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      <Sect170hRequirementsSatisfied>false</Sect170hRequirementsSatisfied>
      <SolicitedAssetsForSale>false</SolicitedAssetsForSale>
      <AgentTrusteeEtc>false</AgentTrusteeEtc>
      <IncludedOnFS>false</IncludedOnFS>
      <EndowmentsHeldByUnrelatedOrgs>false</EndowmentsHeldByUnrelatedOrgs>
      <EndowmentsHeldByRelatedOrgs>false</EndowmentsHeldByRelatedOrgs>
      <AreRelatedOrgsListedScheduleR>false</AreRelatedOrgsListedScheduleR>
      <InvestmentsProgramRelated>
        <Description>PROGRAM RELATED INVESTMENTS</Description>
        <BookValue>22095885</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
      </InvestmentsProgramRelated>
      <TotalOfBookValueProgramRelated>22095885</TotalOfBookValueProgramRelated>
      <OtherLiabilities>
        <Description>LINE OF CREDIT</Description>
        <Amount>3985274</Amount>
      </OtherLiabilities>
      <TotalOfAmounts>3985274</TotalOfAmounts>
      <TotalRevenue>2172442</TotalRevenue>
      <TotalExpenses>3106980</TotalExpenses>
      <ExcessOrDeficitForYear>-934538</ExcessOrDeficitForYear>
      <NetUnrealizedGLOnInvestments>-1455081</NetUnrealizedGLOnInvestments>
      <TotalAdjustments>-1455081</TotalAdjustments>
      <ExcessOrDeficitPerFS>-2389619</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>546634</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>-1455081</NetUnrealizedGainsInvestments>
      <RevenueNotRptdF990>-1455081</RevenueNotRptdF990>
      <RevenueSubtotal>2001715</RevenueSubtotal>
      <InvestmentExpensesNotIncluded>170727</InvestmentExpensesNotIncluded>
      <RevenueNotRptdOnFinStmt>170727</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>2172442</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>2936253</TotExpensesEtcAuditedFinclStmt>
      <ExpensesSubtotal>2936253</ExpensesSubtotal>
      <InvestmentExpensesNotIncluded2>170727</InvestmentExpensesNotIncluded2>
      <ExpensesNotRptdOnFinStmt>170727</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>3106980</TotalExpensesPerForm990>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="RetDoc5">
      <RecordsMaintained>true</RecordsMaintained>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>US FISH &amp; WILDLIFE SERVICE (USFWS)</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>3815 EAST AMERICAN BLVD</AddressLine1>
          <City>BLOOMINGTON</City>
          <State>MN</State>
          <ZIPCode>55425</ZIPCode>
        </AddressUS>
        <EINOfRecipient>530201504</EINOfRecipient>
        <IRCSection>GOV</IRCSection>
        <AmountOfCashGrant>277268</AmountOfCashGrant>
        <PurposeOfGrant>RAPID LAKES UNIT</PurposeOfGrant>
      </RecipientTable>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>MINNESOTA VALLEY LANDS INC</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>3815 EAST AMERICAN BLVD</AddressLine1>
          <City>BLOOMINGTON</City>
          <State>MN</State>
          <ZIPCode>55425</ZIPCode>
        </AddressUS>
        <EINOfRecipient>204162476</EINOfRecipient>
        <IRCSection>501</IRCSection>
        <AmountOfCashGrant>350000</AmountOfCashGrant>
        <AmountOfNonCashAssistance>2122490</AmountOfNonCashAssistance>
        <MethodOfValuation>PURCHASE</MethodOfValuation>
        <DescriptionOfNonCashAssistance>PROPERTY</DescriptionOfNonCashAssistance>
        <PurposeOfGrant>SUPPORT OPERATIONS</PurposeOfGrant>
      </RecipientTable>
      <RecipientTable>
        <RecipientNameBusiness>
          <BusinessNameLine1>REFUGE FRIENDS INC</BusinessNameLine1>
        </RecipientNameBusiness>
        <AddressUS>
          <AddressLine1>3815 EAST AMERICAN BLVD</AddressLine1>
          <City>BLOOMINGTON</City>
          <State>MN</State>
          <ZIPCode>55425</ZIPCode>
        </AddressUS>
        <EINOfRecipient>208644416</EINOfRecipient>
        <IRCSection>501</IRCSection>
        <AmountOfCashGrant>6400</AmountOfCashGrant>
        <PurposeOfGrant>TRANSPORTATION</PurposeOfGrant>
      </RecipientTable>
