TY 2025 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.
Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0047

2025

Open to Public Inspection

For calendar year 2025, or tax year beginning 01 - 01 2025, and ending 12 - 31, 20 25

Name of foundation
JOHN LARSEN FOUNDATION MNG AGY (PLG)

Number and street (or P.O. box number if mail is not delivered to street address) PO BOX 64193
Room/suite

City or town
EAGAN

State or province
MN

Country

ZIP or foreign postal code
55164

A Employer identification number

41-1715465

B Telephone number (see instructions)

8882657962

C If exemption application is pending, check here

G Check all that apply: Initial returnInitial return of a former public charity

Address change Name change

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

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

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

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 .......

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$8,963,039J 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...	139,418		138,356
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		1,249,726
b	Gross sales price for all assets on line 6a 3,206,880
7	Capital gain net income (from Part IV, line 2)...			1,249,726
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	1,921	1,921
12	Total. Add lines 1 through 11........	1,391,065		1,390,003
13	Compensation of officers, directors, trustees, etc.
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	1,750	0	0	1,750
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	60,451	54,406		6,045
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	28,015	27		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	2,027	2		2,025
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	92,243		54,435	0	9,820
25	Contributions, gifts, grants paid.......	413,500				413,500
26	Total expenses and disbursements. Add lines 24 and 25 ................	505,743		54,435	0	423,320
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	885,322
b	Net investment income (if negative, enter -0-)			1,335,568
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2025)

Form 990-PF (2025)

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.............	50
	2	Savings and temporary cash investments.........	163,897	280,767	280,767
	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).......	1,272,048	List of Attached Documents: // Content 632,616	982,937
	c	Investments—corporate bonds (attach schedule).......	1,492,202	List of Attached Documents: // Content 1,701,711	1,749,747
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	3,277,104	List of Attached Documents: // Content 4,466,551	5,946,787
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	List of Attached Documents: // Content 613	List of Attached Documents: // Content 2,801	List of Attached Documents: // Content 2,801
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	6,205,914	7,084,446	8,963,039
	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........	6,205,914	7,084,446
	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).....	6,205,914	7,084,446
	30	Total liabilities and net assets/fund balances (see instructions).	6,205,914	7,084,446

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

6,205,914

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

885,322

Other increases not included in line 2 (itemize) Click to see attachment

List of Attached Documents:

// Content

1,558

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

7,092,794

Decreases not included in line 2 (itemize) Click to see attachment

List of Attached Documents:

// Content

8,348

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

7,084,446

Form 990-PF (2025)

