﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xsi:schemaLocation="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2025v4.1">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2026-05-14T11:01:18-05:00</ReturnTs>
    <TaxPeriodEndDt>2025-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>460454087</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>DORSEY &amp; WHITNEY TRUST COMPANY LLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>401 E 8TH ST STE 319</AddressLine1Txt>
        <CityNm>SIOUX FALLS</CityNm>
        <StateAbbreviationCd>SD</StateAbbreviationCd>
        <ZIPCd>571037031</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2025-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>416432193</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>FRANK W VEDEN CHARITABLE TRUST</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>VEDE</BusinessNameControlTxt>
      <PhoneNum>6053366832</PhoneNum>
      <USAddress>
        <AddressLine1Txt>401 E 8TH ST STE 319</AddressLine1Txt>
        <CityNm>SIOUX FALLS</CityNm>
        <StateAbbreviationCd>SD</StateAbbreviationCd>
        <ZIPCd>571037031</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>SARAH S GODFREY</PersonNm>
      <PersonTitleTxt>CO-TRUSTEE</PersonTitleTxt>
      <PhoneNum>6053366832</PhoneNum>
      <SignatureDt>2026-05-11</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>MATTHEW C MCMILLEN</PreparerPersonNm>
      <PTIN>P01212096</PTIN>
      <PhoneNum>6053366832</PhoneNum>
      <PreparationDt>2026-05-11</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2025</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="9">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>18919414</FMVAssetsEOYAmt>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <DividendsRevAndExpnssAmt>372826</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>372826</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>329580</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>2822322</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>329580</CapGainNetIncmNetInvstIncmAmt>
        <NetSTCapitalGainAdjNetIncmAmt>0</NetSTCapitalGainAdjNetIncmAmt>
        <TotalRevAndExpnssAmt>702406</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>702406</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>124092</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>74456</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>49636</CompOfcrDirTrstDsbrsChrtblAmt>
        <OthEmplSlrsWgsNetInvstIncmAmt>0</OthEmplSlrsWgsNetInvstIncmAmt>
        <OthEmplSlrsWgsAdjNetIncmAmt>0</OthEmplSlrsWgsAdjNetIncmAmt>
        <OthEmplSlrsWgsDsbrsChrtblAmt>0</OthEmplSlrsWgsDsbrsChrtblAmt>
        <PensionEmplBnftNetInvstIncmAmt>0</PensionEmplBnftNetInvstIncmAmt>
        <PensionEmplBnftAdjNetIncmAmt>0</PensionEmplBnftAdjNetIncmAmt>
        <LegalFeesRevAndExpnssAmt referenceDocumentId="LegalFeesSchedule">3728</LegalFeesRevAndExpnssAmt>
        <LegalFeesNetInvstIncmAmt>0</LegalFeesNetInvstIncmAmt>
        <LegalFeesAdjNetIncmAmt>0</LegalFeesAdjNetIncmAmt>
        <LegalFeesDsbrsChrtblAmt>3728</LegalFeesDsbrsChrtblAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="OtherProfessionalFeesSchedule">115637</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>69428</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>46209</OtherProfFeesDsbrsChrtblAmt>
        <InterestDsbrsChrtblAmt>0</InterestDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule">1723</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>1723</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <DeprecAndDpltnRevAndExpnssAmt>0</DeprecAndDpltnRevAndExpnssAmt>
        <DeprecAndDpltnNetInvstIncmAmt>0</DeprecAndDpltnNetInvstIncmAmt>
        <TravConfMeetingRevAndExpnssAmt>1860</TravConfMeetingRevAndExpnssAmt>
        <TravConfMeetingNetInvstIncmAmt>0</TravConfMeetingNetInvstIncmAmt>
        <TravConfMeetingAdjNetIncmAmt>0</TravConfMeetingAdjNetIncmAmt>
        <PrintingAndPubNetInvstIncmAmt>0</PrintingAndPubNetInvstIncmAmt>
        <PrintingAndPubAdjNetIncmAmt>0</PrintingAndPubAdjNetIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSchedule">25</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesDsbrsChrtblAmt>25</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>247065</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>145607</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>0</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>99598</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>535100</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>535100</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>782165</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>145607</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>0</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>634698</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-79759</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>556799</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>1201239</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>1270516</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>1270516</SavAndTempCashInvstEOYFMVAmt>
        <AcctRcvblEOYAmt>0</AcctRcvblEOYAmt>
        <AcctRcvblEOYFMVAmt>0</AcctRcvblEOYFMVAmt>
        <OtherRcvblAllwncDbtflAcctAmt>0</OtherRcvblAllwncDbtflAcctAmt>
