﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2009v1.7">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2011-01-19T17:11:08-06:00</Timestamp>
    <TaxPeriodEndDate>2010-08-31</TaxPeriodEndDate>
    <PreparerFirm>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>PRADERE MOHATT &amp; RINALDO LLP</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>PO BOX 603</AddressLine1>
        <City>SHERIDAN</City>
        <State>WY</State>
        <ZIPCode>828010603</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990PF</ReturnType>
    <TaxPeriodBeginDate>2009-09-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>836033434</EIN>
      <Name>
        <BusinessNameLine1>WILLIAM F WELCH &amp;</BusinessNameLine1>
        <BusinessNameLine2>LORENE W WELCH FOUNDATION</BusinessNameLine2>
      </Name>
      <NameControl>WILL</NameControl>
      <Phone>3076741770</Phone>
      <USAddress>
        <AddressLine1>PO BOX J</AddressLine1>
        <City>SHERIDAN</City>
        <State>WY</State>
        <ZIPCode>82801</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>WILLIAM B EBZERY</Name>
      <Title>CO-TRUSTEE</Title>
      <Phone>3076741770</Phone>
      <DateSigned>2011-01-18</DateSigned>
      <AuthorizeThirdParty>false</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>EVERETT J MOHATT</Name>
      <Phone>3076726494</Phone>
      <DatePrepared>2011-01-19</DatePrepared>
      <SelfEmployed>X</SelfEmployed>
    </Preparer>
    <TaxYear>2009</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="9">
    <IRS990PF documentId="RetDoc1">
      <ExemptPF>X</ExemptPF>
      <FMVAssetsEOY>3256018</FMVAssetsEOY>
      <MethodOfAccountingCash>X</MethodOfAccountingCash>
      <AnalysisOfRevenueAndExpenses>
        <NotRequiredToAttachScheduleB>X</NotRequiredToAttachScheduleB>
        <InterestOnSavingsRevAndExpnss>2</InterestOnSavingsRevAndExpnss>
        <InterestOnSavingsNetInvstIncm>2</InterestOnSavingsNetInvstIncm>
        <DividendsRevAndExpnss>93267</DividendsRevAndExpnss>
        <DividendsNetInvstIncm>93267</DividendsNetInvstIncm>
        <NetGainSaleAssetsRevAndExpnss>232292</NetGainSaleAssetsRevAndExpnss>
        <GrossSalesPrice>1005863</GrossSalesPrice>
        <CapitalGainNetIncmNetInvstIncm>232292</CapitalGainNetIncmNetInvstIncm>
        <OtherIncomeRevAndExpnss referenceDocumentId="RetDoc7">1110</OtherIncomeRevAndExpnss>
        <OtherIncomeNetInvstIncm>1110</OtherIncomeNetInvstIncm>
        <TotalRevenueAndExpenses>326671</TotalRevenueAndExpenses>
        <TotalNetInvestmentIncome>326671</TotalNetInvestmentIncome>
        <CompOfcrDirTrstRevAndExpnss>15000</CompOfcrDirTrstRevAndExpnss>
        <CompOfcrDirTrstNetInvstIncm>7500</CompOfcrDirTrstNetInvstIncm>
        <CompOfcrDirTrstDsbrsChrtblPrps>7500</CompOfcrDirTrstDsbrsChrtblPrps>
        <LegalFeesRevAndExpnss referenceDocumentId="RetDoc4">235</LegalFeesRevAndExpnss>
        <LegalFeesNetInvstIncm>235</LegalFeesNetInvstIncm>
        <AccountingFeesRevAndExpnss referenceDocumentId="RetDoc2">5400</AccountingFeesRevAndExpnss>
        <AccountingFeesNetInvstIncm>4500</AccountingFeesNetInvstIncm>
        <AccountingFeesDsbrsChrtblPrps>900</AccountingFeesDsbrsChrtblPrps>
        <OtherProfFeesRevAndExpnss referenceDocumentId="RetDoc8">29259</OtherProfFeesRevAndExpnss>
        <OtherProfFeesNetInvstIncm>29259</OtherProfFeesNetInvstIncm>
        <TaxesRevAndExpnss referenceDocumentId="RetDoc9">1264</TaxesRevAndExpnss>
        <TaxesNetInvstIncm>66</TaxesNetInvstIncm>
        <OtherExpensesRevAndExpnss referenceDocumentId="RetDoc6">884</OtherExpensesRevAndExpnss>
        <OtherExpensesNetInvstIncm>884</OtherExpensesNetInvstIncm>
