2025-11-17T12:05:13-06:00 2024-12-31 450250958 EIDE BAILLY LLP 200 W MERCER ST STE E300 SEATTLE WA 981193958 990PF 2024-01-01 911663838 ISLANDS FUND C/O JOHN MUNN ISLA 2069316604 6568 S FEDERAL WAY PMB 104 BOISE ID 83716 JOHN MUNN DIRECTOR 2069316604 2025-11-14 1 0 MARK A GEGAX CPA P01312243 2062857242 2025-11-14 2024 2025-03-06 01:10:19Z X X 350263185 X X 7668639 7619288 24736486 102663163 24734972 22287 17261 0 32427412 32371521 0 60000 0 0 60000 38600 19300 0 19300 1516543 1388646 0 126000 33620 544 0 0 573924 89924 0 0 1519 0 0 1519 25000 0 0 25000 2249206 1498414 0 231819 16231597 16231597 18480803 1498414 0 16463416 13946609 30873107 0 3501562 9501770 9501770 37850738 46190550 42312200 98149443 133789248 246692377 23584014 21068151 20673953 64655824 31136335 30999089 81660 83796 83796 227823241 241769850 350263185 0 0 X 263158 263158 0 0 227560083 241506692 227823241 241769850 227823241 241769850 227823241 13946609 0 241769850 0 241769850 PUBLICLY TRADED SECURITIES 15099231 15044473 54758 54758 PUBLICLY TRADED SECURITIES 82220132 56341568 25878564 25878564 SECURITIES ADJUSTMENTS 387472 -387472 -387472 FROM K-1 - BLACKSTONE PRIVATE EQUITY STRATEGIES FUND LP P 8613 1514 7099 7099 ACAP STRATEGIC FUND P 2021-07-30 2024-04-01 5116019 6153164 -1037145 -1037145 CAPITAL GAINS DIVIDENDS P 219168 219168 219168 24734972 61857 429136 0 429136 0 429136 440817 0 175000 0 615817 X 0 186681 186681 0 0 0 0 0 0 0 0 0 1 1 0 1 1 WA 1 0 0 0 1 1 N/A MR JOHN MUNN 2069316604 6568 S FEDERAL WAY PMB 104 BOISE ID 83716 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RICK S WERNER 6568 S FEDERAL WAY PMB 104 BOISE ID 83716 DIRECTOR 2.00 0 0 0 GEORGE G GULICK 6568 S FEDERAL WAY PMB 104 BOISE ID 83716 DIRECTOR 2.00 0 0 0 E LEEDS GULICK 6568 S FEDERAL WAY PMB 104 BOISE ID 83716 DIRECTOR 2.00 0 0 0 JAMES FLAGGERT 6568 S FEDERAL WAY PMB 104 BOISE ID 83716 DIRECTOR 3.00 60000 0 0 LYDIA GULICK 6568 S FEDERAL WAY PMB 104 BOISE ID 83716 DIRECTOR 2.00 0 0 0 SHELBY LUCE 6568 S FEDERAL WAY PMB 104 BOISE ID 83716 DIRECTOR 2.00 0 0 0 GRAEME GULICK 6568 S FEDERAL WAY PMB 104 BOISE ID 83716 DIRECTOR 2.00 0 0 0 NONE 0 MERRILL LYNCH 401 UNION STREET 26TH FLOOR SEATTLE WA 98101 INVESTMENT MANAGEMENT 1349901 SENECA ASSOCIATES INC 3019 DUPORTAIL ST 240 RICHLAND WA 99352 ADMINISTRATIVE SERVICES 140000 0 0 329187701 12819048 12727 342019476 0 0 342019476 5130292 336889184 16844459 16844459 429136 3765 432901 16411558 0 16411558 