TY 2025 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	3,442,777	3,442,777
4	Dividends and interest from securities...	39,629,174	39,629,174
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		37,648,939
b	Gross sales price for all assets on line 6a 79,182,315
7	Capital gain net income (from Part IV, line 2)...		37,648,939
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........	80,720,890	80,720,890	0
	13	Compensation of officers, directors, trustees, etc.	322,135	64,427		257,708
14	Other employee salaries and wages......	233,686			233,686
15	Pension plans, employee benefits.......	57,748	8,289		49,460
16a	Legal fees (attach schedule).........	List of Attached Documents: // Content	96,185	0	0	96,185
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	129,982	51,993	0	77,989
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	1,284,876	886,333	0	398,543
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	1,155,000	0	0	0
19	Depreciation (attach schedule) and depletion...		0	0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......	5,045			5,045
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	254,196	0	0	254,196
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	3,538,853	1,011,042	0	1,372,812
25	Contributions, gifts, grants paid.......	72,515,525			72,515,525
26	Total expenses and disbursements. Add lines 24 and 25 ................	76,054,378	1,011,042	0	73,888,337
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	4,666,512
b	Net investment income (if negative, enter -0-)		79,709,848
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.............	281,805	358,514	358,514
2	Savings and temporary cash investments.........	30,503,760	33,467,031	33,467,031
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).......	1,412,395,066	List of Attached Documents: // Content 1,431,359,704	1,431,359,704
c	Investments—corporate bonds (attach schedule).......	65,372,066	List of Attached Documents: // Content 71,092,854	71,092,854
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)..........	164,785,918	List of Attached Documents: // Content 180,226,244	180,226,244
14	Land, buildings, and equipment: basis 0
	Less: accumulated depreciation (attach schedule) 0	0		0
15	Other assets (describe )	0	0	0
16	Total assets (to be completed by all filers—see the
	instructions. Also, see page 1, item I)	1,673,338,615	1,716,504,347	1,716,504,347
	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........	1,673,338,615	1,716,504,347
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).....	1,673,338,615	1,716,504,347
30	Total liabilities and net assets/fund balances (see instructions).	1,673,338,615	1,716,504,347

(e) Gross sales price	(f) Depreciation allowed (or allowable)	(h) Gain or (loss) (e) plus (f) minus (g)
a	167,691		167,691
b	51,875,747	41,524,266	10,351,481
c	27,138,877	9,110	27,129,767
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	37,648,939
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	1,107,967
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	1,107,967
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	1,107,967
6	Credits/Payments:

a	2025 estimated tax payments and 2024 overpayment credited to 2025	6a	1,023,464
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c
d	Backup withholding erroneously withheld ..........	6d

7	Total credits and payments. Add lines 6a through 6d..............	7	1,023,464
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	84,503
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 tax	Refunded	11	0
	For Refunded amount, also complete and attach Form 8050. 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
Jack D PIEPEL	(Term 11/2025) DIRECTOR 1.00	0	0	0
PO Box 80 Bayport,MN550031069
KEITH OLSON	Vice Chair 1.00	0	0	0
PO Box 80 Bayport,MN550031069
PETER CLEMENTS	BOARD CHAIR 1.00	0	0	0
PO Box 80 Bayport,MN550031069
TRACEY GALOWITZ	SECRETARY 1.00	0	0	0
PO Box 80 Bayport,MN550031069
VERN J HILL	DIRECTOR 1.00	0	0	0
PO Box 80 Bayport,MN550031069
Kim Borton	President 40.00	322,135	41,442	0
PO Box 80 Bayport,MN550031069
Jay Lund	(BEG 5/2025) DIRECTOR 1.00	0	0	0
PO Box 80 Bayport,MN550031069
Jennifer Anderson	(BEG 5/2025) DIRECTOR 1.00	0	0	0
PO Box 80 Bayport,MN550031069


THE CHARLES SCHWAB CORPORATION	INVESTMENT MANAGEMENT SERVICES	327,523
4350 BAKER RD STE 245 MINNETONKA,MN55343
FIRST STATE BANK OF BAYPORT	INVESTMENT MANAGEMENT SERVICES	299,936
950 N HIGHWAY 95 BAYPORT,MN55003
FIDELITY INVESTMENTS	INVESTMENT MANAGEMENT SERVICES	211,282
4350 BAKER RD STE 245 MINNETONKA,MN55343
Ernst and Young US LLP	Audit and TAX SERVICES	129,982
OneManhattanWest NewYork,NY10001
JMAdams Advisors	Financial Consulting Services	115,935
6934 Willow Lane Brooklyn Center,MN55430

