﻿<?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>2025-11-11T11:06:16-06:00</ReturnTs>
    <TaxPeriodEndDt>2024-12-31</TaxPeriodEndDt>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2024-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>367159136</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>PILGRIM FOUNDATION</BusinessNameLine1Txt>
        <BusinessNameLine2Txt>C/O S GUNNAR KLARR</BusinessNameLine2Txt>
      </BusinessName>
      <BusinessNameControlTxt>PILG</BusinessNameControlTxt>
      <PhoneNum>2485408797</PhoneNum>
      <USAddress>
        <AddressLine1Txt>1645 W KIMMEL ROAD</AddressLine1Txt>
        <CityNm>JACKSON</CityNm>
        <StateAbbreviationCd>MI</StateAbbreviationCd>
        <ZIPCd>49201</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>S GUNNAR KLARR</PersonNm>
      <PersonTitleTxt>TRUSTEE</PersonTitleTxt>
      <PhoneNum>6087104200</PhoneNum>
      <SignatureDt>2025-11-06</SignatureDt>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>1</IRSResponsiblePrtyInfoCurrInd>
    <TaxYr>2024</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="7">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>6770345</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>54314</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>54236</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>115299</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>115299</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>250304</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>266315</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>247604</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc2001500001">4022</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>1608</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>423939</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>418747</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>0</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>0</CompOfcrDirTrstDsbrsChrtblAmt>
        <InterestRevAndExpnssAmt>10695</InterestRevAndExpnssAmt>
        <InterestNetInvstIncmAmt>10695</InterestNetInvstIncmAmt>
        <InterestDsbrsChrtblAmt>0</InterestDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">9792</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>9670</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc2003200001">33952</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>33938</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>0</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>54439</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>54303</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>295002</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>295002</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>349441</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>54303</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>295002</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>74498</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>364444</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>86075</CashBOYAmt>
        <CashEOYAmt>80659</CashEOYAmt>
        <CashEOYFMVAmt>80659</CashEOYFMVAmt>
        <AcctRcvblAmt>245</AcctRcvblAmt>
        <AcctRcvblBOYAmt>594</AcctRcvblBOYAmt>
        <AcctRcvblEOYAmt>245</AcctRcvblEOYAmt>
        <AcctRcvblEOYFMVAmt>245</AcctRcvblEOYFMVAmt>
        <OtherInvestmentsBOYAmt>5976258</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc2018100001">6564478</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>6564478</OtherInvestmentsEOYFMVAmt>
        <OtherAssetsBOYAmt referenceDocumentId="RetDoc2046600001">134429</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="RetDoc2046600001">124963</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="RetDoc2046600001">124963</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>6197356</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>6770345</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>6770345</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>0</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>0</CapitalStockEOYAmt>
        <AdditionalPaidInCapitalBOYAmt>0</AdditionalPaidInCapitalBOYAmt>
        <AdditionalPaidInCapitalEOYAmt>0</AdditionalPaidInCapitalEOYAmt>
        <RetainedEarningBOYAmt>6197356</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>6770345</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>6197356</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>6770345</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>6197356</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>6770345</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>6197356</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>74498</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="RetDoc2049700001">498491</OtherIncreasesAmt>
        <SubtotalAmt>6770345</SubtotalAmt>
        <OtherDecreasesAmt>0</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>6770345</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>KTC HEDGE PRODUCTS, LLC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-01-01</AcquiredDt>
          <SoldDt>2024-12-31</SoldDt>
          <GrossSalesPriceAmt>27320</GrossSalesPriceAmt>
          <GainOrLossAmt>27320</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>27320</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>KTC HEDGE PRODUCTS, LLC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-01-01</AcquiredDt>
          <SoldDt>2024-12-31</SoldDt>
          <GrossSalesPriceAmt>59450</GrossSalesPriceAmt>
          <GainOrLossAmt>59450</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>59450</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>KTC STRATEGIC OPPS, LLC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-01-01</AcquiredDt>
          <SoldDt>2024-12-31</SoldDt>
          <CostOrOtherBasisAmt>13938</CostOrOtherBasisAmt>
          <GainOrLossAmt>-13938</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-13938</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>KTC STRATEGIC OPPS, LLC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-01-01</AcquiredDt>
          <SoldDt>2024-12-31</SoldDt>
          <GrossSalesPriceAmt>179498</GrossSalesPriceAmt>
          <GainOrLossAmt>179498</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>179498</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SEC. 1231 - KTC HEDGE PRODUCTS, LLC - FROM K-1</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-01-01</AcquiredDt>
          <SoldDt>2024-12-31</SoldDt>
          <GrossSalesPriceAmt>47</GrossSalesPriceAmt>