0 16411558 16463416 0 16463416 16411558 0 0 1899106 2036951 283083 4219140 16463416 0 0 0 16411558 51858 0 0 4270998 0 0 0 0 0 0 1899106 2371892 2036951 283083 51858 X ALASKA MARINE CONSERVATION COUNCIL PO BOX 101145 ANCHORAGE AK 99510 PUBLIC CHARITY SUMMER PROGRAM 2025 15000 ALOHA FOUNDATION 2968 LAKE MOREY ROAD FAIRLEE VT 05045 PUBLIC CHARITY 5 PERMANENTLY RESTRICTED ENDOWMENTS 1370000 ARBORETUM FOUNDATION 2300 ARBORETUM DRIVE E SEATTLE WA 98112 PUBLIC CHARITY ENVIRONMENTAL EDUCATION PROGRAMS FOR SCHOOLS 70000 ASPEN CENTER FOR ENVIRONMENTAL STUDIES 100 PUPPY SMITH ST ASPEN CO 81611 PUBLIC CHARITY CHILDREN'S EDUCATION FUND AND ROCK BOTTOM RANCH ENDOWMENT 300000 AUDUBON SOCIETY 5902 LAKE WASHINGTON BLVD S SEATTLE WA 98118 PUBLIC CHARITY CONSERVATION PROJECTS IN PUGET SOUND AND SAGELANDS AND EDUCATION PROGRAMS 75000 BERTSCHI SCHOOL 2227 10TH AVE E SEATTLE WA 98102 PUBLIC CHARITY FINANCIAL AID ENDOWMENT 20000 BIG BROTHERS BIG SISTERS OF CENTRAL OREGON 2125 NE DAGGGETT LANE BEND OR 97701 PUBLIC CHARITY COMMUNITY-BASED MENTORING PROGRAMS 25000 BIG SUR LAND TRUST PO BOX 4071 MONTEREY CA 93942 PUBLIC CHARITY YOUTH OUTDOOR PROGRAMS, FERRINI RANCH PROJECT AND ENDOWMENT 450000 BIRD NOTE PO BOX 1857 ASHEVILLE NC 28802 PUBLIC CHARITY BIRD NOTE 2025 PRODUCTIONS AND DISTRIBUTION 135000 BOYS & GIRLS CLUBS OF BELLEVUE 209 - 100TH AVE NE BELLEVUE WA 98004 PUBLIC CHARITY SUMMER CAMP SCHOLARSHIPS 85000 BROOKLYN INDEPENDENT SCHOOL 38 LAFAYETTE AVE FLOOR 5 BROOKLYN NY 11217 PUBLIC CHARITY TUITION ASSISTANCE PROGRAM 50000 BURKE MUSEUM ASSOCIATION UNIVERSITY OF WA BOX 353010 SEATTE WA 98195 PUBLIC CHARITY "RARE AIR" EXHIBIT AND YOUTH EDUCATION PROGRAMS 40000 QQS PROJECTS SOCIETY BOX 786 BELLA BELLA BRITISH COLUMBIA CA V0T 1Z0 PUBLIC CHARITY KOEYE RIVER YOUTH CAMP PROGRAM 25000 RAINCOAST EDUCATION SOCIETY PO BOX 815 TOFINO BRITISH COLUMBIA CA V0R 2Z0 PUBLIC CHARITY RES YOUTH EDUCATION PROGRAMS 55000 CAPITOL LAND TRUST 4405 - 7TH AVE SE SUITE 306 LACEY WA 98503 PUBLIC CHARITY EDUCATION PROGRAMS 15000 CASA OF MONTEREY 945 S MAIN ST SUITE 107 SALINAS CA 93901 PUBLIC CHARITY VOLUNTEER ADVOCATE TRAINING 30000 CENTRAL CALIFORNIA ADAPTIVE SPORTS CENTER PO BOX 147 SHAVER LAKE CA 93664 PUBLIC CHARITY PROGRAMS WITH FOCUS ON PARALYZED PERSONS AND TRANSPORTATION 65000 CHALLENGE ASPEN PO BOX 6639 SNOWMASS VILLAGE CO 81615 PUBLIC CHARITY CAMO AND REC PROGRAMS 60000 CHILL FOUNDATION 180 QUEEN CITY PARK RD BURLINGTON VT 