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			PROGRAM OR PROJECT	175,000
A Chance To Grow 1800 2nd Street NE Minneapolis,MN55418			PROGRAM OR PROJECT	35,000
ABC for Rural Health 1645 60th Street Turtle Lake,WI54889			GENERAL OPERATING	120,000
Accessability Inc 360 HOOVER STREET NE Minneapolis,MN55413			PROGRAM OR PROJECT	25,000
Adoray Home Health & Hospice 990 MAIN STREET BALDWIN,WI54002			PROGRAM OR PROJECT	100,000
Aeon 901 N 3rd St 150 Minneapolis,MN55401			GENERAL OPERATING	100,000
Alia 1000 University Ave W Ste 230 St Paul,MN55104			GENERAL OPERATING	15,000
Allina Health Foundation 2925 Chicago Ave Mail Route 10721 Minneapolis,MN55407			PROGRAM OR PROJECT	1,000,000
Alzheimer's Association Minnesota-North Dakota Chapter 12701 Whitewater Drive Suite 290 Minnetonka,MN55343			GENERAL OPERATING	45,000
American Cancer Society PO Box 21600 Eagan,MN55121			PROGRAM OR PROJECT	65,000
American Diabetes Association PO Box 7023 Merrifield,VA22116			PROGRAM OR PROJECT	55,000
American Heart Association 300 S Riverside Plaza Suite 1200 Chicago,IL60606			PROGRAM OR PROJECT	75,000
American Red Cross 1201 West River Parkway Minneapolis,MN55454			PROGRAM OR PROJECT	500,000
Amery Area Community Center 608 Harriman Avenue South Amery,WI54001			GENERAL OPERATING	48,000
Amery Area Food Pantry 230 deronda st amery,WI54001			GENERAL OPERATING	20,000
Amery Regional Medical Center 265 Griffin Street East Amery,WI54001			CAPITAL CAMPAIGN	1,000,000
Amherst H Wilder Foundation 451 Lexington Parkway N Saint Paul,MN55104			PROGRAM OR PROJECT	760,000
Angel Foundation 1155 Centre Pointe Drive Suite 7 Mendota Heights,MN55120			GENERAL OPERATING	15,000
Animal Humane Society 845 Meadow Lane North Golden Valley,MN55422			GENERAL OPERATING	100,000
Animal Sanctuary of St Croix Valley dba Home for Life PO Box 847 Stillwater,MN55082			CAPITAL CAMPAIGN	25,000
Ann Bancroft Foundation 2356 University Ave W 404 St Paul,MN55114			GENERAL OPERATING	40,000
Anu Family Services 901 4th St STE 180 Hudson,WI54016			GENERAL OPERATING	50,000
ArtReach St Croix 224 N 4th Street Stillwater,MN55082			GENERAL OPERATING	20,000
Arts Partnership 345 Washington St Saint Paul,MN55102			GENERAL OPERATING	30,000
Austin Street Center 1717 JEFFRIES ST DALLAS,TX75226			GENERAL OPERATING	50,000
Baldwin Area Medical Center dba Western Wisconsin Health 1100 Bergslien St BALDWIN,WI54002			GENERAL OPERATING	300,000
Basic Needs Inc of South Washington County 445 Broadway Ave 100 St Paul Park,MN55071			GENERAL OPERATING	125,000
Bayport Public Library 582 North 4th Street Bayport,MN55003			GENERAL OPERATING	90,000
Beacon Interfaith Housing Collaborative 2610 University Ave W Ste 100 St Paul,MN55114			GENERAL OPERATING	21,000
Belwin Conservancy 1553 Stagecoach Tr S Afton,MN55082			CAPITAL CAMPAIGN	240,000
BestPrep 7100 Northland Cir N 306 Brooklyn Park,MN55428			PROGRAM OR PROJECT	15,000
Big Brothers Big Sisters of Northwestern Wisconsin 424 Galloway St Eau Claire,WI54701			GENERAL OPERATING	100,000
Big Brothers Big Sisters of the Greater Twin Cities 3110 Washington Avenue North Minneapolis,MN55411			GENERAL OPERATING	200,000
Boys and Girls Clubs of the Twin Cities 690 Jackson Street Saint Paul,MN55130			GENERAL OPERATING	65,000
Breanna's Gift 4046 23rd Avenue South Minneapolis,MN55407			GENERAL OPERATING	10,000
Bridging 201 W 87th Street Bloomington,MN55420			GENERAL OPERATING	30,000
Building Strong Communities 353 7th St W Ste 105 St Paul,MN55102			GENERAL OPERATING	25,000
Camp Fire Minnesota 3300 Tanadoona Drive Excelsior,MN55331			GENERAL OPERATING	40,000
Can Do Canines 9440 Science Center Drive New Hope,MN55428			GENERAL OPERATING	45,000
Cancer Center of Western Wisconsin 501 Hospital Rd New Richmond,WI54017			CAPITAL CAMPAIGN	231,235
Cancer Legal Care 3503 High Point Drive Suite 270 Oakdale,MN55128			GENERAL OPERATING	100,000
Canvas Health 7066 STILLWATER BLVD N Oakdale,MN55128			PROGRAM OR PROJECT	345,000
CAPRW - Community Action Partnership of Ramsey and Washington Counties 450 Syndicate St N St Paul,MN55104			GENERAL OPERATING	250,000
Carpenter St Croix Valley Nature Center 12805 St Croix Trail South Hastings,MN55033			GENERAL OPERATING	65,000
CASA of St Croix County Inc 1101 Carmichael Road Hudson,WI54016			GENERAL OPERATING	25,000
Catholic Charities of the Archdiocese of St Paul and Minneapolis 1007 E 14th St Minneapolis,MN55403			GENERAL OPERATING	40,000
Central Arizona Shelter Services (CASS) 230 S 12th Ave PHOENIX,AZ85007			GENERAL OPERATING	200,000
Change Inc 381 East Robie Street Saint Paul,MN55107			GENERAL OPERATING	55,000
Charities Review Council 1915 Hwy 36 W Ste133 Roseville,MN55113			GENERAL OPERATING	25,000
Children's Dental Services 636 Broadway St NE Minneapolis,MN55413			GENERAL OPERATING	30,000
Children's Health Care Foundation 5901 Lincoln Dr CBC-3-FOUN Edina,MN55436			PROGRAM OR PROJECT	1,000,000
Children's Home Society of Minnesota 1605 Eustis Street St Paul,MN55108			GENERAL OPERATING	75,000
Children's Theatre Company and School 2400 3rd Ave S Minneapolis,MN55404			GENERAL OPERATING	10,000
Christian Community Campus Foundation 1320 Wisconsin St Hudson,WI54016			PROGRAM OR PROJECT	1,000,000
Christian Food Cupboard of Hudson 1500 Vine St Hudson,WI54016			GENERAL OPERATING	15,000
Cimarron Community Farm 1035 10th St N Lake Elmo,MN55042			GENERAL OPERATING	56,500
Citizens Against Sex Trafficking PO Box 251001 Woodury,MN55125			PROGRAM OR PROJECT	20,000
City of New Richmond (CO Friday Memorial Library) 450 S Arch Ave New Richmond,WI54017			GENERAL OPERATING	250,000
Clear Lake Area Community Center Inc 560 5th St Clear Lake,WI54005			CAPITAL CAMPAIGN	115,000
Clear Lake School District 1101 3rd St SW Clear Lake,WI54005			GENERAL OPERATING	38,000
CLIMB Theatre Inc 6415 Carmen Ave E Inver Grove Heights,MN55076			GENERAL OPERATING	20,000
CommonBond Communities 1080 Montreal Avenue St Paul,MN55116			General Operating	1,150,000
Communities in Schools of the Twin Cities 161 St Anthony Ave Suite 910 St Paul,MN55103			GENERAL OPERATING	20,000
Community Dental Care 1670 Beam Avenue Suite 204 Maplewood,MN55109			GENERAL OPERATING	1,030,000
Community Foundation for Greater Atlanta 191 Peachtree Street NE Suite 1000 Atlanta,GA30303			PROGRAM OR PROJECT	100,000
Community Homestead Incorporated 519 280th St Osceola,WI54020			GENERAL OPERATING	36,000
Community Referral Agency PO Box 365 Milltown,WI54858			GENERAL OPERATING	80,000
Community Solutions of Eastern Iowa 7600 Commerce Park Dubuque,IA52002			GENERAL OPERATING	60,000
Community Thread 2300 Orleans Street West Stillwater,MN55082			GENERAL OPERATING	400,000
Como Friends 1225 Estabrook Drive Saint Paul,MN55103			GENERAL OPERATING	40,000
COMPAS 450 Syndicate St N Suite 325 Saint Paul,MN55104			GENERAL OPERATING	20,000
Comunidades Latinas Unidas En Servicio (CLUES) 797 E 7th Street St Paul,MN55106			PROGRAM OR PROJECT	250,000
Connecting Henry Inc 162 Keys Ferry Street McDonough,GA30253			GENERAL OPERATING	75,000
Conservation Corps Minnesota & Iowa 60 Plato Blvd E Ste 210 Saint Paul MN,MN55107			PROGRAM OR PROJECT	30,000
Croix Chordsmen Chorus 1616 Olive St W Stillwater,MN55082			GENERAL OPERATING	7,500
Dallas Area Habitat for Humanity 2800 N Hampton Rd Dallas,TX75212			GENERAL OPERATING	75,000
Diaper Bank of Minnesota 2327 Wycliff St Ste 310 St Paul,MN55114			GENERAL OPERATING	250,000
Disabled Veterans Rest Camp (DVRC) 11300 180th St N Marine ON St Croix,MN55047			GENERAL OPERATING	200,000
Dodge Nature Center 365 Marie Ave W West St Paul,MN551183848			GENERAL OPERATING	125,000
Dubuque & Jackson County Habitat for Humanity 900 Jackson St Suite LL5-2E Dubuque,IA52001			GENERAL OPERATING	85,000
Dubuque Community Y 35 N Booth St Dubuque,IA52001			GENERAL OPERATING	85,000
Dubuque Rescue Mission PO Box 147 Dubuque,IA52004			GENERAL OPERATING	60,000
Ecumen Point Pleasant Heights 28600 Fairway Lane Chicago,MN55013			PROGRAM OR PROJECT	245,790
Emma Norton Services 670 Robert St N Saint Paul,MN55101			GENERAL OPERATING	130,000
Endeavors Adult Development Center Inc 101 150th Street Balsam Lake,WI54810			GENERAL OPERATING	125,000
Epilepsy Foundation of Minnesota 7760 France Ave S Suite 210 Bloomington,MN55435			PROGRAM OR PROJECT	25,000
Every Meal 2723 Patton Rd Roseville,MN55113			GENERAL OPERATING	45,000
Evolve Family Services 5850 Omaha Ave N Stillwater,MN55082			GENERAL OPERATING	75,000
Family Gateway 1421 W Mockingbird Ln STE C Dallas,TX75247			GENERAL OPERATING	225,000
Family Pathways 6413 Oak Street North Branch,MN55056			PROGRAM OR PROJECT	25,000
Family Resource Center St Croix Valley 857 Main St Baldwin,WI54002			CAPITAL CAMPAIGN	100,000
FamilyMeans 1875 Northwestern Ave Stillwater,MN55082			GENERAL OPERATING	650,000
FamilyWise Services 3036 University Avenue SE Minneapolis,MN55414			GENERAL OPERATING	30,000
Five Loaves Food and Clothing 144 W 3rd St New Richmond,WI54017			GENERAL OPERATING	560,000
Foundation for Essential Needs 701 N 3rd St Minneapolis,MN55401			GENERAL OPERATING	125,000
Franconcia Sculpture Park 29836 St Croix Trail Shafer,MN55074			GENERAL OPERATING	10,000
Fraser 2400 W 64th Street Minneapolis,MN55423			PROGRAM OR PROJECT	35,000
Free Clinic of Pierce & StCroix Counties 1687 E Division St River Falls,WI54022			GENERAL OPERATING	150,000
