HEALTHCA	0	0
CURTISS WRIGHT CORP	54,650	54,650
DARLING INGREDIENTS	29,479	29,479
DENALI THERAPEUTICS I N	19,096	19,096
DIGITALOCEAN HLDGS INC	24,735	24,735
DOUBLEVERIFY HLDGS INC	22,437	22,437
DYCOM INDUSTRIES INC	66,491	66,491
ENCORE CAPITAL GROUP	0	0
ENERSYS	45,013	45,013
ENTEGRIS INC	30,907	30,907
EXACT SCIENCES CORPORATI	38,546	38,546
EXLSERVICE HOLDINGS	0	0
FABRINET	18,910	18,910
FIRST INDL RLTY TR INC	42,260	42,260
FIRST MERCHANTS CORP	36,300	36,300
FLYWIRE CORP	0	0
F N B CORP PA	45,892	45,892
FORESTAR GROUP INC	6,039	6,039
GRAPHIC PACKAGING HL	47,231	47,231
GULFPORT ENERGY CORP	16,946	16,946
HANOVER INSURANCE	0	0
HELIX ENERGY SOLUTIONS G	7,493	7,493
HURON CONSULTING GRP	43,988	43,988
I C F INTERNTNL	0	0
IMMUNOCORE HLDGS PLC F	12,892	12,892
IMMUNOGEN INC	0	0
IMMUNOVANT INC	17,810	17,810
INSMED INC	100,591	100,591
INTRA-CELLULAR THERA	37,835	37,835
IOVANCE BIOTHERAPEUTICS	23,044	23,044
JAMF HOLDING CORP	16,101	16,101
JANUS HENDERSON GP F	55,969	55,969
JFROG LTD	40,409	40,409
LAZARD INC	65,791	65,791
LIFE TIME GROUP HLDGS IN	44,373	44,373
LIFESTANCE HEALTH GROUP	23,842	23,842
LINCOLN NTNL CO	47,628	47,628
LINDBLAD EXPEDITIONS HOL	14,671	14,671
LIVENT CORP	0	0
LOUISIANA-PAC CORP	23,609	23,609
LULUS FASHION LOUNGE HOL	1,932	1,932
MAREX GROUP PLC	13,621	13,621
MODINE MANUFACTURING	78,832	78,832
MOELIS & CO	0	0
MUELLER WATER PRODUCTS	51,908	51,908
MYR GROUP INC	47,160	47,160
NATERA INC	85,165	85,165
NEVRO CORP	0	0
NEWMARK GROUP INC	28,272	28,272
NORTHERN OIL AND GAS	0	0
NTNL BK HLDGS CORP	18,128	18,128
CHORD ENERGY CORP	31,101	31,101
OLINK HOLDING AB F	0	0
ONEMAIN HLDGS INC	25,127	25,127
PATTERSON UTI ENERGY	21,137	21,137
PARSONS CORP DEL	54,520	54,520
PERFORMANCE FOOD GROUP C	64,765	64,765
PETCO HEALTH & WELLNESS	0	0
PIEDMONT LITHIUM LTD	0	0
PINNACLE FINL PARTNR	51,476	51,476
POPULAR INC	88,510	88,510
PORTILLOS INC	0	0
PORTLAND GENERL ELEC	46,368	46,368
PRIVIA HEALTH GROUP INC	44,496	44,496
PROGRESS SOFTWARE CO	47,755	47,755
PROGYNY INC	0	0
PVH CORP	43,146	43,146
QUANEX BLDG PRODS CORP	32,288	32,288
RADNET INC	53,637	53,637
REGAL REXNORD CORP	56,467	56,467
REMITLY GLOBAL INC	33,223	33,223
REVANCE THERAPEUTICS	0	0
SERVICETITAN INC	20,265	20,265
SITIME CORP	46,982	46,982
SONDER HLDGS INC	0	0
SOPHIA GENETICS SA F	1,673	1,673
SOUTHWEST GAS HOLDINGS I	50,770	50,770
SPROUT SOCIAL INC	29,175	29,175
SPRINGWORKS THERAPEUTICS	35,263	35,263
SPX TECHNOLOGIES INC	44,529	44,529
STERLING INFRASTRUCTURE	43,629	43,629
STIFEL FINL CO	54,525	54,525
STIFEL FINL CO	0	0
STRIDE INC	48,535	48,535
STRUCTURE THERAPEUTICS F	16,625	16,625
SUMMIT MATERIALS INC	46,957	46,957
SUN COUNTRY AIRLS HOLDIN	0	0
SUPER MICRO COMPUTER	0	0
TAYLOR MORRISON HOME	72,350	72,350
TD SYNNEX CORP	38,702	38,702
TKO GROUP HLDGS INC	112,835	112,835
