﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2017v2.2">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2018-03-26T18:14:46-04:00</ReturnTs>
    <TaxPeriodEndDt>2017-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>592309183</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>HUGHES SNELL &amp; CO PA</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>1470 ROYAL PALM SQUARE BLVD</AddressLine1Txt>
        <CityNm>FORT MYERS</CityNm>
        <StateAbbreviationCd>FL</StateAbbreviationCd>
        <ZIPCd>339191082</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2017-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>462014167</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>CHAPMAN PRIVATE FOUNDATION</BusinessNameLine1Txt>
        <BusinessNameLine2Txt>C/O INVESTORS' SECURITY TRUST CO</BusinessNameLine2Txt>
      </BusinessName>
      <BusinessNameControlTxt>CHAP</BusinessNameControlTxt>
      <PhoneNum>2392676655</PhoneNum>
      <USAddress>
        <AddressLine1Txt>5246 RED CEDAR DR STE 101</AddressLine1Txt>
        <CityNm>FORT MYERS</CityNm>
        <StateAbbreviationCd>FL</StateAbbreviationCd>
        <ZIPCd>33907</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>ROBERT D WATSON</PersonNm>
      <PersonTitleTxt>CO-TRUSTEE</PersonTitleTxt>
      <PhoneNum>2392676655</PhoneNum>
      <SignatureDt>2018-04-06</SignatureDt>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>LINDA M TREISE</PreparerPersonNm>
      <PTIN>P00244902</PTIN>
      <PhoneNum>2399392233</PhoneNum>
      <PreparationDt>2018-03-23</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2017</TaxYr>
    <BuildTS>2022-09-23 18:48:47Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="10">
    <IRS990PF documentId="RetDoc10">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>5142514</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>7130</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>7130</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>98126</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>98126</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>106980</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>1406338</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>106980</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc7">2947</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>2947</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>215183</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>215183</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>37005</CompOfcrDirTrstRevAndExpnssAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc1">1075</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>860</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>215</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc8">32307</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>32307</OtherProfFeesNetInvstIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc9">762</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>762</TaxesNetInvstIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc6">800</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>487</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>313</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>71949</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>34416</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>528</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>228500</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>228500</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>300449</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>34416</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>229028</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-85266</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>180767</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>127817</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>321119</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>321119</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>2182052</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc3">2024163</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>2803721</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>2106340</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="RetDoc2">1984492</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>2017674</CorporateBondsEOYFMVAmt>
        <OtherAssetsBOYAmt referenceDocumentId="RetDoc4">630</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="RetDoc4">317</OtherAssetsEOYAmt>
        <TotalAssetsBOYAmt>4416839</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>4330091</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>5142514</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrganizationFollowsSFAS117Ind>X</OrganizationFollowsSFAS117Ind>
        <UnrestrictedBOYAmt>4416839</UnrestrictedBOYAmt>
        <UnrestrictedEOYAmt>4330091</UnrestrictedEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>4416839</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>4330091</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>4416839</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>4330091</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>4416839</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-85266</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>4331573</SubtotalAmt>
        <OtherDecreasesAmt referenceDocumentId="RetDoc5">1482</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>4330091</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>INVESTORS SECURITY TRUST CO 0308</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>113949</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>114812</CostOrOtherBasisAmt>
          <GainOrLossAmt>-863</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-863</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>413.12 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-03-27</SoldDt>
          <GrossSalesPriceAmt>413</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>414</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>238.82 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-06-26</SoldDt>
          <GrossSalesPriceAmt>239</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>240</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>INVESTORS SECURITY TRUST CO 0308</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>1087362</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>992691</CostOrOtherBasisAmt>
          <GainOrLossAmt>94671</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>94671</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>566.89 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-04-25</SoldDt>
          <GrossSalesPriceAmt>567</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>569</CostOrOtherBasisAmt>
          <GainOrLossAmt>-2</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-2</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>300.53 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-07-25</SoldDt>
          <GrossSalesPriceAmt>301</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>301</CostOrOtherBasisAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>531.62 FED HOME LOAN MTG POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-02-12</AcquiredDt>