      <TotalNbrOf501C3AndGovtGrants>3</TotalNbrOf501C3AndGovtGrants>
      <Form990ScheduleIPartIV>
        <Identifier>PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS INSIDE THE UNITED STATES</Identifier>
        <ReturnReference>SCHEDULE I, PAGE 1, PART I, LINE 2</ReturnReference>
        <Explanation>GRANTS OF CASH AND REAL PROPERTY TO MINNESOTA VALLEY LANDS, INC (LANDS): THE MINNESOTA VALLEY TRUST BOARD OF DIRECTORS RECEIVES A REPORT EVERY MONTH ON THE HABITAT RESTORATION ACTIVITIES OF LANDS COMPLETED WITH GRANTS FROM THE TRUST AND OTHER SOURCES OF FUNDING. THE TRUST BOARD ALSO RECEIVES AND REVIEWS THE MONTHLY FINANCIAL REPORTS OF MVL, WHICH INCLUDES ITEMIZATION OF OPERATING AND PROGRAM EXPENSES. GRANT OF FUNDS TO USFWS FOR OPERATIONS OF THE RAPIDS LAKE EDUCATION AND VISITOR CENTER: THE TRUST RECEIVES A MONTHLY ITEMIZED INVOICE FROM THE MINNESOTA VALLEY NATIONAL WILDLIFE REFUGE (USFWS) FOR ALL EXPENSES RELATED TO THE OPERATIONS OF THE CENTER. THE MONTHLY INVOICE IS REVIEWED FOR ACCURACY BY THE TRUST EXECUTIVE DIRECTOR.THE MANAGER OF THE MN VALLEY NATIONAL WILDLIFE REFUGE ATTENDS ALL MONTHLY TRUST BOARD OF DIRECTOR MEETINGS AND PROVIDES A REPORT ON ACTIVITIES, INCLUDING AT THE RAPIDS LAKE EDUCATION &amp; VISITOR CENTER. GRANT OF FUNDS TO REFUGE FRIENDS, INC. FOR THE BLUE GOOSE BUS FUND: THE TRUST RECEIVES AN ANNUAL REPORT FROM THE REFUGE FRIENDS ON ALL ACTIVITIES FROM THE BLUE GOOSE BUS FUND.</Explanation>
      </Form990ScheduleIPartIV>
    </IRS990ScheduleI>
    <IRS990ScheduleL documentId="RetDoc6">
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>FRIENDS OF THE MINNESOTA VALLEY</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>BOARD MEMBER</Relationship>
        <AmountOfTransaction>58695</AmountOfTransaction>
        <DescriptionOfTransaction>SHORT-TERM LOAN</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
      <Form990ScheduleLPartV>
        <Identifier>ADDITIONAL INFORMATION</Identifier>
        <ReturnReference>SCHEDULE L PART V</ReturnReference>
        <Explanation>LORI NELSON WAS APPOINTED TO TAXPAYERS BOARD OF DIRECTORS BY HER EMPLOYER FRIENDS OF THE MINNESOTA VALLEY FMV MS NELSON ALSO SERVES ON THE MINNESOTA VALLEY LANDS BOARD OF DIRECTORS BY VIRTURE OF HER BOARD POSITION ON MINNESOTA VALLEY NATIONAL WILDLIFE REFUGE TRUST INC AT JUNE 30 2011 TAXPAYER HAD PROVIDED A SHORTTERM LOAN TO FMV OF 58695 THE LOAN WAS REPAID IN FULL OCTOBER 2011</Explanation>
      </Form990ScheduleLPartV>
    </IRS990ScheduleL>
    <IRS990ScheduleM documentId="RetDoc7">
      <RealEstateOther>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>1</NumberOfContributions>
        <NoncashContribsRptdF990>293000</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>APPRAISAL</MethodOfDeterminingRevenues>
      </RealEstateOther>
      <AnyPropertyThatMustBeHeld>false</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>false</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>false</ThirdPartiesUsed>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="RetDoc8">
      <GeneralExplanation>
        <Identifier>FIRST ACCOMPLISHMENT DESCRIPTION</Identifier>
        <ReturnReference>FORM 990, PAGE 2, PART III, LINE 4A</ReturnReference>
        <Explanation>NATIONAL WILDLIFE REFUGE WITH THE ACQUISITION OF 507.72 ACRES. CREATED THE HARTUNG WATERFOWL PRODUCTION AREA WITH THE ACCEPTANCE OF A DONATION OF 172.62 ACRES OF LAND. GRANT FUNDS FROM THE STATE OF MINNESOTA IN THE AMOUNT OF 960,000 SUPPORTED THE LAND ACQUISITIONS. THE TRUST CONTINUED FUNDING THE STAFFING AND OPERATIONS OF THE RAPIDS LAKE EDUCATION AND VISITORS CENTER ON THE MINNESOTA VALLEY NATIONAL WILDLIFE REFUGE. TOTAL CONTRIBUTION IN FY 12 WAS 277,268. THE TRUST ALSO CONTINUED PROVIDING A 2:1 GRANT FOR FUNDS RAISED BY THE REFUGE FRIENDS, INC. FOR THE BLUE GOOSE BUS FUND, WHICH PROVIDES FREE BUSING FOR INNER-CITY SCHOOLS TO THE ENVIRONMENTAL EDUCATION PROGRAMS ON THE MINNESOTA VALLEY NATIONAL WILDLIFE REFUGE. TOTAL CONTRIBUTION IN FY 12 WAS 6,400.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ORGANIZATION'S PROCESS USED TO REVIEW FORM 990</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 11B</ReturnReference>
