<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xsi:schemaLocation="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2021v4.2">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2023-03-15T15:40:18-05:00</ReturnTs>
    <TaxPeriodEndDt>2022-06-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>FRIEDMAN &amp; HUEY ASSOC LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>1313 WEST 175TH STREET</AddressLine1Txt>
        <CityNm>HOMEWOOD</CityNm>
        <StateAbbreviationCd>IL</StateAbbreviationCd>
        <ZIPCd>60430</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2021-07-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>366162196</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>THE WALDEN W AND JEAN YOUNG SHAW FOUNDATION</BusinessNameLine1Txt>
        <BusinessNameLine2Txt>C/O SUZANNE SAXMAN SEYFARTH SHAW LLP</BusinessNameLine2Txt>
      </BusinessName>
      <InCareOfNm>% SUZANNE L SAXMAN</InCareOfNm>
      <BusinessNameControlTxt>WALD</BusinessNameControlTxt>
      <USAddress>
        <AddressLine1Txt>233 SOUTH WACKER DRIVE STE 8000</AddressLine1Txt>
        <CityNm>CHICAGO</CityNm>
        <StateAbbreviationCd>IL</StateAbbreviationCd>
        <ZIPCd>606066448</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>DONALD ILER</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>3124605630</PhoneNum>
      <SignatureDt>2023-02-22</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <SigningOfficerGrp>
      <PersonFullName>
        <PersonFirstNm>DONALD</PersonFirstNm>
        <PersonLastNm>ILER</PersonLastNm>
      </PersonFullName>
      <SSN>XXX-XX-XXXX</SSN>
    </SigningOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>MARY V JOYCE</PreparerPersonNm>
      <PTIN>P00047157</PTIN>
      <PhoneNum>7087996800</PhoneNum>
      <PreparationDt>2023-02-22</PreparationDt>
    </PreparerPersonGrp>
    <AdditionalFilerInformation>
      <TrustedCustomerGrp>
        <TrustedCustomerCd>2</TrustedCustomerCd>
      </TrustedCustomerGrp>
    </AdditionalFilerInformation>
    <TaxYr>2021</TaxYr>
    <BuildTS>2023-04-26 12:10:37Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="13">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>6350603</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>0</ContriRcvdRevAndExpnssAmt>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>175</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>175</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>160451</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>160451</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>185173</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>1107596</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>184986</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="OtherIncomeSch2">146</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>146</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>345945</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>345758</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>25200</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>12600</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>12600</CompOfcrDirTrstDsbrsChrtblAmt>
        <LegalFeesRevAndExpnssAmt referenceDocumentId="LegalFeesSch">350</LegalFeesRevAndExpnssAmt>
        <LegalFeesNetInvstIncmAmt>0</LegalFeesNetInvstIncmAmt>
        <LegalFeesAdjNetIncmAmt>0</LegalFeesAdjNetIncmAmt>
        <LegalFeesDsbrsChrtblAmt>350</LegalFeesDsbrsChrtblAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="OthProfFeesSch">74410</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>74410</OtherProfFeesNetInvstIncmAmt>
        <TravConfMeetingRevAndExpnssAmt>1628</TravConfMeetingRevAndExpnssAmt>
        <TravConfMeetingDsbrsChrtblAmt>1628</TravConfMeetingDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">4835</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesDsbrsChrtblAmt>4835</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>106423</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>87010</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>0</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>19413</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>331906</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>331906</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>438329</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>87010</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>0</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>351319</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-92384</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>258748</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>-11549</CashBOYAmt>
        <CashEOYAmt>198130</CashEOYAmt>
        <CashEOYFMVAmt>198130</CashEOYFMVAmt>
        <CorporateStockBOYAmt>1244732</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestCorpStockSch">837524</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>837524</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>1620947</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="InvestCorpBondsSch">1324791</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>1324791</CorporateBondsEOYFMVAmt>
        <OtherInvestmentsBOYAmt>4635664</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="InvOtherSch2">3990158</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>3990158</OtherInvestmentsEOYFMVAmt>
        <OtherAssetsBOYAmt referenceDocumentId="OtherAssetsSch">2296</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="OtherAssetsSch">0</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="OtherAssetsSch">0</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>7492090</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>6350603</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>6350603</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
        <NoDonorRstrNetAssestsBOYAmt>7492090</NoDonorRstrNetAssestsBOYAmt>
        <NoDonorRstrNetAssestsEOYAmt>6350603</NoDonorRstrNetAssestsEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>7492090</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>6350603</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>7492090</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>6350603</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>7492090</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-92384</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>7399706</SubtotalAmt>
        <OtherDecreasesAmt referenceDocumentId="OtherDecreasesSch">1049103</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>6350603</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICALLY TRADED SECURITIES #09779</PropertyDesc>