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	94. HOULIHAN LOKEY INC		2018-07-19	2025-01-03
b	27. AMERICAN WOODMARK CORP			2025-01-08
c	22. FRANKLIN ELEC INC		2021-05-04	2025-01-08
d	7. BOOT BARN HOLDINGS INC		2023-12-15	2025-01-10
e	6. INTRA CELLULAR THERAPIES INC		2024-04-19	2025-01-10
	1555. KEYCORP			2025-01-13
	27. APPLIED MATERIALS INC		2019-02-26	2025-01-17
	77. ENTEGRIS INC		2022-06-10	2025-01-17
	50. PROGRESSIVE CORP		2013-03-12	2025-01-17
	20. SUMMIT MATERIALS INC CL A		2024-11-01	2025-01-22
	87. SUMMIT MATERIALS INC CL A		2021-01-06	2025-01-22
	41. INTRA CELLULAR THERAPIES INC			2025-02-06
	5. SIMPSON MFG CO INC		2024-09-24	2025-02-06
	16. SIMPSON MFG CO INC			2025-02-06
	6. INSTALLED BUILDING PRODUCTS			2025-02-12
	74. KURA ONCOLOGY INC			2025-02-12
	46. KURA ONCOLOGY INC			2025-02-12
	20. MERITAGE HOMES CORPORATION			2025-02-12
	22. WALKER & DUNLOP INC			2025-02-12
	13. CONSTRUCTION PARTNERS INC A		2023-10-06	2025-02-13
	65. FORESTAR GROUP INC			2025-02-13
	25. FORESTAR GROUP INC			2025-02-13
	15. LIMBACH HOLDINGS INC			2025-02-13
	12. MODINE MFG CO COM W/RTS ATTACHED			2025-02-13
	7. ARCELLX INC COMMON STOCK		2024-04-23	2025-02-25
	1. ARCELLX INC COMMON STOCK		2024-02-02	2025-02-25
	10. KYMERA THERAPEUTICS INC		2025-01-14	2025-02-25
	57. UPSTREAM BIO INC			2025-02-25
	7. NEWAMSTERDAM PHARMA COMPANY		2024-05-15	2025-02-25
	51. NEWAMSTERDAM PHARMA COMPANY			2025-02-25
	936. APPLE COMPUTER INC			2025-03-04
	643. MICROSOFT CORP		1911-11-11	2025-03-04
	61. VIRTU FINANCIAL INC CLASS A			2025-03-04
	17. CACTUS INC A		2024-04-18	2025-03-05
	19. CACTUS INC A			2025-03-05
	78. MAGNOLIA OIL GAS CORP			2025-03-05
	11. ALLEGHENY TECHNOLOGIES INC			2025-03-07
	1. FIBROGEN INC		1911-11-11	2025-03-07
	23. LOAR HOLDINGS INC		2024-05-06	2025-03-07
	.4444 QIAGEN NV COM SHS		2024-02-26	2025-03-07
	2. O S I SYS INC		2025-01-31	2025-03-19
	2. O S I SYS INC		2025-02-03	2025-03-20
	7. VERONA PHARMA PLC A D R		2022-09-02	2025-03-20
	12. CATALYST PHARMACEUTICAL PART		2023-03-20	2025-03-21
	5. HALOZYME THERAPEUTICS INC		2024-03-04	2025-03-25
	16. NAPCO SEC TECHNOLOGIES INC COM			2025-03-25
	1. O S I SYS INC		2024-07-16	2025-03-25
	5. VERONA PHARMA PLC A D R		2022-09-02	2025-03-25
	50. EVERUS CONSTR GROUP COM			2025-03-28
	53. HILTON GRAND VACATIONS			2025-03-28
	22. HUT 8 CORP COM		2025-01-16	2025-03-28
	72. LAZARD INC COM			2025-03-28
	19. MODINE MFG CO COM W/RTS ATTACHED		2024-03-05	2025-03-28
	34. RIGETTI COMPUTING INC COMMON STOCK		2025-01-15	2025-03-28
	27. CATALYST PHARMACEUTICAL PART		2023-03-20	2025-04-02
	63. EDGEWISE THERAPEUTICS INC			2025-04-02
	21. HALOZYME THERAPEUTICS INC			2025-04-02
	50. NAPCO SEC TECHNOLOGIES INC COM			2025-04-02
	2. O S I SYS INC		2024-07-16	2025-04-02
	17. ALKERMES PLC			2025-04-02
	28. MR COOPER GROUP INC		2024-03-28	2025-04-07
	14. PRAXIS PRECISION MEDICINES INC			2025-04-08
	19. VERONA PHARMA PLC A D R		2022-09-02	2025-04-09
	7. WINTRUST FINL CORP COM		2024-04-19	2025-04-09
	24. MERUS NV		2024-08-23	2025-04-09
	12. PRAXIS PRECISION MEDICINES INC			2025-04-10
	79. SM ENERGY CO			2025-04-11
	32. CENCORA INC		2013-03-12	2025-04-23
	38. CBRE GROUP INC		2013-03-12	2025-04-23
	43. DARDEN RESTAURANTS INC		2020-04-23	2025-04-23
	33. PROGRESSIVE CORP		2013-03-12	2025-04-23
	52. REPUBLIC SVCS INC		2013-03-12	2025-04-23
	3. VERONA PHARMA PLC A D R		2022-09-02	2025-04-24
	4. ADVANCED ENERGY INDS COM		2025-01-07	2025-04-30
	2. O S I SYS INC		2024-05-24	2025-05-01
	13. MR COOPER GROUP INC			2025-05-06
	11. HALOZYME THERAPEUTICS INC		2024-02-23	2025-05-07
	3. SOLENO THERAPEUTICS INC		2025-04-24	2025-05-08
	30. CATALYST PHARMACEUTICAL PART		2023-03-20	2025-05-09
	1. O S I SYS INC		2024-05-24	2025-05-09
	5. SOLENO THERAPEUTICS INC		2025-04-24	2025-05-09
	4. O S I SYS INC		2024-05-24	2025-05-12
	12. VERONA PHARMA PLC A D R		2022-09-02	2025-05-13
	51. ALLEGHENY TECHNOLOGIES INC			2025-05-14
	77. LEONARDO DRS INC			2025-05-14
	7. BOOT BARN HOLDINGS INC		2023-12-15	2025-05-15
	12. FTAI AVIATION LTD SHS		2025-02-06	2025-05-15
	2. O S I SYS INC		2024-05-24	2025-05-16
	19. SOUTHWEST GAS HOLDINGS INC COM		2022-08-07	2025-05-19
	16. BLUEPRINT MEDICINES CORP			2025-06-02
	7. CREDO TECHNOLOGY GROUP HOLDINGS			2025-06-02
	14. ANAPTYSBIO INC		2025-02-14	2025-06-06
	6. HALOZYME THERAPEUTICS INC			2025-06-06
	5. LIMBACH HOLDINGS INC		2024-11-19	2025-06-06
	9. SPROUTS FARMERS MARKETS INC			2025-06-06
	200000. TORONTO M T N 3.766% 6/06/25		2022-08-24	2025-06-06
	11. VERA THERAPEUTICS INC CL A		2025-06-02	2025-06-06
	1. FTAI AVIATION LTD SHS		2025-02-06	2025-06-06
	22. FTAI AVIATION LTD SHS		2024-03-18	2025-06-06
	15. PROGRESSIVE CORP		2013-03-12	2025-06-09
	16. REPUBLIC SVCS INC		2013-03-12	2025-06-09
	7. CONSTRUCTION PARTNERS INC A		2023-10-06	2025-06-10
	11. HALOZYME THERAPEUTICS INC		2024-02-22	2025-06-10
	5. LIMBACH HOLDINGS INC			2025-06-10
	14. PALOMAR HOLDINGS INC			2025-06-10
	31. SKYWARD SPECIALTY INS GROUP IN COM			2025-06-11
	1. VERONA PHARMA PLC A D R		2022-09-02	2025-06-11
	7. HALOZYME THERAPEUTICS INC		2024-02-22	2025-06-12
	2. O S I SYS INC		2024-05-24	2025-06-13
	7. VERONA PHARMA PLC A D R		2022-09-02	2025-06-13
	5. SPROUTS FARMERS MARKETS INC			2025-06-17
	20. HALOZYME THERAPEUTICS INC		2024-02-22	2025-06-20
	6. SPROUTS FARMERS MARKETS INC			2025-06-20
	11. SPROUTS FARMERS MARKETS INC		2025-03-04	2025-06-23
	15. APPLIED INDL TECHNOLOGIES INC		2025-02-06	2025-06-25
	28. INSMED INC			2025-06-25
	27. INSMED INC			2025-06-25
	138. LEONARDO DRS INC			2025-06-25
	34. TXNM ENERGY INC		2025-05-16	2025-06-25
	27. STRUCTURE THERAPEUTICS INC A D R		2025-04-30	2025-06-25
	41. WINTRUST FINL CORP COM			2025-06-25
	90. CORE SCIENTIFIC INC NEW			2025-06-26
	38. CORE SCIENTIFIC INC NEW		2024-12-04	2025-06-26
	14. HIMS HERS HEALTH INC			2025-06-26
	18. INSMED INC			2025-06-26
	10. VAXCYTE INC COM			2025-06-26
	30. VAXCYTE INC COM			2025-06-26
	49. WERNER ENTERPRISES INC		2024-07-25	2025-06-26
	12. CORE SCIENTIFIC INC NEW		2024-10-29	2025-06-27
	107. AURORA INNOVATION INC CLASS A		2025-02-13	2025-07-02
	16. PALOMAR HOLDINGS INC			2025-07-02
	11. SKYWARD SPECIALTY INS GROUP IN COM		2025-02-13	2025-07-02
	41. SKYWARD SPECIALTY INS GROUP IN COM			2025-07-02
	14. KNIFE RIV HLDG CO			2025-07-07
	3. ADVANCED ENERGY INDS COM		2023-12-15	2025-07-09
	5. BRIDGEBIO PHARMA INC		2023-07-17	2025-07-09
	2. LANTHEUS HOLDINGS INC		2024-07-29	2025-07-09
	13. VARONIS SYSTEMS INC		2020-07-09	2025-07-09
	40. VERONA PHARMA PLC A D R			2025-07-09
	17. VERONA PHARMA PLC A D R		2022-09-02	2025-07-09
	3. CREDO TECHNOLOGY GROUP HOLDINGS			2025-07-09
	1. FABRINET		2024-01-25	2025-07-09
	5. PALOMAR HOLDINGS INC		2024-10-04	2025-07-11
	14. SKYWARD SPECIALTY INS GROUP IN COM		2024-07-08	2025-07-11
	548. CHAMPIONX CORPORATION COM		2023-01-20	2025-07-16
	131. ALTIMMUNE INC		2025-06-25	2025-07-17
	104. A N S Y S INC		2013-03-12	2025-07-18
	11. A N S Y S INC		2024-07-30	2025-07-18
	883. INVESCO S P 500 EQUAL WEIGHT ETF		2024-06-18	2025-07-18
	56. CACTUS INC A			2025-07-22