UMB FINL CORP	76,406	76,406
UNITED COMMUNITY BKS	0	0
VARONIS SYS INC	69,089	69,089
VAXCYTE INC	17,845	17,845
VERRA MOBILITY CORP	34,771	34,771
VERTEX INC	23,474	23,474
VIKING THERAPEUTICS INC	21,609	21,609
VISHAY INTERTECH	27,782	27,782
VITAL FARMS INC	33,657	33,657
WEBSTER FINL CO	33,463	33,463
WESCO INTERNTNL	61,345	61,345
WINTRUST FINL	52,503	52,503
WORLD KINECT CORP	22,723	22,723
ZURN ELKAY WATER SOLUTIO	51,101	51,101
AXIS CAPITAL HOLDINGS	20,028	20,028
ESSENT GROUP LTD F	32,065	32,065
VALARIS LTD F	0	0
TEEKAY TANKERS LTD. F	28,609	28,609
ABB LTD	94,637	94,637
AIA GROUP LTD	0	0
ADYEN NV	0	0
AIR LIQUIDE	0	0
ALFA LAVAL	0	0
ALLIANZ SE	0	0
AMBEY S A	0	0
ARGENX SE	126,690	126,690
ASICS CORP	46,212	46,212
ASSA ABLOY AB F	0	0
ASTRAZENECA PLC	187,060	187,060
ATLAS COPCO AB	108,120	108,120
BANCO BILBOA VIZCAYA A F	100,524	100,524
BHP GROUP LTD	0	0
BIONTECH SE F	0	0
BRAMBLES LTD	84,255	84,255
CANADIAN NATL RAILWY	0	0
CANADIAN PACIFIC KANSA F	168,405	168,405
CHUGAI PHARMACEUTICALS	0	0
COMPASS GROUP PLC	131,673	131,673
DBS GROUP HOLDINGS LIM	0	0
DAIFUKU CO LTD	0	0
DASSAULT SYSTEM SA	0	0
DANONE	131,449	131,449
DEUTSCHE BOERSE	120,710	120,710
DEUTSCHE TELEKOM AG	150,175	150,175
EDP-ENERGIAS DE PORTUG F	103,877	103,877
ENN ENERGY HOLDINGS	0	0
EPIROC AKTIEBOLAG	0	0
FOMENTO ECONOMICO MEXI	0	0
GENMAB A/S F	0	0
GIVAUDAN SA	99,355	99,355
HDFC BANK LTD	112,457	112,457
HAIER SMART HOME CO LT	0	0
HALEON PLC F	65,979	65,979
HERMES INTL SCA	63,343	63,343
HOYA CORP	129,704	129,704
ICICI BANK LTD	0	0
INFINEON TECH AG	0	0
INDUSTRIA DE DISENO TE F	232,753	232,753
INTESA SANPAOLO S P A	154,971	154,971
KOMATSU LTD	0	0
LOREAL SA	109,347	109,347
LVMH MOET HENNESSY LOU F	124,286	124,286
LENOVO GROUP LTD	51,603	51,603
LLOYDS BANKING GROUP P F	115,891	115,891
LONDON STK EXCHANGE GR F	233,841	233,841
MANULIFE FINL	0	0
MITSUBISHI UFJ FINL GR F	66,335	66,335
MONOTARO CO LTD	22,232	22,232
NESTLE SA	0	0
NITORI HLDGS CO LTD	0	0
NOMURA RESH INST LTD	50,357	50,357
NOVO-NORDISK A S	241,372	241,372
NOVOZYMES AS	0	0
OLYMPUS CORP	95,232	95,232
TELEKOMINIK INDONESIA	0	0
PING AN INSURNCE GP	0	0
PUBLICIS S A NEW	85,267	85,267
RELX PLC	154,383	154,383
RIO TINTO PLC	0	0
ROCHE HLDG AG	0	0
SHELL PLC	0	0
SAFRAN	87,854	87,854
SAP SE	248,672	248,672
SEA LTD	119,999	119,999
SCHNEIDER ELECTRIC SA	145,594	145,594
SHIMANO INC 00500 F	0	0
SHIONOGI & CO LTD	0	0
SHISEIDO LTD	0	0
SHOPIFY INC	122,386	122,386
SMC CORP JAPAN	67,559	67,559
SONY GROUP CORP F	181,680	181,680
SONOVA HOLDING A G	0	0
STRAUMANN HLDG AG	64,142	64,142
SYMRISE AG	0	0
SYSMEX CORP	0	0
TAIWAN SEMICONDUCTR	100,917	100,917
TENCENT HOLDINGS	0	0
TERUMO CORP	64,350	64,350
THOMSON REUTERS CORP	115,794	115,794
3I GROUP PLC	64,274	64,274
TOKIO MARINE HLDGS INC F	102,369	102,369
TOKYO ELECTRON LTD	127,050	127,050
