﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2024v5.2">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2025-11-13T11:02:21-06:00</ReturnTs>
    <TaxPeriodEndDt>2024-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>382157642</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>MANER COSTERISAN PC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>2425 E GRAND RIVER SUITE 1</AddressLine1Txt>
        <CityNm>LANSING</CityNm>
        <StateAbbreviationCd>MI</StateAbbreviationCd>
        <ZIPCd>489123291</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990</ReturnTypeCd>
    <TaxPeriodBeginDt>2024-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>383331471</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>GREAT LAKES FISHERY TRUST INC</BusinessNameLine1Txt>
        <BusinessNameLine2Txt>C/O PUBLIC SECTOR CONSULTANTS</BusinessNameLine2Txt>
      </BusinessName>
      <BusinessNameControlTxt>GREA</BusinessNameControlTxt>
      <PhoneNum>5173717468</PhoneNum>
      <USAddress>
        <AddressLine1Txt>230 NORTH WASHINGTON SQUARE STE 3</AddressLine1Txt>
        <CityNm>LANSING</CityNm>
        <StateAbbreviationCd>MI</StateAbbreviationCd>
        <ZIPCd>48933</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>JONATHAN BEARD</PersonNm>
      <PersonTitleTxt>TRUST MANAGER</PersonTitleTxt>
      <PhoneNum>5173717468</PhoneNum>
      <SignatureDt>2025-11-12</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>1</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>AMBER RATHBUN CPA</PreparerPersonNm>
      <PTIN>P01786612</PTIN>
      <PhoneNum>5173237500</PhoneNum>
      <PreparationDt>2025-11-11</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2024</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="6">
    <IRS990 documentId="RetDoc1038000001" referenceDocumentId="RetDoc1044400001">
      <PrincipalOfficerNm>JONATHAN BEARD</PrincipalOfficerNm>
      <USAddress>
        <AddressLine1Txt>230 NORTH WASHINGTON SQUARE STE 300</AddressLine1Txt>
        <CityNm>LANSING</CityNm>
        <StateAbbreviationCd>MI</StateAbbreviationCd>
        <ZIPCd>48933</ZIPCd>
      </USAddress>
      <GrossReceiptsAmt>9658778</GrossReceiptsAmt>
      <GroupReturnForAffiliatesInd>0</GroupReturnForAffiliatesInd>
      <Organization501c3Ind>X</Organization501c3Ind>
      <WebsiteAddressTxt>WWW.GLFT.ORG</WebsiteAddressTxt>
      <TypeOfOrganizationTrustInd>X</TypeOfOrganizationTrustInd>
      <FormationYr>1996</FormationYr>
      <LegalDomicileStateCd>MI</LegalDomicileStateCd>
      <ActivityOrMissionDesc>PROVIDING FUNDING TO ENHANCE, PROTECT, AND REHABILITATE GREAT LAKES FISHERY RESOURCES.</ActivityOrMissionDesc>
      <VotingMembersGoverningBodyCnt>8</VotingMembersGoverningBodyCnt>
      <VotingMembersIndependentCnt>8</VotingMembersIndependentCnt>
      <TotalEmployeeCnt>0</TotalEmployeeCnt>
      <TotalVolunteersCnt>9</TotalVolunteersCnt>
      <TotalGrossUBIAmt>0</TotalGrossUBIAmt>
      <NetUnrelatedBusTxblIncmAmt>0</NetUnrelatedBusTxblIncmAmt>
      <PYContributionsGrantsAmt>0</PYContributionsGrantsAmt>
      <CYContributionsGrantsAmt>10000</CYContributionsGrantsAmt>
      <PYProgramServiceRevenueAmt>3009728</PYProgramServiceRevenueAmt>
      <CYProgramServiceRevenueAmt>3618589</CYProgramServiceRevenueAmt>
      <PYInvestmentIncomeAmt>2092930</PYInvestmentIncomeAmt>
      <CYInvestmentIncomeAmt>550251</CYInvestmentIncomeAmt>
      <PYOtherRevenueAmt>156093</PYOtherRevenueAmt>
      <CYOtherRevenueAmt>37279</CYOtherRevenueAmt>
      <PYTotalRevenueAmt>5258751</PYTotalRevenueAmt>
      <CYTotalRevenueAmt>4216119</CYTotalRevenueAmt>
      <PYGrantsAndSimilarPaidAmt>2166780</PYGrantsAndSimilarPaidAmt>
      <CYGrantsAndSimilarPaidAmt>3314439</CYGrantsAndSimilarPaidAmt>
      <PYBenefitsPaidToMembersAmt>0</PYBenefitsPaidToMembersAmt>
      <CYBenefitsPaidToMembersAmt>0</CYBenefitsPaidToMembersAmt>
      <PYSalariesCompEmpBnftPaidAmt>0</PYSalariesCompEmpBnftPaidAmt>
      <CYSalariesCompEmpBnftPaidAmt>0</CYSalariesCompEmpBnftPaidAmt>