          <GainOrLossAmt>47</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>47</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SEC. 1256 KTC HEDGE PRODUCTS, LLC - FROM K-1</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-01-01</AcquiredDt>
          <SoldDt>2024-12-31</SoldDt>
          <CostOrOtherBasisAmt>829</CostOrOtherBasisAmt>
          <GainOrLossAmt>-829</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-829</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SEC. 1256 KTC HEDGE PRODUCTS, LLC - FROM K-1</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-01-01</AcquiredDt>
          <SoldDt>2024-12-31</SoldDt>
          <CostOrOtherBasisAmt>1244</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1244</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1244</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>UBTI ADJUSTMENT</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-01-01</AcquiredDt>
          <SoldDt>2024-12-31</SoldDt>
          <CostOrOtherBasisAmt>2700</CostOrOtherBasisAmt>
          <GainOrLossAmt>-2700</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-2700</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>247604</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>5066</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>5066</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>5066</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>5169</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>5500</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>10669</TotalPaymentsAndCreditsAmt>
        <EsPenaltyAmt>0</EsPenaltyAmt>
        <OverpaymentAmt>5603</OverpaymentAmt>
        <AppliedToESTaxAmt>5603</AppliedToESTaxAmt>
        <RefundAmt>0</RefundAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>0</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>0</MoreThan100SpentInd>
        <Form1120POLFiledInd>0</Form1120POLFiledInd>
        <Section4955OrganizationTaxAmt>0</Section4955OrganizationTaxAmt>
        <Section4955ManagersTaxAmt>0</Section4955ManagersTaxAmt>
        <TaxReimbursedAmt>0</TaxReimbursedAmt>
        <ActivitiesNotPreviouslyRptInd>0</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>0</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>1</UnrelatedBusIncmOverLimitInd>
        <Form990TFiledInd>1</Form990TFiledInd>
        <OrganizationDissolvedEtcInd>0</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>1</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>1</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>MI</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>0</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd referenceDocumentId="RetDoc2330900001">1</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>RON BAILITZ</IndividualWithBooksNm>
        <PhoneNum>6087104200</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>111 N FAIRCHILD STREET SUITE 300</AddressLine1Txt>
          <CityNm>MADISON</CityNm>
          <StateAbbreviationCd>WI</StateAbbreviationCd>
          <ZIPCd>53703</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>0</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>0</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>0</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>0</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>0</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>0</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>0</PaymentToGovernmentOfficialInd>
        <UncorrectedPriorActsInd>0</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>0</UndistributedIncomePYInd>
        <BusinessHoldingsInd>0</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>0</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>0</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>0</InfluenceLegislationInd>
        <InfluenceElectionInd>0</InfluenceElectionInd>
        <GrantsToIndividualsInd>0</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>0</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>0</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>0</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>0</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>0</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>LOUISE S KLARR</PersonNm>
          <USAddress>
            <AddressLine1Txt>111 N FAIRCHILD STREET STE 300</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53703</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>5.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>S GUNNAR KLARR</PersonNm>
          <USAddress>
            <AddressLine1Txt>111 N FAIRCHILD STREET STE 300</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53703</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>5.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>1117411</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>120360</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>5334381</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>6572152</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>6572152</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>98582</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>6473570</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>323679</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>323679</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>5066</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>5066</TotalTaxAmt>
        <DistributableBeforeAdjAmt>318613</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>9466</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>328079</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>328079</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>295002</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>295002</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>328079</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>294209</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <TotalExcessDistributionCyovAmt>0</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>295002</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>294209</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>793</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>327286</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>0</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>0</ExcessDistriCyovToNextYrAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>LOUISE S KLARR</ContributingManagerNm>