05401 PUBLIC CHARITY SEA PROGRAM AND PDX PROGRAM 40000 COLGATE UNIVERSITY PO BOX 313 CANAJOHARIE NY 13317 PUBLIC CHARITY HUDSON SCHOLARSHIP FUND AND AIZAWA FUND FOR OVERSEAS STUDY (EQUAL SPLIT) 500000 CONSERVATION NORTHWEST 1829 - 10TH AVE W SUITE B SEATTLE WA 98119 PUBLIC CHARITY SAGELANDS HERITAGE PROGRAMS 60000 COYOTE CENTRAL 2300 E CHERRY ST SEATTLE WA 98122 PUBLIC CHARITY STUDIO COYOTE PROGRAMS 30000 DARTMOUTH COLLEGE 6066 DEVELOPMENT OFFICE HANOVER NH 03755 PUBLIC CHARITY OUTDOOR PROGRAMS OFFICE FOR DARTMOUTH OUTING CLUB 100000 ECOLOGY PROJECT 315 S 4TH ST E MISSOULA MT 59801 PUBLIC CHARITY GREATER YELLOWSTONE YOUTH OUTDOOR EDUCATION PROGRAM 60000 ENVIRONMENTAL & ADVENTURE SCHOOL PTO 8040 NE 132ND ST KIRKLAND WA 98034 PUBLIC CHARITY GENERAL PROGRAM GRANT (FORMERLY LAKE WA ENVIRON. & ADVEN. SCHOOL) 25000 ENVIRONMENTAL RESOURCE CENTER PO BOX 819 KETCHUM ID 83340 PUBLIC CHARITY COMMUNITY PROGRAMS, SCHOOL PROGRAMS AND EXPERIENTIAL LEARNING 45000 EXPLORER WEST MIDDLE SCHOOL 10015 - 28TH AVE SW SEATTLE WA 98146 PUBLIC CHARITY OUTDOOR EDUCATION PROGRAM 53000 FUTURE GENERATIONS UNIVERSITY 400 ROAD LESS TRAVELED FRANKLIN WV 26807 PUBLIC CHARITY GENERAL OPERATIONS AND PERMANENT LEADERSHIP ENDOWMENT 800000 HAMLIN ROBINSON SCHOOL 1700 E UNION ST SEATTLE WA 98122 PUBLIC CHARITY SCHOLARSHIPS/FINANCIAL AID AND ENDOWMENT 275000 HIDDEN VILLA 26870 MOODY ROAD LOS ALTOS HILLS CA 94022 PUBLIC CHARITY SUMMER CAMP SCHOLARSHIPS 50000 HOOD RIVER WATERSHED GROUP 3007 EXPERIMENTAL STATION RD HOOD RIVER OR 97031 PUBLIC CHARITY AQUATIC RIVER CONSERVATION 40000 HUTS FOR VETS PO BOX 1780 CARBONDALE CO 81623 PUBLIC CHARITY VETERANS PROGRAM 10000 INT'L MTN BIKING ASSOC (IMBA) PO BOX 20280 BOULDER CO 80308 PUBLIC CHARITY TRAILS & TOWNS, TRAIL ACCELERATOR AND EDUCATION 250000 ISLANDWOOD 4450 BLAKELY AVE NE BAINBRIDGE ISLAND WA 98110 PUBLIC CHARITY YOUTH ENVIRONMENTAL EDUCATION PROGRAMMING 300000 LITTLE BIT THERAPEUTIC RIDING SCHOOL 18675 NE 106TH ST REDMOND WA 98052 PUBLIC CHARITY TUITION AID (SCHOLARSHIP) PROGRAM 60000 MEARTH PO BOX 223702 CARMEL CA 93922 PUBLIC CHARITY ENVIRONMENTAL STEWARDSHIP EDUCATION 85000 MUSEUM OF NW ART PO BOX 969 LA CONNER WA 98257 PUBLIC CHARITY ARTS EDUCATION PROGRAMS 50000 NATURE BRIDGE 1033 FORT CRONKHITE SAUSALITO CA 94965 PUBLIC CHARITY FIELD SCIENCE EDUCATION PROGRAM AT OPI 25000 NATURE CONSERVANCY (CO) 2424 SPRUCE ST BOULDER CO 80302 PUBLIC CHARITY YOUTH EDUCATION AND OUTREACH, AND