      <PYTotalProfFndrsngExpnsAmt>0</PYTotalProfFndrsngExpnsAmt>
      <CYTotalProfFndrsngExpnsAmt>0</CYTotalProfFndrsngExpnsAmt>
      <CYTotalFundraisingExpenseAmt>0</CYTotalFundraisingExpenseAmt>
      <PYOtherExpensesAmt>548098</PYOtherExpensesAmt>
      <CYOtherExpensesAmt>652466</CYOtherExpensesAmt>
      <PYTotalExpensesAmt>2714878</PYTotalExpensesAmt>
      <CYTotalExpensesAmt>3966905</CYTotalExpensesAmt>
      <PYRevenuesLessExpensesAmt>2543873</PYRevenuesLessExpensesAmt>
      <CYRevenuesLessExpensesAmt>249214</CYRevenuesLessExpensesAmt>
      <TotalAssetsBOYAmt>19797140</TotalAssetsBOYAmt>
      <TotalAssetsEOYAmt>22779914</TotalAssetsEOYAmt>
      <TotalLiabilitiesBOYAmt>3598078</TotalLiabilitiesBOYAmt>
      <TotalLiabilitiesEOYAmt>4689619</TotalLiabilitiesEOYAmt>
      <NetAssetsOrFundBalancesBOYAmt>16199062</NetAssetsOrFundBalancesBOYAmt>
      <NetAssetsOrFundBalancesEOYAmt>18090295</NetAssetsOrFundBalancesEOYAmt>
      <MissionDesc>PROVIDE FUNDING TO ENHANCE, PROTECT, AND REHABILITATE GREAT LAKES FISHERY RESOURCES. THE ORGANIZATION WILL MANAGE ITS RESOURCES TO COMPENSATE FOR LOST USE AND ENJOYMENT OF THE LAKE MICHIGAN FISHERY RESULTING FROM OPERATION OF THE LUDINGTON PUMPED STORAGE PLANT.</MissionDesc>
      <SignificantNewProgramSrvcInd>0</SignificantNewProgramSrvcInd>
      <SignificantChangeInd>0</SignificantChangeInd>
      <ExpenseAmt>3870071</ExpenseAmt>
      <GrantAmt>3314439</GrantAmt>
      <RevenueAmt>3655868</RevenueAmt>
      <Desc>GREAT LAKES FISHERY TRUST, INC. PURSUES IT'S MISSION THROUGH INVESTMENTS IN FOUR AREAS: ACCESS TO THE GREAT LAKES SHORE; RESEASRCH TO CREATE A MORE RESILIENT AND STABLE FISH COMMUNITY AND INCREASE SUSTAINABLE VALUE; HABITAT TO PROTECT, RESTORE, AND STABILIZE IMPORTANT FISH HABITATS; AND STEWARDSHIP TO INCREASE AWARENESS AND UNDERSTANDING OF THE ECOLOGY OF THE GREAT LAKES.</Desc>
      <TotalProgramServiceExpensesAmt>3870071</TotalProgramServiceExpensesAmt>
      <DescribedInSection501c3Ind referenceDocumentId="RetDoc1039100001">1</DescribedInSection501c3Ind>
      <ScheduleBRequiredInd referenceDocumentId="RetDoc1234500001">1</ScheduleBRequiredInd>
      <PoliticalCampaignActyInd>0</PoliticalCampaignActyInd>
      <LobbyingActivitiesInd>0</LobbyingActivitiesInd>
      <SubjectToProxyTaxInd>0</SubjectToProxyTaxInd>
      <DonorAdvisedFundInd referenceDocumentId="RetDoc1040000001">0</DonorAdvisedFundInd>
      <ConservationEasementsInd referenceDocumentId="RetDoc1040000001">0</ConservationEasementsInd>
      <CollectionsOfArtInd referenceDocumentId="RetDoc1040000001">0</CollectionsOfArtInd>
      <CreditCounselingInd referenceDocumentId="RetDoc1040000001">0</CreditCounselingInd>
      <DonorRstrOrQuasiEndowmentsInd>0</DonorRstrOrQuasiEndowmentsInd>
      <ReportLandBuildingEquipmentInd referenceDocumentId="RetDoc1040000001">0</ReportLandBuildingEquipmentInd>
      <ReportInvestmentsOtherSecInd referenceDocumentId="RetDoc1040000001">1</ReportInvestmentsOtherSecInd>
      <ReportProgramRelatedInvstInd referenceDocumentId="RetDoc1040000001">0</ReportProgramRelatedInvstInd>
      <ReportOtherAssetsInd referenceDocumentId="RetDoc1040000001">0</ReportOtherAssetsInd>
      <ReportOtherLiabilitiesInd referenceDocumentId="RetDoc1040000001">0</ReportOtherLiabilitiesInd>
      <IncludeFIN48FootnoteInd referenceDocumentId="RetDoc1040000001">1</IncludeFIN48FootnoteInd>
      <IndependentAuditFinclStmtInd referenceDocumentId="RetDoc1040000001">0</IndependentAuditFinclStmtInd>
      <ConsolidatedAuditFinclStmtInd referenceDocumentId="RetDoc1040000001">0</ConsolidatedAuditFinclStmtInd>
      <SchoolOperatingInd>0</SchoolOperatingInd>
      <ForeignOfficeInd>0</ForeignOfficeInd>
      <ForeignActivitiesInd>0</ForeignActivitiesInd>
      <MoreThan5000KToOrgInd>0</MoreThan5000KToOrgInd>
      <MoreThan5000KToIndividualsInd>0</MoreThan5000KToIndividualsInd>
      <ProfessionalFundraisingInd>0</ProfessionalFundraisingInd>
      <FundraisingActivitiesInd>0</FundraisingActivitiesInd>
      <GamingActivitiesInd>0</GamingActivitiesInd>
      <OperateHospitalInd>0</OperateHospitalInd>