        <ContributingManagerNm>S GUNNAR KLARR</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>KTC HEDGE PRODUCTS LLC CO KINSHIP LLC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>111 NORTH FAIRCHILD ST SUITE 300</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53703</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>OTHER PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>FOR THE UNRESTRICTED USE OF THE CHARITY</GrantOrContributionPurposeTxt>
          <Amt>2</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NATIONAL CHRISTIAN FOUNDATION INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1150 SANCTUARY PARKWAY SUITE 350</AddressLine1Txt>
            <CityNm>ALPHARETTA</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30009</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>OTHER PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>FOR THE UNRESTRICTED USE OF THE CHARITY</GrantOrContributionPurposeTxt>
          <Amt>295000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>295002</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>54314</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>115299</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <OtherInvestmentIncomeGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>4022</ExclusionAmt>
        </OtherInvestmentIncomeGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>250304</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>423939</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>423939</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>0</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>0</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>0</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>0</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>0</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>0</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>0</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>0</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>0</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>0</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>KTC STRATEGIC OPPS, LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>4159240</BookValueAmt>
        <EOYFMVAmt>4159240</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>KTC HEDGE PRODUCTS, LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>1259967</BookValueAmt>
        <EOYFMVAmt>1259967</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES CORE MID-CAP ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>260767</BookValueAmt>
        <EOYFMVAmt>260767</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES S&amp;P 500 VALUE ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>762756</BookValueAmt>
        <EOYFMVAmt>762756</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES RUSSELL 2000 GROWTH ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>121748</BookValueAmt>
        <EOYFMVAmt>121748</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherAssetsSchedule documentId="RetDoc2046600001">
      <OtherAssetsScheduleGrp>
        <Desc>NOTE RECEIVABLE - PROGRAM-RELATED INVESTMENT</Desc>
        <BOYBookValueAmt>134429</BOYBookValueAmt>
        <EOYBookValueAmt>124963</EOYBookValueAmt>
        <EOYFMVAmt>124963</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>OTHER DEDUCTIONS - KTC STRATEGIC OPPS, LLC - FROM K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>11787</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>11787</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SECTION 59(E)(2) - KTC HEDGE PRODUCTS, LLC - FROM K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>600</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>600</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OTHER DEDUCTIONS - KTC HEDGE PRODUCTS, LLC - FROM K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>19928</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>19928</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>NON-DEDUCTIBLE EXPENSES - KTC HEDGE PRODUCTS, LLC - FROM K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>13</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>NON-DEDUCTIBLE EXPENSES - KTC STRATEGIC OPPS, LLC - FROM K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>1</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>1623</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1623</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>OTHER INCOME - KTC HEDGE PRODUCTS, LLC - FROM K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>1256</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1256</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>1256</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>OTHER INCOME - KTC STRATEGIC OPPS, LLC - FROM K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>64</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>64</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>64</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>RENTAL INCOME - KTC HEDGE PRODUCTS, LLC - FROM K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>-4498</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-4498</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>-4498</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>UBTI ADJUSTMENT - KTC HEDGE PRODUCTS, LLC</Desc>
        <RevenueAndExpensesPerBooksAmt>0</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-14</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>PROGRAM RELATED INVESTMENT INTEREST INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>3272</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>3272</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>3272</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>ORDINARY INCOME - KTC HEDGE PRODUCTS, LLC - FROM K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>1528</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1528</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>1528</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>TAX REFUND</Desc>
        <RevenueAndExpensesPerBooksAmt>2400</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>2400</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="RetDoc2049700001">
      <OtherIncreasesDetail>
        <Desc>UNREALIZED GAIN ON INVESTMENT</Desc>
        <Amt>498491</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES - KTC HEDGE PRODUCTS, LLC - FROM K-1</CategoryTxt>
        <Amt>3184</Amt>
        <NetInvestmentIncomeAmt>3184</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES - KTC STRATEGIC OPPS, LLC - FROM K-1</CategoryTxt>
        <Amt>6486</Amt>
        <NetInvestmentIncomeAmt>6486</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FEDERAL TAX PAID</CategoryTxt>
        <Amt>122</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>