	17. REV GROUP INC		2025-03-28	2025-07-22
	158. REPLIMUNE GROUP INC			2025-07-22
	40. SKYWARD SPECIALTY INS GROUP IN COM			2025-07-23
	12. SKYWARD SPECIALTY INS GROUP IN COM		2024-07-08	2025-07-23
	91. SPORTRADAR GROUP AG CLASS A ORD SHS			2025-07-23
	12. MR COOPER GROUP INC			2025-07-24
	10. MR COOPER GROUP INC		2024-04-08	2025-07-25
	.78 SCHLUMBERGER LTD		2025-07-16	2025-07-28
	7. MARZETTI COMPANY COM			2025-07-31
	.0885 SYNOPSYS INC		2013-03-12	2025-08-14
	7. INSTALLED BUILDING PRODUCTS		2024-07-10	2025-08-18
	3. FABRINET			2025-08-18
	1. FABRINET		2024-02-22	2025-08-19
	27. CHART INDUSTRIES INC			2025-08-26
	23. LANTHEUS HOLDINGS INC		2024-07-29	2025-08-26
	5. LIGAND PHARMACEUTICALS CL B		2025-07-23	2025-08-26
	4. CREDO TECHNOLOGY GROUP HOLDINGS		2024-07-10	2025-08-26
	15. DIANTHUS THERAPEUTICS INC		2025-01-06	2025-09-02
	16. MOONLAKE IMMUNOTHERAPEUTICS CLASS A			2025-09-02
	5. CREDO TECHNOLOGY GROUP HOLDINGS			2025-09-03
	18. KARMAN HLDGS INC COMMON STOCK		2025-06-06	2025-09-05
	7. CSW INDUSTRIALS INC			2025-09-09
	3. CSW INDUSTRIALS INC			2025-09-09
	8. MOONLAKE IMMUNOTHERAPEUTICS CLASS A			2025-09-10
	20. RAMBUS INC			2025-09-11
	1. PALOMAR HOLDINGS INC		2024-10-04	2025-09-12
	19. PALOMAR HOLDINGS INC		2024-08-23	2025-09-12
	22. VIRTU FINANCIAL INC CLASS A		2024-05-09	2025-09-12
	32. MAREX GROUP PLC ORD			2025-09-12
	6. ADVANCED ENERGY INDS COM			2025-09-23
	25. ALBANY INTL CORP CL A			2025-09-23
	31. ALBANY INTL CORP CL A			2025-09-23
	12. BLOOM ENERGY CORP A		2025-07-25	2025-09-23
	8. RIOT BLOCKCHAIN INC		2025-01-16	2025-09-24
	2. CREDO TECHNOLOGY GROUP HOLDINGS		2024-03-01	2025-09-24
	20. MOONLAKE IMMUNOTHERAPEUTICS CLASS A			2025-09-29
	1. PERRIGO CO PLC SHS		1911-11-11	2025-09-29
	71. RIOT BLOCKCHAIN INC			2025-09-30
	3. LIGAND PHARMACEUTICALS CL B		2025-07-23	2025-10-06
	3. RAMBUS INC		2023-05-08	2025-10-06
	26. RIOT BLOCKCHAIN INC			2025-10-06
	31. KRATOS DEFENSE & SECURITY			2025-10-09
	745. AIR LEASE CORP			2025-10-13
	178. NEXTDECADE CORP			2025-10-13
	3. RAMBUS INC		2023-05-08	2025-10-13
	20. RIOT BLOCKCHAIN INC			2025-10-13
	20. BROADRIDGE FINANCIAL SOLUTIONS INC		2021-10-20	2025-10-16
	36. CBRE GROUP INC		2013-03-12	2025-10-16
	49. D R HORTON INC		2013-03-12	2025-10-16
	558. DENTSPLY SIRONA INC			2025-10-16
	54. INTERCONTINENTAL EXCHANGE INC		2013-03-12	2025-10-16
	7. PROGRESSIVE CORP		2013-03-12	2025-10-16
	52. RAYMOND JAMES FINL INC		1911-11-11	2025-10-16
	68. STIFEL FINL CORP		2020-08-17	2025-10-16
	7. ULTRA SALON COSMETICS FRAGRANCE		2023-12-05	2025-10-16
	153. CORE SCIENTIFIC INC NEW			2025-10-20
	77. MERUS NV			2025-10-20
	3. ADVANCED ENERGY INDS COM			2025-10-23
	36. SIMPLY GOOD FOODS COMPANY		2024-11-19	2025-10-23
	69. SIMPLY GOOD FOODS COMPANY			2025-10-23
	1. ADVANCED ENERGY INDS COM		2024-06-20	2025-10-24
	10. BLOOM ENERGY CORP A			2025-10-24
	13. CORE SCIENTIFIC INC NEW		2025-07-31	2025-10-24
	3. LIGAND PHARMACEUTICALS CL B		2025-07-14	2025-10-24
	20. CORE SCIENTIFIC INC NEW			2025-10-28
	9. BOOT BARN HOLDINGS INC			2025-10-29
	3. BOOT BARN HOLDINGS INC		2023-12-15	2025-10-29
	51. CORE SCIENTIFIC INC NEW			2025-10-30
	9341.915 FIDELITY LARGE CAP GROWTH INDEX FUND		2024-06-18	2025-10-30
	26. ALTC ACQUISITION CORP COM CL A			2025-11-04
	156. ENERGY FUELS INC			2025-11-04
	7. ADVANCED ENERGY INDS COM			2025-11-05
	5. SEMTECH CORP COM		2025-01-06	2025-11-10
	2. ARGAN INC		2025-09-11	2025-11-14
	1. BLOOM ENERGY CORP A		2025-07-21	2025-11-14
	18. EDGEWISE THERAPEUTICS INC		2024-09-18	2025-11-17
	15. SCHOLAR ROCK HOLDING CORP		2024-10-11	2025-11-17
	23. VITA COCO CO INC			2025-11-17
	9. PROTAGONIST THERAPEUTICS INC			2025-11-21
	3. ADVANCED ENERGY INDS COM		2024-04-09	2025-11-25
	503. SEALED AIR CORP			2025-11-25
	16. SEMTECH CORP COM			2025-11-25
	4. CREDO TECHNOLOGY GROUP HOLDINGS		2024-03-01	2025-11-25
	18. WAVE LIFE SCIENCES PTE LTD		2025-03-05	2025-11-26
	11. WAVE LIFE SCIENCES PTE LTD		2024-10-02	2025-11-26
	2. CREDO TECHNOLOGY GROUP HOLDINGS		2024-03-01	2025-12-01
	2. O S I SYS INC			2025-12-03
	6. PROTAGONIST THERAPEUTICS INC		2024-02-01	2025-12-03
	6. PROTAGONIST THERAPEUTICS INC		2024-02-01	2025-12-04
	7. PROTAGONIST THERAPEUTICS INC			2025-12-08
	106. CATALYST PHARMACEUTICAL PART			2025-12-10
	28. IONQ INC COM			2025-12-10
	55. ALKERMES PLC			2025-12-10
	19. EDGEWISE THERAPEUTICS INC		2024-09-18	2025-12-11
	21. NEKTAR THERAPEUTICS COM NEW			2025-12-11
	14. NEKTAR THERAPEUTICS COM NEW		2025-09-24	2025-12-11
	4. PROTAGONIST THERAPEUTICS INC		2024-05-09	2025-12-11
	6. ADVANCED ENERGY INDS COM			2025-12-12
	155. AGILENT TECHNOLOGIES INC			2025-12-12
	220. AKAMAI TECHNOLOGIES COM			2025-12-12
	179. ALBEMARLE CORP			2025-12-12
	344. AMERICOLD REALTY TRUST INC		2024-12-31	2025-12-12
	473. AMERICOLD REALTY TRUST INC		2019-05-09	2025-12-12
	72. CENCORA INC		2013-03-12	2025-12-12
	72. APPLIED MATERIALS INC		2019-02-26	2025-12-12
	156. ARROW ELECTRONICS INC			2025-12-12
	54. BIO RAD LABS INC CL A			2025-12-12
	261. BOSTON PPTYS INC			2025-12-12
	77. BROADRIDGE FINANCIAL SOLUTIONS INC		2021-10-20	2025-12-12
	241. CBRE GROUP INC		2013-03-12	2025-12-12
	137. C H ROBINSON WORLDWIDE INC		2025-10-13	2025-12-12
	572. CSX CORP			2025-12-12
	692. COTERRA ENERGY INC		2020-06-22	2025-12-12
	427. CENTENE CORP COM			2025-12-12
	62. CUMMINS INC COM		2013-03-12	2025-12-12
	144. D R HORTON INC		2013-03-12	2025-12-12
	123. DARDEN RESTAURANTS INC			2025-12-12
	127. DOVER CORP			2025-12-12
	205. EAST WEST BANCORP INC		2025-04-15	2025-12-12
	177. EASTMAN CHEM CO			2025-12-12
	34. EMCOR GROUP INC		2025-11-03	2025-12-12
	53. ENTEGRIS INC		2025-05-16	2025-12-12
	255. ENTEGRIS INC			2025-12-12
	123. G A T X CORP			2025-12-12
	60. GENERAL DYNAMICS CORP COM			2025-12-12
	177. GLOBAL PAYMENTS INC			2025-12-12
	296. HELMERICH PAYNE INC		2023-01-20	2025-12-12
	23. HEXCEL CORP NEW COM		2025-05-16	2025-12-12
	341. HEXCEL CORP NEW COM			2025-12-12
	114. HOULIHAN LOKEY INC		2018-07-19	2025-12-12
	142. INTERCONTINENTAL EXCHANGE INC		2013-03-12	2025-12-12
	31. IQVIA HOLDINGS INC			2025-12-12
	121. IQVIA HOLDINGS INC		2024-08-15	2025-12-12
	148. KEYSIGHT TECHNOLOGIES INC			2025-12-12
	82. LABCORP HOLDINGS INC COM SHS			2025-12-12
	407. MASCO CORP COM			2025-12-12
	247. MURPHY OIL CORP		2023-01-20	2025-12-12
	92. PACKAGING CORP AMERICA		2015-09-01	2025-12-12
	61. PROGRESSIVE CORP		2013-03-12	2025-12-12
	161. RAYMOND JAMES FINL INC		1911-11-11	2025-12-12
	137. REINSURANCE GROUP AMERICA			2025-12-12
	128. REPUBLIC SVCS INC		2013-03-12	2025-12-12
	136. ROSS STORES INC		2024-09-24	2025-12-12
	69. SBA COMMUNICATIONS CORP			2025-12-12
	282. SCHLUMBERGER LTD		2025-07-16	2025-12-12
	9. THE SCOTTS MIRACLE GRO COMPANY		2025-04-23	2025-12-12
	351. THE SCOTTS MIRACLE GRO COMPANY			2025-12-12
	33. SKYWORKS SOLUTIONS INC COM		2025-04-23	2025-12-12
	277. SKYWORKS SOLUTIONS INC COM			2025-12-12
	71. SNAP ON INC		2013-03-12	2025-12-12
	226. STIFEL FINL CORP			2025-12-12
	39.0885 SYNOPSYS INC		2025-07-18	2025-12-12
	17.9115 SYNOPSYS INC		2013-03-12	2025-12-12