UCB SA	47,349	47,349
UNICHARM CORP	0	0
UNILEVER PLC	127,065	127,065
CREDICORP LTD F	0	0
LINDE PLC	102,993	102,993
XP INC.	0	0
ALCON INC	43,294	43,294
ZAI LAB LTD	15,007	15,007
CRH PUBLIC LIMITED CO	136,189	136,189
ICON PLC	88,917	88,917
SPOTIFY TECHNOLOGY S A F	59,949	59,949
CHECK POINT SOFTWARE T F	51,343	51,343
ASML HLDG N V	172,577	172,577
FERRARI N V NEW	114,282	114,282
ABB LTD	133,040	133,040
AIA GROUP LTD	77,007	77,007
ADVANTEST CORP	0	0
ADIDAS AG	88,040	88,040
AIR LIQUIDE	126,936	126,936
AIRBUS SE	0	0
AKZO NOBEL N V IAM COM	0	0
ASICS CORP	60,547	60,547
ASTRAZENECA PLC	77,248	77,248
BP PLC	0	0
BANDAI NAMCO HLDGS INC	0	0
BANKINTER SA	49,157	49,157
BUREAU VERITAS SA	90,661	90,661
CAPGEMINI S E F	91,829	91,829
CARLSBERG AS	0	0
COMPAGNIE FINANCIERE R F	105,228	105,228
COMPASS GROUP	119,547	119,547
CONTINENTAL AG HANNOVE	31,979	31,979
COVESTRO AG F	0	0
CRODA INTL PLC	42,821	42,821
DBS GROUP HOLDINGS IM	67,605	67,605
DAIKIN INDUSTRIES	0	0
DAIWA HOUSE IND LTD	0	0
DIPLOMA PLC	86,016	86,016
DISCO CORP	32,229	32,229
DSV A/S	37,064	37,064
ENGIE SA	0	0
EPIROC AKTIEBOLAG	69,388	69,388
EXPERIAN PLC F	88,067	88,067
FANUC LTD JAPAN F	71,355	71,355
GILDAN ACTIVEWEAR F	92,077	92,077
HSBC HLDGS PLC	0	0
HALMA PLC F	75,213	75,213
HENKEL AG&CO KGAA	0	0
HEXAGON AB	26,019	26,019
HOYA CORP	82,832	82,832
IMCD GROUP N V	74,938	74,938
ING GROEP ADR REP 1 OR F	85,182	85,182
JAMES HARDIE INDS PLC	47,756	47,756
KBC GROUP NV F	84,815	84,815
KAO CORP	37,450	37,450
LEGRAND SA	0	0
LONDON STOCK EXCHANGE F	87,155	87,155
MERCK KGAA	0	0
MITSUI FUDOSAN CO LTD	58,462	58,462
MIZUHO FINL GROUP INC	127,155	127,155
MTU AERO ENGINES HOLDI	105,870	105,870
NIPPON SANSO HLDGS COR F	74,159	74,159
NITORI HLDGS CO LTD	68,672	68,672
NOMURA RESEARCH IND	62,462	62,462
NORDEA BANK AB	39,411	39,411
NOVO-NORDISK AS VORMAL F	149,245	149,245
PERNOD RICARD S A	0	0
PUMA SE	39,352	39,352
RECRUIT CO., LTD. F	55,489	55,489
RELX PLC	203,118	203,118
ROCHE HLDG AG	0	0
RENESAS ELECTRS CO F	32,593	32,593
RYANAIR HLDGS PLC	81,731	81,731
SAMPO OYJ	74,139	74,139
SANDVIK AB	0	0
SAP SE F	81,249	81,249
SHIN ETSU CHEMICAL CO F	61,289	61,289
SIEMENS HEALTHINEERS	101,127	101,127
SUNCOR ENERGY INC	75,499	75,499
SUZUKI MOTOR CO LTD	58,539	58,539
SYMRISE AG	61,535	61,535
TECHTRONIC INDS LTD	76,501	76,501
THALES SA	78,139	78,139
3I GROUP PLC	56,590	56,590
TOKYO ELECTRON LTD	71,036	71,036
UNILEVER PLC	201,625	201,625
UNIVERSAL MUSIC GROUP	76,471	76,471
VAT GROUP DG	24,078	24,078
VONOVIA SE	0	0
ZOZO INC	0	0
AON PLC F	161,263	161,263
CRH PUBLIC LIMITED CO	38,211	38,211
COCA-COLA EUROPACIFIC F	0	0
ICON PLC	59,767	59,767
CHUBB LTD F	65,759	65,759
ASM INTERNTNL N V F	35,856	35,856
ASML HOLDING N V F	120,596	120,596
ANDERSEN STOCK	1,336,464,484	1,336,464,484
AIR PRODUCTS AND CHEMICALS, INC	741,052	741,052