      <GrantsToOrganizationsInd referenceDocumentId="RetDoc1041900001">1</GrantsToOrganizationsInd>
      <GrantsToIndividualsInd referenceDocumentId="RetDoc1041900001">0</GrantsToIndividualsInd>
      <ScheduleJRequiredInd>0</ScheduleJRequiredInd>
      <TaxExemptBondsInd>0</TaxExemptBondsInd>
      <EngagedInExcessBenefitTransInd>0</EngagedInExcessBenefitTransInd>
      <PYExcessBenefitTransInd>0</PYExcessBenefitTransInd>
      <LoanOutstandingInd>0</LoanOutstandingInd>
      <GrantToRelatedPersonInd>0</GrantToRelatedPersonInd>
      <BusinessRlnWithOrgMemInd>0</BusinessRlnWithOrgMemInd>
      <BusinessRlnWithFamMemInd>0</BusinessRlnWithFamMemInd>
      <BusinessRlnWith35CtrlEntInd>0</BusinessRlnWith35CtrlEntInd>
      <DeductibleNonCashContriInd>0</DeductibleNonCashContriInd>
      <DeductibleArtContributionInd>0</DeductibleArtContributionInd>
      <TerminateOperationsInd>0</TerminateOperationsInd>
      <PartialLiquidationInd>0</PartialLiquidationInd>
      <DisregardedEntityInd>0</DisregardedEntityInd>
      <RelatedEntityInd>0</RelatedEntityInd>
      <RelatedOrganizationCtrlEntInd>0</RelatedOrganizationCtrlEntInd>
      <TrnsfrExmptNonChrtblRltdOrgInd>0</TrnsfrExmptNonChrtblRltdOrgInd>
      <ActivitiesConductedPrtshpInd>0</ActivitiesConductedPrtshpInd>
      <ScheduleORequiredInd>1</ScheduleORequiredInd>
      <IRPDocumentCnt>0</IRPDocumentCnt>
      <IRPDocumentW2GCnt>0</IRPDocumentW2GCnt>
      <EmployeeCnt>0</EmployeeCnt>
      <UnrelatedBusIncmOverLimitInd>0</UnrelatedBusIncmOverLimitInd>
      <ForeignFinancialAccountInd>0</ForeignFinancialAccountInd>
      <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
      <TaxablePartyNotificationInd>0</TaxablePartyNotificationInd>
      <NondeductibleContributionsInd>0</NondeductibleContributionsInd>
      <QuidProQuoContributionsInd>0</QuidProQuoContributionsInd>
      <Form8282PropertyDisposedOfInd>0</Form8282PropertyDisposedOfInd>
      <RcvFndsToPayPrsnlBnftCntrctInd>0</RcvFndsToPayPrsnlBnftCntrctInd>
      <PayPremiumsPrsnlBnftCntrctInd>0</PayPremiumsPrsnlBnftCntrctInd>
      <IndoorTanningServicesInd>0</IndoorTanningServicesInd>
      <SubjToTaxRmnrtnExPrchtPymtInd>0</SubjToTaxRmnrtnExPrchtPymtInd>
      <SubjectToExcsTaxNetInvstIncInd>0</SubjectToExcsTaxNetInvstIncInd>
      <InfoInScheduleOPartVIInd>X</InfoInScheduleOPartVIInd>
      <GoverningBodyVotingMembersCnt>8</GoverningBodyVotingMembersCnt>
      <IndependentVotingMemberCnt>8</IndependentVotingMemberCnt>
      <FamilyOrBusinessRlnInd>0</FamilyOrBusinessRlnInd>
      <DelegationOfMgmtDutiesInd>1</DelegationOfMgmtDutiesInd>
      <ChangeToOrgDocumentsInd>0</ChangeToOrgDocumentsInd>
      <MaterialDiversionOrMisuseInd>0</MaterialDiversionOrMisuseInd>
      <MembersOrStockholdersInd>0</MembersOrStockholdersInd>
      <ElectionOfBoardMembersInd>0</ElectionOfBoardMembersInd>
      <DecisionsSubjectToApprovaInd>0</DecisionsSubjectToApprovaInd>
      <MinutesOfGoverningBodyInd>1</MinutesOfGoverningBodyInd>
      <MinutesOfCommitteesInd>1</MinutesOfCommitteesInd>
      <OfficerMailingAddressInd>0</OfficerMailingAddressInd>
      <LocalChaptersInd>0</LocalChaptersInd>
      <Form990ProvidedToGvrnBodyInd>0</Form990ProvidedToGvrnBodyInd>
      <ConflictOfInterestPolicyInd>1</ConflictOfInterestPolicyInd>
      <AnnualDisclosureCoveredPrsnInd>0</AnnualDisclosureCoveredPrsnInd>
      <RegularMonitoringEnfrcInd>1</RegularMonitoringEnfrcInd>
      <WhistleblowerPolicyInd>1</WhistleblowerPolicyInd>
      <DocumentRetentionPolicyInd>1</DocumentRetentionPolicyInd>
      <CompensationProcessCEOInd>0</CompensationProcessCEOInd>
      <CompensationProcessOtherInd>0</CompensationProcessOtherInd>
      <InvestmentInJointVentureInd>0</InvestmentInJointVentureInd>
      <StatesWhereCopyOfReturnIsFldCd>MI</StatesWhereCopyOfReturnIsFldCd>
      <UponRequestInd>X</UponRequestInd>
      <BooksInCareOfDetail>
        <BusinessName>
          <BusinessNameLine1Txt>PUBLIC SECTOR CONSULTANTS</BusinessNameLine1Txt>
        </BusinessName>
        <PhoneNum>5174844954</PhoneNum>