        <TotOprExpensesRevAndExpnss>52042</TotOprExpensesRevAndExpnss>
        <TotOprExpensesNetInvstIncm>42444</TotOprExpensesNetInvstIncm>
        <TotOprExpensesDsbrsChrtblPrps>8400</TotOprExpensesDsbrsChrtblPrps>
        <ContriGiftsPaidRevAndExpnss>53000</ContriGiftsPaidRevAndExpnss>
        <ContriGiftsPaidDsbrsChrtblPrps>53000</ContriGiftsPaidDsbrsChrtblPrps>
        <TotalExpensesRevAndExpnss>105042</TotalExpensesRevAndExpnss>
        <TotalExpensesNetInvstIncm>42444</TotalExpensesNetInvstIncm>
        <TotalExpensesDsbrsChrtblPrps>61400</TotalExpensesDsbrsChrtblPrps>
        <ExcessOfRevenueOverExpenses>221629</ExcessOfRevenueOverExpenses>
        <NetInvestmentIncome>284227</NetInvestmentIncome>
      </AnalysisOfRevenueAndExpenses>
      <BalanceSheets>
        <SavingsAndTempCashInvstBOY>95320</SavingsAndTempCashInvstBOY>
        <SavingsAndTempCashInvstEOY>152009</SavingsAndTempCashInvstEOY>
        <SavingsAndTempCashInvstEOYFMV>152009</SavingsAndTempCashInvstEOYFMV>
        <InvestmentsCorpStockBOY>2426389</InvestmentsCorpStockBOY>
        <InvestmentsCorpStockEOY referenceDocumentId="RetDoc3">2591329</InvestmentsCorpStockEOY>
        <InvestmentsCorpStockEOYFMV>2735764</InvestmentsCorpStockEOYFMV>
        <OtherAssetsBOY referenceDocumentId="RetDoc5">40975</OtherAssetsBOY>
        <OtherAssetsEOY referenceDocumentId="RetDoc5">40975</OtherAssetsEOY>
        <OtherAssetsEOYFMV referenceDocumentId="RetDoc5">368245</OtherAssetsEOYFMV>
        <TotalAssetsBOY>2562684</TotalAssetsBOY>
        <TotalAssetsEOY>2784313</TotalAssetsEOY>
        <TotalAssetsEOYFMV>3256018</TotalAssetsEOYFMV>
        <TotalLiabilitiesEOY>0</TotalLiabilitiesEOY>
        <OrgThatDoNotFollowSFAS117>X</OrgThatDoNotFollowSFAS117>
        <CapitalStockBOY>2562684</CapitalStockBOY>
        <CapitalStockEOY>2784313</CapitalStockEOY>
        <TotalNetAssetsBOY>2562684</TotalNetAssetsBOY>
        <TotalNetAssetsEOY>2784313</TotalNetAssetsEOY>
        <TotalLiabilitiesNetAssetsBOY>2562684</TotalLiabilitiesNetAssetsBOY>
        <TotalLiabilitiesNetAssetsEOY>2784313</TotalLiabilitiesNetAssetsEOY>
      </BalanceSheets>
      <ChangesInNetAssetsFundBalances>
        <TotalNetAssetsFundBalancesBOY>2562684</TotalNetAssetsFundBalancesBOY>
        <ExcessOfRevenueOverExpenses>221629</ExcessOfRevenueOverExpenses>
        <Subtotal>2784313</Subtotal>
        <TotalNetAssetsFundBalancesEOY>2784313</TotalNetAssetsFundBalancesEOY>
      </ChangesInNetAssetsFundBalances>
      <CapitalGainsAndLosses>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>1,000 ALCOA INC</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2009-07-28</DateAcquired>
          <DateSold>2010-01-21</DateSold>
          <GrossSalesPrice>14474</GrossSalesPrice>
          <CostOrOtherBasis>11165</CostOrOtherBasis>
          <GainOrLoss>3309</GainOrLoss>
          <GainsMinusExcessOrLosses>3309</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>400 NATIONAL OILWELL VARCO INC</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2008-01-29</DateAcquired>
          <DateSold>2010-05-25</DateSold>
          <GrossSalesPrice>14381</GrossSalesPrice>
          <CostOrOtherBasis>25480</CostOrOtherBasis>
          <GainOrLoss>-11099</GainOrLoss>
          <GainsMinusExcessOrLosses>-11099</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>700 ANADARKO PETROLEUM CORP</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2008-12-22</DateAcquired>
          <DateSold>2009-09-21</DateSold>
          <GrossSalesPrice>43186</GrossSalesPrice>
          <CostOrOtherBasis>25354</CostOrOtherBasis>
          <GainOrLoss>17832</GainOrLoss>