ALPHABET INC CLASS C	911,446	911,446
ALCON INC	626,234	626,234
AMDOCS LTD	764,302	764,302
ACCENTURE PLC	761,625	761,625
AMETEK INC	740,508	740,508
AMPHENOL CORP CLASS A COM	0	0
ANALOG DEVICES INC COM	0	0
AUTOMATIC DATA PROCESSING INC	802,666	802,666
AVERY DENNISON CORP COM	597,693	597,693
ARTHUR J GALLAGHER & COMPANY	684,079	684,079
BECTON, DICKINSON & CO.	662,914	662,914
BOSTON SCIENTIFIC CORP	810,400	810,400
BROADRIDGE FINANCIAL SOLUTIONS INC	785,437	785,437
BROWN & BROWN INC	708,121	708,121
CACI INTERNATIONAL INC. CLASS A	650,537	650,537
CARLISLE COMPANIES, INC	609,693	609,693
CENTENE CORP	0	0
COLUMBIA SPORTSWEAR COMPANY	0	0
CURTISS-WRIGHT CORP	861,269	861,269
DARDEN RESTAURANTS INC	838,985	838,985
DOLLAR GENERAL CORP NEW	0	0
DECKERS OUTDOOR CORP	990,673	990,673
EMCOR GROUP INC COM	817,474	817,474
FACTSET RESEARCH SYSTEMS	827,042	827,042
EATON CORPORATION PLC	835,649	835,649
FIRST REPUBLIC BANK SAN FRANCISCO	0	0
FISERV INV	859,683	859,683
FORTUNE BRANDS HOME & SECURITY INC	0	0
FORWARD AIR CORP	0	0
FRANKLIN ELECTRIC CO INC	680,493	680,493
FTI CONSULTING INC	628,244	628,244
GENPACT LIMITED	0	0
GENERAL DYNAMICS CORP	629,214	629,214
GRACO INC	716,971	716,971
GRAINGER W W INC	782,105	782,105
HONEYWELL INTERNATIONAL INC	814,108	814,108
HUNT J.B. TRANSPORT EXCHANGE INC COM	0	0
ICON PLC ORD EUR	537,487	537,487
ITT INC COM	715,257	715,257
INGERSOLL RAND INC COM	696,723	696,723
INTERCONTINENTAL EXCHANGE INC	662,945	662,945
IQVIA HOLDINGS INC	618,417	618,417
JACOBS SOLUTIONS INC	702,440	702,440
LEIDOS HOLDINGS INC	682,268	682,268
MARSH & MCLENNAN COS. INC	703,077	703,077
MEDTRONIC PLC	0	0
NVENT ELECTRIC PLC COM	799,040	799,040
PARKER-HANNIFIN CORP	841,468	841,468
PRIMERICA INC	772,190	772,190
RB GLOBAL INC COM	780,046	780,046
REPUBLIC SERVICES INC	737,526	737,526
ROPER TECHNOLOGIES INC	679,444	679,444
SAIA INC	791,147	791,147
SS&C TECHNOLOGIES HOLDINGS INC	744,766	744,766
STERIS PLC ORD USD	641,553	641,553
STRYKER CORP	717,580	717,580
TELEDYNE TECHNOLOGIES INC	811,763	811,763
TEXAS INSTRUMENTS INC	0	0
TEXAS ROADHOUSE INC CLASS A	743,372	743,372
THE CIGNA GROUP COM	555,041	555,041
TJX COMPANIES INC	775,963	775,963
TORO COMPANY	698,312	698,312
TRACTOR SUPPLY CO	678,107	678,107
TTEC HOLDINGS, INC	0	0
ULTA BEAUTY INC	0	0
UNION PACIFIC CORP	691,873	691,873
UNITEDHEALTH GROUP INC	605,009	605,009
VISA INC	794,841	794,841
WATSCO INC CL A	708,466	708,466

(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	CAPITAL GAINS DIVIDENDS
b	PUBLICLY TRADED SECURITIES
c	ANDERSEN CORPORATION CAPITAL GAIN ON SALE OF STOCK	D
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	75,700
b		0	13,747,494
c		0	17,410,386
d
e

		(a) Corpus	(b) Years prior to 2023	(c) 2023	(d) 2024
1 Distributable amount for 2024 from Part X, line 7					74,044,086