        <USAddress>
          <AddressLine1Txt>230 NORTH WASHINGTON SQUARE STE 300</AddressLine1Txt>
          <CityNm>LANSING</CityNm>
          <StateAbbreviationCd>MI</StateAbbreviationCd>
          <ZIPCd>48933</ZIPCd>
        </USAddress>
      </BooksInCareOfDetail>
      <NoListedPersonsCompensatedInd>X</NoListedPersonsCompensatedInd>
      <Form990PartVIISectionAGrp>
        <PersonNm>DAN BOCK</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>SCOTT HICKS</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>DOUG CRAVEN</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>FRANK BEAVER</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>AMY TROTTER</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>BRIAN NAPONT</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>REBECCA MEUNINCK</PersonNm>
        <TitleTxt>TRUSTEE</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>SCOTT BOWEN</PersonNm>
        <TitleTxt>CHAIR (ENDED 8/12/24)</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>RANDALL CLARAMUNT</PersonNm>
        <TitleTxt>CHAIR (BEGAN 8/13/24)</TitleTxt>
        <AverageHoursPerWeekRt>1.00</AverageHoursPerWeekRt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JONATHON BEARD</PersonNm>
        <TitleTxt>TRUST MANAGER</TitleTxt>
        <AverageHoursPerWeekRt>13.00</AverageHoursPerWeekRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <TotalReportableCompFromOrgAmt>0</TotalReportableCompFromOrgAmt>
      <TotReportableCompRltdOrgAmt>0</TotReportableCompRltdOrgAmt>
      <TotalOtherCompensationAmt>0</TotalOtherCompensationAmt>
      <IndivRcvdGreaterThan100KCnt>0</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>0</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>0</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>0</CompensationFromOtherSrcsInd>
      <CntrctRcvdGreaterThan100KCnt>0</CntrctRcvdGreaterThan100KCnt>
      <AllOtherContributionsAmt>10000</AllOtherContributionsAmt>
      <TotalContributionsAmt>10000</TotalContributionsAmt>
      <ProgramServiceRevenueGrp>
        <Desc>FISH MORTALITY INCOME</Desc>
        <BusinessCd>525920</BusinessCd>
        <TotalRevenueColumnAmt>3618589</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>3618589</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <TotalProgramServiceRevenueAmt>3618589</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>525773</TotalRevenueColumnAmt>
        <ExclusionAmt>525773</ExclusionAmt>
      </InvestmentIncomeGrp>
      <GrossAmountSalesAssetsGrp>
        <SecuritiesAmt>5467137</SecuritiesAmt>
      </GrossAmountSalesAssetsGrp>
      <LessCostOthBasisSalesExpnssGrp>
        <SecuritiesAmt>5442659</SecuritiesAmt>
      </LessCostOthBasisSalesExpnssGrp>
      <GainOrLossGrp>
        <SecuritiesAmt>24478</SecuritiesAmt>
      </GainOrLossGrp>
      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>24478</TotalRevenueColumnAmt>
        <ExclusionAmt>24478</ExclusionAmt>
      </NetGainOrLossInvestmentsGrp>
      <OtherRevenueMiscGrp>
        <Desc>SAT REIMBURSEMENT</Desc>
        <BusinessCd>525920</BusinessCd>
        <TotalRevenueColumnAmt>37279</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>37279</RelatedOrExemptFuncIncomeAmt>
      </OtherRevenueMiscGrp>
      <OtherRevenueTotalAmt>37279</OtherRevenueTotalAmt>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>4216119</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>3655868</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>550251</ExclusionAmt>
      </TotalRevenueGrp>
      <GrantsToDomesticOrgsGrp>
        <TotalAmt>3314439</TotalAmt>
        <ProgramServicesAmt>3314439</ProgramServicesAmt>
      </GrantsToDomesticOrgsGrp>
      <FeesForServicesManagementGrp>
        <TotalAmt>462275</TotalAmt>
        <ProgramServicesAmt>462275</ProgramServicesAmt>
      </FeesForServicesManagementGrp>
      <FeesForServicesAccountingGrp>
        <TotalAmt>36067</TotalAmt>
        <ManagementAndGeneralAmt>36067</ManagementAndGeneralAmt>
      </FeesForServicesAccountingGrp>