          <GrossSalesPriceAmt>57127</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>49625</CostOrOtherBasisAmt>
          <GainOrLossAmt>7502</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>7502</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICALLY TRADED SECURITIES #09779</PropertyDesc>
          <GrossSalesPriceAmt>670433</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>589858</CostOrOtherBasisAmt>
          <GainOrLossAmt>80575</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>80575</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICALLY TRADED SECURITIES #98260</PropertyDesc>
          <GrossSalesPriceAmt>33667</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>36103</CostOrOtherBasisAmt>
          <GainOrLossAmt>-2436</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-2436</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICALLY TRADED SECURITIES #98260</PropertyDesc>
          <GrossSalesPriceAmt>345024</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>249524</CostOrOtherBasisAmt>
          <GainOrLossAmt>95500</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>95500</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>3845</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>3845</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>3845</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>3845</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>184986</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>3597</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>3597</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>3597</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>6002</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <TotalPaymentsAndCreditsAmt>6002</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>2405</OverpaymentAmt>
        <AppliedToESTaxAmt>2405</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd referenceDocumentId="BinaryAttach">false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd referenceDocumentId="BinaryAttach">false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd referenceDocumentId="BinaryAttach">false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>IL</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>SUZANNE L SAXMAN</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>3124605646</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>233 SOUTH WACKER DRIVE SUITE 8000</AddressLine1Txt>
          <CityNm>CHICAGO</CityNm>
          <StateAbbreviationCd>IL</StateAbbreviationCd>
          <ZIPCd>606066448</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>true</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <ActsFailToQlfyAsExceptionsInd>false</ActsFailToQlfyAsExceptionsInd>
        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RelyingCurrentNtcDsstrAsst1Ind>X</RelyingCurrentNtcDsstrAsst1Ind>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>DONALD CAREY ILER</PersonNm>
          <USAddress>
            <AddressLine1Txt>1201 BUENA VISTA APT B</AddressLine1Txt>
            <CityNm>SAN CLEMENTE</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92672</ZIPCd>
          </USAddress>
          <TitleTxt>EXEC. DIRECTOR/PRES, VARIOUS</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>25200</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>SUZANNE SAXMAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O SEYFARTH SHAW LLP</AddressLine1Txt>
            <AddressLine2Txt>233 SOUTH WACKER DRIVE 8000</AddressLine2Txt>
            <CityNm>CHICAGO</CityNm>
            <StateAbbreviationCd>IL</StateAbbreviationCd>
            <ZIPCd>606066448</ZIPCd>
          </USAddress>
          <TitleTxt>SECR/TREAS, VARIOUS</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ROBERT GORDON ILER JR</PersonNm>
          <USAddress>
            <AddressLine1Txt>14 CEDAR HILL ROAD</AddressLine1Txt>
            <CityNm>WEST SIMSBURY</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06092</ZIPCd>
          </USAddress>
          <TitleTxt>VICE PRESIDENT, VARIOUS</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>SHARON JEAN KIRBY</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO BOX 2429</AddressLine1Txt>
            <CityNm>IDYLLWILD</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92549</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR, VARIOUS</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>CHERYL KENNEDY</PersonNm>
          <USAddress>
            <AddressLine1Txt>4650 DULIN ROAD 50</AddressLine1Txt>
            <CityNm>FALLBROOK</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92028</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR, VARIOUS</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>LINDA LARSON</PersonNm>
          <USAddress>
            <AddressLine1Txt>233 SOUTH WACKER DRIVE STE 8000</AddressLine1Txt>
            <CityNm>CHICAGO</CityNm>
            <StateAbbreviationCd>IL</StateAbbreviationCd>
            <ZIPCd>606066448</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName referenceDocumentId="ContractCompenExpln">
            <BusinessNameLine1Txt>THE NORTHERN TRUST COMPANY</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>50 SOUTH LASALLE STREET</AddressLine1Txt>
            <CityNm>CHICAGO</CityNm>
            <StateAbbreviationCd>IL</StateAbbreviationCd>
            <ZIPCd>60603</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>BANK FEES</ServiceTypeTxt>
          <CompensationAmt>74410</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>NOT APPLICABLE</Description1Txt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>7179549</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>191883</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>7371432</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>7371432</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>110571</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>7260861</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>363043</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>363043</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>3597</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>3597</TotalTaxAmt>
        <DistributableBeforeAdjAmt>359446</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>359446</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>359446</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>351319</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>351319</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>359446</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <PriorYear1Yr>2019</PriorYear1Yr>
        <PriorYear2Yr>2018</PriorYear2Yr>
