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          <Title>DIR &amp; PRES</Title>
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          <PersonName referenceDocumentId="RetDoc3">KEN HEISER</PersonName>
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            <State>WI</State>
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        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName referenceDocumentId="RetDoc3">JOHN CLYMER</PersonName>
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          <RecipientName>WILLIAM H PHIPPS FOUNDATION</RecipientName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 653</AddressLine1>
            <City>HUDSON</City>
            <State>WI</State>
            <ZIPCode>54016</ZIPCode>
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          <RecipientPhoneNumber>7153863352</RecipientPhoneNumber>
          <FormAndInfoAndMaterials>APPLICATIONS FOR GRANTS MAY BE SUBMITTED IN THE FORM OF A LETTER OUTLINING THE NATURE OF THE REQUEST AND A COPY OF THE APPLICANT'S INTERNAL REVENUE SERVICE EXEMPTION LETTER.</FormAndInfoAndMaterials>
          <SubmissionDeadlines>NO SUBMISSION DEADLINES</SubmissionDeadlines>
          <RestrictionsOnAwards>FOUNDATION AWARDS ARE LIMITED TO PROMOTING AND ADMINISTERING CHARITABLE, BENEVOLENT, EDUCATIONAL AND RELIGIOUS AIM AND THE PROMOTION OF CULTURAL ADVANTAGES WITHIN THE STATE OF WISCONSIN, AND PARTICULARLY ST CROIX COUNTY, WISCONSIN. THE AWARDS THAT ARE GIVEN TO MINNESOTA ORGANIZATIONS ARE FOR SPECIFIC ACTIVITIES WITHIN WISCONSIN AND PARTICULARLY ST CROIX COUNTY. THE FOUNDATION MAY MAKE GRANTS TO THE HUDSON WISCONSIN AREA SCHOOL DISTRICT FOR SCHOLARSHIPS TO GRADUATING HIGH SCHOOL SENIORS.</RestrictionsOnAwards>
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            <BusinessNameLine2>TURNING POINT</BusinessNameLine2>
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            <AddressLine2>445 WEST JOHNSON</AddressLine2>
            <City>RIVER FALLS</City>
            <State>WI</State>
            <ZIPCode>54002</ZIPCode>
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          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>FAMILIES IN CRISIS</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>PHIPPS CENTER FOR THE ART</BusinessNameLine1>
            <BusinessNameLine2>PHIPPS CENTER FOR THE ARTS</BusinessNameLine2>
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            <AddressLine1>1ST LOCUST</AddressLine1>
            <AddressLine2>1ST LOCUST</AddressLine2>
            <City>HUDSON</City>
            <State>WI</State>
            <ZIPCode>54016</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>ANNUAL SUPPORT</PurposeOfGrantOrContribution>
          <Amount>162000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>MINNESOTA ORCHESTRA</BusinessNameLine1>
            <BusinessNameLine2>MINNESOTA ORCHESTRA</BusinessNameLine2>
          </RecipientBusinessName>
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            <AddressLine1>1111 NICOLLET AVE</AddressLine1>
            <AddressLine2>1111 NICOLLET AVE</AddressLine2>
            <City>MINNEAPOLIS</City>
            <State>MN</State>
            <ZIPCode>55403</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>SUPPORT ARTS</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>HUDSON SR HIGH SCHOOL</BusinessNameLine1>
            <BusinessNameLine2>HUDSON SR HIGH SCHOOL</BusinessNameLine2>
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          <RecipientUSAddress>
            <AddressLine1>1501 VINE ST</AddressLine1>
            <AddressLine2>1501 VINE ST</AddressLine2>
            <City>HUDSON</City>
            <State>WI</State>
            <ZIPCode>54016</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>EDUCATION</PurposeOfGrantOrContribution>
          <Amount>15000</Amount>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>CHRISTIAN COMMUNITY CAMPU</BusinessNameLine1>
            <BusinessNameLine2>CHRISTIAN COMMUNITY CAMPUS</BusinessNameLine2>
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            <AddressLine1>1320 WISCONSIN STREET</AddressLine1>
            <AddressLine2>1320 WISCONSIN STREET</AddressLine2>
            <City>HUDSON</City>
            <State>WI</State>
            <ZIPCode>54016</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>COMMUNITY NEEDS</PurposeOfGrantOrContribution>
          <Amount>30000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>BRIDGE FOR YOUTH WITH DIS</BusinessNameLine1>
            <BusinessNameLine2>BRIDGE FOR YOUTH WITH DISABILITIES</BusinessNameLine2>