      <FeesForSrvcInvstMgmntFeesGrp>
        <TotalAmt>51311</TotalAmt>
        <ManagementAndGeneralAmt>51311</ManagementAndGeneralAmt>
      </FeesForSrvcInvstMgmntFeesGrp>
      <FeesForServicesOtherGrp>
        <TotalAmt>9452</TotalAmt>
        <ProgramServicesAmt>9452</ProgramServicesAmt>
      </FeesForServicesOtherGrp>
      <OfficeExpensesGrp>
        <TotalAmt>803</TotalAmt>
        <ManagementAndGeneralAmt>803</ManagementAndGeneralAmt>
      </OfficeExpensesGrp>
      <ConferencesMeetingsGrp>
        <TotalAmt>27217</TotalAmt>
        <ProgramServicesAmt>24169</ProgramServicesAmt>
        <ManagementAndGeneralAmt>3048</ManagementAndGeneralAmt>
      </ConferencesMeetingsGrp>
      <InsuranceGrp>
        <TotalAmt>5605</TotalAmt>
        <ManagementAndGeneralAmt>5605</ManagementAndGeneralAmt>
      </InsuranceGrp>
      <OtherExpensesGrp>
        <Desc>STRATEGIC PLANNING</Desc>
        <TotalAmt>24527</TotalAmt>
        <ProgramServicesAmt>24527</ProgramServicesAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>SAT DIRECT EXPENSES</Desc>
        <TotalAmt>13259</TotalAmt>
        <ProgramServicesAmt>13259</ProgramServicesAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>DUES &amp; SUBSCRIPTIONS</Desc>
        <TotalAmt>11550</TotalAmt>
        <ProgramServicesAmt>11550</ProgramServicesAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>DIRECT EXPENSES</Desc>
        <TotalAmt>10384</TotalAmt>
        <ProgramServicesAmt>10384</ProgramServicesAmt>
      </OtherExpensesGrp>
      <AllOtherExpensesGrp>
        <TotalAmt>16</TotalAmt>
        <ProgramServicesAmt>16</ProgramServicesAmt>
      </AllOtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>3966905</TotalAmt>
        <ProgramServicesAmt>3870071</ProgramServicesAmt>
        <ManagementAndGeneralAmt>96834</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>1271726</BOYAmt>
        <EOYAmt>1373814</EOYAmt>
      </SavingsAndTempCashInvstGrp>
      <AccountsReceivableGrp>
        <BOYAmt>3009728</BOYAmt>
        <EOYAmt>3655868</EOYAmt>
      </AccountsReceivableGrp>
      <InvestmentsOtherSecuritiesGrp>
        <BOYAmt>15515686</BOYAmt>
        <EOYAmt>17750232</EOYAmt>
      </InvestmentsOtherSecuritiesGrp>
      <TotalAssetsGrp>
        <BOYAmt>19797140</BOYAmt>
        <EOYAmt>22779914</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>30431</BOYAmt>
        <EOYAmt>68720</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <GrantsPayableGrp>
        <BOYAmt>3567647</BOYAmt>
        <EOYAmt>4620899</EOYAmt>
      </GrantsPayableGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>3598078</BOYAmt>
        <EOYAmt>4689619</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
      <NoDonorRestrictionNetAssetsGrp>
        <BOYAmt>16199062</BOYAmt>
        <EOYAmt>18090295</EOYAmt>
      </NoDonorRestrictionNetAssetsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>16199062</BOYAmt>
        <EOYAmt>18090295</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>19797140</BOYAmt>
        <EOYAmt>22779914</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <InfoInScheduleOPartXIInd>X</InfoInScheduleOPartXIInd>
      <ReconcilationRevenueExpnssAmt>249214</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>1305839</NetUnrlzdGainsLossesInvstAmt>
      <PriorPeriodAdjustmentsAmt>336180</PriorPeriodAdjustmentsAmt>
      <OtherChangesInNetAssetsAmt>0</OtherChangesInNetAssetsAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>1</AccountantCompileOrReviewInd>
      <AcctCompileOrReviewBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
      </AcctCompileOrReviewBasisGrp>
      <FSAuditedInd>0</FSAuditedInd>
      <AuditCommitteeInd>1</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleA documentId="RetDoc1039100001">
      <SupportingOrganization509a3Ind>X</SupportingOrganization509a3Ind>
      <SupportingOrgType3FuncIntInd>X</SupportingOrgType3FuncIntInd>
      <IRSWrittenDeterminationInd>X</IRSWrittenDeterminationInd>
      <SupportedOrganizationsCnt>1</SupportedOrganizationsCnt>