        <CorporateStockBOYAmt>4265125</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestmentsCorpStockSchedule">4339553</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>8663702</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>3224285</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="InvestmentsCorpBondsSchedule">3188373</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>3253352</CorporateBondsEOYFMVAmt>
        <OtherInvestmentsEOYFMVAmt>0</OtherInvestmentsEOYFMVAmt>
        <OtherAssetsBOYAmt referenceDocumentId="OtherAssetsSchedule">4167003</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="OtherAssetsSchedule">3978223</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="OtherAssetsSchedule">5731844</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>12857652</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>12776665</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>18919414</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>12857652</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>12776665</CapitalStockEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>12857652</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>12776665</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>12857652</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>12776665</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>12857652</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-79759</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt>0</OtherIncreasesAmt>
        <SubtotalAmt>12777893</SubtotalAmt>
        <OtherDecreasesAmt referenceDocumentId="OtherDecreasesSchedule">1228</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>12776665</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>275. ABBOTT LABORATORIES</PropertyDesc>
          <AcquiredDt>2020-11-05</AcquiredDt>
          <SoldDt>2025-01-10</SoldDt>
          <GrossSalesPriceAmt>30829</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>31414</CostOrOtherBasisAmt>
          <GainOrLossAmt>-585</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-585</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>775. ALPHABET INC-CL A</PropertyDesc>
          <AcquiredDt>2016-02-11</AcquiredDt>
          <SoldDt>2025-01-10</SoldDt>
          <GrossSalesPriceAmt>148764</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>27044</CostOrOtherBasisAmt>
          <GainOrLossAmt>121720</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>121720</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>150. HOME DEPOT INC</PropertyDesc>
          <AcquiredDt>2020-11-05</AcquiredDt>
          <SoldDt>2025-01-10</SoldDt>
          <GrossSalesPriceAmt>58463</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>42892</CostOrOtherBasisAmt>
          <GainOrLossAmt>15571</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>15571</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>200000. NATIONAL RURAL UTIL COOP 1.875% 07 FEB 2025</PropertyDesc>
          <AcquiredDt>2022-08-01</AcquiredDt>
          <SoldDt>2025-02-07</SoldDt>
          <GrossSalesPriceAmt>200000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>200000</CostOrOtherBasisAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>100000. BANK OF NY MELLON CORP 3% 24 FEB 2025</PropertyDesc>
          <AcquiredDt>2019-12-19</AcquiredDt>
          <SoldDt>2025-02-24</SoldDt>
          <GrossSalesPriceAmt>100000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>103808</CostOrOtherBasisAmt>
          <GainOrLossAmt>-3808</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-3808</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>200000. EOG RESOURCES INC 3.15% 01 APR 2025</PropertyDesc>
          <AcquiredDt>2021-09-09</AcquiredDt>
          <SoldDt>2025-04-01</SoldDt>
          <GrossSalesPriceAmt>200000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>214708</CostOrOtherBasisAmt>
          <GainOrLossAmt>-14708</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-14708</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>451. ABBOTT LABORATORIES</PropertyDesc>
          <AcquiredDt>2020-11-05</AcquiredDt>
          <SoldDt>2025-05-12</SoldDt>
          <GrossSalesPriceAmt>59527</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>51519</CostOrOtherBasisAmt>
          <GainOrLossAmt>8008</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>8008</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>1250. SCHWAB (CHARLES) CORP</PropertyDesc>
          <SoldDt>2025-05-12</SoldDt>
          <GrossSalesPriceAmt>106211</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>49863</CostOrOtherBasisAmt>
          <GainOrLossAmt>56348</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>56348</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>50. MEDTRONIC PLC</PropertyDesc>
          <AcquiredDt>2024-06-07</AcquiredDt>
          <SoldDt>2025-05-12</SoldDt>
          <GrossSalesPriceAmt>4277</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>4170</CostOrOtherBasisAmt>
          <GainOrLossAmt>107</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>107</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>900. MEDTRONIC PLC</PropertyDesc>
          <AcquiredDt>2024-04-30</AcquiredDt>
          <SoldDt>2025-05-12</SoldDt>
          <GrossSalesPriceAmt>76994</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>72201</CostOrOtherBasisAmt>
          <GainOrLossAmt>4793</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>4793</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>850.514 VANGUARD TTL STK MKT-ADM</PropertyDesc>
          <AcquiredDt>2024-01-04</AcquiredDt>
          <SoldDt>2025-06-26</SoldDt>