	210. SYSCO CORP			2025-12-12
	128. TJX COMPANIES INC		2013-03-12	2025-12-12
	194. TWILIO INC A		2025-10-16	2025-12-12
	47. ULTRA SALON COSMETICS FRAGRANCE			2025-12-12
	97. VERTIV HOLDINGS CO		2025-10-16	2025-12-12
	210. WEC ENERGY GROUP INC COM			2025-12-12
	164. WINTRUST FINL CORP COM		2025-01-15	2025-12-12
	131. WOODWARD INC			2025-12-12
	90. RENAISSANCE RE HOLDINGS LTD			2025-12-12
	493. SENSATA TECHNOLOGIES HOLDING			2025-12-12
	511. QIAGEN NV COM SHS			2025-12-12
	75000. VISA INC 3.150% 12/14/25		2017-01-17	2025-12-14
	5. PROTAGONIST THERAPEUTICS INC		2024-05-09	2025-12-15
	3. AXSOME THERAPEUTICS INC			2025-12-17
	1. HEALTHEQUITY INC		2025-06-17	2025-12-18
	8. HEALTHEQUITY INC			2025-12-18
	4. LIGAND PHARMACEUTICALS CL B		2025-12-11	2025-12-18
	2. O S I SYS INC		2024-06-12	2025-12-18
	9. PROTAGONIST THERAPEUTICS INC			2025-12-18
	12. PROTAGONIST THERAPEUTICS INC			2025-12-18
	14. CLEARWATER ANALYTICS HLDGS INC CL A		2025-05-08	2025-12-22
	13. CLEARWATER ANALYTICS HLDGS INC CL A		2025-05-12	2025-12-22
	304. CLEARWATER ANALYTICS HLDGS INC CL A			2025-12-22
	104. VIRTU FINANCIAL INC CLASS A			2025-12-23
	7. AXSOME THERAPEUTICS INC			2025-12-31
	28. SPS COMMERCE INC			2025-12-31
	36. VARONIS SYSTEMS INC			2025-12-31
	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
	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
	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	16,089	4,881	11,208
b	2,065	2,691	-626
c	2,085	1,899	186
d	1,091	564	527
e	572	436	136
	26,382	18,726	7,656
	5,145	1,069	4,076
	8,078	8,080	-2
	12,279	1,242	11,037
	1,043	951	92
	4,537	2,003	2,534
	5,210	2,954	2,256
	837	967	-130
	2,679	1,874	805
	1,072	1,360	-288
	614	1,136	-522
	382	976	-594
	1,465	1,658	-193
	2,009	2,230	-221
	1,018	529	489
	1,471	2,119	-648
	566	1,031	-465
	1,337	1,497	-160
	1,122	1,070	52
	441	383	58
	63	64	-1
	349	413	-64
	445	1,574	-1,129
	125	139	-14
	914	976	-62
	222,369	6,405	215,964
	248,732	17,041	231,691
	2,216	1,966	250
	795	837	-42
	888	726	162
	1,746	2,032	-286
	581	508	73
	27		27
	1,487	1,181	306
	18	19	-1
	406	393	13
	401	389	12
	459	73	386
	290	198	92
	322	206	116
	381	844	-463
	203	150	53
	331	52	279
	1,711	3,066	-1,355
	1,973	2,099	-126
	262	591	-329
	3,144	3,517	-373
	1,448	1,676	-228
	274	384	-110
	637	444	193
	943	1,933	-990
	1,306	859	447
	1,127	2,467	-1,340
	387	300	87
	551	537	14
	3,651	2,195	1,456
	411	811	-400
	1,090	199	891
	723	683	40
	929	1,283	-354
	340	663	-323
	1,716	3,717	-2,001
	9,066	1,557	7,509
	4,606	960	3,646
	8,666	2,889	5,777
	8,719	820	7,899
	12,481	1,633	10,848
	194	31	163
	385	510	-125
	441	285	156
	1,493	1,023	470
	771	446	325
	234	221	13
	696	494	202
	220	143	77
	390	368	22
	905	571	334
	814	126	688
	3,811	2,169	1,642
	3,126	1,368	1,758
	1,078	564	514
	1,404	1,440	-36
	460	285	175
	1,347	1,509	-162
	2,043	1,681	362
	433	153	280
	303	298	5
	323	240	83
	677	487	190
	1,521	1,361	160
	200,000	200,000
	237	350	-113
	127	120	7
	2,797	1,314	1,483
	4,054	373	3,681
	3,997	503	3,494
	715	285	430
	592	439	153
	669	478	191
	2,210	1,528	682
	1,834	877	957
	93	10	83
	380	280	100
	460	285	175
	638	73	565
	807	740	67
	1,058	799	259
	996	879	117
	1,888	1,564	324
	3,447	4,020	-573
	2,953	2,256	697
	2,830	2,102	728
	6,020	2,266	3,754
	1,916	1,798	118
	584	724	-140
	4,975	3,071	1,904
	1,507	1,375	132
	636	640	-4
	652	870	-218
	1,834	1,324	510
	328	1,148	-820
	983	1,626	-643
	1,339	1,903	-564
	198	173	25
	543	980	-437
	2,295	1,663	632
	599	559	40
	2,234	1,360	874
	1,103	1,254	-151
	421	329	92
	230	162	68
	165	228	-63
	693	445	248
	4,191	3,021	1,170
	1,781	178	1,603
	293	81	212
	287	211	76
	677	515	162
	734	511	223
	13,995	17,278	-3,283
	523	946	-423
	41,170	8,273	32,897
	4,354	3,397	957
	162,999	145,980	17,019
	2,459	2,298	161
	790	545	245
	470	2,147	-1,677
	2,072	1,701	371
	622	438	184
	2,581	1,767	814
	1,882	998	884
	1,574	780	794
	28	27	1
	1,240	1,213	27
	55	3	52
	1,864	1,474	390
	977	619	358
	288	202	86
	5,355	2,689	2,666
	1,283	2,617	-1,334
	792	682	110
	482	125	357
	359	400	-41
	902	740	162
	623	128	495
	1,127	847	280
	1,755	2,224	-469
	752	780	-28
	440	358	82
	1,755	1,276	479
	119	103	16
	2,255	1,848	407
	807	501	306
	1,074	1,346	-272
	1,058	658	400
	1,388	1,744	-356
	1,722	2,049	-327
	917	412	505
	153	108	45
	301	44	257
	139	885	-746
	361		361
	1,353	954	399
	547	409	138
	308	144	164
	557	322	235
	3,038	1,508	1,530
	47,350	30,028	17,322
	1,078	2,054	-976
	291	144	147
	431	242	189
	4,538	3,639	899
	5,627	909	4,718
	7,469	1,158	6,311
	7,061	24,337	-17,276
	8,326	1,712	6,614
	1,550	174	1,376
	8,368	973	7,395
	7,460	2,388	5,072
	3,754	3,381	373
	2,850	2,184	666
	7,275	3,312	3,963
	601	328	273
	723	1,366	-643
	1,385	2,516	-1,131
	204	108	96
	1,088	318	770
	245	176	69
	558	375	183
	413	258	155
	1,736	1,169	567
	579	242	337
	1,056	612	444
	443,180	334,814	108,366
	2,934	1,972	962
	2,631	1,441	1,190
	1,580	730	850
	369	337	32
	689	463	226
	113	26	87
	400	346	54
	546	379	167
	1,094	608	486
	774	266	508
	606	302	304
	22,021	15,267	6,754
	999	1,074	-75
	605	87	518
	136	190	-54
	83	99	-16
	353	44	309
	547	283	264
	515	171	344
	523	171	352
	633	200	433
	2,372	1,570	802
	1,473	1,259	214
	1,561	1,509	52
	450	365	85
	1,153	960	193
	769	841	-72
	370	114	256
	1,283	586	697
	21,703	6,129	15,574
	18,945	20,559	-1,614
	23,620	17,046	6,574
	4,381	7,272	-2,891
	6,024	13,334	-7,310
	24,923	3,504	21,419
	18,666	2,851	15,815
	17,716	12,542	5,174
	16,618	15,140	1,478
	18,553	23,468	-4,915
	17,703	14,011	3,692
	38,352	6,088	32,264
	21,447	17,179	4,268
	21,218	7,427	13,791
	18,203	4,983	13,220
	17,462	31,490	-14,028
	31,667	7,295	24,372
	22,455	3,404	19,051
	22,545	6,029	16,516
	25,312	12,154	13,158
	23,109	15,555	7,554
	11,499	13,616	-2,117
	21,034	22,888	-1,854
	4,838	4,160	678
	23,278	23,729	-451
	20,807	6,216	14,591
	20,276	4,883	15,393
	14,449	10,816	3,633
	8,681	13,946	-5,265
	1,692	1,248	444
	25,086	20,251	4,835
	20,362	5,920	14,442
	23,260	4,502	18,758
	6,866	6,115	751
	26,798	29,107	-2,309
	30,964	5,417	25,547
	21,616	12,831	8,785
	25,930	12,671	13,259
	8,286	10,444	-2,158
	18,866	6,023	12,843
	14,303	1,516	12,787
	26,275	3,013	23,262
	27,629	12,632	14,997
	27,317	4,020	23,297
	24,897	20,632	4,265
	13,132	16,443	-3,311
	11,078	9,798	1,280
	513	482	31
	20,012	28,488	-8,476
	2,201	1,936	265
	18,475	27,777	-9,302
	24,865	5,795	19,070
	29,221	6,580	22,641
	17,813	22,534	-4,721
	8,163	631	7,532
	15,579	11,948	3,631
	19,974	2,858	17,116
	25,815	21,035	4,780
	27,869	22,585	5,284
	15,837	17,307	-1,470
	21,719	13,751	7,968
	23,090	21,792	1,298
	39,033	6,421	32,612
	24,363	11,474	12,889
	17,144	24,258	-7,114
	22,926	22,284	642
	75,000	75,000
	475	142	333
	443	234	209
	96	100	-4
	765	646	119
	791	735	56
	534	281	253
	771	483	288
	1,029	340	689
	337	323	14
	313	316	-3
	7,314	7,042	272
	3,465	2,426	1,039
	1,264	529	735
	2,504	4,435	-1,931
	1,186	1,548	-362
			735
			735
			735
			735
			735
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			735
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			735

