2025-11-17T14:03:24-06:00 2024-12-31 352123203 KSM BUSINESS SERVICES INC PO BOX 40857 INDIANAPOLIS IN 46240 990PF 2024-01-01 352024586 TRANSFORMATION TRUST INC TRAN 3175802002 PO BOX 80007 INDIANAPOLIS IN 46280 SHEILA KLINK OFFICER 3176843150 2025-08-21 1 1 CASSE TATE P01271193 3175802000 2025-08-21 2024 2025-03-06 01:10:19Z X 27655835 X X 769934 769934 326237 5912207 326237 30146 30146 1126317 1126317 97000 0 48500 19750 0 19750 166565 140414 24000 30047 7626 3711 563 0 0 313925 148040 95961 1207000 1207000 1520925 148040 1302961 -394608 978277 67954 25945 25945 2987211 2480150 2480150 6632832 10370888 16651748 12111731 7974603 7116659 479401 1004916 1381333 22279129 21856502 27655835 0 0 X 0 0 0 0 22279129 21856502 22279129 21856502 22279129 21856502 22279129 -394608 0 21884521 28019 21856502 PUBLICLY TRADED SECURITIES P 5514497 5585970 -71473 -71473 CAPITAL GAINS DIVIDENDS P 397710 397710 397710 326237 13598 0 13598 0 13598 12341 0 18000 0 30341 0 16743 16743 0 0 0 0 0 0 0 0 0 0 0 1 1 IN 1 0 0 0 0 1 N/A TRANSFORMATION TRUST 3175802002 PO BOX 80007 INDIANAPOLIS IN 46280 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 SHEILA KLINK PO BOX 80007 INDIANAPOLIS IN 46280 BOARD MEMBER 20.00 75000 0 0 ELIZABETH HAMILTON PO BOX 80007 INDIANAPOLIS IN 46280 BOARD MEMBER 10.00 22000 0 0 JEANNE PAQUETTE PO BOX 80007 INDIANAPOLIS IN 46280 BOARD MEMBER 1.00 0 0 0 NONE 0 OXFORD FINANCIAL GROUP 11711 N MERIDIAN STREET CARMEL IN 46032 INVESTMENT ADVISORY 139750 0 0 27735408 63508 0 27798916 0 0 27798916 416984 27381932 1369097 1369097 13598 13598 1355499 0 1355499 0 1355499 1302961 0 1302961 1355499 1166986 0 0 1302961 1166986 0 0 135975 0 0 0 0 0 0 0 0 1219524 0 0 0 X 500 FESTIVAL FOUNDATION 1125 BROOKSIDE AVE INDIANAPOLIS IN 46202 N/A SO 1 EXPANDING ACCESS TO NUTRITIONAL INFORMATION FOR INDIANA SCHOOLS - KIDSFIT PROGRAM 40000 DRESS FOR SUCCESS INDIANAPOLIS INC 820 N MERIDIAN STREET INDIANAPOLIS IN 46204 N/A PC GENERAL OPERATIONS 30000 GIVE TO GIVE FOUNDATION 351 E 78TH ST NEW YORK NY 10075 N/A PC DOCUMENTARY 136000 GIVE TO GIVE FOUNDATION 351 EAST 78TH STREET NEW YORK NY 10075 N/A PC VETERANS PROGRAMS 15000 INDIANA STATE SYMPHONY SOCIETY INC DBA INDIANAPOLIS SYMPHONY ORCHESTRA 32 E WASHINGTON ST STE 600 INDIANAPOLIS IN 46204 N/A PC METROPOLITAN YOUTH ORCHESTRA - BUILDING HUMAN POTENTIAL 100000 INDIANAPOLIS ART CENTER 820 E 67TH ST INDIANAPOLIS IN 46220 N/A PC GENERAL OPERATIONS 20000 INSTITUTE OF BIOENERGETICS INC 12298 N BONE HOLLOW RD KAMAS UT 84036 N/A PC MASTERING THE MATRIX DOCUMENTARY 200000 INSTITUTE OF BIOENERGETICS INC 12298 N BONE HOLLOW RD KAMAS UT 84036 N/A PC