        <Explanation>FORM 990 IS REVIEWED BY THE EXECUTIVE DIRECTOR AND CONTRACT ACCOUNTANT, AND THEN PRESENTED TO THE BOARD OF DIRECTORS FOR FINAL APPROVAL.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>ENFORCEMENT OF CONFLICTS POLICY</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 12C</ReturnReference>
        <Explanation>BOARD ANNUALLY REVIEWS THE POLICY. EACH DIRECTOR AND OFFICER ANNUALLY SIGNS THE STATEMENT AGREEING TO COMPLY WITH THE POLICY.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION PROCESS FOR TOP OFFICIAL</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 15A</ReturnReference>
        <Explanation>TO ESTABLISH THE COMPENSATION OF THE EXECUTIVE DIRECTOR THE ORGANIZATION USED A WRITTEN EMPLOYMENT CONTRACT AND APPROVAL OF THE BOARD OF SUCH CONTRACT.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>GOVERNING DOCUMENTS DISCLOSURE EXPLANATION</Identifier>
        <ReturnReference>FORM 990, PAGE 6, PART VI, LINE 19</ReturnReference>
        <Explanation>WILL BE PROVIDED BY MAIL OR EMAIL UPON REQUEST.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>OTHER CHANGES IN NET ASSETS EXPLANATION</Identifier>
        <ReturnReference>FORM 990, PART XI, LINE 5</ReturnReference>
        <Explanation>NET UNREALIZED LOSSES ON INVESTMENTS -1,455,081</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc9">
      <Form990ScheduleRPartII>
        <NameOfDisregardedEntity>
          <BusinessNameLine1>MINNESOTA VALLEY LANDS INC</BusinessNameLine1>
        </NameOfDisregardedEntity>
        <AddressUS>
          <AddressLine1>3815 EAST AMERICAN BOULEVARD</AddressLine1>
          <City>BLOOMINGTON</City>
          <State>MN</State>
          <ZIPCode>55425</ZIPCode>
        </AddressUS>
        <EIN>204162476</EIN>
        <PrimaryActivities>HOLD PROP.</PrimaryActivities>
        <LegalDomicileState>MN</LegalDomicileState>
        <ExemptCodeSection>501C3</ExemptCodeSection>
        <PublicCharityStatus>11A</PublicCharityStatus>
        <DirectControllingEntityName>
          <BusinessNameLine1>TAXPAYER</BusinessNameLine1>
        </DirectControllingEntityName>
        <ControlledOrg>true</ControlledOrg>
      </Form990ScheduleRPartII>
      <ReceiptOfIntAnnRentsRoyalties>false</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>true</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>false</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>false</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>false</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>false</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>false</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>false</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>true</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>false</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>false</SharingOfFacilities>
      <SharingOfPaidEmployees>true</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>false</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>false</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>true</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>false</OtherTransferFromOtherOrg>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>MINNESOTA VALLEY LANDS INC</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>B</TransactionType>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>MINNESOTA VALLEY LANDS INC</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>K</TransactionType>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>MINNESOTA VALLEY LANDS INC</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>N</TransactionType>
      </TransactionsRelatedOrgsTable>
      <TransactionsRelatedOrgsTable>
        <NameOfOtherOrganization>
          <BusinessNameLine1>MINNESOTA VALLEY LANDS INC</BusinessNameLine1>
        </NameOfOtherOrganization>
        <TransactionType>Q</TransactionType>
      </TransactionsRelatedOrgsTable>
    </IRS990ScheduleR>
  </ReturnData>
</Return>