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only.......				58,563,053
b Total for prior years:20 , 20, 2020			0
3 Excess distributions carryover, if any, to 2024:
a From 2019......	0
b From 2020......	0
c From 2021......	0
d From 2022......	0
e From 2023......	0
f Total of lines 3a through e ........		0
4Qualifying distributions for 2024 from Part
XI, line 4: $ 60,515,539
a Applied to 2023, but not more than line 2a				58,563,053
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 2024 distributable amount.....					1,952,486
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2024.					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 2023. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2024. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2025 ..........					72,091,600
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 2019 not applied on line 5 or line 7 (see instructions) ...		0
9 Excess distributions carryover to 2025. Subtract lines 7 and 8 from line 6a ......		0
10 Analysis of line 9:
a Excess from 2020....	0
b Excess from 2021....	0
c Excess from 2022....	0
d Excess from 2023....	0
e Excess from 2024....	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) 2024	(b) 2023	(c) 2022	(d) 2021	(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	3,842,298
4 Dividends and interest from securities ....			14	36,158,979
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	31,233,580
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		71,234,857	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.............	116,597	281,805	281,805
	2	Savings and temporary cash investments.........	34,081,178	30,503,760	30,503,760
	3	Accounts receivable
		Less: allowance for doubtful accounts	0	0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts	0	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).......	1,222,584,904	List of Attached Documents: // Content 1,412,395,066	1,412,395,066
	c	Investments—corporate bonds (attach schedule).......	57,804,523	List of Attached Documents: // Content 65,372,066	65,372,066
	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)..........	155,436,184	List of Attached Documents: // Content 164,785,918	164,785,918
	14	Land, buildings, and equipment: basis 0
		Less: accumulated depreciation (attach schedule) 0	0		0
	15	Other assets (describe )	List of Attached Documents: // Content -569	List of Attached Documents: // Content 0	List of Attached Documents: // Content 0
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	1,470,022,817	1,673,338,615	1,673,338,615
	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........	1,470,022,817	1,673,338,615
	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).....	1,470,022,817	1,673,338,615
