﻿<?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="2013v4.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2015-09-15T12:59:47-05:00</ReturnTs>
    <TaxPeriodEndDt>2014-11-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1>STOCKMAN KAST RYAN &amp; CO LLP</BusinessNameLine1>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1>102 N CASCADE AVENUE SUITE 400</AddressLine1>
        <City>COLORADO SPRINGS</City>
        <State>CO</State>
        <ZIPCode>80903</ZIPCode>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2013-12-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>311577890</EIN>
      <BusinessName>
        <BusinessNameLine1>THE HAROLD &amp; MARY LOUISE SHAW FOUNDATION</BusinessNameLine1>
      </BusinessName>
      <InCareOfNm>% STOCKMAN KAST RYAN &amp; CO</InCareOfNm>
      <BusinessNameControlTxt>HARO</BusinessNameControlTxt>
      <PhoneNum>7192281080</PhoneNum>
      <USAddress>
        <AddressLine1>1 SOUTH NEVADA SUITE 200</AddressLine1>
        <AddressLine2>Suite</AddressLine2>
        <City>COLORADO SPRINGS</City>
        <State>CO</State>
        <ZIPCode>80903</ZIPCode>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>SALLY VEITCH</PersonNm>
      <PersonTitleTxt>VICE PRESIDENT/TREASURER</PersonTitleTxt>
      <PhoneNum>7192281080</PhoneNum>
      <SignatureDt>2015-05-31</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>CHERYL J SOLZE</PreparerPersonNm>
      <PTIN>P00024148</PTIN>
      <PhoneNum>7192281080</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2013</TaxYr>
    <BuildTS>2016-02-25 16:41:14Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="11">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>41456849</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>1396216</ContriRcvdRevAndExpnssAmt>
        <InterestOnSavRevAndExpnssAmt>218303</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>60878</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>375177</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>375177</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>1997685</NetGainSaleAstRevAndExpnssAmt>
        <CapGainNetIncmNetInvstIncmAmt>1997685</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="OtherIncomeSch2">132857</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>-21343</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>4120238</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>2412397</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="AccountingFeesSch">9641</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>9641</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>0</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>0</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="OthProfFeesSch">433678</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>398144</OtherProfFeesNetInvstIncmAmt>
        <InterestRevAndExpnssAmt>9</InterestRevAndExpnssAmt>
        <InterestNetInvstIncmAmt>9</InterestNetInvstIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule">15330</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>15330</TaxesNetInvstIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">14619</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>13869</OtherExpensesNetInvstIncmAmt>
        <TotOprExpensesRevAndExpnssAmt>473277</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>436993</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>0</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>872085</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>872085</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>1345362</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>436993</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>0</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>872085</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>2774876</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>1975404</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>2227920</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>3899820</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>3899820</SavAndTempCashInvstEOYFMVAmt>
        <OtherInvestmentsBOYAmt>29641145</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="InvOtherSch2">30744121</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>37557029</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>31869065</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>34643941</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>41456849</TotalAssetsEOYFMVAmt>
        <OtherLiabilitiesBOYAmt>0</OtherLiabilitiesBOYAmt>
        <OtherLiabilitiesEOYAmt>0</OtherLiabilitiesEOYAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowSFAS117Ind>X</OrgDoesNotFollowSFAS117Ind>
        <AdditionalPaidInCapitalBOYAmt>25500</AdditionalPaidInCapitalBOYAmt>
        <AdditionalPaidInCapitalEOYAmt>25500</AdditionalPaidInCapitalEOYAmt>
        <RetainedEarningBOYAmt>31843565</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>34618441</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>31869065</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>34643941</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>31869065</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>34643941</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>31869065</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>2774876</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>34643941</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>34643941</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SHORT-TERM GAIN/LOSS FROM PASSTHROUGH ENTITIES</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>471256</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>LONG-TERM GAIN/LOSS FROM PASSTHROUGH ENTITIES</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>1526429</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>1997685</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>false</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>1261100</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>33682354</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.037441</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>2544750</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>29724395</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.085611</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>794836</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>28129935</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.028256</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>845833</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>24420529</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.034636</DistributionYr4Rt>
        <AdjustedQlfyDistriYr5Amt>718486</AdjustedQlfyDistriYr5Amt>
        <NetVlNoncharitableAssetsYr5Amt>11949388</NetVlNoncharitableAssetsYr5Amt>
        <DistributionYr5Rt>0.060127</DistributionYr5Rt>