          <GainsMinusExcessOrLosses>17832</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>1,500 PHILIP MORRIS INT'L</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2003-05-28</DateAcquired>
          <DateSold>2010-01-22</DateSold>
          <GrossSalesPrice>70889</GrossSalesPrice>
          <CostOrOtherBasis>44523</CostOrOtherBasis>
          <GainOrLoss>26366</GainOrLoss>
          <GainsMinusExcessOrLosses>26366</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>1,000 CELGENE CORP</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2005-10-19</DateAcquired>
          <DateSold>2010-05-25</DateSold>
          <GrossSalesPrice>52948</GrossSalesPrice>
          <CostOrOtherBasis>38317</CostOrOtherBasis>
          <GainOrLoss>14631</GainOrLoss>
          <GainsMinusExcessOrLosses>14631</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>1,500 PHILIP MORRIS INT'L</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2004-05-13</DateAcquired>
          <DateSold>2010-05-25</DateSold>
          <GrossSalesPrice>43343</GrossSalesPrice>
          <CostOrOtherBasis>29682</CostOrOtherBasis>
          <GainOrLoss>13661</GainOrLoss>
          <GainsMinusExcessOrLosses>13661</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>1,000 CELGENE CORP</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2007-01-26</DateAcquired>
          <DateSold>2010-07-07</DateSold>
          <GrossSalesPrice>48466</GrossSalesPrice>
          <CostOrOtherBasis>38317</CostOrOtherBasis>
          <GainOrLoss>10149</GainOrLoss>
          <GainsMinusExcessOrLosses>10149</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>200 SALESFORCE.COM INC</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2010-01-08</DateAcquired>
          <DateSold>2010-08-23</DateSold>
          <GrossSalesPrice>21837</GrossSalesPrice>
          <CostOrOtherBasis>14773</CostOrOtherBasis>
          <GainOrLoss>7064</GainOrLoss>
          <GainsMinusExcessOrLosses>7064</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>500 CHESAPEAKE ENERGY CORP</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2008-07-30</DateAcquired>
          <DateSold>2010-05-25</DateSold>
          <GrossSalesPrice>10205</GrossSalesPrice>
          <CostOrOtherBasis>24769</CostOrOtherBasis>
          <GainOrLoss>-14564</GainOrLoss>
          <GainsMinusExcessOrLosses>-14564</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>200 SALESFORCE.COM INC</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2010-01-12</DateAcquired>
          <DateSold>2010-08-23</DateSold>
          <GrossSalesPrice>21837</GrossSalesPrice>
          <CostOrOtherBasis>13918</CostOrOtherBasis>
          <GainOrLoss>7919</GainOrLoss>
          <GainsMinusExcessOrLosses>7919</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>2,000 CISCO SYSTEMS</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>1998-10-08</DateAcquired>
          <DateSold>2010-08-25</DateSold>
          <GrossSalesPrice>42364</GrossSalesPrice>
          <CostOrOtherBasis>31051</CostOrOtherBasis>
          <GainOrLoss>11313</GainOrLoss>
          <GainsMinusExcessOrLosses>11313</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>500 TRANSOCEAN INC</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2006-02-10</DateAcquired>
          <DateSold>2010-05-03</DateSold>
          <GrossSalesPrice>36452</GrossSalesPrice>
          <CostOrOtherBasis>42058</CostOrOtherBasis>
          <GainOrLoss>-5606</GainOrLoss>
          <GainsMinusExcessOrLosses>-5606</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>750 DEVON ENERGY CORP</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2006-08-24</DateAcquired>
          <DateSold>2009-09-24</DateSold>
          <GrossSalesPrice>50550</GrossSalesPrice>