Fresh Express Community Outreach 1024 4th St Hudson,WI54016			GENERAL OPERATING	60,000
Friends & Co (formerly Little Brothers - Friends of the Elderly) 2550 University Avenue W Suite 260 St Paul,MN55114			GENERAL OPERATING	45,000
Friends in Need Food Shelf PO Box 6 Cottage Grove,MN55016			GENERAL OPERATING	95,000
Friends of Lake Elmo's Sunfish Lake Park PO Box 241 Lake Elmo,MN55042			GENERAL OPERATING	10,000
Friends of Willow River and Kinnickinnic State Parks Inc 1034 County Road A Hudson,WI54016			GENERAL OPERATING	40,000
Gammelgrden Museum of Scandia PO Box 62 Scandia,MN55073			GENERAL OPERATING	25,000
Gillette Children's Hospital Foundation 200 University Avenue East Interna St Paul,MN55101			GENERAL OPERATING	550,000
Girl Scouts of Minnesota and Wisconsin River Valleys 400 Robert St S Saint Paul,MN55107			GENERAL OPERATING	160,000
GiveMN 200 Southdale Center Office 172 Edina,MN55435			GENERAL OPERATING	75,000
Goodwill Industries Inc dba Goodwill-Easter Seals Minnesota 553 Fairview Ave N Saint Paul,MN55104			GENERAL OPERATING	650,000
GPS Education Partners 24075 Riverwood Dr Ste 300 Waukesha,WI53188			GENERAL OPERATING	75,000
Greater Twin Cities United Way 404 South Eight Street Minneapolis,MN554041084			PROGRAM OR PROJECT	25,000
Greater Twin Cities Youth Symphonies 408 St Peter Street Suite 300 St Paul,MN55102			GENERAL OPERATING	40,000
Guiding Star Wakota 1140 Robert St S West Saint Paul,MN55118			GENERAL OPERATING	60,000
Gundersen Lutheran Medical Foundation Inc 1836 South Ave La Crosse,WI54601			GENERAL OPERATING	250,000
Guthrie Theater 818 South 2nd St Minneapolis,MN55415			GENERAL OPERATING	35,000
Habitat for Humanity Central Arizona 2830 W Glendale Ave Phoenix,AZ85051			GENERAL OPERATING	250,000
Habitat for Humanity of Greater Garland Inc 2909 Broadway Blvd Garland,TX75041			GENERAL OPERATING	50,000
Hammer Residences 1909 Wayzata Blvd Wayzata,MN55391			GENERAL OPERATING	30,000
Hazelden Betty Ford Foundation PO Box 11 Center City,MN55012			GENERAL OPERATING	1,000,000
Helping Paws of MN Inc 630 12TH AVE S HOPKINS,MN55343			GENERAL OPERATING	20,000
Hired 217 Fifth Avenue N Minneapolis,MN55401			GENERAL OPERATING	15,000
Hmong American Partnership 1075 ARCADE ST St Paul,MN55106			PROGRAM OR PROJECT	130,000
Homeless Youth Connection 9100 N 2nd St Phoenix,AZ85020			GENERAL OPERATING	50,000
Housing Forward 3000 Pegasus Park Dr Ste 1020 Dallas,TX75247			GENERAL OPERATING	500,000
Hudson Hospital Foundation 405 Stageline Rd Hudson,WI54016			GENERAL OPERATING	100,000
Hunger Prevention Council of Pierce County Inc 440 N Maple St Ellsworth,WI54011			GENERAL OPERATING	25,000
Illusion Theater and School Inc 3754 Pleasant Avenue Ste 321W Minneapolis,MN554091277			PROGRAM OR PROJECT	7,500
Immigrant Law Center of Minnesota 450 N Syndicate St St Paul,MN55104			GENERAL OPERATING	10,000
Interfaith Caregivers of Burnett County PO Box 676 Webster,WI54893			PROGRAM OR PROJECT	20,000
Interfaith Caregivers of Polk County PO Box 833 St Croix Falls,WI54024			GENERAL OPERATING	65,000
International Institute of Minnesota 1694 Como Avenue Saint Paul,MN55108			GENERAL OPERATING	300,000
Jeremiah Program 1510 Laurel Avenue Minneapolis,MN55403			GENERAL OPERATING	125,000
Junior Achievement North 1745 University Ave W Saint Paul,MN55104			PROGRAM OR PROJECT	150,000
Karen Wycoff Rein in Sarcoma Foundation (dba Rein in Sarcoma) 7401 Central Avenue NE Suite A Fridley,MN55432			GENERAL OPERATING	50,000
Keys to Change 204 S 12th Ave Phoenix,AZ85007			GENERAL OPERATING	250,000
Kinnickinnic River Land Trust PO Box 87 River Falls,WI54022			GENERAL OPERATING	30,000
Kinship of Polk County PO Box 68 Balsam Lake,WI54009			GENERAL OPERATING	15,000
Lakes Center for Youth and Families 200 4th St SW Forest Lake,MN55025			GENERAL OPERATING	10,000
Lifeline Food Pantry 560 5th St Clear Lake,WI54005			GENERAL OPERATING	10,000
Lifeworks Services Inc 6636 Cedar Ave S Suite 250 Richfield,MN55423			PROGRAM OR PROJECT	30,000
Listening House of St Paul 421 E 7th St Saint Paul,MN55101			GENERAL OPERATING	280,000
Literacy Minnesota 700 Raymond Avenue Suite 180 Saint Paul,MN551141780			GENERAL OPERATING	25,000
Living Well Disability Services 1168 Northland Drive Mendota,MN55120			GENERAL OPERATING	25,000
Loaves & Fishes 721 Kasota Avenue SE Minneapolis,MN55414			GENERAL OPERATING	40,000
Lutheran Social Service of Minnesota 2485 Como Ave St Paul,MN55108			PROGRAM OR PROJECT	225,000
Lyngblomsten Foundation 1415 Almond Avenue St Paul,MN55108			GENERAL OPERATING	40,000
Mayo Clinic 200 1st St SW Rochester MN 55905 Rochester,MN55905			CAPITAL SUPPORT	6,000,000
Meals From The Heart PO Box 432 St Croix Falls,WI54024			GENERAL OPERATING	25,000
Mental Health Task Force of Polk County PO Box 432 St Croix Falls,WI54024			GENERAL OPERATING	75,000
Merrick Community Services 1669 North Arcade Street Suite 4 St Paul,MN55106			GENERAL OPERATING	210,000
Merrill Arts Center 380 Rivertown Drive Suite 200 Woodbury,MN55125			GENERAL OPERATING	35,000
Metro Relief 5201 S Colony Blvd Ste 545 The Colony,TX75056			PROGRAM OR PROJECT	50,000
Metropolitan Economic Development Association (MEDA) 1256 Penn Ave N Ste 4800 Minneapolis,MN55411			GENERAL OPERATING	35,000
Minneapolis American Indian Center 1530 E Franklin Avenue Minneapolis,MN55404			CAPITAL CAMPAIGN	200,000
Minneapolis Institute of Art 2400 Third Avenue South Minneapolis,MN55404			GENERAL OPERATING	20,000
Minnesota Autism Center 5868 Baker Rd Minnetonka,MN55345			PROGRAM OR PROJECT	100,000
Minnesota Center for Book Arts 1011 Washington Ave S Suite 100 Minneapolis,MN55415			GENERAL OPERATING	35,000
Minnesota Children's Museum 10 W 7th Street Saint Paul,MN55102			GENERAL OPERATING	50,000
Minnesota Council of Nonprofits Inc 2314 University Ave Saint Paul,MN55114			GENERAL OPERATING	100,000
Minnesota Council on Foundations 2550 University Ave W Ste 200n Saint Paul,MN55114			GENERAL OPERATING	500,000
Minnesota DARE PO Box 279 St Bonifacius,MN55375			GENERAL OPERATING	1,000
Minnesota Diversified Industries Inc 3501 Broadway St NE Suite 100 Minneapolis,MN55413			PROGRAM OR PROJECT	350,000
Minnesota Historical Society 345 Kellogg Blvd W Saint Paul,MN55102			GENERAL OPERATING	50,000
Minnesota Landscape Arboretum 3675 Arboretum Drive Chaska,MN55318			GENERAL OPERATING	7,500
Minnesota Museum of American Art 350 Robert Street North Saint Paul,MN55101			PROGRAM OR PROJECT	75,000
Minnesota Orchestral Association 1111 Nicollet Mall Minneapolis,MN55403			GENERAL OPERATING	45,000
Minnesota Private College Fund 445 Minnesota Street Suite 500 St Paul,MN55101			PROGRAM OR PROJECT	75,000
Minnesota Tech for Success 504 Malcom Ave SE Suite 100 Minneapolis,MN55414			GENERAL OPERATING	100,000
Minnesota Youth Symphonies 790 Cleveland Ave S Suite 203 Saint Paul,MN55116			GENERAL OPERATING	20,000
Minnesota Zoo Foundation 13000 Zoo Boulevard Apple Valley,MN55057			PROGRAM OR PROJECT	40,000
MN Adult & Teen Challenge 740 E 24th St Minneapolis,MN55404			GENERAL OPERATING	35,000
Moms and Dads against Meth Inc Po Box 172 336 N Washington St St Croix Falls,WI54024			GENERAL OPERATING	5,000
Morris Animal Foundation 720 S Colorado Blvd Suite 174a Denver,CO80246			PROGRAM OR PROJECT	50,000
Mount Olivet Rolling Acres 18986 Lake Dr E Chanhassen,MN553179348			GENERAL OPERATING	110,000
MSS 900 Ocean St ST PAUL,MN55106			GENERAL OPERATING	15,000
NAMI Minnesota 1919 University Ave W Suite 400 St Paul,MN55104			GENERAL OPERATING	325,000
Native American Connections 3216 N 3rd Street Phoenix,AZ85012			GENERAL OPERATING	150,000
NEADS Inc PO Box 1100 Princeton,MA01541			GENERAL OPERATING	35,000
Neighborhood Development Alliance Inc 481 Wabasha St S St Paul,MN55107			GENERAL OPERATING	45,000
New Richmond Preservation SocietyNew Richmond Heritage Center 1100 Heritage Drive New Richmond,WI54017			GENERAL OPERATING	182,000
Northern Star Council Boy Scouts of America 6202 Bloomington Road Fort Snelling,MN55111			GENERAL OPERATING	7,710,000
Northwoods Homeless Shelters Inc PO Box 411 Amery,WI54001			GENERAL OPERATING	70,000
Open Arms of Minnesota 2500 Bloomington Ave S Minneapolis,MN55404			GENERAL OPERATING	135,000
Open Cupboard 8264 4th St N Oakdale,MN55128			GENERAL OPERATING	305,000
Opening Doors 2100 Asbury Road Suite 8 Dubuque,IA52001			GENERAL OPERATING	310,000
Operation HELP 901 4th Street Ste 214 Hudson,WI54016			GENERAL OPERATING	432,500
Options for Women St Croix Valley PO Box 158 Stillwater,MN55082			GENERAL OPERATING	60,000
Ordway Center for the Performing Arts 345 Washington Street Saint Paul,MN55102			PROGRAM OR PROJECT	300,000
Osceola Medical Center PO Box 218 Osceola,WI54020			GENERAL OPERATING	3,600,000
Our Lady of Peace 2076 St Anthony Ave St Paul,MN55104			GENERAL OPERATING	40,000
Our Neighbors' Place 122 West Johnson Street River Falls,WI54022			GENERAL OPERATING	680,000
OutFront Minnesota Community Services 2446 University Avenue W Ste 112 St Paul,MN55114			GENERAL OPERATING	100,000
Pacer Center Inc 8161 Normandale Blvd Bloomington,MN554371044			PROGRAM OR PROJECT	125,000
Park Square Theatre 408 St Peter Street Suite 110 Saint Paul,MN55102			GENERAL OPERATING	45,000
Pawsitive Perspectives Assistance Dogs (PawPADs) 9877 234TH ST E Lakeville,MN55044			GENERAL OPERATING	40,000