        <TotalDistributionRt>0.246071</TotalDistributionRt>
        <AverageDistributionRt>0.049214</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>38488363</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>1894166</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>19754</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>1913920</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>872085</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>39508</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>39508</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>39508</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>38118</EstimatedPlusOvpmtIncmTxAmt>
        <AppliedToEsTaxAmt>14000</AppliedToEsTaxAmt>
        <TotalPaymentsAndCreditsAmt>52118</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>12610</OverpaymentAmt>
        <AppliedToESTaxAmt>12610</AppliedToESTaxAmt>
      </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>CO</OrgReportOrRegisterStateCd>
        <OrgReportOrRegisterStateCd>OH</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1>STOCKMAN KAST RYAN &amp; CO</BusinessNameLine1>
        </PersonsWithBooksName>
        <PhoneNum>7196301186</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1>102 N CASCADE AVE SUITE 400</AddressLine1>
          <City>COLORADO SPRINGS</City>
          <State>CO</State>
          <ZIPCode>80903</ZIPCode>
        </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>
        <UndistrIncmSect4942a2NotAppInd>false</UndistrIncmSect4942a2NotAppInd>
        <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>SALLY LOUISE VEITCH</PersonNm>
          <USAddress>
            <AddressLine1>3280 WADE CT</AddressLine1>
            <City>COLORADO SPRINGS</City>
            <State>CO</State>
            <ZIPCode>809175832</ZIPCode>
          </USAddress>
          <TitleTxt>VICE PRESIDENT &amp; TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>FREDERICK A VEITCH</PersonNm>
          <USAddress>
            <AddressLine1>868 OAK HILL ROAD</AddressLine1>
            <City>NORTH YARMOUTH</City>
            <State>ME</State>
            <ZIPCode>04097</ZIPCode>
          </USAddress>
          <TitleTxt>Secretary</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.5</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ROBERT D VEITCH</PersonNm>
          <USAddress>
            <AddressLine1>1176 HERNAGE CREEK ROAD</AddressLine1>
            <City>EAGLE</City>
            <State>CO</State>
            <ZIPCode>81631</ZIPCode>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>HEATHER K VEITCH</PersonNm>
          <USAddress>
            <AddressLine1>1 SOUTH NEVADA SUITE 200</AddressLine1>
            <City>COLORADO SPRINGS</City>
            <State>CO</State>
            <ZIPCode>80903</ZIPCode>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>KELLY A VEITCH</PersonNm>
          <USAddress>
            <AddressLine1>1 SOUTH NEVADA SUITE 200</AddressLine1>
            <City>COLORADO SPRINGS</City>
            <State>CO</State>
            <ZIPCode>80903</ZIPCode>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1>CB&amp;T WEALTH MANAGEMENT</BusinessNameLine1>
          </BusinessName>
          <USAddress>
            <AddressLine1>1 SOUTH NEVADA AVENUE SUITE 200</AddressLine1>
            <City>COLORADO SPRINGS</City>
            <State>CO</State>
            <ZIPCode>80903</ZIPCode>
          </USAddress>
          <ServiceTypeTxt>INVESTMENT ADVISORY</ServiceTypeTxt>
          <CompensationAmt>196287</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp />
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>36449116</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>2625364</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>39074480</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>39074480</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>586117</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>38488363</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>1924418</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>1924418</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>39508</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>39508</TotalTaxAmt>
        <DistributableBeforeAdjAmt>1884910</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>1884910</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>1884910</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>872085</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>872085</QualifyingDistributionsAmt>
        <AdjustedQualifyingDistriAmt>872085</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>1884910</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <PriorYear1Yr>2011</PriorYear1Yr>
        <PriorYear2Yr>2010</PriorYear2Yr>
        <PriorYear3Yr>2009</PriorYear3Yr>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr2Amt>224646</ExcessDistributionCyovYr2Amt>
        <TotalExcessDistributionCyovAmt>224646</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>872085</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>872085</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>224646</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>224646</ExcessDistributionCyovAppCYAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>788179</UndistributedIncomeCYAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp />
      <SupplementaryInformationGrp>
        <ContributingManagerNm>NONE</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>CHEYENNE MOUNTAIN ZOO</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>4250 Cheyenne Mountain Zo</AddressLine1>
            <City>COLORADO SPRINGS</City>
            <State>CO</State>
            <ZIPCode>80906</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>7500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>Colby Sawyer College</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>541 Main Street</AddressLine1>
            <City>New London</City>
            <State>NH</State>
            <ZIPCode>03257</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>500000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>SailMaine</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>58 Fore Street</AddressLine1>
            <City>Portland</City>
            <State>ME</State>
            <ZIPCode>04101</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>317 MAIN ST COMMUNITY CENTER</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>317 MAIN ST</AddressLine1>
            <City>YARMOUTH</City>
            <State>ME</State>
            <ZIPCode>04096</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>145000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>Augustana Care</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1007 East Fourteenth Street</AddressLine1>
            <City>Minneapolis</City>
            <State>MN</State>