          <CostOrOtherBasis>46275</CostOrOtherBasis>
          <GainOrLoss>4275</GainOrLoss>
          <GainsMinusExcessOrLosses>4275</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>500 UNITED STS STL CORP NEW</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2008-12-12</DateAcquired>
          <DateSold>2010-01-20</DateSold>
          <GrossSalesPrice>31544</GrossSalesPrice>
          <CostOrOtherBasis>19156</CostOrOtherBasis>
          <GainOrLoss>12388</GainOrLoss>
          <GainsMinusExcessOrLosses>12388</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>4,000 EL PASO CORPORATION</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2005-09-14</DateAcquired>
          <DateSold>2010-08-25</DateSold>
          <GrossSalesPrice>44967</GrossSalesPrice>
          <CostOrOtherBasis>52144</CostOrOtherBasis>
          <GainOrLoss>-7177</GainOrLoss>
          <GainsMinusExcessOrLosses>-7177</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>1,000 UNITED TECHNOLOGIES CORP</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2002-11-06</DateAcquired>
          <DateSold>2010-02-05</DateSold>
          <GrossSalesPrice>66228</GrossSalesPrice>
          <CostOrOtherBasis>45145</CostOrOtherBasis>
          <GainOrLoss>21083</GainOrLoss>
          <GainsMinusExcessOrLosses>21083</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>2,000 GILEAD SCIENCES INC</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2004-03-09</DateAcquired>
          <DateSold>2010-05-03</DateSold>
          <GrossSalesPrice>79366</GrossSalesPrice>
          <CostOrOtherBasis>41424</CostOrOtherBasis>
          <GainOrLoss>37942</GainOrLoss>
          <GainsMinusExcessOrLosses>37942</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>2,000 UNITED TECHNOLOGIES CORP</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2006-03-02</DateAcquired>
          <DateSold>2010-05-25</DateSold>
          <GrossSalesPrice>131205</GrossSalesPrice>
          <CostOrOtherBasis>90291</CostOrOtherBasis>
          <GainOrLoss>40914</GainOrLoss>
          <GainsMinusExcessOrLosses>40914</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>1,000 GILEAD SCIENCES INC</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2007-06-25</DateAcquired>
          <DateSold>2010-05-25</DateSold>
          <GrossSalesPrice>35864</GrossSalesPrice>
          <CostOrOtherBasis>20712</CostOrOtherBasis>
          <GainOrLoss>15152</GainOrLoss>
          <GainsMinusExcessOrLosses>15152</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>300 VISA INC</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2009-09-30</DateAcquired>
          <DateSold>2010-01-22</DateSold>
          <GrossSalesPrice>24567</GrossSalesPrice>
          <CostOrOtherBasis>20742</CostOrOtherBasis>
          <GainOrLoss>3825</GainOrLoss>
          <GainsMinusExcessOrLosses>3825</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>1,000 HILTON HOTELS CORP 8% PFD</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2004-05-12</DateAcquired>
          <DateSold>2010-06-01</DateSold>
          <GrossSalesPrice>16500</GrossSalesPrice>
          <CostOrOtherBasis>25478</CostOrOtherBasis>
          <GainOrLoss>-8978</GainOrLoss>
          <GainsMinusExcessOrLosses>-8978</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>1,000 VOLCANO CORP</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2007-07-02</DateAcquired>
          <DateSold>2010-05-25</DateSold>
          <GrossSalesPrice>21474</GrossSalesPrice>
          <CostOrOtherBasis>19939</CostOrOtherBasis>
          <GainOrLoss>1535</GainOrLoss>
