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        <QualifyingDistributionsAmt>4681241</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>17044</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>4664197</AdjustedQualifyingDistriAmt>
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      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>2761182</DistributableAsAdjustedAmt>
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        <ExcessDistributionCyovYr4Amt>3155505</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>1018358</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr1Amt>5656205</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>11499881</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>4681241</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>2761182</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>1920059</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>13419940</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>1669813</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>11750127</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>3155505</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>1018358</ExcessFromYear3Amt>
        <ExcessFromYear1Amt>5656205</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>1920059</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>RAY HILLENBRAND</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ALLIED ARTS FUND</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>P O BOX 4080</AddressLine1Txt>
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            <StateAbbreviationCd>SD</StateAbbreviationCd>
            <ZIPCd>57709</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>COMMUNITY EVENTS</GrantOrContributionPurposeTxt>
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        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
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          </RecipientBusinessName>
          <RecipientUSAddress>
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            <ZIPCd>57709</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>NATIVE AMERICAN</GrantOrContributionPurposeTxt>
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        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BOLINAS MUSEUM</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>48 WHARF RD</AddressLine1Txt>
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            <ZIPCd>94924</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>MUSEUM SPONSOR</GrantOrContributionPurposeTxt>
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        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CATHOLIC DIOCESE OF RAPID</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>P O BOX 678</AddressLine1Txt>
            <CityNm>RAPID CITY</CityNm>
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            <ZIPCd>57709</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>RELIGIOUS</GrantOrContributionPurposeTxt>
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        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CATHOLIC SOCIAL SERVICES</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>529 KANSAS CITY ST</AddressLine1Txt>
            <CityNm>RAPID CITY</CityNm>
            <StateAbbreviationCd>SD</StateAbbreviationCd>
            <ZIPCd>57701</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>COUNSELING FOR NEEDY</GrantOrContributionPurposeTxt>
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        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CULVER EDUCATIONAL FOUND</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1300 ACADEMY RD 153</AddressLine1Txt>
            <CityNm>CULVER</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46511</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>23380</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FRIENDS OF SD PUBLIC BROADCASTING</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>415 MAIN STREET</AddressLine1Txt>
            <CityNm>RAPID CITY</CityNm>
            <StateAbbreviationCd>SD</StateAbbreviationCd>
            <ZIPCd>57701</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>GREENWOOD SCHOOL</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>17 BUENA VISTA AVE</AddressLine1Txt>
            <CityNm>MILL VALLEY</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94941</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>65000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MARIN COUNTY PONY CLUB</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 219</AddressLine1Txt>
            <CityNm>BOLINAS</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94924</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
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        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SAN FRANCISCO WALDORF SCH</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>293 WASHINGTON ST</AddressLine1Txt>
            <CityNm>SAN FRANCISCO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94115</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNITED WAY OF THE BLACK H</BusinessNameLine1Txt>
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          <RecipientUSAddress>
            <AddressLine1Txt>621 6TH ST SUITE 100</AddressLine1Txt>
            <CityNm>RAPID CITY</CityNm>
            <StateAbbreviationCd>SD</StateAbbreviationCd>
            <ZIPCd>57701</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MAIN STREET SQUARE</BusinessNameLine1Txt>
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          <RecipientUSAddress>
            <AddressLine1Txt>512 MAIN ST SUITE 980</AddressLine1Txt>
            <CityNm>RAPID CITY</CityNm>
            <StateAbbreviationCd>SD</StateAbbreviationCd>
            <ZIPCd>57701</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SAVORY INSTITUTE</BusinessNameLine1Txt>
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          <RecipientUSAddress>
            <AddressLine1Txt>647-B S BROADWAY STE 12</AddressLine1Txt>
            <CityNm>BOULDER</CityNm>
            <StateAbbreviationCd>CO</StateAbbreviationCd>
            <ZIPCd>80305</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
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          <Amt>60000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BH AREA COMMUNITY FOUNDATION</BusinessNameLine1Txt>
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          <RecipientUSAddress>
            <AddressLine1Txt>803 ST JOSEPH STREET</AddressLine1Txt>
            <CityNm>RAPID CITY</CityNm>
            <StateAbbreviationCd>SD</StateAbbreviationCd>
            <ZIPCd>57701</ZIPCd>
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          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>2530000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>IDEA WILD</BusinessNameLine1Txt>
