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          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2323 US-71</AddressLine1Txt>
            <CityNm>SPIRIT LAKE</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>51360</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>LAKESIDE LAB</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1838 HIGHWAY 86</AddressLine1Txt>
            <CityNm>MILFORD</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>51351</ZIPCd>
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          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>8500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MUSIC INSTRUMENT MUSEUM</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>84 S 105TH ST 450</AddressLine1Txt>
            <CityNm>MINNEAPOLIS</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>55403</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>3500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>OKOBOJI BLUE WATER FESTIVAL</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 609</AddressLine1Txt>
            <CityNm>ARNOLDS PARK</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>51331</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>OKOBOJI FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>243 W BROADWAY STREET</AddressLine1Txt>
            <CityNm>OKOBOJI</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>51331</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>7000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>OPPORTUNITY INTERNATIONAL</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>550 WEST VAN BUREN STREET</AddressLine1Txt>
            <CityNm>CHICAGO</CityNm>
            <StateAbbreviationCd>IL</StateAbbreviationCd>
            <ZIPCd>60607</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>23475</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>PEARSON LAKES ART CENTER</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 225</AddressLine1Txt>
            <CityNm>OKOBOJI</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>51355</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>39500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SOUTHWESTERN STEEL GUITAR ASSOC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 1129</AddressLine1Txt>
            <CityNm>GLOBE</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85502</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>1171</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>169646</TotalGrantOrContriPdDurYrAmt>
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      <AnalysisIncomeProducingActyGrp>
        <DividendsAndInterestFromSecDtl>
          <RelatedOrExemptFunctionIncmAmt>58970</RelatedOrExemptFunctionIncmAmt>
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        <GainSalesAstOthThanInvntryGrp>
          <RelatedOrExemptFunctionIncmAmt>16627</RelatedOrExemptFunctionIncmAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>K-1 REDHAWK</Desc>
          <RelatedOrExemptFunctionIncmAmt>-1582</RelatedOrExemptFunctionIncmAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>K-1 BROOKS</Desc>
          <RelatedOrExemptFunctionIncmAmt>-266</RelatedOrExemptFunctionIncmAmt>
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        <SubtotalsIncmProducingActyGrp>
          <RelatedOrExemptFunctionIncmAmt>73749</RelatedOrExemptFunctionIncmAmt>
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        <TotalIncomeProducingActyAmt>73749</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <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>
    <GainLossSaleOtherAssetsSch documentId="RetDoc2">
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>SHORT TERM SALE OF SECURITIES</AssetDesc>
        <AcquiredDt>2024-10</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-05</SoldDt>
        <GrossSalesPriceAmt>195000</GrossSalesPriceAmt>
        <BasisAmt>192701</BasisAmt>
        <TotalNetAmt>2299</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
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    <InvestmentsCorpBondsSchedule documentId="RetDoc3">
      <InvestmentsCorporateBondsGrp>
        <EOYBookValueAmt>1271920</EOYBookValueAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc4">
      <InvestmentsCorporateStockGrp>
        <EOYBookValueAmt>566757</EOYBookValueAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <OtherExpensesSchedule documentId="RetDoc5">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>DE REP FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>430</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc6">
      <OtherIncomeDetail>
        <Desc>K-1 REDHAWK</Desc>
        <RevenueAndExpensesPerBooksAmt>-1582</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>-1582</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>K-1 BROOKS</Desc>
        <RevenueAndExpensesPerBooksAmt>-266</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>-266</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="RetDoc7">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>MANAGEMENT</CategoryTxt>
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        <NetInvestmentIncomeAmt>18256</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc8">
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAX</CategoryTxt>
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      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>DE TAX</CategoryTxt>
        <Amt>25</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>