          <GainsMinusExcessOrLosses>1535</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>500 HILTON HOTELS CORP 8% PFD</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2009-06-30</DateAcquired>
          <DateSold>2010-06-01</DateSold>
          <GrossSalesPrice>8250</GrossSalesPrice>
          <CostOrOtherBasis>6606</CostOrOtherBasis>
          <GainOrLoss>1644</GainOrLoss>
          <GainsMinusExcessOrLosses>1644</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>FEE COAL</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateSold>2010-03-29</DateSold>
          <GrossSalesPrice>25000</GrossSalesPrice>
          <GainOrLoss>25000</GainOrLoss>
          <GainsMinusExcessOrLosses>25000</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>500 HILTON HOTELS CORP 8% PFD</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2009-09-30</DateAcquired>
          <DateSold>2010-06-01</DateSold>
          <GrossSalesPrice>8250</GrossSalesPrice>
          <CostOrOtherBasis>7536</CostOrOtherBasis>
          <GainOrLoss>714</GainOrLoss>
          <GainsMinusExcessOrLosses>714</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>1,000 MDU RESOURCES</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2006-03-24</DateAcquired>
          <DateSold>2009-11-17</DateSold>
          <GrossSalesPrice>22596</GrossSalesPrice>
          <CostOrOtherBasis>22115</CostOrOtherBasis>
          <GainOrLoss>481</GainOrLoss>
          <GainsMinusExcessOrLosses>481</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>600 MORGAN STANLEY COM NEW</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2009-07-21</DateAcquired>
          <DateSold>2009-11-25</DateSold>
          <GrossSalesPrice>19120</GrossSalesPrice>
          <CostOrOtherBasis>16601</CostOrOtherBasis>
          <GainOrLoss>2519</GainOrLoss>
          <GainsMinusExcessOrLosses>2519</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainNetIncome>232292</CapitalGainNetIncome>
        <NetShortTermCapitalGainOrLoss>44826</NetShortTermCapitalGainOrLoss>
      </CapitalGainsAndLosses>
      <QlfyUndSect4940eForReducedTax>
        <LiableFor4942Tax>false</LiableFor4942Tax>
        <QualifyingDistributionsYear1>64450</QualifyingDistributionsYear1>
        <NoncharitableAssetsYear1>2598583</NoncharitableAssetsYear1>
        <DistributionRatioYear1>0.024802</DistributionRatioYear1>
        <QualifyingDistributionsYear2>175120</QualifyingDistributionsYear2>
        <NoncharitableAssetsYear2>3794515</NoncharitableAssetsYear2>
        <DistributionRatioYear2>0.046151</DistributionRatioYear2>
        <QualifyingDistributionsYear3>172401</QualifyingDistributionsYear3>
        <NoncharitableAssetsYear3>3894811</NoncharitableAssetsYear3>
        <DistributionRatioYear3>0.044264</DistributionRatioYear3>
        <QualifyingDistributionsYear4>187617</QualifyingDistributionsYear4>
        <NoncharitableAssetsYear4>3402928</NoncharitableAssetsYear4>
        <DistributionRatioYear4>0.055134</DistributionRatioYear4>
        <QualifyingDistributionsYear5>261826</QualifyingDistributionsYear5>
        <NoncharitableAssetsYear5>3404285</NoncharitableAssetsYear5>
        <DistributionRatioYear5>0.076911</DistributionRatioYear5>
        <TotalDistributionRatio>0.247262</TotalDistributionRatio>
        <AverageDistributionRatio>0.049452</AverageDistributionRatio>
        <NetNoncharitableAssets>3221691</NetNoncharitableAssets>
        <AdjustedNoncharitableAssets>159319</AdjustedNoncharitableAssets>
        <OnePercentNetInvestmentIncome>2842</OnePercentNetInvestmentIncome>
        <AdjNonchrtblAssetsAndOnePct>162161</AdjNonchrtblAssetsAndOnePct>
        <QualifyingDistributions>61400</QualifyingDistributions>
      </QlfyUndSect4940eForReducedTax>
      <ExciseTaxBasedOnInvestmentIncm>