People Incorporated 3000 Ames Crossing Road Suite 600 Eagan,MN55121			PROGRAM OR PROJECT	80,000
Philadelphia Community Farm Inc PO BOX 668 Osceola,WI54020			GENERAL OPERATING	100,000
Phipps Center for the Arts 109 Locust St Hudson,WI54016			GENERAL OPERATING	105,000
Pierce County Public Health PO Box 238 Ellsworth,WI54011			GENERAL OPERATING	250,000
Polk County Historical Society & Museum 120 West Main Street PO Box 41 Balsam Lake,WI54810			GENERAL OPERATING	15,000
Prescott Area Food Pantry Inc PO Box 124 Prescott,WI54021			GENERAL OPERATING	15,000
Prevent Blindness Wisconsin 731 N Jackson Street Suite 405 Milwaukee,WI53202			PROGRAM OR PROJECT	5,000
Project for Pride in Living Inc 1035 East Franklin Avenue Minneapolis,MN55404			PROGRAM OR PROJECT	100,000
Rebuilding Together Minnesota 1050 SE 33rd Avenue Minneapolis,MN55414			GENERAL OPERATING	125,000
Rise Incorporated 8406 Sunset Rd NE Spring Lake Park,MN55407			GENERAL OPERATING	75,000
River Falls Community Food Pantry PO Box 341 River Falls,WI54022			GENERAL OPERATING	75,000
River Falls Library Foundation PO Box 592 River Falls,WI54022			GENERAL OPERATING	750,000
River Valley Charities Inc PO Box 272 Hudson,WI54016			GENERAL OPERATING	75,000
River Valley Hockey Association PO Box 393 St Croix Falls,WI54024			GENERAL OPERATING	50,000
River Valley Riders 8362 Tamarack Village Suite 119-440 Woodbury,MN55125			GENERAL OPERATING	50,000
River Valley Trails INC PO BOX 682 Hudson,WI54016			GENERAL OPERATING	10,000
Ronald McDonald House Charities Upper Midwest 621 Oak Street SE Minneapolis,MN554143125			GENERAL OPERATING	225,000
Saint Paul Urban Tennis 1675 5th St E St Paul,MN55106			GENERAL OPERATING	25,000
Science Museum of Minnesota 120 W Kellogg Blvd St Paul,MN55102			GENERAL OPERATING	1,125,000
Second Harvest Heartland 7101 Winnetka Avenue North Brooklyn Park,MN55428			GENERAL OPERATING	575,000
Sharing and Caring Hands 525 North 7th Street Minneapolis,MN55405			PROGRAM OR PROJECT	425,000
Shriners Children's Twin Cities 215 Radio Dr Ste 100 Woodbury,MN55125			GENERAL OPERATING	75,000
Silver Sobriety 11550 Stillwater Blvd Lake Elmo,MN55042			GENERAL OPERATING	15,000
Solid Ground 3521 Century Avenue North White Bear Lake,MN55110			PROGRAM OR PROJECT	825,000
Somerset Community Food Pantry PO Box 297 Somerset,WI54025			GENERAL OPERATING	20,000
Southern Crescent Habitat for Humanity PO Box 189 Jonesboro,GA30237			PROGRAM OR PROJECT	225,000
Southern Minnesota Regional Legal Services 55 5th St E Unit 800 Saint Paul,MN55101			PROGRAM OR PROJECT	275,000
Special Olympics Minnesota 900 2nd Ave S Suite 300 Minneapolis,MN55402			GENERAL OPERATING	30,000
Spring Valley Seniors Staying Put Inc (DBA Staying Put Inc) S312 McKay Ave PO Box 193 Spring Valley,WI54767			GENERAL OPERATING	32,000
St Croix Valley Restorative Services 215 North 2nd Street Suite 108 RIVER FALLS,WI54022			GENERAL OPERATING	45,000
St Andrew's Community Resource Center 900 Stillwater Road Mahtomedi,MN55115			GENERAL OPERATING	25,000
St Croix Family Resource Center dba The Connect Center PO Box 73 Bayport,MN55003			GENERAL OPERATING	330,000
St Croix Valley Chamber Chorale PO Box 352 Stillwater,MN55082			GENERAL OPERATING	15,000
St Croix Valley Food Bank PO Box 377 Hudson,WI54016			CAPITAL CAMPAIGN	4,525,000
St Croix Valley Foundation 1830 West Hanley Suite 200 Hudson,WI54016			PROGRAM OR PROJECT	4,131,500
St Croix Valley Habitat for Humanity 749 Ryan Drive Hudson,WI54016			PROGRAM OR PROJECT	300,000
St Croix Valley Opera PO Box 2300 Stillwater,MN55082			GENERAL OPERATING	95,000
St Croix Valley Sexual Assault Response Team Inc 1200 Hosford Street Suite 203 Hudson,WI54016			GENERAL OPERATING	150,000
St Mary's Health Clinics 1884 Randolph Ave Western Lot St Paul,MN55105			GENERAL OPERATING	30,000
Stepping Stone Emergency Housing PO Box 996 Anoka,MN55303			GENERAL OPERATING	325,000
StoryArk 640 Main Street N Unit 34 Stillwater,MN55082			GENERAL OPERATING	25,000
Sustainable Stillwater MN 5865 Neal AVe N 152 Stillwater,MN55082			GENERAL OPERATING	25,000
The Arc Minnesota PO Box 64007 St Paul,MN55164			GENERAL OPERATING	25,000
The Bridge for Youth 1111 W 22nd Street Minneapolis,MN55405			GENERAL OPERATING	130,000
The Bridge Homeless Recovery Center 1818 Corsicana St Dallas,TX75201			GENERAL OPERATING	250,000
The Crohn's & Colitis Foundation 2277 HWY 36 W Suite 170 Saint Paul,MN55113			GENERAL OPERATING	5,000
The Food Group 8501 54th Ave N New Hope,MN55428			GENERAL OPERATING	525,000
The Karen Organization of Minnesota 2353 Rice St Ste 240 Saint Paul,MN55113			GENERAL OPERATING	50,000
The Lakes Community Health Center DBA NorthLakes Community Clinic 7665 US Highway 2 Iron River,WI54847			GENERAL OPERATING	400,000
The Lift Garage 2401 E Lake Street Minneapolis,MN55406			GENERAL OPERATING	15,000
The Link 1210 Glenwood Avenue Minneapolis,MN55405			PROGRAM OR PROJECT	125,000
The Minneapolis Foundation 800 IDS Center 80 S 8th St Minneapolis,MN55402			PROGRAM OR PROJECT	1,000,000
The Minnesota Opera 620 N 1st Street Minneapolis,MN55401			GENERAL OPERATING	15,000
The Open Cupboard PO Box 541 Osceola,WI54020			GENERAL OPERATING	20,000
The Partnership Plan 1875 Greeley Street S Stillwater,MN55082			GENERAL OPERATING	60,000
The Saint Paul Chamber Orchestra 408 Saint Peter Street Suite 300 Saint Paul,MN551021497			GENERAL OPERATING	100,000
The Salvation Army Northern Division 2445 Prior Avenue Roseville,MN55113			PROGRAM OR PROJECT	200,000
The Salvation Army of St Croix County 505 W 8th St New Richmond,WI54017			GENERAL OPERATING	460,000
The Women's Foundation of Minnesota 105 5th Ave S Suite 525 Minneapolis,MN55401			PROGRAM OR PROJECT	100,000
Theresa Living Center 917 Jessamine Ave E St Paul,MN55106			GENERAL OPERATING	60,000
Tickets for Kids Charities 2038 Ford Parkway 428 Saint Paul,MN55116			GENERAL OPERATING	7,500
True Friends 10509 108th Street NW Annandale,MN55302			GENERAL OPERATING	130,000
Tubman 4432 Chicago Ave South Minneapolis,MN55407			GENERAL OPERATING	1,000,000
Turningpoint for Victims of Domestic and Sexual Violence 117 North Main Street River Falls,WI54022			GENERAL OPERATING	430,000
Twin Cities Habitat for Humanity 1954 University Ave W St Paul,MN55104			GENERAL OPERATING	50,000
Twin Cities PBS (TPT) 172 East Fourth Street St Paul,MN55101			PROGRAM OR PROJECT	130,000
Two Rivers Community Land Trust PO Box 25451 Woodbury,MN55125			GENERAL OPERATING	20,000
UMOM New Day Centers 3333 E Van Buren Street Phoenix,AZ85008			GENERAL OPERATING	150,000
Union Gospel Mission Twin Cities 376 Western Ave N St Paul,MN55103			CAPITAL CAMPAIGN	375,000
United Pioneer Home Inc 623 S 2nd St Luck,WI54853			PROGRAM OR PROJECT	150,000
United Way of Greater Atlanta 40 Courtland Street Northeast Atlanta,GA30303			PROGRAM OR PROJECT	100,000
United Way of Washington County East 1825 Curve Crest Blvd PO Box 30 Stillwater,MN55082			GENERAL OPERATING	125,000
United Way St Croix Valley 201 Second Street Suite 300 Hudson,WI54016			PROGRAM OR PROJECT	325,000
University of Wisconsin - River Falls Foundation 410 S 3rd Street River Falls,WI54022			PROGRAM OR PROJECT	150,000
Urban Boatbuilders 2288 University Avenue W Saint Paul,MN55114			GENERAL OPERATING	30,000
Vail Place 23 9th Ave S Hopkins,MN55343			GENERAL OPERATING	45,000
Valley Community Center 4444 Fuller Rd West Des Moines,IA50265			GENERAL OPERATING	100,000
Valley Friendship Club 6201 North Osgood Avenue Stillwater,MN55082			GENERAL OPERATING	50,000
Valley Outreach 1911 Curve Crest Boulevard West Stillwater,MN55082			GENERAL OPERATING	450,000
Vision Loss Resources 3230 Spruce St Little Canada,MN55117			GENERAL OPERATING	15,000
Washington County 4-H 14949 62nd St N Stillwater,MN55082			PROGRAM OR PROJECT	20,000
Washington County Historical Society 1862 S Greeley Street Stillwater,MN55082			GENERAL OPERATING	25,000
Wayside Recovery Center 1600 University Ave W Suite 500 St Paul,MN55104			GENERAL OPERATING	20,000
West Central Wisconsin Community Action Agency Inc 525 2nd Street Glenwood City,WI54013			GENERAL OPERATING	900,000
Westfields Hospital Foundation 535 Hospital Rd New Richmond,WI54017			GENERAL OPERATING	1,000,000
White Bear Area Food Shelf 1884 Whitaker Street White Bear Lake,MN55110			GENERAL OPERATING	200,000
Wild Rivers Conservancy of the St Croix & Namekagon PO Box 938 Osceola,WI540208166			GENERAL OPERATING	30,000
Wilderness Inquiry Inc 1611 County Rd B West Suite 315 St Paul,MN55113			GENERAL OPERATING	35,000
Wisconsin Farmers Union Foundation Inc 128 W River St Ste 201 Chippewa Falls,WI54729			GENERAL OPERATING	110,000
Wolf Ridge Environmental Learning Center 6282 Cranberry Rd Finland,MN55603			GENERAL OPERATING	200,000
Women's Advocates Inc PO Box 4039 St Paul,MN55104			GENERAL OPERATING	175,000
YMCA of the North 651 Nicollet Mall Ste 500 Minneapolis,MN55402			GENERAL OPERATING	750,000
Young Life 1151 Parkwood Ln Stillwater,MN55082			GENERAL OPERATING	110,000
Youth Advantage Inc PO Box 11 Stillwater,MN55082			GENERAL OPERATING	55,000
Youth Service Bureau Inc 6120 Oren Avenue N Stillwater,MN55082			GENERAL OPERATING	40,000
YWCA St Paul 375 Selby Avenue St Paul,MN55102			GENERAL OPERATING	50,000
Total ................................. 3a				72,515,525