            <ZIPCode>55404</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Castle Peak Senior Care Center</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>The Telling Room</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>225 Commercial St Ste 201</AddressLine1>
            <City>Portland</City>
            <State>ME</State>
            <ZIPCode>04101</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>917</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>VAIL VALLEY MEDICAL CENTER</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>181 W MEADOW DRIVE</AddressLine1>
            <City>VAIL</City>
            <State>CO</State>
            <ZIPCode>81657</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>MOUNTAIN VALLEY HORSE RESCUE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 1681</AddressLine1>
            <City>EAGLE</City>
            <State>CO</State>
            <ZIPCode>81631</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>4800</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>STONE CREEK CHARTER SCHOOL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>33520 HWY 6</AddressLine1>
            <City>EDWARDS</City>
            <State>CO</State>
            <ZIPCode>81632</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL FUND</GrantOrContributionPurposeTxt>
          <Amt>83868</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>Merriconeag Waldorf School</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>57 Desert Road</AddressLine1>
            <City>Freeport</City>
            <State>ME</State>
            <ZIPCode>04032</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>General Fund</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>872085</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>218303</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>375177</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>1997685</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>FROM PASSTHROUGH</Desc>
          <ExclusionCd>16</ExclusionCd>
          <ExclusionAmt>-21343</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>FEDERAL TAX REFUND</Desc>
          <ExclusionAmt>9200</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>GRANT CHECK RETURNED</Desc>
          <ExclusionAmt>145000</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>2724022</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>2724022</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>
    <IRS990ScheduleB documentId="IRS990ScheduleB">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorPersonNm>MARY L SHAW CHARITABLE LEAD ANNUITY</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1>401 EAST EIGHTH STREET</AddressLine1>
          <City>SOUIX FALLS</City>
          <State>ID</State>
          <ZIPCode>57103</ZIPCode>
        </ContributorUSAddress>
        <TotalContributionsAmt>1396216</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>9641</Amt>
        <NetInvestmentIncomeAmt>9641</NetInvestmentIncomeAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsLandSchedule2 documentId="InvLandSch2" />
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CORUNDUM ARVADA, LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>139248</BookValueAmt>
        <EOYFMVAmt>182465</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CORUNDUM NORTHGLENN</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>450692</BookValueAmt>
        <EOYFMVAmt>503689</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CORUNDUM INCOME FUND</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>5637445</BookValueAmt>
        <EOYFMVAmt>6042849</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CORUNDUM INTERNATIONAL FUND</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1601236</BookValueAmt>
        <EOYFMVAmt>2120156</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CORUNDUM LARGE CAP GROWTH FUND</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>5368281</BookValueAmt>
        <EOYFMVAmt>7190213</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CORUNDUM LARGE CAP VALUE FUND</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>4964203</BookValueAmt>
        <EOYFMVAmt>6975983</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CORUNDUM NOTE PARTICIPATION FD</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>758543</BookValueAmt>
        <EOYFMVAmt>776800</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CORUNDUM SMALL MID GROWTH FUND</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>2513328</BookValueAmt>
        <EOYFMVAmt>3433775</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CORUNDUM SM MID CAP VALUE FUND</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>2550776</BookValueAmt>
        <EOYFMVAmt>3487878</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>HUALALAI DEBT FUND, LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>4922633</BookValueAmt>
        <EOYFMVAmt>4993281</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>HO'OKU'I LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>294000</BookValueAmt>
        <EOYFMVAmt>293377</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CORUNDUM BW HOLDINGS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>595836</BookValueAmt>
        <EOYFMVAmt>608675</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>STERLING RANCH CAPITAL, LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>324400</BookValueAmt>
        <EOYFMVAmt>324400</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CORUNDUM DIV APT FD-QP, LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>623500</BookValueAmt>
        <EOYFMVAmt>623488</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LandEtcSchedule2 documentId="LandEtcSch2" />
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>FROM PASSTHROUGH</Desc>
        <RevenueAndExpensesPerBooksAmt>13869</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>13869</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MISCELLANEOUS</Desc>
        <RevenueAndExpensesPerBooksAmt>750</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>Corundum Arvada Passthrough Rental Loss</Desc>
        <RevenueAndExpensesPerBooksAmt>-21343</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-21343</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Federal Tax Refund</Desc>
        <RevenueAndExpensesPerBooksAmt>9200</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>GRANT CHECK RETURNED</Desc>
        <RevenueAndExpensesPerBooksAmt>145000</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CUSTODIAN &amp; MANAGEMENT</CategoryTxt>
        <Amt>5091</Amt>
        <NetInvestmentIncomeAmt>5091</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CORUNDUM ADVISORY FEES</CategoryTxt>
        <Amt>428587</Amt>
        <NetInvestmentIncomeAmt>393053</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES</CategoryTxt>
        <Amt>15330</Amt>
        <NetInvestmentIncomeAmt>15330</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>