      <SupportedOrgInformationGrp>
        <SupportedOrganizationName>
          <BusinessNameLine1Txt>STATE OF MICHIGAN</BusinessNameLine1Txt>
        </SupportedOrganizationName>
        <EIN>386000134</EIN>
        <OrganizationTypeCd>6</OrganizationTypeCd>
        <GoverningDocumentListedInd>0</GoverningDocumentListedInd>
        <SupportAmt>0</SupportAmt>
        <OtherSupportAmt>0</OtherSupportAmt>
      </SupportedOrgInformationGrp>
      <SupportedOrganizationsTotalCnt>1</SupportedOrganizationsTotalCnt>
      <SupportSumAmt>0</SupportSumAmt>
      <OtherSupportSumAmt>0</OtherSupportSumAmt>
      <Form990SchASupportingOrgGrp>
        <ListedByNameGoverningDocInd>1</ListedByNameGoverningDocInd>
        <SuprtOrgNoIRSDeterminationInd>0</SuprtOrgNoIRSDeterminationInd>
        <SupportedOrgSectionC456Ind>0</SupportedOrgSectionC456Ind>
        <SupportedOrgNotOrganizedUSInd>0</SupportedOrgNotOrganizedUSInd>
        <OrganizationChangeSuprtOrgInd>0</OrganizationChangeSuprtOrgInd>
        <SupportNonSupportedOrgInd>0</SupportNonSupportedOrgInd>
        <PaymentSubstantialContribtrInd>0</PaymentSubstantialContribtrInd>
        <LoanDisqualifiedPersonInd>0</LoanDisqualifiedPersonInd>
        <ControlledDisqualifiedPrsnInd>0</ControlledDisqualifiedPrsnInd>
        <DisqualifiedPrsnControllIntInd>0</DisqualifiedPrsnControllIntInd>
        <DisqualifiedPrsnOwnrIntInd>0</DisqualifiedPrsnOwnrIntInd>
        <ExcessBusinessHoldingsRulesInd>0</ExcessBusinessHoldingsRulesInd>
        <ContributionControllerInd>0</ContributionControllerInd>
        <ContributionFamilyInd>0</ContributionFamilyInd>
        <Contribution35ControlledInd>0</Contribution35ControlledInd>
      </Form990SchASupportingOrgGrp>
      <Form990SchAType3SprtOrgAllGrp>
        <TimelyProvidedDocumentsInd>0</TimelyProvidedDocumentsInd>
        <OfficersCloseRelationshipInd>1</OfficersCloseRelationshipInd>
        <SupportedOrgVoiceInvestmentInd>0</SupportedOrgVoiceInvestmentInd>
      </Form990SchAType3SprtOrgAllGrp>
      <Form990SchAType3FuncIntGrp>
        <ActivitiesTestInd>X</ActivitiesTestInd>
        <ActivitiesFurtherExemptPrpsInd>0</ActivitiesFurtherExemptPrpsInd>
        <ActivitiesEngagedOrgInvlmntInd>0</ActivitiesEngagedOrgInvlmntInd>
      </Form990SchAType3FuncIntGrp>
    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <ContributorInformationGrp>
        <ContributorNum>RESTRICTED</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorUSAddress>
        <TotalContributionsAmt>RESTRICTED</TotalContributionsAmt>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <IRS990ScheduleD documentId="RetDoc1040000001">
      <TotalBookValueLandBuildingsAmt>0</TotalBookValueLandBuildingsAmt>
      <OtherSecuritiesGrp>
        <Desc>MUTUAL FUNDS</Desc>
        <BookValueAmt>9946365</BookValueAmt>
        <MethodValuationCd>F</MethodValuationCd>
      </OtherSecuritiesGrp>
      <OtherSecuritiesGrp>
        <Desc>OTHER INVESTMENTS</Desc>
        <BookValueAmt>750479</BookValueAmt>
        <MethodValuationCd>F</MethodValuationCd>
      </OtherSecuritiesGrp>
      <OtherSecuritiesGrp>
        <Desc>EQUITY SECURITIES</Desc>
        <BookValueAmt>7053388</BookValueAmt>
        <MethodValuationCd>F</MethodValuationCd>
      </OtherSecuritiesGrp>
      <TotalBookValueSecuritiesAmt>17750232</TotalBookValueSecuritiesAmt>
      <FootnoteTextInd>X</FootnoteTextInd>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE TRUST IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, THE FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION FOR FEDERAL INCOME TAXES. THERE WERE NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2024 AND 2023. ADDITIONALLY, THE TRUST DID NOT HAVE ANY INCOME TAX RELATED PENALTIES OR INTEREST FOR THE YEARS ENDED DECEMBER 31, 2024 OR 2023.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <GrantRecordsMaintainedInd>1</GrantRecordsMaintainedInd>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>MICHIGAN STATE UNIVERSITY EXTENSION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>603 SOUTH 11TH AVE</AddressLine1Txt>