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			11,208
b			-626
c			186
d			527
e			136
			7,656
			4,076
			-2
			11,037
			92
			2,534
			2,256
			-130
			805
			-288
			-522
			-594
			-193
			-221
			489
			-648
			-465
			-160
			52
			58
			-1
			-64
			-1,129
			-14
			-62
			215,964
			231,691
			250
			-42
			162
			-286
			73
			27
			306
			-1
			13
			12
			386
			92
			116
			-463
			53
			279
			-1,355
			-126
			-329
			-373
			-228
			-110
			193
			-990
			447
			-1,340
			87
			14
			1,456
			-400
			891
			40
			-354
			-323
			-2,001
			7,509
			3,646
			5,777
			7,899
			10,848
			163
			-125
			156
			470
			325
			13
			202
			77
			22
			334
			688
			1,642
			1,758
			514
			-36
			175
			-162
			362
			280
			5
			83
			190
			160

			-113
			7
			1,483
			3,681
			3,494
			430
			153
			191
			682
			957
			83
			100
			175
			565
			67
			259
			117
			324
			-573
			697
			728
			3,754
			118
			-140
			1,904
			132
			-4
			-218
			510
			-820
			-643
			-564
			25
			-437
			632
			40
			874
			-151
			92
			68
			-63
			248
			1,170
			1,603
			212
			76
			162
			223
			-3,283
			-423
			32,897
			957
			17,019
			161
			245
			-1,677
			371
			184
			814
			884
			794
			1
			27
			52
			390
			358
			86
			2,666
			-1,334
			110
			357
			-41
			162
			495
			280
			-469
			-28
			82
			479
			16
			407
			306
			-272
			400
			-356
			-327
			505
			45
			257
			-746
			361
			399
			138
			164
			235
			1,530
			17,322
			-976
			147
			189
			899
			4,718
			6,311
			-17,276
			6,614
			1,376
			7,395
			5,072
			373
			666
			3,963
			273
			-643
			-1,131
			96
			770
			69
			183
			155
			567
			337
			444
			108,366
			962
			1,190
			850
			32
			226
			87
			54
			167
			486
			508
			304
			6,754
			-75
			518
			-54
			-16
			309
			264
			344
			352
			433
			802
			214
			52
			85
			193
			-72
			256
			697
			15,574
			-1,614
			6,574
			-2,891
			-7,310
			21,419
			15,815
			5,174
			1,478
			-4,915
			3,692
			32,264
			4,268
			13,791
			13,220
			-14,028
			24,372
			19,051
			16,516
			13,158
			7,554
			-2,117
			-1,854
			678
			-451
			14,591
			15,393
			3,633
			-5,265
			444
			4,835
			14,442
			18,758
			751
			-2,309
			25,547
			8,785
			13,259
			-2,158
			12,843
			12,787
			23,262
			14,997
			23,297
			4,265
			-3,311
			1,280
			31
			-8,476
			265
			-9,302
			19,070
			22,641
			-4,721
			7,532
			3,631
			17,116
			4,780
			5,284
			-1,470
			7,968
			1,298
			32,612
			12,889
			-7,114
			642