	30	Total liabilities and net assets/fund balances (see instructions).	1,470,022,817	1,673,338,615


(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
FIDELITY INVESTMENTS	INVESTMENT MANAGEMENT SERVICES	311,337
4350 BAKER RD STE 245 MINNETONKA,MN55343	INVESTMENT MANAGEMENT SERVICES	311,337
THE CHARLES SCHWAB CORPORATION	INVESTMENT MANAGEMENT SERVICES	250,975
4350 BAKER RD STE 245 MINNETONKA,MN55343	INVESTMENT MANAGEMENT SERVICES	250,975
FIRST STATE BANK OF BAYPORT	INVESTMENT MANAGEMENT SERVICES	202,411
950 N HIGHWAY 95 BAYPORT,MN55003	INVESTMENT MANAGEMENT SERVICES	202,411
COHEN TAYLOR	EXECUTIVE SEARCH	91,150
13033 RIDGEDALE DR 139 MINNETONKA,MN55305	EXECUTIVE SEARCH	91,150
St Croix Valley Foundation	GRANTMAKING SERVICES	83,486
516 2ND ST SUITE 214 Hudson,WI54016	GRANTMAKING SERVICES	83,486

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	64,814	64,814
MIRION TECHNOLOGI 27 WTF	FMV	0	0
LADDER CAP CORP	FMV	16,763	16,763
PEBBLEBROOK HOTEL TR	FMV	0	0
GQG PARTNERS EMRG MKTS	FMV	5,536,618	5,536,618
JPMORGAN HEDGED EQUITY I	FMV	11,003,152	11,003,152
COHEN & STEERS REAL	FMV	1,721,182	1,721,182
VANGUARD TOTAL STOCK MKT	FMV	4,169,261	4,169,261
AMERICAN FUNDS U.S. GOV MONEY MRKT CL F2	FMV	200,550	200,550
Driehaus Emerging Mkts Growth	FMV	5,946,120	5,946,120
T Rowe Price International Discovery Fund Class I	FMV	4,464,382	4,464,382
Vanguard Developed Markets Index Fund Admiral Shares (0127)	FMV	16,677,228	16,677,228
Vanguard Mid-Cap Index Fund Admiral Shares (5859)	FMV	17,843,510	17,843,510
Vanguard Total Stock Market Index Fund Institutional Shares (855)	FMV	36,591,361	36,591,361
Dodge & Cox Income Fund	FMV	9,056,472	9,056,472
Federated Instl High Yield Bond Fd (900)	FMV	6,029,977	6,029,977
FIDELITY US BOND INDEX FUND INST PREM CLASS	FMV	21,261,330	21,261,330
Vanguard Intermediate-Term Treasury Fund Admiral Shares (535)	FMV	8,947,372	8,947,372
ISHARES S&P GLOBAL TECHNOLOGY SECTOR	FMV	2,283,250	2,283,250
ISHARES GLOBAL ENERGY ETF	FMV	0	0
ISHARES TR GLB INGRASTR ETF	FMV	478,480	478,480
ISHARES TR EAFE VALUE ETF	FMV	4,775,242	4,775,242
ISHARES TR EAFE GROWTH ETF	FMV	4,192,836	4,192,836
ISHARES INC CORE MSCI EMERGING MKTS	FMV	940,273	940,273
ISHARES MSCI EMR MRK EX CHNA	FMV	2,536,338	2,536,338
REXFORD INDL REALTY	FMV	49,407	49,407

Description	Revenue and Expenses per Books	Disbursements for Charitable Purposes
Information Technology COSTS	42,922	42,922
Office Supplies AND EXPENSES	4,183	4,183
Insurance EXPENSES	3,491	3,491
MN ATTORNEY GENERAL FILING FEES	25	25

Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES	764,723	764,723	0
MANAGEMENT CONSULTING FEES	195,328	1,305	194,023
GRANTS MANAGEMENT FEES	142,211	0	142,211
PAYROLL PROCESSING FEES	769	0	769

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.)