          <CityNm>ALPENA</CityNm>
          <StateAbbreviationCd>MI</StateAbbreviationCd>
          <ZIPCd>48707</ZIPCd>
        </USAddress>
        <RecipientEIN>386005984</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>276837</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>TEACHING GREAT LAKES LITERACY: CONNECTING SCIENTISTS, EDUCATORS, AND YOUTH THROUGH RESEARCH AND DATA EXPLORATIONS</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>HURON RIVER WATERSHED COUNCIL</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>1100 N MAIN ST</AddressLine1Txt>
          <CityNm>ANN ARBOR</CityNm>
          <StateAbbreviationCd>MI</StateAbbreviationCd>
          <ZIPCd>48104</ZIPCd>
        </USAddress>
        <RecipientEIN>381806452</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>43723</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>HRWC YOUTH EDUCATION PROGRAMMING</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>BAY MILLS INDIAN COMMUNITY</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>12140 W LAKESHORE DRIVE</AddressLine1Txt>
          <CityNm>BRIMLEY</CityNm>
          <StateAbbreviationCd>MI</StateAbbreviationCd>
          <ZIPCd>49715</ZIPCd>
        </USAddress>
        <RecipientEIN>381970365</RecipientEIN>
        <IRCSectionDesc>BAY MILLS INDIAN COM</IRCSectionDesc>
        <CashGrantAmt>125000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>PERMANENT CONCRETE BOAT RAMP AND SEASONAL, REMOVABLE DOCK WITH HANDICAP-ACCESSIBLE KAYAK LAUNCH</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>LITTLE TRAVERSE BAY BANDS OF ODAWA INDIANS</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>7500 ODAWA CIRCLE</AddressLine1Txt>
          <CityNm>HARBOR SPRINGS</CityNm>
          <StateAbbreviationCd>MI</StateAbbreviationCd>
          <ZIPCd>49740</ZIPCd>
        </USAddress>
        <RecipientEIN>383236295</RecipientEIN>
        <IRCSectionDesc>LITTLE TRAVERSE BAY</IRCSectionDesc>
        <CashGrantAmt>250000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>REPLACE MESHENAHMA RESEARCH VESSEL</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>MICHIGAN DEPARTMENT OF NATURAL RESOURCES</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>PO BOX 30257</AddressLine1Txt>
          <CityNm>LANSING</CityNm>
          <StateAbbreviationCd>MI</StateAbbreviationCd>
          <ZIPCd>48909</ZIPCd>
        </USAddress>
        <RecipientEIN>386000134</RecipientEIN>
        <IRCSectionDesc>STATE OF MICHIGAN</IRCSectionDesc>
        <CashGrantAmt>750000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>RENOVATE SNUG HARBOR SHORELINE FISHING SITE AT MUSKEGON STATE PARK</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>CONSERVATION RESOURCE ALLIANCE</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>10850 TRAVERSE HIGHWAY SUITE 1180</AddressLine1Txt>
          <CityNm>TRAVERSE CITY</CityNm>
          <StateAbbreviationCd>MI</StateAbbreviationCd>
          <ZIPCd>49684</ZIPCd>
        </USAddress>
        <RecipientEIN>382181915</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>315000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>CONSTRUCTION OF THREE BRIDGES AND INSTALL HABITAT STRUCTURES ON THE CRYSTAL RIVER IN LEELANAU COUNTY</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>TROUT UNLIMITED INC</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>8050 CANNONSBERG RD NE</AddressLine1Txt>
          <CityNm>ROCKFORD</CityNm>
          <StateAbbreviationCd>MI</StateAbbreviationCd>
          <ZIPCd>49341</ZIPCd>
        </USAddress>
        <RecipientEIN>381612715</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>200000</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>REMOVE INFRASTRUCTURE OF A DETERIORATING DAM AND FORMER FISH FARM ON THE BALDWIN RIVER TO RESTORE A HEALTHY STREAM CHANNEL</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>CENTRAL MICHIGAN UNIVERSITY</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>BROOKS HALL 184</AddressLine1Txt>
          <CityNm>MT PLEASANT</CityNm>
