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        <QualifyingDistributionsAmt>2582850</QualifyingDistributionsAmt>
        <AdjustedQualifyingDistriAmt>2582850</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>2701009</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>1996763</UndistributedIncomePYAmt>
        <QualifyingDistributionsAmt>2582850</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>1996763</AppliedToYear1Amt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>586087</AppliedToCurrentYearAmt>
        <UndistributedIncomeCYAmt>2114922</UndistributedIncomeCYAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>See attached listing Attachment B</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>Various</AddressLine1Txt>
            <CityNm>Various</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>75503</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>(c)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Educational</GrantOrContributionPurposeTxt>
          <Amt>1998122</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1998122</TotalGrantOrContriPdDurYrAmt>
        <GrantOrContriApprvForFutGrp>
          <RecipientPersonNm>See attached listing Attachment C</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>Various</AddressLine1Txt>
            <CityNm>Various</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>75503</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>(c)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Educational</GrantOrContributionPurposeTxt>
          <Amt>882650</Amt>
        </GrantOrContriApprvForFutGrp>
        <TotalGrantOrContriApprvFutAmt>882650</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>1608243</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>1816642</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>Returned grant awards</Desc>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>3424885</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>3424885</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>
    <AccountingFeesSchedule documentId="AccountingFeesSchedule" softwareId="17005038" softwareVersionNum="2017v2.2">
      <AccountingFeesDetail>
        <CategoryTxt>Accounting</CategoryTxt>
        <Amt>16031</Amt>
        <NetInvestmentIncomeAmt>8016</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>8015</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
      <AccountingFeesDetail>
        <CategoryTxt>Auditing</CategoryTxt>
        <Amt>12400</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>12400</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <AmortizationSchedule documentId="AmortizationSchedule" softwareId="17005038" softwareVersionNum="2017v2.2">
      <AmortizationScheduleDetail>
        <AmortizedExpensesDesc>Oranizational Costs</AmortizedExpensesDesc>
        <AcquiredCompletedOrExpendedDt>2004-07-12</AcquiredCompletedOrExpendedDt>
        <AmortizedAmt>2500</AmortizedAmt>
        <DeductionForPriorYearsAmt>525</DeductionForPriorYearsAmt>
        <AmortizationPeriodRt>60.0000</AmortizationPeriodRt>
        <CurrentYearAmortizationAmt>42</CurrentYearAmortizationAmt>
        <TotalAmortizationAmt>567</TotalAmortizationAmt>
      </AmortizationScheduleDetail>
    </AmortizationSchedule>
    <DepreciationSchedule documentId="DepreciationSchedule" softwareId="17005038" softwareVersionNum="2017v2.2">
      <DepreciationPropertyGrp>
        <PropertyDesc>Apple computer</PropertyDesc>
        <AcquiredDt>2014-01-27</AcquiredDt>
        <CostOrOtherBasisAmt>2109</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1442</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
        <CurrentYearExpenseAmt>422</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>Furniture</PropertyDesc>
        <AcquiredDt>2014-01-27</AcquiredDt>
        <CostOrOtherBasisAmt>1006</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>492</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>7.0000</LifeRt>
        <CurrentYearExpenseAmt>144</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>Apple computer</PropertyDesc>
        <AcquiredDt>2013-07-31</AcquiredDt>
        <CostOrOtherBasisAmt>1868</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1464</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
        <CurrentYearExpenseAmt>374</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>Apple Macbook</PropertyDesc>
        <AcquiredDt>2018-03-16</AcquiredDt>
        <CostOrOtherBasisAmt>3481</CostOrOtherBasisAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
        <CurrentYearExpenseAmt>174</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
    </DepreciationSchedule>
    <InvestmentsCorpBondsSchedule documentId="InvestmentsCorpBondsSchedule" softwareId="17005038" softwareVersionNum="2017v2.2">
      <InvestmentsCorporateBondsGrp>
        <BondNm>Corporate bonds (Attachment A)</BondNm>
        <EOYBookValueAmt>5894349</EOYBookValueAmt>
        <EOYFMVAmt>5894349</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestmentsCorpStockSchedule" softwareId="17005038" softwareVersionNum="2017v2.2">
      <InvestmentsCorporateStockGrp>
        <StockNm>Common stock (Attachment A)</StockNm>
        <EOYBookValueAmt>2008244</EOYBookValueAmt>
        <EOYFMVAmt>2008244</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="InvestmentsGovtObligationsSche" softwareId="17005038" softwareVersionNum="2017v2.2">
      <StateLocalSecBookVlEOYAmt>4609249</StateLocalSecBookVlEOYAmt>
      <StateLocalSecEOYFMVAmt>4609249</StateLocalSecEOYFMVAmt>
    </InvestmentsGovtObligationsSch>
    <InvestmentsOtherSchedule2 documentId="InvestmentsOtherSchedule2" softwareId="17005038" softwareVersionNum="2017v2.2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>Mutual funds (Attachment A)</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>12656358</BookValueAmt>