        <PriorYear3Yr>2017</PriorYear3Yr>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>143271</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>86511</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>163364</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>120644</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>40762</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>554552</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>351319</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>351319</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>8127</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>8127</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>546425</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>135144</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>411281</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>86511</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>163364</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>120644</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>40762</ExcessFromYear1Amt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp></PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>NONE</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ERIKSON INSTITUTE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>451 N LASALLE STREET</AddressLine1Txt>
            <CityNm>CHICAGO</CityNm>
            <StateAbbreviationCd>IL</StateAbbreviationCd>
            <ZIPCd>60654</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUNDS</GrantOrContributionPurposeTxt>
          <Amt>40000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>PEDIATRIC CANCER RESEARCH FOUNDATION OF ORANGE CTY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>17932 SYYPARK CIRCLE SUITE B</AddressLine1Txt>
            <CityNm>IRVINE</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92614</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUNDS</GrantOrContributionPurposeTxt>
          <Amt>40000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BURN INSTITUTE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>8825 AERO DRIVE SUITE 200</AddressLine1Txt>
            <CityNm>SAN DIEGO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92123</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUNDS</GrantOrContributionPurposeTxt>
          <Amt>40000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CHOC FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1201 WEST LA VETA AVENUE</AddressLine1Txt>
            <CityNm>ORANGE</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>928683874</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUNDS</GrantOrContributionPurposeTxt>
          <Amt>120000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIVERSITY OF ILLINOIS FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1747 WEST ROOSEVELT ROAD ROOM 155</AddressLine1Txt>
            <CityNm>CHICAGO</CityNm>
            <StateAbbreviationCd>IL</StateAbbreviationCd>
            <ZIPCd>60608</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUNDS</GrantOrContributionPurposeTxt>
          <Amt>30000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CONNECTICUT CHILDREN'S MEDICAL CENTER</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>282 WASHINGTON STREET</AddressLine1Txt>
            <CityNm>HARTFORD</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06106</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUNDS</GrantOrContributionPurposeTxt>
          <Amt>33426</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE SHEA CENTER</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>26284 OSO ROAD</AddressLine1Txt>
            <CityNm>SAN JUAN CAPISTRANO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92675</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUNDS</GrantOrContributionPurposeTxt>
          <Amt>28480</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>331906</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>175</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>160451</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncomeGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>185173</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>MISCELLANEOUS INCOME</Desc>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>146</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>345945</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>345945</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>
    <ContractorCompensationExpln documentId="ContractCompenExpln">
      <ContractorCompExplnGrp>
        <ContractorPersonNm>THE NORTHERN TRUST COMPANY</ContractorPersonNm>
        <ExplanationTxt>PAYMENTS TO THE NORTHERN TRUST COMPANY FOR INVESTMENTS MANAGEMENT SERVICES AND BANK FEES.</ExplanationTxt>
      </ContractorCompExplnGrp>
    </ContractorCompensationExpln>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpBondsSchedule documentId="InvestCorpBondsSch">
      <InvestmentsCorporateBondsGrp>
        <BondNm>SEE STATEMENT ATTACHED</BondNm>
        <EOYBookValueAmt>1324791</EOYBookValueAmt>
        <EOYFMVAmt>1324791</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>SEE STATEMENT ATTACHED 09779</StockNm>
        <EOYBookValueAmt>258067</EOYBookValueAmt>
        <EOYFMVAmt>258067</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SEE STATEMENT ATTACHED 98260</StockNm>
        <EOYBookValueAmt>579457</EOYBookValueAmt>
        <EOYFMVAmt>579457</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SEE STATEMENT ATTACHED</CategoryOrItemTxt>
        <BookValueAmt>3990158</BookValueAmt>
        <EOYFMVAmt>3990158</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFeesGrp>
        <CategoryTxt>SEAFARTH SHAW LLP</CategoryTxt>
        <LegalFeesAmt>350</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>350</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>PURCHASE INTEREST</Desc>
        <BOYBookValueAmt>2296</BOYBookValueAmt>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherDecreasesSchedule documentId="OtherDecreasesSch">
      <OtherDecreasesDetail>
        <Desc>UNREALIZED LOSSES ON ASSETS</Desc>
        <Amt>1049103</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>4835</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>4835</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>MISCELLANEOUS INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>146</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>146</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>NORTHERN TRUST COMPANY</CategoryTxt>
        <Amt>74410</Amt>
        <NetInvestmentIncomeAmt>74410</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>EXCISE TAX PAID</CategoryTxt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>