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
TAX PREP AND AUDIT FEES	129,982	51,993		77,989

Name of Bond	End of Year Book Value	End of Year Fair Market Value
APPLE INC NOTE CPN	0	0
ARCHER DANIELS MIDLAND CO BOND	363,071	363,071
BERKSHIRE HATHAWAY SR NOTE CPN	2,096,577	2,096,577
BRISTOL MYERS SQUIBB CO SR NOTE CPN	498,195	498,195
CATERPILLAR INC SR NOTE CPN	1,430,220	1,430,220
CHEVRON CORP NT	0	0
CHEVRON CORP NT CALL MAKE WHOLE	463,680	463,680
COMCAST CORP NEW	497,070	497,070
COMCAST CORP NEW	1,000,390	1,000,390
COMCAST CORP NEW NOTE CALL	1,030,580	1,030,580
CONOCO FDG CO NT CALL MAKE WHOLE	1,137,730	1,137,730
GLAXOSMITHKLINE CAP INC	280,229	280,229
INTEL CORP SR NOTE	980,280	980,280
JP MORGAN CHASE & CO	2,197,448	2,197,448
JPMORGAN CHASE &CO SER E	494,685	494,685
MERCK & CO NT	1,513,245	1,513,245
MERCK & CO INC DEBENTURE CPN	741,664	741,664
PNC BANK SR NT	2,073,855	2,073,855
PNC FINL SVCS GROUP INC NOTE	983,540	983,540
PEPSICO INC NOTE CALL MAKE WHOLE	949,370	949,370
PEPSICO INC NOTE CALL MAKE WHOLE	491,385	491,385
PROCTER & GAMBLE CO NTE	494,490	494,490
PROCTER &GAMBLE CO NOTE	499,845	499,845
TARGET CORP NTE	982,520	982,520
TARGET CORP NOTE CALL	937,820	937,820
TARGET CORP BOND CALL MAKE WHOLE	1,108,980	1,108,980
TARGET CORP NOTE CALL MAKE	495,035	495,035
UNITED PARCEL SVC INC SR NTE	984,970	984,970
UNITED PARCEL SVC INC SR NTE	1,287,438	1,287,438
UNITEDHEALTH GROUP NT	1,491,405	1,491,405
UNITEDHEALTH GRP INC UNSECD NTE	499,615	499,615
UNITEDHEALTH GROUP INC NOTE	901,810	901,810
UNITEDHEALTH GROUP INC NOTE	1,024,250	1,024,250
VISA INC	1,481,835	1,481,835
WAL MART STORES INC	1,381,205	1,381,205
APPLE INC	0	0
APPLE INC	979,063	979,063
ARCHER DANIELS M	1,930,394	1,930,394
ARCHER DANIELS	799,162	799,162
ARCHER DANIELS MI	918,973	918,973
BANK OF MONTREAL	498,536	498,536
BERKSHIRE HATHAW	898,613	898,613
BERKSHIRE HATHA	931,419	931,419
BRITSOL-MYERS SQUIB	1,398,657	1,398,657
CATERPILLAR INC.	1,037,318	1,037,318
CHEVRON CORP	1,002,041	1,002,041
COMCAST CORP	999,389	999,389
COMCAST CORP	1,336,463	1,336,463
CONOCOPHILLIPS	2,006,020	2,006,020
CONOCOPHILLIPS	480,461	480,461
CONOCOPHILLIPS	508,107	508,107
JOHN DEERE CAPIT	1,393,309	1,393,309
JOHN DEERE CAPITA	1,666,355	1,666,355
JOHN DEERE CAPIT	2,250,891	2,250,891
JOHN DEERE CAPITA	512,628	512,628
JPMORGAN CHASE	1,297,869	1,297,869
ELI LILLY AND CO	0	0
MERCK & CO	1,816,411	1,816,411
MERCK & CO., INC.	541,857	541,857
PNC BANK, NTNL	246,795	246,795
PEPSICO	0	0
PEPSICO	1,975,316	1,975,316
PEPSICO	444,275	444,275
PRECISION CSTPA	0	0
THE PROCTER & GA	989,223	989,223
THE PROCTER & GA	1,829,576	1,829,576
TARGET CORP	498,707	498,707
TARGET CORP	980,651	980,651
UNITED PARCEL SER	514,843	514,843
UNITED PARCEL SER	1,379,050	1,379,050
UNITEDHEALTH GROUP INC	1,023,914	1,023,914
VISA INC.	986,581	986,581
WALMART INC	2,225,555	2,225,555