ANNUAL CONFERENCE 70000 INSTITUTE OF HEARTMATH 14700 W PARK AVE BOULDER CREEK CA 95006 N/A PC WEBSITE UPGRADE, DESIGN 256000 INSTITUTE OF NATURAL LAW INC 4351 SEMINOLE TRAIL CHARLOTTESVILLE VA 22911 N/A PC EXPERIENTIAL LEARNING PLATFORM 100000 POSITIVE ACTION COMMUNITY THEATRE (PACT) 2061 VILLAGE PARK WAY 227 ENCINITAS CA 92024 N/A PC PERFORMING ARTS FOR AUTISM 15000 PROTECTION OF THE EDUCATIONAL RIGHTS OF KIDS 3401 GRANDE VISTA DR 723 NEWBURY PARK CA 91319 N/A PC GENERAL OPERATIONS FOR EDUCATIONAL PURPOSES 200000 Y12 INC 8610 WASHINGTON BLVD EAST DRIVE PO BOX 40261 INDIANAPOLIS IN 46240 N/A PC GENERAL OPERATIONS 25000 1207000 0 14 769934 14 30146 18 326237 0 1126317 0 1126317 0 0 0 0 0 0 0 0 0 0 ACCOUNTING FEES 19750 0 19750 FORM 990-PF, PART VI-B, LINES 1A(3),1A(4) AND 1B PART VI-B, LINE 1A(3) HAS BEEN ANSWERED "YES" BECAUSE BOTH SHEILA KLINK AND ELIZABETH HAMILTON PROVIDE "SERVICES" TO THE ORGANIZATION BY SERVING ON ITS BOARD. LINE 1A(4) HAS BEEN ANSWERED "YES" BECAUSE THESE BOARD MEMBERS RECEIVE FAIR COMPENSATION FOR THEIR SERVICES FOR EVALUATION AND MAKING GRANTS AND ARE THEREFORE DISQUALIFIED PERSONS. LINE 1B IS ANSWERED "NO" BECAUSE THESE CIRCUMSTANCES ARE EXCEPTED BY THE REGULATIONS UNDER SECTION 4941. DODGE & COX INCOME 3989202 3565841 JPMORGAN CORE BOND CLASS I 3983262 3550818 SEARS HLDGS CORP BOND 2139 0 AMERICAN BEACON AHL MNGD FUTURES STRAT Y 1043300 994566 ARCHER-DANIELS-MIDLA ND CO (ADM) 17771 21572 ARGA INTERNATIONAL VALUE INSTL 548000 500582 ARIS WATER SOLUTIONS INC CLASS A COM 17981 16573 ASSOCIATED CAP GROUP INC CL A (AC) 83939 82942 ASX LTD NPV (ASXFF) 17109 12169 ATLANTA BRAVES HLDGS INC COM SER A 932 4121 ATLANTA BRAVES HLDGS INC COM SER C 1542 8302 BROOKFIELD ASSET MANAGEMENT LTD CLASS A LTD VOTING SHS ISIN #CA1130041058 SE 961 4769 BROOKFIELD CORPORATION CLASS A LTD VOTING SHS ISIN #CA11271J1075 SEDOL #BPCP 4026 20395 BROOKFIELD WEALTH SOLUTIONS LTD CL A EXCHANGEABLE LTD VTG SHS ISIN #BMG17434 119 115 CACI INTL INC CL A 107500 233951 CARNIVAL CORP NEW 33892 88665 CBOE HOLDINGS INC COM USD0.01 (CBOE) 4493 39080 CHARLES RIVER LABORATORIES (CRL) 17119 19198 CIVEO CORP CDS COM NPV (CVEO) 105282 72431 CLARKSON ORD GBP0.25 ISIN (CKNHF) 43599 67760 COHEN & STEERS GL INFRASTRUCTURE (CSUIX) 490608 928168 CRA INTERNATIONAL INC 13137 13478 DEUTSCHE BOERSE AG NPV (REGD) 16495 24763 DREAM UNLIMITED CORP COM CL A SUB VTG (DRUNF) 23887 16718 EAGLE MATLS INC COM 11943 16780 EURONEXT (EUXTF) 8002 11214 FRANCO NEVADA CORP COM (FNV) 64021 105713 GALAXY DIGITAL HLDGS LTD COM NPV (BRPHF) 9917 27645 GAMCO INVESTORS INC COM (GBL) 11245 10422 GMO ALTERNATIVE ALLOCATION