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          <RecipientUSAddress>
            <AddressLine1Txt>420 RIDDLE DRIVE</AddressLine1Txt>
            <CityNm>FORT COLLINS</CityNm>
            <StateAbbreviationCd>CO</StateAbbreviationCd>
            <ZIPCd>80521</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CONSERVATION</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NATIVE POP</BusinessNameLine1Txt>
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          <RecipientUSAddress>
            <AddressLine1Txt>713 SEVENTH STREET</AddressLine1Txt>
            <CityNm>RAPID CITY</CityNm>
            <StateAbbreviationCd>SD</StateAbbreviationCd>
            <ZIPCd>577013613</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CULTURAL</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SD SCHOOL MINES &amp; TECH FOUNDATION</BusinessNameLine1Txt>
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          <RecipientUSAddress>
            <AddressLine1Txt>501 EAST ST JOSEPH ST</AddressLine1Txt>
            <CityNm>RAPID CITY</CityNm>
            <StateAbbreviationCd>SD</StateAbbreviationCd>
            <ZIPCd>57701</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE PUTNEY SCHOOL</BusinessNameLine1Txt>
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            <AddressLine1Txt>418 HOUGHTON BROOK RD</AddressLine1Txt>
            <CityNm>PUTNEY</CityNm>
            <StateAbbreviationCd>VT</StateAbbreviationCd>
            <ZIPCd>05346</ZIPCd>
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          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
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          <Amt>40000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ALL NATIONS RELATED</BusinessNameLine1Txt>
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          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 13794</AddressLine1Txt>
            <CityNm>LAS CRUCES</CityNm>
            <StateAbbreviationCd>NM</StateAbbreviationCd>
            <ZIPCd>88011</ZIPCd>
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          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BATESVILLE PARKS &amp; RECREATION</BusinessNameLine1Txt>
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            <CityNm>BATESVILLE</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>47006</ZIPCd>
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          <RecipientFoundationStatusTxt>GOVT</RecipientFoundationStatusTxt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CORNERSTONE RESCUE MISSON</BusinessNameLine1Txt>
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            <CityNm>RAPID CITY</CityNm>
            <StateAbbreviationCd>SD</StateAbbreviationCd>
            <ZIPCd>57709</ZIPCd>
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        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FEEDING SOUTH DAKOTA</BusinessNameLine1Txt>
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            <AddressLine1Txt>4701 N WESTPORT AVE</AddressLine1Txt>
            <CityNm>SIOUX FALLS</CityNm>
            <StateAbbreviationCd>SD</StateAbbreviationCd>
            <ZIPCd>57107</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CHARITABLE</GrantOrContributionPurposeTxt>
          <Amt>350000</Amt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>KNIGHTS OF COLUMBUS</BusinessNameLine1Txt>
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            <AddressLine1Txt>4500 JACKSON BOULEVARD</AddressLine1Txt>
            <CityNm>RAPID CITY</CityNm>
            <StateAbbreviationCd>SD</StateAbbreviationCd>
            <ZIPCd>57702</ZIPCd>
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          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>RELIGIOUS</GrantOrContributionPurposeTxt>
          <Amt>350</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>RAPID CITY ECONOMIC DEVELOP PARTNER</BusinessNameLine1Txt>
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            <AddressLine1Txt>506 SIXTH STREET</AddressLine1Txt>
            <CityNm>RAPID CITY</CityNm>
            <StateAbbreviationCd>SD</StateAbbreviationCd>
            <ZIPCd>57701</ZIPCd>
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          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>COMMUNITY IMPROVEMENT</GrantOrContributionPurposeTxt>
          <Amt>60000</Amt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE BERKSHIRE SCHOOL</BusinessNameLine1Txt>
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            <AddressLine1Txt>245 NORTH UNDERMOUNTAIN</AddressLine1Txt>
            <CityNm>SHEFFIELD</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
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          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>YMCA</BusinessNameLine1Txt>
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            <AddressLine1Txt>815 KANSAS CITY ST</AddressLine1Txt>
            <CityNm>RAPID CITY</CityNm>
            <StateAbbreviationCd>SD</StateAbbreviationCd>
            <ZIPCd>57701</ZIPCd>
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          <Desc>OTHER INCOME - K1 ACTIVITY</Desc>
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        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>2427243</ExclusionAmt>
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        <TotalIncomeProducingActyAmt>2427243</TotalIncomeProducingActyAmt>
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      <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>
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        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
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        <DisbursementsCharitablePrpsAmt>2636</DisbursementsCharitablePrpsAmt>
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        <BondNm>BONDS-J P MORGAN INVESTMENT MGMT</BondNm>
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        <EOYFMVAmt>5631387</EOYFMVAmt>
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        <StockNm>EQUITIES-J P MORGAN INVESTMENT MGMT</StockNm>
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        <EOYFMVAmt>21536187</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsLandSchedule2 documentId="RetDoc5">
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        <CostOrOtherBasisAmt>25893293</CostOrOtherBasisAmt>
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        <BookValueAmt>21646056</BookValueAmt>
        <EOYFMVAmt>25893293</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>NOTE RECEIVABLE-UNRELATED</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
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        <EOYFMVAmt>334580</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>LAND</CategoryOrItemTxt>
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