        <EOYFMVAmt>12656358</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>Exchange traded funds (Attachment A)</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>17549172</BookValueAmt>
        <EOYFMVAmt>17549172</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>Govt asset backed/CMO (Attachment A)</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>4188748</BookValueAmt>
        <EOYFMVAmt>4188748</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>Hedge and real estate funds (Attach A)</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>6849812</BookValueAmt>
        <EOYFMVAmt>6849812</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LandEtcSchedule2 documentId="LandEtcSchedule2" softwareId="17005038" softwareVersionNum="2017v2.2">
      <LandEtcGrp>
        <CategoryOrItemTxt>Furniture and Fixtures</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1006</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>636</AccumulatedDepreciationAmt>
        <BookValueAmt>370</BookValueAmt>
        <EOYFMVAmt>370</EOYFMVAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>Machinery and Equipment</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>7458</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>3876</AccumulatedDepreciationAmt>
        <BookValueAmt>3582</BookValueAmt>
        <EOYFMVAmt>3582</EOYFMVAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <LegalFeesSchedule documentId="LegalFeesSchedule" softwareId="17005038" softwareVersionNum="2017v2.2">
      <LegalFeesGrp>
        <CategoryTxt>Legal fees</CategoryTxt>
        <LegalFeesAmt>2760</LegalFeesAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2760</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="OtherAssetsSchedule" softwareId="17005038" softwareVersionNum="2017v2.2">
      <OtherAssetsScheduleGrp>
        <Desc>Net Intangible Assets</Desc>
        <BOYBookValueAmt>1975</BOYBookValueAmt>
        <EOYBookValueAmt>1933</EOYBookValueAmt>
        <EOYFMVAmt>1933</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSchedule" softwareId="17005038" softwareVersionNum="2017v2.2">
      <OtherExpensesScheduleGrp>
        <Desc>Amortization</Desc>
        <RevenueAndExpensesPerBooksAmt>42</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Bank &amp; service charges</Desc>
        <RevenueAndExpensesPerBooksAmt>43</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>4</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>39</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Board meetings</Desc>
        <RevenueAndExpensesPerBooksAmt>4803</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>480</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>4323</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Conference expenses</Desc>
        <RevenueAndExpensesPerBooksAmt>154189</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>154189</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Dues &amp; subscriptions</Desc>
        <RevenueAndExpensesPerBooksAmt>6065</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>607</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>5458</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Insurance</Desc>
        <RevenueAndExpensesPerBooksAmt>8306</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>831</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>7475</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Internet</Desc>
        <RevenueAndExpensesPerBooksAmt>1200</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>120</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1080</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Miscellaneous</Desc>
        <RevenueAndExpensesPerBooksAmt>9868</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>9868</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Office supplies</Desc>
        <RevenueAndExpensesPerBooksAmt>3393</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>339</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>3054</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Payroll processing fees</Desc>
        <RevenueAndExpensesPerBooksAmt>1500</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>150</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1350</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Postage &amp; delivery</Desc>
        <RevenueAndExpensesPerBooksAmt>177</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>18</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>159</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Telephone</Desc>
        <RevenueAndExpensesPerBooksAmt>2400</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>240</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2160</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Workshops</Desc>
        <RevenueAndExpensesPerBooksAmt>41164</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>41164</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherProfessionalFeesSchedule documentId="OtherProfessionalFeesSchedule" softwareId="17005038" softwareVersionNum="2017v2.2">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>Investment advisory fees</CategoryTxt>
        <Amt>199495</Amt>
        <NetInvestmentIncomeAmt>199495</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule" softwareId="17005038" softwareVersionNum="2017v2.2">
      <TaxesDetail>
        <CategoryTxt>Federal excise taxes</CategoryTxt>
        <Amt>43162</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>Payroll taxes</CategoryTxt>
        <Amt>19056</Amt>
        <NetInvestmentIncomeAmt>1906</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>17150</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>Taxes withheld from investments</CategoryTxt>
        <Amt>19091</Amt>
        <NetInvestmentIncomeAmt>19091</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>