			333
			209
			-4
			119
			56
			253
			288
			689
			14
			-3
			272
			1,039
			735
			-1,931
			-362

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	1,249,726
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	18,564
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	18,564
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	18,564
6	Credits/Payments:

a	2025 estimated tax payments and 2024 overpayment credited to 2025	6a	13,878
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	13,878
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	4,686
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 2026 estimated tax0	Refunded	11	0
	For Refunded amount, also complete and attach Form 8050. See instructions.

Form 990-PF (2025)

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. $ (2) On foundation managers.$

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

on foundation managers.$

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 2025 or the taxable year beginning in 2025? 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 addressJOHNLARSENFOUNDATION.ORG

The books are in care ofUS BANK NA Telephone no. (888) 265-7962

Located at60 LIVINGSTON AVESAINT PAULMN ZIP+455107

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

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

16 At any time during calendar year 2025, 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

Form 990-PF (2025)

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)

(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 ........

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 2025? .............

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 2025, did the foundation have any undistributed income (Part XII, lines 6d

and 6e) for tax year(s) beginning before 2025?....................

If "Yes," list the years 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 2025 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 Form 4720, Schedule C, to determine

if the foundation had excess business holdings in 2025.).....................

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 2025? ..

Form 990-PF (2025)

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 .........

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
JOHN A LARSEN	TREASURER 2	0
2015 SUMMIT AVENUE ST PAUL,MN55105	TREASURER 2	0
KAREN R LARSEN	DIRECTOR 3	0
2015 SUMMIT AVE ST PAUL,MN55105	DIRECTOR 3	0
KRISTEN L ROSE	DIRECTOR 1	0
1825 STANFORD AVENUE ST PAUL,MN55105	DIRECTOR 1	0
JOHN E LARSEN	PRESIDENT 5	0
2002 W LAKE OF THE ISLE PARKWAY MINNEAPOLIS,MN55405	PRESIDENT 5	0

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 (2025)

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
US BANK	INVESTMENT MGMT	60,451
PO BOX 64193 EAGAN,MN55164	INVESTMENT MGMT	60,451

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.........................

Form 990-PF (2025)

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...................

8,054,946

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

370,474

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

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

8,425,420

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.........................

8,425,420

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

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

126,381

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

8,299,039

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

414,952

Part X

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here and do not complete this part.)

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

414,952

Tax on investment income for 2025 from Part V, line 5 .......

18,564

Income tax for 2025. (This does not include the tax from Part V.) ...

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

18,564

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

396,388

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

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

396,388

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

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

396,388

Part XI

Qualifying Distributions (see instructions)

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

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

423,320

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. .......

423,320

Form 990-PF (2025)

Page 9

Part XII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2024	(c) 2024	(d) 2025
1 Distributable amount for 2025 from Part X, line 7					396,388
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only.......				0
b Total for prior years:20 , 20, 20			0
3 Excess distributions carryover, if any, to 2025:
a From 2020......	0
b From 2021......	141,134
c From 2022......	37,445
d From 2023......	23,850
e From 2024......	25,691
f Total of lines 3a through e ........		228,120
4Qualifying distributions for 2025 from Part
XI, line 4: $ 423,320
a Applied to 2024, but not more than line 2a				0
b Applied to undistributed income of prior years (Election required—see instructions) .....			0
c Treated as distributions out of corpus (Election required—see instructions) ........		0
d Applied to 2025 distributable amount.....					396,388
e Remaining amount distributed out of corpus		26,932
5 Excess distributions carryover applied to 2025.		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		255,052
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 2024. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2025. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2026 ..........					0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8 Excess distributions carryover from 2020 not applied on line 5 or line 7 (see instructions) ...		0
9 Excess distributions carryover to 2026. Subtract lines 7 and 8 from line 6a ......		255,052
10 Analysis of line 9:
a Excess from 2021 ....	141,134
b Excess from 2022 ....	37,445
c Excess from 2023 ....	23,850
d Excess from 2024 ....	25,691
e Excess from 2025 ....	26,932

Form 990-PF (2025)

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 2025, enter the date of the ruling ......

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) 2025	(b) 2024	(c) 2023	(d) 2022	(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, 3b, or 3c 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).)

NONE

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.

NONE

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here 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, 2b, 2c, and 2d. 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 (2025)

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
WEARE PO BOX 1086 BRAINERD,MN56401	NONE		GENERAL OPERATING	7,500
FRASER 240 W 64TH ST MINNEAPOLIS,MN55423	NONE		GENERAL OPERATING	8,000
WHITEFISH AREA PROPERTY OWNERS ASSOCIATI PO BOX 342 CROSSLAKE,MN56442	NONE		GENERAL OPERATING	4,000
ST PAUL PARKS & RECREATION 401 ROBERT STREET N STE 150 ST PAUL,MN55101	NONE		GENERAL OPERATING	20,000
THE SAINT PAUL CHAMBER ORCHESTRA SOCIETY 408 ST PETER STREET STE 300 SAINT PAUL,MN55102	NONE		GENERAL OPERATING	10,000
PLANNED PARENTHOOD NORTH CENTRAL STATES 671 VANDALIA ST STE 323 ST PAUL,MN55114	NONE		GENERAL OPERATING	20,000
NATIONAL WILD TURKEY FEDERATION 13075 LINNET STREET NW COON RAPIDS,MN55448	NONE		GENERAL OPERATING	10,000
FRIENDS OF THE SPCO 408 ST PETER STREET STE 300 ST PAUL,MN55102	NONE		GENERAL OPERATING	6,000
THE ARTS PARTNERSHIP 345 WASHINGTON STREET ST PAUL,MN55102	NONE		GENERAL OPERATING	5,000
UPSTREAM MN 1101 W RIVER PKWY MINNEAPOLIS,MN55415	NONE		GENERAL OPERATING	82,500
FAMILY TREE CLINIC 1919 NICOLLET AVE MINNEAPOLIS,MN55403	NONE		GENERAL OPERATING	7,500
GIVEMN 101 FIFTH ST E ST PAUL,MN55101	NONE		GENERAL OPERATING	10,000
UJAMAA PLACE 490 CONCORDIA AVE SAINT PAUL,MN551032412	NONE		GENERAL OPERATING	3,000
THE BRIDGE FOR YOUTH 1111 W 22ND ST MINNEAPOLIS,MN554052705	NONE		GENERAL OPERATING	4,500
MINNESOTA COUNCIL ON FOUNDATIONS 2550 UNIVERSITY AVE W STE 200N SAINT PAUL,MN551141052	NONE		GENERAL OPERATING	35,000
PARK SQUARE THEATER 408 ST PETER ST ST PAUL,MN55102	NONE		GENERAL OPERATING	15,000
NAMI MN 1919 UNIVERSITY AVE W ST PAUL,MN55104	NONE		GENERAL OPERATING	5,000
ENVIRONMENTAL INITIATIVE 807 BROADWAY ST NE STE 230 MINNEAPOLIS,MN554132490	NONE		GENERAL OPERATING	3,500
FRESH ENERGY 408 ST PETER STREET STE 220 ST PAUL,MN55102	NONE		GENERAL OPERATING	24,500
AVENUES FOR YOUTH 1708 OAK PARK AVE N MINNEAPOLIS,MN554113944	NONE		GENERAL OPERATING	12,500
OUTFRONT MINNESOTA 2446 UNIVERSITY AVE W STE 112 SAINT PAUL,MN551141740	NONE		GENERAL OPERATING	20,000
CONSERVATION MINNESOTA 1101 W RIVER PKWY STE 250 MINNEAPOLIS,MN554154853	NONE		GENERAL OPERATING	15,000
NATURE CONSERVANCY 1101 W RIVER PKWY STE 200 MINNEAPOLIS,MN55415	NONE		GENERAL OPERATING	5,000
LAKES AREA RESTORATIVE JUSTICE 2011 SOUTH 6TH ST BRAINERD,MN56401	NONE		GENERAL OPERATING	35,000
ALL SQUARE 4047 MINNEHAHA AVE MINNEAPOLIS,MN554063305	NONE		GENERAL OPERATING	7,000
ADVOCATES FOR REPRODUCTIVE EDUCATION PO BOX 1086 BRAINERD,MN56401	NONE		GENERAL OPERATING	15,000
JTP PROFESSIONAL SERVICE CORPORATION 2038 FORD PKWY 444 SAINT PAUL,MN551161931	NONE		GENERAL OPERATING	7,500
RESTORATIVE JUSTICE COMMUNITY ACTION 401 GROVELAND AVE NO 50 MINNEAPOLIS,MN554033219	NONE		GENERAL OPERATING	7,500
AMAZE WORKS INC 475 CLEVELAND AVE N STE 322 ST PAUL,MN55104	NONE		GENERAL OPERATING	8,000
Total ................................. 3a				413,500

bApproved for future payment

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

Form 990-PF (2025)