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            <AddressLine1>PO BOX 1620</AddressLine1>
            <AddressLine2>PO BOX 1620</AddressLine2>
            <City>HUDSON</City>
            <State>WI</State>
            <ZIPCode>54016</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>COMMUNITY NEEDS</PurposeOfGrantOrContribution>
          <Amount>20000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>GIRL SCOUTS RIVER VALLEYS</BusinessNameLine1>
            <BusinessNameLine2>GIRL SCOUTS RIVER VALLEYS</BusinessNameLine2>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>400 ROBERT STREET S</AddressLine1>
            <AddressLine2>400 ROBERT STREET S</AddressLine2>
            <City>ST PAUL</City>
            <State>MN</State>
            <ZIPCode>55107</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>SUPPORT CHILDREN</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>FREE CLINIC OF PIERCE AND ST CROIX</BusinessNameLine1>
            <BusinessNameLine2>FEE CLINIC OF PIERCE AND ST CROIX COUNTIES</BusinessNameLine2>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>MAIN STREET</AddressLine1>
            <AddressLine2>MAIN STREET</AddressLine2>
            <City>RIVER FALLS</City>
            <State>WI</State>
            <ZIPCode>54022</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>HEALTH SERVICES</PurposeOfGrantOrContribution>
          <Amount>15000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>OPERATION HELP</BusinessNameLine1>
            <BusinessNameLine2>OPERATION HELP</BusinessNameLine2>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>502 CTY RD UU</AddressLine1>
            <AddressLine2>502 CTY RD UU</AddressLine2>
            <City>HUDSON</City>
            <State>WI</State>
            <ZIPCode>54016</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>PUBLIC CHAR</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>COMMUNITY NEEDS</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>282000</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <IntOnSavingsAndTempCashInvst>
          <RelatedOrExemptFunctionIncome>57788</RelatedOrExemptFunctionIncome>
        </IntOnSavingsAndTempCashInvst>
        <DividendsAndIntFromSecPartVII>
          <RelatedOrExemptFunctionIncome>122045</RelatedOrExemptFunctionIncome>
        </DividendsAndIntFromSecPartVII>
        <OtherInvestmentIncomePartVII>
          <RelatedOrExemptFunctionIncome>7244</RelatedOrExemptFunctionIncome>
        </OtherInvestmentIncomePartVII>
        <GainSalesAssetsOthThanInvntry>
          <RelatedOrExemptFunctionIncome>521837</RelatedOrExemptFunctionIncome>
        </GainSalesAssetsOthThanInvntry>
        <OtherRevenueDescribed>
          <Description>MISC. INVESTMENT TRANSACTIONS</Description>
          <RelatedOrExemptFunctionIncome>82</RelatedOrExemptFunctionIncome>
        </OtherRevenueDescribed>
        <OtherRevenueDescribed>
          <Description>CLASS ACTION SETTLEMENTS</Description>
        </OtherRevenueDescribed>
        <OtherRevenueDescribed>
          <Description>TRADE COMMISSIONS REIMBURSED</Description>
        </OtherRevenueDescribed>
        <SubtotalsPartXVIA>
          <RelatedOrExemptFunctionIncome>708996</RelatedOrExemptFunctionIncome>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>708996</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>false</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>false</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>false</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>false</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>false</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>false</ReimbursementArrangements>
        <LoansOrLoanGuarantees>false</LoansOrLoanGuarantees>
        <PerformanceOfServicesEtc>false</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>false</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>false</RelationshipsNoncharitableEOs>
      </TrnsfrTrRlnWithNoncharitableEO>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc2">
      <AccountingFees>
        <Category>TAX PREPARATION FEES</Category>
        <Amount>1480</Amount>
        <NetInvestmentIncome>1000</NetInvestmentIncome>
        <DisbursementsCharitablePrps>480</DisbursementsCharitablePrps>
      </AccountingFees>
    </AccountingFeesSchedule>
    <CompensationExplanation documentId="RetDoc3">
      <Compensation>
        <PersonName>FREDERICK E NAGEL</PersonName>
      </Compensation>
      <Compensation>
        <PersonName>KEN HEISER</PersonName>
      </Compensation>
      <Compensation>
        <PersonName>JOHN CLYMER</PersonName>
      </Compensation>
      <Compensation>
        <PersonName>KITTY RHOADES</PersonName>