- TIN:

TY 2025 InvestmentsCorpStockSchedule

Name:

Fred C and Katherine B Andersen Foundation

EIN:

41-6020920

Software ID:

25022866

Software Version:

2025v4.1

Name of Stock	End of Year Book Value	End of Year Fair Market Value
FIDELITY MSCI REAL	1,460,665	1,460,665
GOLDMAN SACHS PHYSICAL	3,771,419	3,771,419
AIR PRODS & CHEMS INC	107,701	107,701
AMETEK INC NEW	135,094	135,094
ANSYS INC	0	0
APPFOLIO INC	104,460	104,460
ARCH CAPITAL GROUP LTD	150,115	150,115
ARES MANAGEMENT CORP	220,948	220,948
AUTODESK INC	0	0
BERKLEY W R CORP	60,724	60,724
BROOKFIELD CORP	734,699	734,699
BROOKFIELD ASSET MGM F	136,319	136,319
BROOKFIELD INFRASTRUCT F	456,906	456,906
BROOKFIELD RENEWABLE CF	163,942	163,942
BROWN & BROWN INC	440,661	440,661
CBRE GROUP INC	546,364	546,364
CCC INTELLIGENT SOLUTION	120,339	120,339
CARMAX INC	0	0
COPART INC	490,119	490,119
COSTAR GROUP INC	345,210	345,210
DOMINOS PIZZA INC	239,255	239,255
EAGLE MATLS INC	46,296	46,296
ENTEGRIS INC	195,629	195,629
FAIR ISAAC CORP	363,483	363,483
FASTENAL CO	175,649	175,649
FLOOR & DECOR HLDGS INC	140,169	140,169
GALLAGHER ARTHER INC	203,150	203,150
GARTNER INC	0	0
GRACO INC	59,346	59,346
HEICO CORP	801,970	801,970
HILTON WORLDWIDE HLD	734,498	734,498
HYATT HOTELS	192,865	192,865
IDEXX LABS INC	231,373	231,373
KKR & CO INC	598,774	598,774
LENNAR CORP	224,207	224,207
LIBERTY LIVE HLDGS INC	67,859	67,859
LIBERTY MEDIA CORP	207,856	207,856
LIBERTY MEDIA CORP	106,809	106,809
LIVE NATION ENTRTMNT	542,783	542,783
LPL FINL HLDGS INC	251,805	251,805
MSCI INC	0	0
MARKEL CORP	462,175	462,175
MARTIN MARIETTA MATR	478,203	478,203
MICROCHIP TECHNOLOGY	0	0
MOODYS CORP	108,811	108,811
MSCI INC	302,929	302,929
O REILLY AUTOMOTIVE	618,495	618,495
PERIMETER SOLUTIONS	125,427	125,427
PROCURE TECHNOLOGIES INC	94,489	94,489
PROGRESSIVE CO OHIO	0	0
ROPER TECHNOLOGIES	301,798	301,798
ROSS STORES INC	107,904	107,904
RYAN SPECIALTY HOLDINGS	79,459	79,459
S B A COMMUNICATIONS	0	0
TOAST INC	72,014	72,014
TRANSDIGM GROUP INC	762,004	762,004
TYLER TECHNOLOGIES	249,673	249,673
VAIL RESORTS INC	0	0
VEEVA SYS INC	318,326	318,326
VERALTO CORP	27,539	27,539
VERISIGN INC	0	0
VERISK ANALYTICS INC	74,712	74,712
VULCAN MATERIALS COM	695,081	695,081
WASTE CONNECTIONS INC	130,994	130,994
WATERS CORP	132,181	132,181
WIX COM LTD	41,972	41,972
AAR CORP	37,918	37,918
ABIVAX SA	28,454	28,454
ARCH CAP GROUP LTD	0	0
WIX COM LTD	0	0
ABACUS LIFE INC	0	0
ACADIA HEALTHCARE CO INC	0	0
ADAPT HEALTH CORP	16,524	16,524
ADAPTIVE BIOTECHNOLOGIES	17,458	17,458
ADDUS HOMECARE CORP	35,439	35,439
ADVANCED ENERGY INDS INC	83,539	83,539
AGILYSYS INC	41,000	41,000
ALGONQUIN PWR & UTILS	40,246	40,246
ALLEGRO MICROSYSTEMS INC	36,484	36,484
AMERICAN EAGLE OUTFITTER	20,015	20,015
AMERICAN STS WTR CO	0	0
AMERIS BANCORP	50,207	50,207
ARCBEST CORP	27,747	27,747
AXSOME THERAPEUTICS INC.	59,358	59,358
B J S WHOLESALE CLUB HOL	24,128	24,128
BELLRING BRANDS INC	25,661	25,661
BOOT BARN HLDGS INC	34,765	34,765
BOYD GROUP SVCS INC	19,117	19,117
BRIDGEBIO PHARMA INC	87,199	87,199
BICYCLE THERAPEUTICS P F	7,540	7,540
CAESARS ENTMT INC NEW	0	0
CALERES INC	0	0
CASTLE BIOSCIENCES INC	67,453	67,453
CAVA GROUP INC	27,291	27,291
CHAMPIONX CORP	0	0
CHORD ENERGY CORP	22,897	22,897
CNO FINL GROUP	45,061	45,061
CHART INDUSTRIES INC	0	0
CIVITAS RES INC	0	0
CLEARWATER ANALYTICS HLD	54,559	54,559
COLLEGIUM PHARMACEUTICAL	45,606	45,606
COMMERCIAL METALS CO	67,490	67,490
COUSINS PPTYS INC	36,685	36,685
CREDO TECHNOLOGY GROUP F	82,449	82,449
CURTISS WRIGHT CORP	50,717	50,717
CYTOKINETICS INC	44,224	44,224
DARLING INGREDIENTS	29,880	29,880
DENALI THERAPEUTICS I N	23,824	23,824
DIGITALOCEAN HLDGS INC	0	0
DOUBLEVERIFY HLDGS INC	0	0
DYCOM INDUSTRIES INC	79,744	79,744
ENERSYS	52,977	52,977
ENTEGRIS INC	21,652	21,652
ESSENT GROUP LTD	36,601	36,601
EXACT SCIENCES CORPORATI	20,718	20,718
FABRINET	35,512	35,512
FIRST INDL RLTY TR INC	0	0
FIRST MERCHANTS CORP	0	0
F N B CORP PA	54,498	54,498
FIRST HORIZON CORP	68,019	68,019
FORESTAR GROUP INC	0	0
GRAPHIC PACKAGING HL	20,632	20,632
GULFPORT ENERGY CORP	66,141	66,141
HAMILTON LANE INC	46,740	46,740
HELIX ENERGY SOLUTIONS G	24,440	24,440
HURON CONSULTING GRP	73,833	73,833
IMMUNOCORE HLDGS PLC F	24,019	24,019
IMMUNOME INC	24,380	24,380
IMMUNOVANT INC	0	0
INDEPENDENT BK CORP MICH	9,857	9,857
INGEVITY CORP	28,288	28,288
INSMED INC	104,424	104,424
INVENTRUST PPTYS CORP	36,476	36,476
INTRA-CELLULAR THERA	0	0
IOVANCE BIOTHERAPEUTICS	0	0
JAMF HOLDING CORP	0	0
JANUS HENDERSON GP F	0	0
JEFFERSON CAP INC DEL	15,549	15,549
JFROG LTD	65,271	65,271
KINETIK HLDGS INC	26,064	26,064
KRATOS DEFENSE & SEC SOL	21,634	21,634
LAZARD INC	58,223	58,223
LIFE TIME GROUP HLDGS IN	47,924	47,924
LIFESTANCE HEALTH GROUP	18,656	18,656
LINCOLN NTNL CO	66,350	66,350
LINDBLAD EXPEDITIONS HOL	16,597	16,597
LOUISIANA-PAC CORP	18,090	18,090
LULUS FASHION LOUNGE HOL	0	0
LUMEXA IMAGING HLDGS INC	11,803	11,803
LYFT INC	21,075	21,075
MAREX GROUP PLC	0	0
MODINE MANUFACTURING	85,179	85,179
MONTROSE ENVIRONMENTAL G	26,568	26,568
MP MATLS CORP	11,215	11,215
MUELLER WATER PRODUCTS	52,833	52,833
MYR GROUP INC	60,962	60,962
NATERA INC	66,665	66,665
NETSKOPE INC	33,782	33,782
NEWMARK GROUP INC	41,200	41,200
NORTHERN OIL AND GAS	14,368	14,368
NTNL BK HLDGS CORP	0	0
CHORD ENERGY CORP	0	0
ONEMAIN HLDGS INC	34,518	34,518
OR ROYALTIES INC	12,917	12,917
PATTERSON UTI ENERGY	41,102	41,102
PARSONS CORP DEL	35,844	35,844
PERFORMANCE FOOD GROUP C	34,799	34,799
PINNACLE FINL PARTNR	40,072	40,072
POPULAR INC	69,109	69,109
PORTLAND GENERL ELEC	0	0
PRIVIA HEALTH GROUP INC	49,103	49,103
PROGRESS SOFTWARE CO	0	0
PVH CORP	26,741	26,741
QUANEX BLDG PRODS CORP	0	0
RADNET INC	56,866	56,866
REGAL REXNORD CORP	25,538	25,538
REMITLY GLOBAL INC	0	0
RIOT PLATFORMS INC	17,358	17,358
SERVICETITAN INC	42,813	42,813
SITIME CORP	85,119	85,119
SOLARIS ENERGY INFRSTR	63,393	63,393
SOPHIA GENETICS SA F	6,856	6,856
SOUTHWEST GAS HOLDINGS I	71,538	71,538
SPROUT SOCIAL INC	0	0
SPRINGWORKS THERAPEUTICS	0	0
SPX TECHNOLOGIES INC	55,217	55,217
STERLING INFRASTRUCTURE	71,964	71,964
STIFEL FINL CO	58,353	58,353
STRIDE INC	29,348	29,348
STRUCTURE THERAPEUTICS F	39,644	39,644
SUMMIT MATERIALS INC	0	0
TAYLOR MORRISON HOME	60,401	60,401
TD SYNNEX CORP	44,017	44,017
TKO GROUP HLDGS INC	46,607	46,607
TOPGOLF CALLAWAY BRANDS	19,676	19,676
TREX CO INC	33,361	33,361
UMB FINL CORP	70,865	70,865
VARONIS SYS INC	47,002	47,002
VAXCYTE INC	0	0
VERRA MOBILITY CORP	0	0
VERTEX INC	25,641	25,641
VIKING THERAPEUTICS INC	15,057	15,057
VIA TRANSN INC	17,464	17,464
VISHAY INTERTECH	0	0
VISTEON CORP	25,867	25,867
VITAL FARMS INC	38,456	38,456
WEBSTER FINL CO	50,226	50,226
WESCO INTERNTNL	67,765	67,765
WINTRUST FINL	53,831	53,831
WORLD KINECT CORP	0	0
ZURN ELKAY WATER SOLUTIO	0	0
AXIS CAPITAL HOLDINGS	0	0
ESSENT GROUP LTD F	0	0