          <SoldDt>2017-01-31</SoldDt>
          <GrossSalesPriceAmt>532</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>551</CostOrOtherBasisAmt>
          <GainOrLossAmt>-19</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-19</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>373.82 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-05-25</SoldDt>
          <GrossSalesPriceAmt>374</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>375</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>392.55 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-08-25</SoldDt>
          <GrossSalesPriceAmt>393</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>394</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>507.61 FED HOME LOAN MTG POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-02-12</AcquiredDt>
          <SoldDt>2017-03-15</SoldDt>
          <GrossSalesPriceAmt>508</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>526</CostOrOtherBasisAmt>
          <GainOrLossAmt>-18</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-18</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>385.72 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-06-26</SoldDt>
          <GrossSalesPriceAmt>386</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>387</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>229.75 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-09-25</SoldDt>
          <GrossSalesPriceAmt>230</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>230</CostOrOtherBasisAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>433.39 FED HOME LOAN MTG POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-02-12</AcquiredDt>
          <SoldDt>2017-04-17</SoldDt>
          <GrossSalesPriceAmt>433</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>449</CostOrOtherBasisAmt>
          <GainOrLossAmt>-16</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-16</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>316.46 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-07-25</SoldDt>
          <GrossSalesPriceAmt>316</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>317</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>258.91 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-10-25</SoldDt>
          <GrossSalesPriceAmt>259</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>260</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>522.04 FED HOME LOAN MTG POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-02-12</AcquiredDt>
          <SoldDt>2017-05-15</SoldDt>
          <GrossSalesPriceAmt>522</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>541</CostOrOtherBasisAmt>
          <GainOrLossAmt>-19</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-19</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>424.35 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-08-25</SoldDt>
          <GrossSalesPriceAmt>424</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>426</CostOrOtherBasisAmt>
          <GainOrLossAmt>-2</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-2</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>181.13 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-11-27</SoldDt>
          <GrossSalesPriceAmt>181</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>182</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>492.01 FED HOME LOAN MTG POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-02-12</AcquiredDt>
          <SoldDt>2017-06-15</SoldDt>
          <GrossSalesPriceAmt>492</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>510</CostOrOtherBasisAmt>
          <GainOrLossAmt>-18</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-18</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>340.14 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-09-25</SoldDt>
          <GrossSalesPriceAmt>340</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>341</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>412.85 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-12-26</SoldDt>
          <GrossSalesPriceAmt>413</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>414</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>436.368 FED HOME LOAN MTG POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-02-12</AcquiredDt>
          <SoldDt>2017-07-17</SoldDt>
          <GrossSalesPriceAmt>436</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>452</CostOrOtherBasisAmt>
          <GainOrLossAmt>-16</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-16</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>363.98 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-10-25</SoldDt>
          <GrossSalesPriceAmt>364</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>365</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>251.19 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-12-31</SoldDt>
          <GrossSalesPriceAmt>251</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>252</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>420.04 FED HOME LOAN MTG POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-02-12</AcquiredDt>
          <SoldDt>2017-08-15</SoldDt>
          <GrossSalesPriceAmt>420</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>435</CostOrOtherBasisAmt>
          <GainOrLossAmt>-15</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-15</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>389.87 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-11-27</SoldDt>
          <GrossSalesPriceAmt>390</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>391</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>11053.74 FRANKLIN ADJ US GOVT SEC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2011-03-17</AcquiredDt>
          <SoldDt>2017-03-01</SoldDt>
          <GrossSalesPriceAmt>92741</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>98047</CostOrOtherBasisAmt>
          <GainOrLossAmt>-5306</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-5306</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>509.16 FED HOME LOAN MTG POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-02-12</AcquiredDt>
          <SoldDt>2017-09-15</SoldDt>
          <GrossSalesPriceAmt>509</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>528</CostOrOtherBasisAmt>
          <GainOrLossAmt>-19</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-19</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>289.02 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-12-26</SoldDt>
          <GrossSalesPriceAmt>289</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>290</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>4897.42 FRANKLIN ADJ US GOVT SEC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2011-09-14</AcquiredDt>
          <SoldDt>2017-04-04</SoldDt>
          <GrossSalesPriceAmt>40991</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>43391</CostOrOtherBasisAmt>
          <GainOrLossAmt>-2400</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-2400</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>365.65 FED HOME LOAN MTG POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-02-12</AcquiredDt>