        <InvestmentIncomeExciseTax>5685</InvestmentIncomeExciseTax>
        <Subtotal>5685</Subtotal>
        <TaxBasedOnInvestmentIncome>5685</TaxBasedOnInvestmentIncome>
        <EstTaxPaymentsAndOverpayment>960</EstTaxPaymentsAndOverpayment>
        <TaxPaidWithExtension>6155</TaxPaidWithExtension>
        <TotalCreditsAndPayments>7115</TotalCreditsAndPayments>
        <Overpayment>1430</Overpayment>
        <AmountCreditedToNextYear>1430</AmountCreditedToNextYear>
      </ExciseTaxBasedOnInvestmentIncm>
      <StatementsRegardingActivities>
        <LegislativePoliticalActivities>false</LegislativePoliticalActivities>
        <MoreThan100Spent>false</MoreThan100Spent>
        <Form1120POLFiled>false</Form1120POLFiled>
        <ActivitiesNotPrevReported>false</ActivitiesNotPrevReported>
        <ChangesToArticlesOrBylaws>false</ChangesToArticlesOrBylaws>
        <UnrelatedBusIncomeOver1000>false</UnrelatedBusIncomeOver1000>
        <TerminationEtc>false</TerminationEtc>
        <RequirementsOfSect508e>false</RequirementsOfSect508e>
        <AtLeast5000InAssets>true</AtLeast5000InAssets>
        <StatesFiledWith>WY</StatesFiledWith>
        <Form990PFFiledWithAG>true</Form990PFFiledWithAG>
        <PrivateOperatingFoundation>false</PrivateOperatingFoundation>
        <NewSubstantialContributors>false</NewSubstantialContributors>
        <InterestInControlledEntity>false</InterestInControlledEntity>
        <ApplicableInsuranceContract>false</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>true</ComplyWithPublicInspectionRqr>
        <WebsiteAddress>N/A</WebsiteAddress>
        <BooksInCareOfBusinessName>
          <BusinessNameLine1>CYPRESS CAPITAL MANAGEMENT</BusinessNameLine1>
        </BooksInCareOfBusinessName>
        <BooksInCareOfPhoneNumber>3076741770</BooksInCareOfPhoneNumber>
        <BooksInCareOfUSAddress>
          <AddressLine1>50 EAST LOUCKS ST</AddressLine1>
          <City>SHERIDAN</City>
          <State>WY</State>
          <ZIPCode>82801</ZIPCode>
        </BooksInCareOfUSAddress>
      </StatementsRegardingActivities>
      <StatementsRegardingActy4720>
        <SaleOrExchangeWithDsqflyPerson>false</SaleOrExchangeWithDsqflyPerson>
        <BorrowOrLendWithDsqflyPerson>false</BorrowOrLendWithDsqflyPerson>
        <FurnishedGoodsWithDsqflyPerson>true</FurnishedGoodsWithDsqflyPerson>
        <PayCompensationToDsqflyPerson>true</PayCompensationToDsqflyPerson>
        <TransferAssetsToDsqflyPerson>false</TransferAssetsToDsqflyPerson>
        <PaymentToGovernmentOffical>false</PaymentToGovernmentOffical>
        <ActsFailToQualifyAsExceptions>false</ActsFailToQualifyAsExceptions>
        <UndistributedIncomePriorYears>false</UndistributedIncomePriorYears>
        <BusinessHoldings>false</BusinessHoldings>
        <JeopardyInvestments>false</JeopardyInvestments>
        <UncorrectedJeopardyInvestments>false</UncorrectedJeopardyInvestments>
        <InfluenceLegislation>false</InfluenceLegislation>
        <InfluenceElection>false</InfluenceElection>
        <GrantsToIndividuals>false</GrantsToIndividuals>
        <GrantsToOrganizations>false</GrantsToOrganizations>
        <NoncharitablePurpose>false</NoncharitablePurpose>
        <RcvFundsToPayPrsnlBnftContract>false</RcvFundsToPayPrsnlBnftContract>
        <PayPremiumsPrsnlBnftContract>false</PayPremiumsPrsnlBnftContract>
      </StatementsRegardingActy4720>
      <OfcrDirTrusteesKeyEmployeeInfo>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>FRANK ROTELLINI</PersonName>
          <USAddress>
            <AddressLine1>PO BOX J</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </USAddress>
          <Title>CO-TRUSTEE</Title>