TEEKAY TANKERS LTD. F	0	0
ABB LTD	0	0
ADYEN NV	84,881	84,881
AGNICO EAGLE MINES LTD	172,921	172,921
AIRBUS SE	164,087	164,087
ALCON INC	102,453	102,453
ARGENX SE	119,415	119,415
ASML HLDG N V	286,722	286,722
ASICS CORP	0	0
ASTRAZENECA PLC	228,170	228,170
ATLAS COPCO AB	0	0
AXA SA	122,662	122,662
BAE SYS PLC	109,041	109,041
BANCO SANTANDER SA	167,762	167,762
BANCO BILBOA VIZCAYA A F	0	0
BRAMBLES LTD	120,703	120,703
BYD CO LTD	57,535	57,535
CANADIAN PACIFIC KANSA F	0	0
CELESTICA INC EQUITY	91,048	91,048
CHECK POINT SOFTWARE	95,007	95,007
COMPAGNIE FINANCIERE	147,739	147,739
COMPASS GROUP PLC	0	0
DANONE	179,372	179,372
DEUTSCHE BOERSE	0	0
DEUTSCHE TELEKOM AG	0	0
E ON SE	122,996	122,996
ESSILOR INTL S A	92,359	92,359
EDP-ENERGIAS DE PORTUG F	0	0
FERRARI N V NEW	82,781	82,781
GALDERMA GROUP AG	24,870	24,870
GIVAUDAN SA	52,891	52,891
HDFC BANK LTD	0	0
HALEON PLC F	0	0
HERMES INTL SCA	114,576	114,576
HOYA CORP	101,909	101,909
HSBC HLDGS PLC	181,098	181,098
INDUSTRIA DE DISENO TE F	176,831	176,831
INTESA SANPAOLO S P A	181,378	181,378
LOREAL SA	120,167	120,167
LVMH MOET HENNESSY LOU F	0	0
LENOVO GROUP LTD	41,908	41,908
LLOYDS BANKING GROUP P F	0	0
LONDON STK EXCHANGE GR F	72,604	72,604
MITSUBISHI HEAVY INDS	50,883	50,883
MITSUBISHI UFJ FINL GR F	156,713	156,713
MONOTARO CO LTD	0	0
NATWEST GROUP PLC	189,718	189,718
NOMURA RESH INST LTD	68,983	68,983
NOVONESIS A S	84,933	84,933
NOVO-NORDISK A S	0	0
OLYMPUS CORP	0	0
PRYSMIAN	142,409	142,409
PUBLICIS S A NEW	0	0
RELX PLC	105,213	105,213
ROCHE HLDG AG	72,456	72,456
RYANAIR HLDGS PLC	86,700	86,700
SAFRAN	163,393	163,393
SAP SE	216,676	216,676
SEA LTD	166,224	166,224
SCHNEIDER ELECTRIC SA	163,155	163,155
SHOPIFY INC	67,607	67,607
SIEMENS ENERGY AG	242,880	242,880
SMC CORP JAPAN	0	0
SOFTBANK GRP CORP	73,200	73,200
SONY GROUP CORP F	201,549	201,549
STRAUMANN HLDG AG	0	0
TAIWAN SEMICONDUCTR	186,588	186,588
TENCENT HOLDINGS	167,032	167,032
TERUMO CORP	90,335	90,335
TESCO PLC	178,119	178,119
THOMSON REUTERS CORP	0	0
3I GROUP PLC	0	0
TOKIO MARINE HLDGS INC F	0	0
TOKYO ELECTRON LTD	112,544	112,544
UCB SA	134,170	134,170
UNILEVER PLC	169,844	169,844
LINDE PLC	0	0
ALCON INC	0	0
ZAI LAB LTD	25,172	25,172
3I GROUP PLC	85,334	85,334
CRH PUBLIC LIMITED CO	0	0
ICON PLC	0	0
SPOTIFY TECHNOLOGY S A F	0	0
CHECK POINT SOFTWARE T F	0	0
ASML HLDG N V	0	0
FERRARI N V NEW	0	0
ABB LTD	173,682	173,682
AIA GROUP LTD	103,190	103,190
ADIDAS AG	86,790	86,790
AIR LIQUIDE	126,690	126,690
ALLIANZ SE	73,140	73,140
ANGLO AMERN PLC	68,463	68,463
AON PLC	122,096	122,096
ASICS CORP	0	0
ASML HLDG N V	289,932	289,932
ASTRAZENECA PLC	102,594	102,594
BANKINTER SA	98,701	98,701
BANCO SANTANDER SA	150,695	150,695
BANK HAPOALIM B M	107,026	107,026
BUREAU VERITAS SA	90,709	90,709
CAPGEMINI S E F	53,147	53,147
CHUBB LTD	70,227	70,227
COMPAGNIE FINANCIERE R F	93,376	93,376
COMPASS GROUP	139,508	139,508
CONTINENTAL AG HANNOVE	0	0
CRODA INTL PLC	0	0
CRH PUBLIC LIMITED CO	48,922	48,922
DBS GROUP HOLDINGS IM	0	0
DIPLOMA PLC	105,857	105,857
DISCO CORP	34,907	34,907
DSV A/S	97,155	97,155
ENGIE SA	89,187	89,187
EPIROC AKTIEBOLAG	0	0
EXPERIAN PLC F	96,483	96,483
FANUC CORP ADR	82,378	82,378
GILDAN ACTIVEWEAR F	91,754	91,754
HALMA PLC F	97,521	97,521
HEXAGON AB	88,203	88,203
HOYA CORP	106,155	106,155
IMCD GROUP N V	24,254	24,254
IMI PLC	59,904	59,904
NDUSTRIA DE DISENO TE F	94,991	94,991
ING GROEP ADR REP 1 OR F	116,116	116,116
INTERCONTINENTAL HOTEL F	91,117	91,117
JAMES HARDIE INDS PLC	0	0
KBC GROUP NV F	135,798	135,798
KAO CORP	0	0
LEGRAND SA	85,570	85,570
LINDE PLC	72,060	72,060
LONDON STOCK EXCHANGE F	81,928	81,928
LOTTOMATICA GROUP S P	54,131	54,131
MARKS & SPENCER GROUP	40,271	40,271
MARUWA CO LTD	34,539	34,539
MEDTRONIC PLC	45,821	45,821
MITSUBISHI ELEC CORP	82,070	82,070
MITSUI FUDOSAN CO LTD	79,041	79,041
MIZUHO FINL GROUP INC	73,032	73,032
MTU AERO ENGINES HOLDI	125,892	125,892
NINTENDO LTD	68,300	68,300
NIPPON SANSO HLDGS COR F	29,950	29,950
NITORI HLDGS CO LTD	30,093	30,093
NOMURA RESEARCH IND	65,328	65,328
NORDEA BANK AB	104,872	104,872
NOVO-NORDISK AS VORMAL F	54,900	54,900
PUMA SE	0	0
RECRUIT CO., LTD. F	63,776	63,776
RELX PLC	119,886	119,886
RESONA HLDGS INC	90,448	90,448
RENESAS ELECTRS CO F	0	0
RYANAIR HLDGS PLC	0	0
SAMPO OYJ	88,789	88,789
SAP SE F	0	0
SHIN ETSU CHEMICAL CO F	55,165	55,165
SIEMENS HEALTHINEERS	65,497	65,497
SSE PLC	66,890	66,890
SUNCOR ENERGY INC	0	0
SUZUKI MOTOR CO LTD	44,998	44,998
SYMRISE AG	0	0
TECHTRONIC INDS LTD	72,839	72,839
THALES SA	47,168	47,168
3I GROUP PLC	96,801	96,801
TOKYO ELECTRON LTD	0	0
UNILEVER PLC	141,460	141,460
UNIVERSAL MUSIC GROUP	73,663	73,663
VAT GROUP DG	0	0
ICON PLC	0	0
ASM INTERNTNL N V F	0	0
ASML HOLDING N V F	0	0
ANDERSEN STOCK	1,356,327,900	1,356,327,900
AIR PRODUCTS AND CHEMICALS, INC	631,136	631,136
ALPHABET INC CLASS C	1,137,211	1,137,211
ALCON INC	651,365	651,365
AMDOCS LTD	690,776	690,776
ACCENTURE PLC	580,870	580,870
AMETEK INC	843,413	843,413
AUTOMATIC DATA PROCESSING INC	603,462	603,462
AVERY DENNISON CORP COM	0	0
ARTHUR J GALLAGHER & COMPANY	623,684	623,684
BECTON, DICKINSON & CO.	745,811	745,811
BOSTON SCIENTIFIC CORP	0	0
BROADRIDGE FINANCIAL SOLUTIONS INC	599,211	599,211
BROWN & BROWN INC	553,357	553,357
CACI INTERNATIONAL INC. CLASS A	776,304	776,304
CARLISLE COMPANIES, INC	646,117	646,117
CURTISS-WRIGHT CORP	826,905	826,905
DARDEN RESTAURANTS INC	649,775	649,775
DECKERS OUTDOOR CORP	721,543	721,543
EMCOR GROUP INC COM	707,841	707,841
FACTSET RESEARCH SYSTEMS	499,707	499,707
EATON CORPORATION PLC	637,020	637,020
FISERV INV	305,086	305,086
FRANKLIN ELECTRIC CO INC	731,282	731,282
FTI CONSULTING INC	772,493	772,493
GENERAL DYNAMICS CORP	777,011	777,011
GRACO INC	697,237	697,237
GRAINGER W W INC	748,715	748,715
HONEYWELL INTERNATIONAL INC	703,104	703,104
ICON PLC ORD EUR	826,914	826,914
ITT INC COM	749,737	749,737
INGERSOLL RAND INC COM	714,327	714,327
INTERCONTINENTAL EXCHANGE INC	616,096	616,096
INTUIT INC	656,458	656,458
IQVIA HOLDINGS INC	909,304	909,304
JACOBS SOLUTIONS INC	644,021	644,021
LEIDOS HOLDINGS INC	733,867	733,867
MARSH & MCLENNAN COS. INC	614,442	614,442
NVENT ELECTRIC PLC COM	815,046	815,046
PARKER-HANNIFIN CORP	868,412	868,412
PRIMERICA INC	735,293	735,293
RB GLOBAL INC COM	654,973	654,973
REPUBLIC SERVICES INC	694,071	694,071
RESMED INC	613,496	613,496
ROPER TECHNOLOGIES INC	582,230	582,230
SAIA INC	812,708	812,708
SS&C TECHNOLOGIES HOLDINGS INC	775,678	775,678
STERIS PLC ORD USD	791,236	791,236
STRYKER CORP	700,480	700,480
TELEDYNE TECHNOLOGIES INC	667,524	667,524
TEXAS ROADHOUSE INC CLASS A	683,920	683,920
THE CIGNA GROUP COM	669,910	669,910
TJX COMPANIES INC	834,256	834,256
TORO COMPANY	0	0
TRACTOR SUPPLY CO	594,819	594,819
UNION PACIFIC CORP	781,168	781,168
UNITEDHEALTH GROUP INC	0	0
VISA INC	771,562	771,562
WATSCO INC CL A	577,869	577,869