          <SoldDt>2017-10-16</SoldDt>
          <GrossSalesPriceAmt>366</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>379</CostOrOtherBasisAmt>
          <GainOrLossAmt>-13</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-13</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>334.62 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-12-31</SoldDt>
          <GrossSalesPriceAmt>335</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>336</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>1645.58 FRANKLIN ADJ US GOVT SEC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2011-09-14</AcquiredDt>
          <SoldDt>2017-08-29</SoldDt>
          <GrossSalesPriceAmt>13609</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>14580</CostOrOtherBasisAmt>
          <GainOrLossAmt>-971</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-971</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>374.24 FED HOME LOAN MTG POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-02-12</AcquiredDt>
          <SoldDt>2017-11-15</SoldDt>
          <GrossSalesPriceAmt>374</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>388</CostOrOtherBasisAmt>
          <GainOrLossAmt>-14</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-14</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>398.42 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-02-27</SoldDt>
          <GrossSalesPriceAmt>398</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>400</CostOrOtherBasisAmt>
          <GainOrLossAmt>-2</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-2</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>450.00 GENERAL ELECTRIC CO</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2006-06-23</AcquiredDt>
          <SoldDt>2017-08-28</SoldDt>
          <GrossSalesPriceAmt>10958</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>14970</CostOrOtherBasisAmt>
          <GainOrLossAmt>-4012</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-4012</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>339.62 FED HOME LOAN MTG POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-02-12</AcquiredDt>
          <SoldDt>2017-12-15</SoldDt>
          <GrossSalesPriceAmt>340</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>352</CostOrOtherBasisAmt>
          <GainOrLossAmt>-12</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-12</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>310.12 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-03-27</SoldDt>
          <GrossSalesPriceAmt>310</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>311</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>78.00 SPDR S&amp;P 500</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2017-08-28</SoldDt>
          <GrossSalesPriceAmt>19057</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>7280</CostOrOtherBasisAmt>
          <GainOrLossAmt>11777</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>11777</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>308.05 FED HOME LOAN MTG POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-02-12</AcquiredDt>
          <SoldDt>2017-12-31</SoldDt>
          <GrossSalesPriceAmt>308</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>319</CostOrOtherBasisAmt>
          <GainOrLossAmt>-11</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-11</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>320.73 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-04-25</SoldDt>
          <GrossSalesPriceAmt>321</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>322</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>445.14 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-02-27</SoldDt>
          <GrossSalesPriceAmt>445</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>447</CostOrOtherBasisAmt>
          <GainOrLossAmt>-2</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-2</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>191.97 FNMA POOL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2008-03-24</AcquiredDt>
          <SoldDt>2017-05-25</SoldDt>
          <GrossSalesPriceAmt>192</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>193</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>106980</CapitalGainNetIncomeAmt>
        <NetShortTermCapitalGainLossAmt>-863</NetShortTermCapitalGainLossAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>false</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>253116</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>4671266</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.054186</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>263812</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>5016120</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.052593</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>100645</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>5491114</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.018329</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>26101</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>2371508</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.011006</DistributionYr4Rt>
        <TotalDistributionRt>0.136114</TotalDistributionRt>
        <AverageDistributionRt>0.034029</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>4859510</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>165364</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>1808</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>167172</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>229028</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <DomesticOrgMeetingSect4940eInd>X</DomesticOrgMeetingSect4940eInd>
        <InvestmentIncomeExciseTaxAmt>1808</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>1808</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>1808</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>944</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>944</TotalPaymentsAndCreditsAmt>
        <TaxDueAmt>864</TaxDueAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>FL</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>INVESTORS' SECURITY TRUST</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>2392676655</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>5246 RED CEDAR DR STE 101</AddressLine1Txt>
          <CityNm>FORT MYERS</CityNm>
          <StateAbbreviationCd>FL</StateAbbreviationCd>
          <ZIPCd>33907</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <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>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ROBERT D WATSON</PersonNm>
          <USAddress>
            <AddressLine1Txt>433 NW 23RD ST</AddressLine1Txt>
            <CityNm>GAINSVILLE</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32607</ZIPCd>
          </USAddress>
          <TitleTxt>CO-TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>10.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>37005</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JANICE LAWSON</PersonNm>
          <USAddress>