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	139,418
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	1,249,726
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aOTHER INCOME			1	1,921
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..				1,391,065

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

1,391,065

(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 (2025)

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	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 (2025)

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
949746SH5 WELLS FARGO COMPANY	71,734	74,452
89236TDR3 TOYOTA MOTOR MTN	75,080	74,525
92826CAD4 VISA INC
89115A2A9 TORONTO DOMINION MTN
855244AV1 STARBUCKS CORP	183,632	195,384
291011BR4 EMERSON ELEC CO	84,566	89,220
458140BZ2 INTEL CORP	97,191	98,952
501044DP3 THE KROGER CO	84,104	92,001
63743HFG2 NATIONAL RURAL MTN	50,320	50,912
68389XBN4 ORACLE CORP	182,176	195,654
91324PEU2 UNITEDHEALTH GROUP	99,511	100,738
023135CH7 AMAZON COM	94,766	96,959
20030NCT6 COMCAST CORP	98,881	100,539
254687FQ4 DISNEY WALT CO SR	96,770	99,128
00440KAD5 ACCENTURE CAPITAL	49,422	49,289
057224AZ0 BAKER HUGHES INC LLC	73,394	72,932
110122DL9 BRISTOL MYERS SQUIBB	65,093	64,885
231021BA3 CUMMINS INC	51,932	51,849
30303MAE2 META PLATFORMS INC	72,447	71,983
74460WAG2 PUBLIC STORAGE GLBL	51,887	51,748
91324PCR1 UNITEDHEALTH GROUP	67,618	67,475
94106LCD9 WASTE MGMT INC	51,187	51,122

Name of Stock	End of Year Book Value	End of Year Fair Market Value
231021106 CUMMINS INC COM	3,177	13,782
860630102 STIFEL FINL CORP	2,698	12,021
361448103 G A T X CORP	2,542	8,989
833034101 SNAP ON INC	2,530	10,683
81211K100 SEALED AIR CORP
743315103 PROGRESSIVE CORP	671	6,148
980745103 WOODWARD INC	2,302	16,628
49338L103 KEYSIGHT TECHNOLOGIE	1,517	12,801
00971T101 AKAMAI TECHNOLOGIES	3,325	8,289
493267108 KEYCORP
090572207 BIO RAD LABS INC CL	2,836	6,969
871607107 SYNOPSYS INC	775	10,334
759351604 REINSURANCE GROUP AM	2,492	12,004
126408103 CSX CORP	1,922	8,954
369550108 GENERAL DYNAMICS COR	1,712	8,417
G7496G103 RENAISSANCE RE HOLDI	3,635	10,965
23331A109 D R HORTON INC	1,489	9,074
872540109 TJX COMPANIES INC	1,206	8,295
92939U106 WEC ENERGY GROUP INC	4,110	9,597
12504L109 CBRE GROUP INC	2,493	16,401
37940X102 GLOBAL PAYMENTS INC	1,773	5,728
037833100 APPLE INC
03662Q105 A N S Y S INC
810186106 THE SCOTTS MIRACLE G	8,248	8,986
760759100 REPUBLIC SVCS INC	1,759	11,868
695156109 PACKAGING CORP AMERI	2,422	7,631
97650W108 WINTRUST FINL CORP C	14,294	18,736
754730109 RAYMOND JAMES FINL I	1,291	11,081
594918104 MICROSOFT CORP
277432100 EASTMAN CHEM CO	5,622	4,915
24906P109 DENTSPLY SIRONA INC
260003108 DOVER CORP	3,394	10,543
574599106 MASCO CORP COM	3,105	11,169
45866F104 INTERCONTINENTAL EXC	1,934	9,880
00846U101 AGILENT TECHNOLOGIES	2,049	8,981
101121101 BOSTON PPTYS INC	7,153	7,558
237194105 DARDEN RESTAURANTS I	2,259	9,753
03073E105 CENCORA INC	1,557	10,808
012653101 ALBEMARLE CORP	7,234	10,891
00912X302 AIR LEASE CORP
042735100 ARROW ELECTRONICS IN	5,988	7,272
441593100 HOULIHAN LOKEY INC	2,597	8,710
038222105 APPLIED MATERIALS IN	1,148	7,453
G8060N102 SENSATA TECHNOLOGIES	8,090	6,758
03064D108 AMERICOLD REALTY TRU	10,014	4,565
83088M102 SKYWORKS SOLUTIONS I	7,217	7,799
197236102 COLUMBIA BKG SYS INC	8,819	9,279
16115Q308 CHART INDUSTRIES INC
05464T104 AXSOME THERAPEUTICS	3,434	8,401
057665200 BALCHEM CORP	2,272	3,527
78410G104 SBA COMMUNICATIONS C	6,650	5,803
012348108 ALBANY INTL CORP CL
93148P102 WALKER & DUNLOP INC	4,465	3,248
88146M101 TERRENO REALTY CORP	4,171	4,462
871829107 SYSCO CORP	4,598	6,558
453836108 INDEPENDENT BK CORP	9,405	11,254
922280102 VARONIS SYSTEMS INC	3,965	3,444
127097103 COTERRA ENERGY INC	2,131	7,791
11133T103 BROADRIDGE FINANCIAL	6,005	7,365
353514102 FRANKLIN ELEC INC
43283X105 HILTON GRAND VACATIO
127203107 CACTUS INC A
043436104 ASBURY AUTOMOTIVE GR	2,670	2,558
86614U100 SUMMIT MATERIALS INC
423452101 HELMERICH PAYNE INC	5,577	3,671
28618M106 ELEMENT SOLUTIONS IN	5,837	7,147
844895102 SOUTHWEST GAS HOLDIN	5,705	6,162
67000B104 NOVANTA INC	2,763	2,618
925050106 VERONA PHARMA PLC A
428291108 HEXCEL CORP NEW COM	8,464	11,528
29362U104 ENTEGRIS INC	10,125	10,868
736508847 PORTLAND GENERAL ELE	7,021	7,294
346232101 FORESTAR GROUP INC	3,201	3,424
498894104 KNIFE RIV HLDG CO	2,472	3,518
513847103 MARZETTI COMPANY COM	3,964	3,782
52661A108 RADA ELECTR INDS LTD
59001A102 MERITAGE HOMES CORPO	2,444	2,435
59100U108 PATHWARD FINANCIAL I	6,234	7,881
626717102 MURPHY OIL CORP	4,482	3,313
74366E102 PROTAGONIST THERAPEU	3,364	6,638
750917106 RAMBUS INC	2,204	3,767
78440X887 SL GREEN REALTY CORP	4,429	4,541
78463M107 SPS COMMERCE INC	4,435	2,496
82900L102 SIMPLY GOOD FOODS CO
829073105 SIMPSON MFG CO INC
830940102 SKYWARD SPECIALTY IN
90384S303 ULTRA SALON COSMETIC	7,048	11,495
92243G108 VAXCYTE INC COM
G01767105 ALKERMES PLC
G25457105 CREDO TECHNOLOGY GRO	508	3,741
007973100 ADVANCED ENERGY INDS	1,765	3,141
01741R102 ALLEGHENY TECHNOLOGI
03937C105 ARCBEST CORP	3,759	2,597
099406100 BOOT BARN HOLDINGS I	1,423	1,941
10806X102 BRIDGEBIO PHARMA INC	5,353	9,944
14888U101 CATALYST PHARMACEUTI
15872M104 CHAMPIONX CORPORATIO
21044C107 CONSTRUCTION PARTNER	1,002	2,714
005098108 ACUSHNET HOLDINGS CO	4,461	5,268
030506109 AMERICAN WOODMARK CO
03940C100 ARCELLX INC COMMON S
03957W106 ARCHROCK INC	3,833	3,721
04956D107 ATMUS FILTRATION TEC	2,842	4,983
05379B107 AVISTA CORP	7,099	6,976
126402106 CSW INDUSTRIALS INC	4,878	5,284
12740C103 CADENCE BANK COM	8,845	12,466
141788109 CARGURUS INC	6,076	6,673
15135B101 CENTENE CORP COM	7,460	7,366
185123106 CLEARWATER ANALYTICS
21874A106 CORE SCIENTIFIC INC	1,469	2,111
22663K107 CRINETICS PHARMACEUT	5,032	5,167
28036F105 EDGEWISE THERAPEUTIC	865	1,117
292765104 ENERPAC TOOL GROUP C	3,462	3,442
300426103 EVERUS CONSTR GROUP
35905A109 FRONTDOOR INC	3,556	4,788
40637H109 HALOZYME THERAPEUTIC
42226A107 HEALTHEQUITY INC	3,903	4,306
457669307 INSMED INC
45780R101 INSTALLED BUILDING P	2,305	3,113
458334109 INTERPARFUMS INC COM	4,190	2,969
46116X101 INTRA CELLULAR THERA
46266C105 IQVIA HOLDINGS INC	9,251	14,201
465741106 ITRON INC COM	3,685	3,157
50127T109 KURA ONCOLOGY INC	2,269	2,026
504922105 LABCORP HOLDINGS INC	3,512	8,781
516544103 LANTHEUS HOLDINGS IN
52110M109 LAZARD INC COM
53263P105 LIMBACH HOLDINGS INC	1,699	1,401
53947R105 LOAR HOLDINGS INC	3,146	3,944
55405W104 MYR GROUP INC DEL CO	3,150	4,807
559663109 MAGNOLIA OIL GAS COR	5,086	4,509
607828100 MODINE MFG CO COM W/	5,003	6,676
62482R107 MR COOPER GROUP INC
630402105 NAPCO SEC TECHNOLOGI
63947X101 NCINO INC COM	3,061	2,308
671044105 O S I SYS INC	3,735	5,101
69753M105 PALOMAR HOLDINGS INC
724078100 PIPER SANDLER CO	5,495	8,153
74006W207 PRAXIS PRECISION MED	7,622	12,674
778296103 ROSS STORES INC	8,933	10,628
78454L100 SM ENERGY CO	4,631	2,768
80706P103 SCHOLAR ROCK HOLDING	2,955	3,832
816850101 SEMTECH CORP COM	3,364	4,495
834203309 SOLENO THERAPEUTICS	2,996	2,130
91678A107 UPSTREAM BIO INC
92790C104 VIRIDIAN THERAPEUTIC	1,743	2,894
928254101 VIRTU FINANCIAL INC
92846Q107 VITA COCO CO INC	2,591	4,665
950755108 WERNER ENTERPRISES I
G3323L100 FABRINET	1,217	2,732
G3730V105 FTAI AVIATION LTD SH
G5S37H101 MAREX GROUP PLC ORD	5,106	5,831
H8088L103 SPORTRADAR GROUP AG	2,985	3,970
N5749R100 MERUS NV
N62509109 NEWAMSTERDAM PHARMA	5,814	5,227
N72482149 QIAGEN NV SHS
Y95308105 WAVE LIFE SCIENCES P	2,173	5,015
002896207 ABERCROMBIE FITCH C	2,008	2,643
032724106 ANAPTYSBIO INC	1,048	2,424
03770N101 APOGEE THERAPEUTICS	775	1,359
04010E109 ARGAN INC	2,732	3,760
04272N102 ARRIVENT BIOPHARMA I	1,322	1,167
05338F306 AVALO THERAPEUTICS I	2,595	2,452
093712107 BLOOM ENERGY CORP A	905	3,041
12541W209 C H ROBINSON WORLDWI	7,524	9,646
14070B309 CAPRICOR THERAPEUTIC	6,381	6,609
147448104 CASELLA WASTE SYS IN	6,298	5,876
15643U104 CENTRUS ENERGY CORP	1,898	2,185
165303108 CHESAPEAKE UTILITIES	6,078	5,864
192108504 COEUR D ALENE MINES	3,161	5,206
23282W605 CYTOKINETICS INC	3,573	5,274
252828108 DIANTHUS THERAPEUTIC	1,051	1,731
27579R104 EAST WEST BANCORP IN	6,146	9,104
29084Q100 EMCOR GROUP INC	8,751	7,953
44812J104 HUT 8 CORP COM	5,342	5,283
457642205 INNODATA ISOGEN INC	3,017	2,446
485924104 KARMAN HLDGS INC COM	4,912	7,537
50077B207 KRATOS DEFENSE & SEC	3,346	6,073
501575104 KYMERA THERAPEUTICS	2,386	3,112
53220K504 LIGAND PHARMACEUTICA	2,645	3,970
558868105 MADRIGAL PHARMACEUTI	1,754	1,747
57776J100 MAXLINEAR INC CLASS	2,247	2,423
640268306 NEKTAR THERAPEUTICS	2,235	2,368
65290E101 NEXTRACKER INC CLASS	4,242	4,007
687604108 ORUKA THERAPEUTICS I	3,602	3,789
749527107 REV GROUP INC	2,687	5,290
767292105 RIOT BLOCKCHAIN INC	3,521	4,042
78473E103 SPX TECHNOLOGIES INC	5,480	6,402
801056102 SANMINA CORP	2,439	2,701
806857108 SCHLUMBERGER LTD COM	4,169	4,606
826919102 SILICON LABORATORIES	2,816	2,745
83418M103 SOLARIS ENERGY INFRA	3,224	4,551
90138F102 TWILIO INC A	8,783	11,521
918284100 VSE CORP	5,044	6,565
92332V107 VENTYX BIOSCIENCES I	2,796	2,646
92537N108 VERTIV HOLDINGS CO	7,494	6,804
G3934V109 GENIUS SPORTS LIMITE	2,619	2,755
N72482206 QIAGEN NV COM SHS	9,328	9,803