          <StateAbbreviationCd>MI</StateAbbreviationCd>
          <ZIPCd>48859</ZIPCd>
        </USAddress>
        <RecipientEIN>386004447</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>172340</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>EVALUATE THE SOURCE-SPECIFIC PRODUCTION OF COHO SALMON ON THE LAKE MICHIGAN FISHERY</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>GREAT LAKES ST LAWRENCE GOVERNORS &amp; PREMIERS</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>309 E RAND ROAD 167</AddressLine1Txt>
          <CityNm>ARLINGTON HEIGHTS</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>60004</ZIPCd>
        </USAddress>
        <RecipientEIN>411427529</RecipientEIN>
        <IRCSectionDesc>INTERGOVERNMENTAL</IRCSectionDesc>
        <CashGrantAmt>183098</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>INITIATIVE TO FIND WAYS TO CAPTURE POTENTIAL VALUE OF COMMERCIALLY CAUGHT GREAT LAKES FISH MORE FULLY</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>CARLETON UNIVERSITY</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <ForeignAddress>
          <AddressLine1Txt>1125 COLONEL BY DR</AddressLine1Txt>
          <CityNm>OTTAWA</CityNm>
          <ProvinceOrStateNm>ONTARIO</ProvinceOrStateNm>
          <CountryCd>CA</CountryCd>
          <ForeignPostalCd>K1S 5B6</ForeignPostalCd>
        </ForeignAddress>
        <RecipientEIN>237088831</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>423340</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>CHARACTERIZE NEEDS, MOTIVATION AND VALUES OF FISHERMAN AND CHARACTERISTICS THE RISK, BENEFITS AND BARRIERS FACED AROUND LAKE MICHIGAN</PurposeOfGrantTxt>
      </RecipientTable>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>THE RESEARCH FOUNDATION FOR SUNY AT BROCKPORT</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>350 NEW CAMPUS DRIVE</AddressLine1Txt>
          <CityNm>BROCKPORT</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>14420</ZIPCd>
        </USAddress>
        <RecipientEIN>141368361</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>403982</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>PROJECT TO EVALUATE WHETHER THIAMINE DEFICIENCY COULD AFFECT LAKE WHITEFISH RECRUITMENT IN THE GREAT LAKES REGION</PurposeOfGrantTxt>
      </RecipientTable>
      <Total501c3OrgCnt>11</Total501c3OrgCnt>
      <TotalOtherOrgCnt>0</TotalOtherOrgCnt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>WRITTEN PROGRESS REPORTS MUST BE SUBMITTED AT LEAST TWICE EACH YEAR ON OR BEFORE JANUARY 15TH AND JULY 15TH. A STANDARD GREAT LAKES FISHERY TRUST, INC. FINANCIAL REPORT FORM MUST BE SUBMITTED ALONG WITH THE PROGRESS REPORTS. A FINAL REPORT IS DUE AT THE TIME OF THE SUBMISSION OF THE LAST DISBURSEMENT REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleI>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>GREAT LAKES FISHERY TRUST, INC UTILIZES A MANAGEMENT COMPANY, PUBLIC SECTOR CONSULTANTS, TO PROVIDE KEY FINANCIAL SERVICES FOR THE ORGANIZATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>UPON RECEIPT OF THE 990, THE MANAGER/SECRETARY REVIEWS THE RETURN. BOARD MEMBERS ARE INFORMED THAT THE 990 IS AVAILABLE FOR THEIR REVIEW.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>A DIRECTOR WILL ALERT OTHER MEMBERS OF THE BOARD IF THERE IS A CONFLICT OF INTEREST WITH ANY BUSINESS THAT IS DISCUSSED AT THE BOARD MEETINGS. THE PROVISIONS FOR CONFLICTS OF INTEREST THAT ARE ADDRESSED IN THE BYLAWS ARE SELF ENFORCED BY THE DIRECTORS WITH STAFF OVERSIGHT. A BOARD MEMBER IS NOT ALLOWED TO VOTE IF THERE IS AN IDENTIFIED CONFLICT OF INTEREST. A BOARD MEMBER MAY DISCUSS THE ISSUE, IF CALLED UPON BY OTHER BOARD MEMBERS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 8</FormAndLineReferenceDesc>
        <ExplanationTxt>PRIOR PERIOD ADJUSTMENT DUE TO RESTATED FINANCIAL STATEMENTS. THE FINANCIAL STATEMENTS HAVE BEEN RESTATED TO CORRECTLY PRESENT GRANTS PAYABLE, GRANT EXPENSES, AND NET ASSETS AS OF DECEMBER 2023.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>