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        <GrantOrContributionPdDurYrGrp>
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            <BusinessNameLine1Txt>UNIVERSITY OF ND FOUNDATION</BusinessNameLine1Txt>
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          <RecipientUSAddress>
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          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>STEM COMPLEX PROJECT SUPPORT</GrantOrContributionPurposeTxt>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
        <StockNm>ALPHABET INC CL A</StockNm>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
        <StockNm>SALESFORCE.COM INC</StockNm>
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        <EOYFMVAmt>100299</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>WELLS FARGO &amp; CO NEW</StockNm>
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        <EOYFMVAmt>105360</EOYFMVAmt>
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    </InvestmentsCorpStockSchedule>
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        <BookValueAmt>50123</BookValueAmt>
        <EOYFMVAmt>54866</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>BRIDGEWATER BANCSHARES INC DEP SHS 1/100TH INT PERPTL A PFD</CategoryOrItemTxt>
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        <BookValueAmt>42800</BookValueAmt>
        <EOYFMVAmt>40800</EOYFMVAmt>
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      <InvestmentsOtherGrp>
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        <BookValueAmt>63300</BookValueAmt>
        <EOYFMVAmt>54300</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>DIGITALBRIDGE GROUP INC PFD</CategoryOrItemTxt>
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        <BookValueAmt>104438</BookValueAmt>
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      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>JACKSON FINL INC DEP SHS REP 1/1000 INT NONCUML PERPTL PFD</CategoryOrItemTxt>
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        <BookValueAmt>50580</BookValueAmt>
        <EOYFMVAmt>52320</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>M &amp; T BANK CORP PERPETL NON CUML PFD</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>47700</BookValueAmt>
        <EOYFMVAmt>48700</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MFA FINANCIAL INC SR NOTE</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FLAGSTAR FINANCIAL INC DEP SHS REPSTG 1/40TH PERPTL PFD</CategoryOrItemTxt>
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        <BookValueAmt>69620</BookValueAmt>
        <EOYFMVAmt>65565</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>REGIONS FINANCIAL CORP DEP SHS REP 1/40TH PERPTL PFD</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>78438</BookValueAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>TWO HARBORS INVESTMENT CORP SER B FXD/VAR</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>49621</BookValueAmt>
        <EOYFMVAmt>46140</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>US BANCORP DE DEP SHS REPSTG 1/100TH PERPETUAL PFD</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>53165</BookValueAmt>
        <EOYFMVAmt>51146</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FIRST TRUST NASDAQ CYBERSECURITY ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>51600</BookValueAmt>
        <EOYFMVAmt>158625</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>INVESCO DWA CONSUMER STAPLES MOMENTUM ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>85897</BookValueAmt>
        <EOYFMVAmt>262375</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>INVESCO DWA UTILITIES MOMENTUM ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>45204</BookValueAmt>
        <EOYFMVAmt>116060</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES BIOTECHNOLOGY ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>104530</BookValueAmt>
        <EOYFMVAmt>231368</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES EXPANDED TECH SOFTWARE SECTOR ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>74017</BookValueAmt>
        <EOYFMVAmt>350420</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES GLOBAL INDUSTRIALS ETF</CategoryOrItemTxt>
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        <BookValueAmt>50631</BookValueAmt>
        <EOYFMVAmt>127107</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES RUSSELL 1000 VALUE ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>52852</BookValueAmt>
        <EOYFMVAmt>166617</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES RUSSELL 2000 GROWTH ETF</CategoryOrItemTxt>
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        <BookValueAmt>116257</BookValueAmt>
        <EOYFMVAmt>280625</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES RUSSELL MID CAP ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>17368</BookValueAmt>
        <EOYFMVAmt>110500</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES TECHNOLOGY ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>76635</BookValueAmt>
        <EOYFMVAmt>414752</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES US HEALTHCARE ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>86439</BookValueAmt>
        <EOYFMVAmt>174810</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES US INDUSTRIALS ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>63814</BookValueAmt>
        <EOYFMVAmt>160224</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES U S MEDICAL DEVICES ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>71976</BookValueAmt>
        <EOYFMVAmt>175050</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>PACER TRENDPILOT MID CAP ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>35510</BookValueAmt>
        <EOYFMVAmt>36890</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SECTOR ENERGY SELECT SECTOR SPDR ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>73134</BookValueAmt>
        <EOYFMVAmt>149905</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SECTOR FINANCIAL SELECT SECTOR SPDR ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>34989</BookValueAmt>
        <EOYFMVAmt>193320</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SECTOR MATERIALS SELECT SECTOR SPDR ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>22240</BookValueAmt>
        <EOYFMVAmt>84140</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SELECT SECTOR COMMUNICATION SERVICES SELECT SECTOR SPDR ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>51888</BookValueAmt>
        <EOYFMVAmt>121013</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SPDR S&amp;P DEVELOPED WORLD EX US ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>120289</BookValueAmt>
        <EOYFMVAmt>204780</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SPDR SERIES TRUST S&amp;P DIVIDEND ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>94020</BookValueAmt>
        <EOYFMVAmt>198150</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>VANGUARD COMMUNICATION SERVICES ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>62105</BookValueAmt>
        <EOYFMVAmt>154960</EOYFMVAmt>
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