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
994120ZM8 PROPEL NONPROFITS 1.	AT COST	100,000	100,000
994120ZN6 MCCD 1.0% 06/01/2026	AT COST	100,000	100,000
922908769 VANGUARD TOTAL STOCK	AT COST	678,462	1,508,715
31635V729 FIDELITY LARGE CAP G	AT COST	749,935	968,177
46090E103 INVESCO QQQ TRUST ET	AT COST	1,167,913	1,566,491
46137V357 INVESCO S P 500 EQUA
03463K406 ANGEL OAK MULTI STRA	AT COST	300,000	299,657
922908538 VANGUARD MID CAP GRO	AT COST	449,642	444,112
922908652 VANGUARD EXTENDED MA	AT COST	450,338	443,962
922908744 VANGUARD VALUE INDEX	AT COST	470,261	515,673

Description	Amount
PY RETURN OF CAPITAL ADJ	589
CY PURCHASE OF ACCRUED INTEREST	6,769
ROC ON CY SALES	209
TAX LOT BASIS ADJUSTMENT	9
COST BASIS ADJUSTMENT	772

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
OTHER MISC EXPENSES	2,000	0	2,000
STATE FILING FEE/TAX	25	0	25
ADR FEES	2	2	0

Borrower's Name	Original Amount of Loan	Date of Note	Maturity Date	Interest Rate
CITY OF LAKES COMMUNITY LAND TRUST	200,000	2016-10	2016-04	4.000 %
CITY OF LAKES COMMUNITY LAND TRUST	100,000	2016-06	2018-04	3.000 %
CITY OF LAKES COMMUNITY LAND TRUST	100,000	2016-04	2019-04	4.000 %

Category	Amount	Net Investment Income
FOREIGN TAXES	27	27
FEDERAL TAX PAYMENT - PRIOR YE	14,110	0
FEDERAL ESTIMATES - PRINCIPAL	13,878	0