            <AddressLine1Txt>608 PLANTATION ROAD</AddressLine1Txt>
            <CityNm>TALLAHASSEE</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32303</ZIPCd>
          </USAddress>
          <TitleTxt>CO-TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>4678309</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>255204</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>4933513</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>4933513</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>74003</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>4859510</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>242976</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>242976</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>1808</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>1808</TotalTaxAmt>
        <DistributableBeforeAdjAmt>241168</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>241168</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>241168</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>229028</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>229028</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>1808</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>227220</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>241168</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>226533</UndistributedIncomePYAmt>
        <QualifyingDistributionsAmt>229028</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>226533</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>2495</AppliedToCurrentYearAmt>
        <UndistributedIncomeCYAmt>238673</UndistributedIncomeCYAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FLORIDA STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2010 LEVY AVE BLDG B 300</AddressLine1Txt>
            <CityNm>TALLAHASSEE</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32306</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>HUMANISM SCHOLARS</GrantOrContributionPurposeTxt>
          <Amt>80000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FLORIDA STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2010 LEVY AVE BLDG B 300</AddressLine1Txt>
            <CityNm>TALLAHASSEE</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32306</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>CARES HEALTH GRANT</GrantOrContributionPurposeTxt>
          <Amt>45000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FLORIDA STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2010 LEVY AVE BLDG B 300</AddressLine1Txt>
            <CityNm>TALLAHASSEE</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32306</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>47000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FLORIDA STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2010 LEVY AVE BLDG B 300</AddressLine1Txt>
            <CityNm>TALLAHASSEE</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32306</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>SUMMER INSTITUTE</GrantOrContributionPurposeTxt>
          <Amt>3500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FLORIDA STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2010 LEVY AVE BLDG B 300</AddressLine1Txt>
            <CityNm>TALLAHASSEE</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32306</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>IMMOKALEE CARES</GrantOrContributionPurposeTxt>
          <Amt>8000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIVERSITY OF FL FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 14425</AddressLine1Txt>
            <CityNm>GAINESVILLE</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32604</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>20000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIVERSITY OF CENTRAL FLORIDA</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>6850 LAKE NONA BLVD</AddressLine1Txt>
            <CityNm>ORLANDO</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32827</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>HUMANISM IN MEDICINE</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>228500</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>7130</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>98126</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>106980</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>INVESTORS SECURITY TRUST CO</Desc>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>2947</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>215183</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>215183</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="RetDoc1">
      <AccountingFeesDetail>
        <CategoryTxt>TAX AND ACCOUNTING FEES</CategoryTxt>
        <Amt>1075</Amt>
        <NetInvestmentIncomeAmt>860</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>215</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpBondsSchedule documentId="RetDoc2">
      <InvestmentsCorporateBondsGrp>
        <BondNm>FIXED INCOME - TAXABLE</BondNm>
        <EOYBookValueAmt>1984492</EOYBookValueAmt>
        <EOYFMVAmt>2017674</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc3">
      <InvestmentsCorporateStockGrp>
        <StockNm>EQUITIES</StockNm>
        <EOYBookValueAmt>2024163</EOYBookValueAmt>
        <EOYFMVAmt>2803721</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <OtherAssetsSchedule documentId="RetDoc4">
      <OtherAssetsScheduleGrp>
        <Desc>INTEREST RECEIVABLE</Desc>
        <BOYBookValueAmt>79</BOYBookValueAmt>
        <EOYBookValueAmt>317</EOYBookValueAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>DIVIDENDS RECEIVABLE</Desc>
        <BOYBookValueAmt>551</BOYBookValueAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherDecreasesSchedule documentId="RetDoc5">
      <OtherDecreasesDetail>
        <Desc>BASIS ADJUSTMENTS</Desc>
        <Amt>1482</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="RetDoc6">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BOD EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>627</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>314</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>313</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT INTEREST EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>139</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>139</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OTHER INVESTMENT EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>34</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>34</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc7">
      <OtherIncomeDetail>
        <Desc>INVESTORS SECURITY TRUST CO</Desc>
        <RevenueAndExpensesPerBooksAmt>2947</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>2947</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="RetDoc8">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>AGENCY FEES</CategoryTxt>
        <Amt>32307</Amt>
        <NetInvestmentIncomeAmt>32307</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc9">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX</CategoryTxt>
        <Amt>762</Amt>
        <NetInvestmentIncomeAmt>762</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>