FD I 1043300 980725 GMO RESOURCES FUND I 143366 136021 GOLDMAN SACHS GQG PARTNERS INTL OPP I 548000 468892 HAWAIIAN ELECTRIC INDUSTRIES INC 20264 19032 HOWARD HUGHES CORP COM (HHC) 43181 80304 IG PORT INC NPV ISIN #JP3833770005 SEDOL #B0QJFC7 16517 22624 IMPAX GLOBAL ENVIRON MARKETS INSTL 1166649 2647304 IMPAX SUSTAINABLE ALLOCATION INVESTOR 1344878 1670092 INTERCONTINENTAL EXCHANGE IN COM (ICE) 79913 131874 INVESTOR AB SER B NPV ISIN #SE0015811963 SEDOL #BMV7PQ4 45885 53248 JAPAN EXCHANGE GROUP NPV ISIN #JP3183200009 SEDOL #6743882 24450 18241 JENSEN PORTFOLIO CLASS I (JENIX ) 575096 1832455 KOPERNIK GLOBAL ALL CAP FUND INSTL 274000 251951 LANDBRIDGE COMPANY LLC CL A 26992 72675 LAZARD GLOBAL LISTED INFRASTRUCTE INSTL 182500 183557 LIBERTY MEDIA CORP DELAWARE COM SER C (FWONK) 2033 30763 LONDON SOTCK EXCHANGE GROUP ORD (LDNXF) 15914 23744 MADISON SQUARE GARDEN ENTERTNMNT CL A (MSGE) 2225 2528 MADISON SQUARE GARDEN SPRT CORP CL A (MSGS) 4724 10607 NASDAQ INC COM STK (NDAQ) 7490 17163 OSHKOSH CORP (OSK) 17031 21866 POLAR CAPITAL EMERG MARKET STARS I 274000 278819 PRAIRIESKY RTY LTD COM (PREKF) 28489 69247 PZENA EMERGING MRKTS FOCUSED VAL INSTL 274000 254496 ROYAL CARIBIAN CRUISES LTD (RCL) 25998 106809 S&P GLOBAL INC COM (SPGI) 7150 15937 SEAPORT ENTMT GROUP INC COMMON STOCK 1576 3242 SPHERE ENTERTAINMENT CO COM USD0.01 CLASS A (SPHR) 1833 2863 TEXAS PACIFIC LAND TRUST (TPL ) 41468 1138033 TOEI ANIMATION NPV ISIN #JP3560200002 SEDOL #6301871 16763 19643 URBANA CORP COM CL A NON-VTG 11985 16530 VANGUARD 500 INDEX ADMIRAL 1281000 2467941 VIMEO INC COMMON STOCK (VMEO) 2612 685 WABTEC COM 1775 4550 WHEATON PRECIOUS METALS CORP COM (WPM) 52380 147911 WHITE MTNS INS GROUP LTD COM 28010 31121 WILLIAMS COS INC (WMB ) 27943 53525 WISDOMTREE INVESTMENTS (WT) 12678 22638 AVANTIS US SMALL CAP VALUE ETF AT COST 203073 217193 DIGITALBRIDGE GROUP INC CL A NEW AT COST 15518 12103 ETF SER SOLUTIONS DISTILLATE US AT COST 246299 262316 ISHARES TR RUSSELL 1000 VALUE INDEX FD (IWD) AT COST 130424 391920 LISTED FD TR HORIZON KINETICS AT COST 182937 213819 MESABI TRUST CTF BEN INT (MSB) AT COST 104017 132398 VANGUARD SCOTTSDALE FUNDS SHORT-TERM TREASURY ETF AT COST 113024 108215 XBT PROVIDER AB BITCOIN TRACKER CTF AT COST 9624 43369 COST/BASIS ADJUSTMENT 701 ADJUSTMENT TO BASIS - MESABI TRUST 27318 BANK FEES 563 0 0 ROYALTIES 30146 30146 30146 INVESTMENT FEES 139086 139750 0 OTHER CONTRACT SERVICES 2815 0 0 GRANTS MANAGEMENT 24000 0 24000 INVESTMENT FEES - MESABI TRUST ADMININSTRATIVE EXPENSES 664 664 0 FOREIGN TAXES ON INVESTMENTS 7626 7626 0 PAYROLL TAXES 7421 0 3711 EXCISE TAX 15000 0 0