          <GrossSalesPriceAmt>125000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>96338</CostOrOtherBasisAmt>
          <GainOrLossAmt>28662</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>28662</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>200000. UNITEDHEALTH GROUP INC 3.75% 15 JUL 2025</PropertyDesc>
          <AcquiredDt>2016-12-12</AcquiredDt>
          <SoldDt>2025-07-15</SoldDt>
          <GrossSalesPriceAmt>200000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>207480</CostOrOtherBasisAmt>
          <GainOrLossAmt>-7480</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-7480</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>300000. MORGAN STANLEY 4.679% 17 JUL 2026</PropertyDesc>
          <AcquiredDt>2022-07-27</AcquiredDt>
          <SoldDt>2025-07-17</SoldDt>
          <GrossSalesPriceAmt>300000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>304437</CostOrOtherBasisAmt>
          <GainOrLossAmt>-4437</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-4437</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>200000. BOOKING HOLDINGS INC 4.625% 13 APR 2030</PropertyDesc>
          <AcquiredDt>2024-03-27</AcquiredDt>
          <SoldDt>2025-08-22</SoldDt>
          <GrossSalesPriceAmt>202612</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>197986</CostOrOtherBasisAmt>
          <GainOrLossAmt>4626</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>4626</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>800. ABBOTT LABORATORIES</PropertyDesc>
          <AcquiredDt>2020-11-05</AcquiredDt>
          <SoldDt>2025-08-25</SoldDt>
          <GrossSalesPriceAmt>105734</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>91386</CostOrOtherBasisAmt>
          <GainOrLossAmt>14348</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>14348</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>100. AUTOMATIC DATA PROCESSING</PropertyDesc>
          <AcquiredDt>2024-06-07</AcquiredDt>
          <SoldDt>2025-08-25</SoldDt>
          <GrossSalesPriceAmt>30355</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>25024</CostOrOtherBasisAmt>
          <GainOrLossAmt>5331</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>5331</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>350. HERSHEY CO/THE</PropertyDesc>
          <SoldDt>2025-08-25</SoldDt>
          <GrossSalesPriceAmt>63456</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>69562</CostOrOtherBasisAmt>
          <GainOrLossAmt>-6106</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-6106</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>150. INSPIRE MEDICAL SYSTEMS INC</PropertyDesc>
          <SoldDt>2025-08-25</SoldDt>
          <GrossSalesPriceAmt>13853</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>32605</CostOrOtherBasisAmt>
          <GainOrLossAmt>-18752</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-18752</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>422. JPMORGAN CHASE &amp; CO</PropertyDesc>
          <SoldDt>2025-08-25</SoldDt>
          <GrossSalesPriceAmt>124547</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>42292</CostOrOtherBasisAmt>
          <GainOrLossAmt>82255</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>82255</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>650. SCHWAB (CHARLES) CORP</PropertyDesc>
          <SoldDt>2025-08-25</SoldDt>
          <GrossSalesPriceAmt>62594</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>25058</CostOrOtherBasisAmt>
          <GainOrLossAmt>37536</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>37536</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>650. SYSCO CORP</PropertyDesc>
          <SoldDt>2025-08-25</SoldDt>
          <GrossSalesPriceAmt>51549</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>48993</CostOrOtherBasisAmt>
          <GainOrLossAmt>2556</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>2556</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>1120. TARGET CORP</PropertyDesc>
          <AcquiredDt>2020-01-16</AcquiredDt>
          <SoldDt>2025-08-25</SoldDt>
          <GrossSalesPriceAmt>108272</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>130182</CostOrOtherBasisAmt>
          <GainOrLossAmt>-21910</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-21910</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>400. US BANCORP</PropertyDesc>
          <AcquiredDt>2024-08-13</AcquiredDt>
          <SoldDt>2025-08-25</SoldDt>
          <GrossSalesPriceAmt>19275</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>16861</CostOrOtherBasisAmt>
          <GainOrLossAmt>2414</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>2414</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>200000. SIMON PROPERTY GROUP LP 3.5% 01 SEP 2025</PropertyDesc>
          <AcquiredDt>2016-12-13</AcquiredDt>
          <SoldDt>2025-09-02</SoldDt>
          <GrossSalesPriceAmt>200000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>202306</CostOrOtherBasisAmt>
          <GainOrLossAmt>-2306</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-2306</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>100000. COMCAST CORP 3.95% 15 OCT 2025</PropertyDesc>
          <AcquiredDt>2021-05-12</AcquiredDt>
          <SoldDt>2025-09-22</SoldDt>
          <GrossSalesPriceAmt>100000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>112171</CostOrOtherBasisAmt>
          <GainOrLossAmt>-12171</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-12171</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>816.121 VANGUARD TTL STK MKT-ADM</PropertyDesc>