(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	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	167,691
b		0	10,351,481
c		0	27,129,767
d
e


(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
Jess Laumeyer	Director of Admin 40.00	116,654	8,846	0
PO Box 80 Bayport,MN55003	Director of Admin 40.00	116,654	8,846	0
Alyson Sauter	Program Officer 40.00	70,789	5,481	0
PO Box 80 Bayport,MN55003	Program Officer 40.00	70,789	5,481	0






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

		(a) Corpus	(b) Years prior to 2024	(c) 2024	(d) 2025
1 Distributable amount for 2025 from Part X, line 7					82,432,243
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only.......				72,091,600
b Total for prior years:20 , 2022, 2021			0
3 Excess distributions carryover, if any, to 2025:
a From 2020......	0
b From 2021......	0
c From 2022......	0
d From 2023......	0
e From 2024......	0
f Total of lines 3a through e ........		0
4Qualifying distributions for 2025 from Part
XI, line 4: $ 73,888,337
a Applied to 2024, but not more than line 2a				72,091,600
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.....					1,796,737
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2025.					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 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 ..........					80,635,506
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 ......		0
10 Analysis of line 9:
a Excess from 2021 ....	0
b Excess from 2022 ....	0
c Excess from 2023 ....	0
d Excess from 2024 ....	0
e Excess from 2025 ....	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) 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 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.............	281,805	358,514	358,514
	2	Savings and temporary cash investments.........	30,503,760	33,467,031	33,467,031
	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).......	1,412,395,066	List of Attached Documents: // Content 1,431,359,704	1,431,359,704
	c	Investments—corporate bonds (attach schedule).......	65,372,066	List of Attached Documents: // Content 71,092,854	71,092,854
	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)..........	164,785,918	List of Attached Documents: // Content 180,226,244	180,226,244
	14	Land, buildings, and equipment: basis 0
		Less: accumulated depreciation (attach schedule) 0	0		0
	15	Other assets (describe )	0	0	0
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	1,673,338,615	1,716,504,347	1,716,504,347
	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........	1,673,338,615	1,716,504,347
	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).....	1,673,338,615	1,716,504,347
	30	Total liabilities and net assets/fund balances (see instructions).	1,673,338,615	1,716,504,347

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
THE CHARLES SCHWAB CORPORATION	INVESTMENT MANAGEMENT SERVICES	327,523
4350 BAKER RD STE 245 MINNETONKA,MN55343	INVESTMENT MANAGEMENT SERVICES	327,523
FIRST STATE BANK OF BAYPORT	INVESTMENT MANAGEMENT SERVICES	299,936
950 N HIGHWAY 95 BAYPORT,MN55003	INVESTMENT MANAGEMENT SERVICES	299,936
FIDELITY INVESTMENTS	INVESTMENT MANAGEMENT SERVICES	211,282
4350 BAKER RD STE 245 MINNETONKA,MN55343	INVESTMENT MANAGEMENT SERVICES	211,282
Ernst and Young US LLP	Audit and TAX SERVICES	129,982
OneManhattanWest NewYork,NY10001	Audit and TAX SERVICES	129,982
JMAdams Advisors	Financial Consulting Services	115,935
6934 Willow Lane Brooklyn Center,MN55430	Financial Consulting Services	115,935

bApproved for future payment

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

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	3,442,777
4 Dividends and interest from securities ....			14	39,629,174
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	37,648,939
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		80,720,890	0

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.

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
AGREE REALTY CORP	FMV	0	0
LADDER CAP CORP	FMV	14,749	14,749
GQG PARTNERS EMRG MKTS	FMV	5,624,616	5,624,616
JPMORGAN HEDGED EQUITY I	FMV	10,597,099	10,597,099
COHEN & STEERS REAL	FMV	1,618,876	1,618,876
VANGUARD TOTAL STOCK MKT	FMV	4,385,104	4,385,104
AMERICAN FUNDS U.S. GOV MONEY MRKT CL F2	FMV	0	0
Driehaus Emerging Mkts Growth	FMV	7,025,153	7,025,153
T Rowe Price International Discovery Fund Class I	FMV	4,552,611	4,552,611
Vanguard Developed Markets Index Fund Admiral Shares (0127)	FMV	21,004,997	21,004,997
Vanguard Mid-Cap Index Fund Admiral Shares (5859)	FMV	16,636,056	16,636,056
Vanguard Total Stock Market Index Fund Institutional Shares (855)	FMV	40,654,071	40,654,071
Dodge & Cox Income Fund	FMV	9,833,011	9,833,011
Federated Instl High Yield Bond Fd (900)	FMV	6,453,017	6,453,017
FIDELITY US BOND INDEX FUND INST PREM CLASS	FMV	22,981,160	22,981,160
Vanguard Intermediate-Term Treasury Fund Admiral Shares (535)	FMV	9,709,476	9,709,476
ISHARES S&P GLOBAL TECHNOLOGY SECTOR	FMV	0	0
ISHARES TR GLB INGRASTR ETF	FMV	0	0
ISHARES TR EAFE VALUE ETF	FMV	8,055,405	8,055,405
ISHARES TR EAFE GROWTH ETF	FMV	3,039,500	3,039,500
ISHARES INC CORE MSCI EMERGING MKTS	FMV	5,023,015	5,023,015
ISHARES MSCI EMR MRK EX CHNA	FMV	0	0
REXFORD INDL REALTY	FMV	44,876	44,876
AMERICAN HEALTHCARE REIT	FMV	23,812	23,812
AMERICAN HOMES 4 RENT	FMV	37,364	37,364
SABRA HEALTH CARE REIT I	FMV	43,770	43,770
BLACKROCK ETF TRUST ISHARES AI	FMV	1,820,578	1,820,578
WISDOMTREE TRUST EUROPE DEFENSE FD	FMV	1,047,928	1,047,928

Description	Revenue and Expenses per Books	Disbursements for Charitable Purposes
Office improvements	97,067	97,067
Membership Fees	65,000	65,000
Information Technology COSTS	45,440	45,440
PROFESSIONAL DEVELOPMENT	14,588	14,588
OFFICE SUPPLIES AND EXPENSES	13,912	13,912
INSURANCE EXPENSES	11,678	11,678
MEALS & ENTERTAINMENT	3,159	3,159
Payroll Processing Fees	1,735	1,735
MISCELLANEOUS EXPENSES	1,000	1,000
Bank Fees	617	617

Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES	838,740	838,740
MANAGEMENT CONSULTING FEES	294,867	11,593	283,274
GRANTS MANAGEMENT FEES	83,633		83,633
Investment Consulting Fees	36,000	36,000
Executive recruiting services	19,800		19,800
Marketing and Communications	5,692		5,692
Consulting services	4,129		4,129
Retirement Plan services	2,015		2,015

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
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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.)