SOUTHERN HIGH PLAINS CONSERVATION 830000 NATURE CONSERVANCY (CO) 2424 SPRUCE ST BOULDER CO 80302 PUBLIC CHARITY 777 DAKOTA PARTNERSHIP STEWARDSHIP ENDOWMENT 1000000 NATURE CONSERVANCY (MT) 32 S EWING ST HELENA MT 59601 PUBLIC CHARITY NORTHERN GREAT PLAINS LAND PROTECTION AND GRASSBANK 2.0 850000 NATURE CONSERVANCY (WA) 74 WALL ST SEATTLE WA 98121 PUBLIC CHARITY CONSERVATION AND STEWARDSHIP FOR WA STATE 600000 NORTH CASCADES INSTITUTE 810 STATE ROUTE 20 SEDRO WOOLLEY WA 98284 PUBLIC CHARITY MOUNTAIN SCHOOL AND YOUTH LEADERSHIP ADVENTURES 150000 NORTHWEST AVALANCHE CENTER 249 MAIN AVE S SUITE 107-366 NORTH BEND WA 98045 PUBLIC CHARITY YOUTH AVALANCHE EDUCATION PROGRAM 50000 NUEVA SCHOOL 6565 SKYLINE BLVD HILLSBOROUGH CA 94011 PUBLIC CHARITY NUEVA SUMMER PROGRAM 50000 O'DEA HIGH SCHOOL FOUNDATION 802 TERRY AVE SEATTLE WA 98104 PUBLIC CHARITY FINANCIAL AID ENDOWMENT 250000 OUTDOORSFORALL 6344 NE 74TH ST SUITE 102 SEATTLE WA 98115 PUBLIC CHARITY FINANCIAL AID AND GENERAL PROGRAM SUPPORT 500000 PACIFIC SCIENCE CENTER 200 SECOND AVE N SEATTLE WA 98109 PUBLIC CHARITY STEM OUTREACH AND MERCER SLOUGH SCHOLARSHIPS 70000 PEREGRINE FUND 5668 WEST FLYING HAWK LANE BOISE ID 83709 PUBLIC CHARITY YOUTH EDUCATION PROGRAM 60000 PLANNED PARENTHOOD MAR MONTE 1746 THE ALAMEDA SAN JOSE CA 95126 PUBLIC CHARITY Y-LED PROGRAM 100000 PLANNED PARENTHOOD OF THE GREAT NW 2001 E MADISON SEATTLE WA 98122 PUBLIC CHARITY TEEN COUNCIL AND EDUCATION PROGRAMS 160000 PUGET SOUNDKEEPER ALLIANCE 130 NICKERSON ST SUITE 107 SEATTLE WA 98109 PUBLIC CHARITY POLLUTION PREVENTION PROGRAMS 50000 ROARING FORK OUTDOOR VOLUNTEERS PO BOX 1341 BASALT CO 81621 PUBLIC CHARITY YOUNG STEWARDS PROGRAM 100000 SAN JUAN PRESERVATION TRUST PO BOX 759 FRIDAY HARBOR WA 98250 PUBLIC CHARITY NORTH SHORE ORCAS ISLAND CONSERVATION EASEMENT 259097 SEATTLE AQUARIUM 1483 ALASKAN WAY 59 SEATTLE WA 98101 PUBLIC CHARITY BEACH NATURALIST, YOA AND CITIZEN SCIENCE, AND SUMMER CAMP PROGRAMS 55000 SEATTLE FOUNDATION 1601 - 5TH AVE SUITE 1900 SEATTLE WA 98101 PUBLIC CHARITY DONOR ADVISED FUND 2365000 SEATTLE YOUTH SYMPHONY ORCHESTRA 11065 - 5TH AVE NE SUITE A SEATTLE WA 98125 PUBLIC CHARITY SEATTLE IN-SCHOOL PROGRAMS 50000 SKAGIT LAND TRUST PO BOX 1017 MT VERNON WA 98273 PUBLIC CHARITY YOUTH ENGAGEMENT PROGRAMS AND SAMISH RIVER WETLANDS PROJECT 285500 SNOW LEOPARD CONSERVANCY 75 BOYES BLVD SONOMA CA 95476 PUBLIC CHARITY PROGRAMS, PER PROPOSAL 94000 SOS OUTREACH PO