          <AcquiredDt>2024-01-04</AcquiredDt>
          <SoldDt>2025-10-17</SoldDt>
          <GrossSalesPriceAmt>130000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>92442</CostOrOtherBasisAmt>
          <GainOrLossAmt>37558</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>37558</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>10</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>329580</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>7740</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>7740</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>7740</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>16390</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>0</ExtsnRequestIncomeTaxPaidAmt>
        <TotalPaymentsAndCreditsAmt>16390</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="IRS2220">X</Form2220AttachedInd>
        <EsPenaltyAmt>0</EsPenaltyAmt>
        <OverpaymentAmt>8650</OverpaymentAmt>
        <AppliedToESTaxAmt>8650</AppliedToESTaxAmt>
        <RefundAmt>0</RefundAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>MN</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>DORSEY &amp; WHITNEY TRUST COMPANY LLC</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>6053366832</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>401 E 8TH ST STE 319</AddressLine1Txt>
          <CityNm>SIOUX FALLS</CityNm>
          <StateAbbreviationCd>SD</StateAbbreviationCd>
          <ZIPCd>57103</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>true</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <ActsFailToQlfyAsExceptionsInd>false</ActsFailToQlfyAsExceptionsInd>
        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>GARY M JOHNSON</PersonNm>
          <USAddress>
            <AddressLine1Txt>401 E 8TH ST STE 319</AddressLine1Txt>
            <CityNm>SIOUX FALLS</CityNm>
            <StateAbbreviationCd>SD</StateAbbreviationCd>
            <ZIPCd>57103</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>8</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>44546</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>SARAH S GODFREY</PersonNm>
          <USAddress>
            <AddressLine1Txt>401 E 8TH ST STE 319</AddressLine1Txt>
            <CityNm>SIOUX FALLS</CityNm>
            <StateAbbreviationCd>SD</StateAbbreviationCd>
            <ZIPCd>57103</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>8</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>35000</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ROBERT J STRUYK</PersonNm>
          <USAddress>
            <AddressLine1Txt>401 E 8TH ST STE 319</AddressLine1Txt>
            <CityNm>SIOUX FALLS</CityNm>
            <StateAbbreviationCd>SD</StateAbbreviationCd>
            <ZIPCd>57103</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>8</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>44546</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>Dorsey &amp; Whitney Trust Company LLC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>401 EAST EIGHTH STREET SUITE 319</AddressLine1Txt>
            <CityNm>SIOUX FALLS</CityNm>
            <StateAbbreviationCd>SD</StateAbbreviationCd>
            <ZIPCd>57103</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>CUSTODIAN AND MANAGE</ServiceTypeTxt>
          <CompensationAmt>115522</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp />
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>16899045</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>1170133</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>18069178</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>18069178</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>271038</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>17798140</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>889907</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>889907</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>7740</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>7740</TotalTaxAmt>
        <DistributableBeforeAdjAmt>882167</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>882167</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>882167</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>634698</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>634698</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>882167</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>396912</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>0</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>0</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>0</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>0</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>0</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>0</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>634698</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>396912</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>237786</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>0</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>644381</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>0</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>0</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>0</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>0</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>0</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>0</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>0</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ALEXANDRIA AREA YMCA</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>110 KARL DR</AddressLine1Txt>