      </Compensation>
    </CompensationExplanation>
    <GainLossSaleOtherAssetsSch documentId="RetDoc4">
      <GainLossSaleOtherAsset>
        <Name>SCHWAB 6892-8191</Name>
        <DateAcquired>2011-07</DateAcquired>
        <HowAcquired>PURCHASE</HowAcquired>
        <DateSold>2011-11</DateSold>
        <GrossSalesPrice>4089859</GrossSalesPrice>
        <Basis>3604978</Basis>
        <TotalNet>484881</TotalNet>
      </GainLossSaleOtherAsset>
      <GainLossSaleOtherAsset>
        <Name>WELLS FARGO</Name>
        <DateAcquired>2011-07</DateAcquired>
        <HowAcquired>PURCHASE</HowAcquired>
        <DateSold>2011-10</DateSold>
        <GrossSalesPrice>1509551</GrossSalesPrice>
        <Basis>1476901</Basis>
        <TotalNet>32650</TotalNet>
      </GainLossSaleOtherAsset>
    </GainLossSaleOtherAssetsSch>
    <InvestmentsCorpBondsSchedule documentId="RetDoc5">
      <InvestmentsCorpBonds>
        <NameOfBond>CORPORATE BOND INVESTMENTS</NameOfBond>
        <EOYBookValue>1664267</EOYBookValue>
        <EOYFMV>1664267</EOYFMV>
      </InvestmentsCorpBonds>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc6">
      <InvestmentsCorpStock>
        <NameOfStock>CORPORATE EQUITY INVESTMENTS</NameOfStock>
        <EOYBookValue>2434418</EOYBookValue>
        <EOYFMV>2434418</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="RetDoc7">
      <InvestmentsOther>
        <CategoryOrItem>REAL ESTATE INVESTMENT TRUSTS</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>2416457</BookValue>
        <EOYFMV>2416457</EOYFMV>
      </InvestmentsOther>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="RetDoc8">
      <OtherExpenses>
        <Description>EXPENSES</Description>
      </OtherExpenses>
      <OtherExpenses>
        <Description>ADR FEES</Description>
        <RevenueAndExpensesPerBooks>1571</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>1571</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>OFFICE EXPENSES/WELLS</Description>
        <RevenueAndExpensesPerBooks>1120</RevenueAndExpensesPerBooks>
        <DisbursementsCharitablePrps>1120</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>DSF FEES</Description>
      </OtherExpenses>
      <OtherExpenses>
        <Description>NET COST BASIS ADJUSTMENTS</Description>
        <RevenueAndExpensesPerBooks>397</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>397</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>INVESTMENT EXPENSES/WELLS</Description>
        <RevenueAndExpensesPerBooks>287</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>287</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>ADR FEES/SCHWAB</Description>
        <RevenueAndExpensesPerBooks>40</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>40</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>OFFICE EXPENSES.SCHWAB</Description>
        <RevenueAndExpensesPerBooks>956</RevenueAndExpensesPerBooks>
        <DisbursementsCharitablePrps>956</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>BIRKMOSE FUNDS/WELLS</Description>
        <RevenueAndExpensesPerBooks>522</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>522</NetInvestmentIncome>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc9">
      <OtherIncome>
        <Description>OTHER INVESTMENT INCOME</Description>
        <RevenueAndExpensesPerBooks>7244</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>7244</NetInvestmentIncome>
        <AdjustedNetIncome>7244</AdjustedNetIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>MISC. INVESTMENT TRANSACTIONS</Description>
        <RevenueAndExpensesPerBooks>82</RevenueAndExpensesPerBooks>
        <AdjustedNetIncome>82</AdjustedNetIncome>
      </OtherIncome>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="RetDoc10">
      <OtherProfessionalFees>
        <Category>ACCOUNT MANAGEMENT/WELLS FARGO</Category>
        <Amount>27037</Amount>
        <NetInvestmentIncome>20000</NetInvestmentIncome>
        <DisbursementsCharitablePrps>7037</DisbursementsCharitablePrps>
      </OtherProfessionalFees>
      <OtherProfessionalFees>
        <Category>MANAGEMNET FEES/SCHWAB</Category>
        <Amount>18868</Amount>
        <NetInvestmentIncome>18868</NetInvestmentIncome>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc11">
      <Taxes>
        <Category>FOREIGN TAXES PAID/WELLS FARGO</Category>
        <Amount>2476</Amount>
        <NetInvestmentIncome>2476</NetInvestmentIncome>
      </Taxes>
      <Taxes>
        <Category>FOREIGN TAXES PAID/SCHWAB</Category>
        <Amount>65</Amount>
        <NetInvestmentIncome>65</NetInvestmentIncome>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>