BOX 2020 AVON CO 81620 PUBLIC CHARITY PACIFIC N.W. YOUTH PROGRAMS 30000 SPECIAL OLYMPICS WA 2815 - 2ND AVE SUITE 370 SEATTLE WA 98121 PUBLIC CHARITY PROGRAM SUPPORT FOR DISABLED ATHLETES 360000 STOWE LAND TRUST PO BOX 284 STOWE VT 05672 PUBLIC CHARITY HEALTHY HABITATS AND WATERS PROGRAM 10000 STUDIO IN A SCHOOL 75 WEST END AVE NEW YORK NY 10023 PUBLIC CHARITY ARTS EDUCATION PROGRAMS PRE-K THROUGH HIGH SCHOOL 65000 SUN VALLEY MUSEUM OF ART PO BOX 656 SUN VALLEY ID 83353 PUBLIC CHARITY EDUCATION PROGRAMS 15000 SUN VALLEY MUSEUM OF ART PO BOX 656 SUN VALLEY ID 83353 PUBLIC CHARITY EDUCATION ENDOWMENT 250000 TEEN TIX 305 HARRISON ST SEATTLE WA 98109 PUBLIC CHARITY GENERAL YOUTH PROGRAM SUPPORT 20000 TELLER WILDLIFE REFUGE PO BOX 548 CORVALLIS MT 59828 PUBLIC CHARITY CONSERVATION IN THE CLASSROOM PROGRAM 75000 THACHER SCHOOL 5025 THACHER RD OJAI CA 93023 PUBLIC CHARITY FINANCIAL AID FUND 150000 THE BATTERY CONSERVANCY 90 BROAD ST 15TH FLOOR NEW YORK NY 10004 PUBLIC CHARITY EDUCATION AND PARKS PROGRAMS 10000 THE RESIDENCY 10510 NORTHUP WAY SUITE 300 KIRKLAND WA 98033 PUBLIC CHARITY WRITER'S CAMP AND ANNUAL SUMMER INTENSIVE 30000 TOTEM STAR 4408 DELRIDGE WAY SW 118 SEATTLE WA 98106 PUBLIC CHARITY GENERAL PROGRAM FOR YOUTH ARTISTS 30000 TRAIL BLAZERS 495A FLATBUSH AVE BROOKLYN NY 11225 PUBLIC CHARITY GENERAL OPERATING SUPPORT 100000 TRAIL BLAZERS 495A FLATBUSH AVE BROOKLYN NY 11225 PUBLIC CHARITY SCHOLARSHIP FUND 150000 TREEHOUSE 2100 - 24TH AVE S SUITE 200 SEATTLE WA 98144 PUBLIC CHARITY GRADUATION SUCCESS AND SUMMER CAMP SCHOLARSHIPS 150000 TROUT UNLIMITED 1700 N MOORE ST ARLINGTON VA 22209 PUBLIC CHARITY ENDING MINE CONTAMINATION AND WENATCHEE BEAVER PROJECT 100000 WA TRAILS ASSOCIATION 705 - 2ND AVE SUITE 300 SEATTLE WA 98104 PUBLIC CHARITY YOUTH PROGRAMS 175000 WILDERNESS LAND TRUST PO BOX 881 HELENA MT 59624 PUBLIC CHARITY PACIFIC NORTHWEST PROGRAMS 75000 WINNAKEE LAND TRUST PO BOX 610 RHINEBECK NY 12572 PUBLIC CHARITY HUDSON VALLEY LAND CONSERVATION 20000 WOODLAND PARK ZOO 5500 PHINNEY AVE N SEATTLE WA 98103 PUBLIC CHARITY ACCESS TO ZOO SUMMER CAMPS 45000 YELLOWSTONE TO YUKON 200 - 1350 RAILWAY AVE CANMORE ALBERTA CA T1W 1P6 PUBLIC CHARITY PRIVATE LANDS ACQUISITION FUND 500000 NATIONAL PARKS CONSERVATION ASSOCIATION 777 - 6TH ST NW SUITE 700 WASHINGTON DC 20001 PUBLIC CHARITY PACIFIC NORTHWEST PROGRAMS FOR VETERANS 200000 16231597 0 523000 49351 14 7619288 523000 5026 18 17261 523000 1514 