            <CityNm>ALEXANDRIA</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>56308</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>75000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>APPLE TREE DENTAL</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2201 26TH AVE NW</AddressLine1Txt>
            <CityNm>NEW BRIGHTON</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>55112</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>105000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>WEST CENTRAL INITIATIVE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 318</AddressLine1Txt>
            <CityNm>FERGUS FALLS</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>565380318</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>EARLY CHILDHOOD DENTAL CARE</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>PIONEER HOME FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PIONEERCARE FOUNDATION 1131 MABELLE</AddressLine1Txt>
            <CityNm>FERGUS FALLS</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>56537</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MINNESOTA HISTORICAL SOCIETY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>345 KELLOGG BLVD W</AddressLine1Txt>
            <CityNm>ST PAUL</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>55102</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FERGUS FALLS CENTER FOR THE ARTS INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>124 W LINCOLN AVE</AddressLine1Txt>
            <CityNm>FERGUS FALLS</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>56537</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>30000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HUMANE SOCIETY OF OTTER TAIL COUNTY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1933 W FIR AVENUE</AddressLine1Txt>
            <CityNm>FERGUS FALLS</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>56537</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>A PLACE TO BELONG</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>109 N COURT ST</AddressLine1Txt>
            <CityNm>FERGUS FALLS</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>56537</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CITY OF FERGUS FALLS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>112 W WASHINGTON AVENUE</AddressLine1Txt>
            <CityNm>FERGUS FALLS</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>56537</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>GOV</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>SCULPTURE WALK</GrantOrContributionPurposeTxt>
          <Amt>25100</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>535100</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp />
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>372826</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncomeGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>329580</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>702406</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>702406</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <RlnOfActyToAccomOfExmptPrpsGrp />
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <InvestmentsCorpBondsSchedule documentId="InvestmentsCorpBondsSchedule">
      <InvestmentsCorporateBondsGrp>
        <BondNm>SEE ATTACHED SCHEDULE</BondNm>
        <EOYBookValueAmt>3188373</EOYBookValueAmt>
        <EOYFMVAmt>3253352</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestmentsCorpStockSchedule">
      <InvestmentsCorporateStockGrp>
        <StockNm>SEE ATTACHED SCHEDULE</StockNm>
        <EOYBookValueAmt>4339553</EOYBookValueAmt>
        <EOYFMVAmt>8663702</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <LegalFeesSchedule documentId="LegalFeesSchedule">
      <LegalFeesGrp>
        <CategoryTxt>DORSEY &amp; WHITNEY LLP</CategoryTxt>
        <LegalFeesAmt>3728</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>3728</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="OtherAssetsSchedule">
      <OtherAssetsScheduleGrp>
        <Desc>SEE ATTACHED SCHEDULE</Desc>
        <BOYBookValueAmt>4167003</BOYBookValueAmt>
        <EOYBookValueAmt>3978223</EOYBookValueAmt>
        <EOYFMVAmt>5731844</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherDecreasesSchedule documentId="OtherDecreasesSchedule">
      <OtherDecreasesDetail>
        <Desc>BOOK/TAX TIMING DIFFERENCES</Desc>
        <Amt>1228</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSchedule">
      <OtherExpensesScheduleGrp>
        <Desc>STATE RE-REGISTRATION FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>25</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>25</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherProfessionalFeesSchedule documentId="OtherProfessionalFeesSchedule">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>DWTC - CUSTODIAN &amp; MANAGEMENT</CategoryTxt>
        <Amt>115522</Amt>
        <NetInvestmentIncomeAmt>69313</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>46209</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT EXPENSES</CategoryTxt>
        <Amt>115</Amt>
        <NetInvestmentIncomeAmt>115</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES</CategoryTxt>
        <Amt>1723</Amt>
        <NetInvestmentIncomeAmt>1723</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>