18 24734972 55891 32371521 0 32427412 0 0 0 0 0 0 0 0 0 0 ACCOUNTING FEES 38600 19300 0 19300 STATEMENT FILED PURSUANT TO 1.6038B-1(C) AND 1.6038B-1T(C) FORM 926 1) NAME OF U.S. TRANSFEROR: ISLANDS FUNDEIN: 91-1663838ADDRESS: 6568 S FEDERAL WAY PMB #104 BOISE, ID, 837162) NAME OF FOREIGN TRANSFEREE: EUCALYPTUS III HOLDINGS (CYM) LPEIN: 98-1810587ADDRESS: ONE NEXUS WAY, CAMANA BAY, GRAND CAYMAN KY1-9005 CAYMAN ISLANDS COUNTRY OF INCORPORATION: CAYMAN ISLANDS TRANSFERS WERE MADE IN 2024 BETWEEN ISLANDS FUND AND EUCALYPTUS III HOLDINGS (CYM) LP. BASED ON OWNERSHIP, ISLANDS FUND'S VALUE OF THESE TRANSFERS WAS $123,990 CASH.3) THE FOLLOWING CONSIDERATION WAS RECEIVED BY THE U.S. TRANSFEROR:NOT APPLICABLE4) THE FOLLOWING PROPERTY WAS TRANSFERRED BY THE U.S. TRANSFEROR TO THE FOREIGN TRANSFEREE:(I) ACTIVE TRADE OR BUSINESS PROPERTY - NOT APPLICABLE(II) STOCK OR SECURITIES - NOT APPLICABLE(III) DEPRECIATED PROPERTY - NOT APPLICABLE(IV) PROPERTY TO BE LEASED - NOT APPLICABLE(V) PROPERTY TO BE SOLD - NOT APPLICABLE(VI) TRANSFERS TO FSCS - NOT APPLICABLE(VII) TAINTED PROPERTY - NOT APPLICABLE(VIII) FOREIGN LOSS BRANCH - NOT APPLICABLE(IX) OTHER INTANGIBLES - NOT APPLICABLE5) THE FOLLOWING PROPERTY OF A FOREIGN BRANCH WITH PREVIOUSLY DEDUCTED LOSSES SUBJECT TO THE RULES OF 1.367(A)-6T WAS TRANSFERRED BY THE U.S. TRANSFEROR TO THE FOREIGN TRANSFEREE: NOT APPLICABLE(6) THE TRANSFER OF PROPERTY BY THE U.S. TRANSFEROR TO THE U.S. TRANSFEREE IS AN EXCHANGE DESCRIBED IN SECTION [361(A) OR (B)]. THE CONDITIONS SET FORTH IN THE SECOND SENTENCE OF SECTION 367(A)(5), AND ANY REGULATIONS UNDER THAT SECTION, HAVE BEEN SATISFIED. THE FOLLOWING ADJUSTMENTS TO BASIS, OR OTHER ADJUSTMENTS, HAVE BEEN MADE TO THE PROPERTY TRANSFERRED: NOT APPLICABLE MERRILL LYNCH INVESTMENTS 21068151 20673953 MERRILL LYNCH INVESTMENTS 133789248 246692377 45440550 41726330 750000 585870 MERRILL LYNCH - MUTUAL FUNDS AT COST 17585329 16703590 MERRILL LYNCH - ALTERNATIVE INVESTMENTS AT COST 13551006 13787348 MERRILL LYNCH - ACCRUED INTEREST AT COST 0 508151 DIVIDENDS/INTEREST RECEIVABLES 81660 83796 83796 MEMBERSHIP - THE IMPACT 25000 0 0 25000 BLACKSTONE PRIVATE EQUITY STRATEGIES FUND LP PASSTHROUGH 22287 17261 0 ADMINISTRATIVE FEES 140000 14000 0 126000 INVESTMENT MANAGEMENT FEES 1349901 1349901 0 0 OTHER PORTFOLIO DEDUCTIONS FROM PASSTHROUGHS 26642 24745 0 0 FOREIGN TAXES PAID 89924 89924 0 0 FEDERAL EXCISE TAX PAYMENT 484000 0 0 0