          <AvgHoursPerWkDevotedToPosition>5.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>5000</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>WILLIAM B EBZERY</PersonName>
          <USAddress>
            <AddressLine1>PO BOX J</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </USAddress>
          <Title>CO-TRUSTEE</Title>
          <AvgHoursPerWkDevotedToPosition>5.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>5000</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>RICHARD M DAVIS JR</PersonName>
          <USAddress>
            <AddressLine1>PO BOX J</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </USAddress>
          <Title>CO-TRUSTEE</Title>
          <AvgHoursPerWkDevotedToPosition>5.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>5000</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <CompOfHighestPaidEmplNONE>NONE</CompOfHighestPaidEmplNONE>
        <CompOfHghstPaidCntrctNONE>NONE</CompOfHghstPaidCntrctNONE>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <SumOfProgramRelatedInvestments>
        <Description1>N/A</Description1>
      </SumOfProgramRelatedInvestments>
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>2701980</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>210015</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>358757</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>3270752</TotalFMVOfUnusedAssets>
        <AdjTotalFMVOfUnusedAssets>3270752</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable>49061</CashDeemedCharitable>
        <NetNoncharitableAssets>3221691</NetNoncharitableAssets>
        <MinimumInvestmentReturn>161085</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>161085</MinimumInvestmentReturn>
        <TaxBasedOnInvestmentIncome>5685</TaxBasedOnInvestmentIncome>
        <TotalTax>5685</TotalTax>
        <DistributableAmountBeforeAdj>155400</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>155400</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>155400</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
        <ExpensesAndContributions>61400</ExpensesAndContributions>
        <QualifyingDistributions>61400</QualifyingDistributions>
        <AdjQualifyingDistributions>61400</AdjQualifyingDistributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>155400</DistributableAmountAsAdjusted>
        <ExcessDistriCarryoverYear5>15418</ExcessDistriCarryoverYear5>
        <ExcessDistriCarryoverYear4>23283</ExcessDistriCarryoverYear4>
        <TotalExcessDistriCarryover>38701</TotalExcessDistriCarryover>
        <QualifyingDistributions>61400</QualifyingDistributions>
        <AppliedToCurrentYear>61400</AppliedToCurrentYear>
        <ExcessDistriCyovAppCYCorpus>38701</ExcessDistriCyovAppCYCorpus>
        <ExcessDistriCyovAppliedCY>38701</ExcessDistriCyovAppliedCY>
        <UndistributedIncomeCY>55299</UndistributedIncomeCY>
      </UndistributedIncome>
      <SupplementaryInformation>
        <AppicationSubmissionInfo>
          <RecipientName>WELCH FOUNDATION</RecipientName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX J</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </RecipientUSAddress>
          <RecipientPhoneNumber>3076741770</RecipientPhoneNumber>
          <FormAndInfoAndMaterials>WRITTEN REQUEST</FormAndInfoAndMaterials>
          <SubmissionDeadlines>NONE</SubmissionDeadlines>
          <RestrictionsOnAwards>NONE</RestrictionsOnAwards>
        </AppicationSubmissionInfo>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>BILLINGS CLINIC FOUND</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>2917 10TH AVENUE NORTH</AddressLine1>
            <City>BILLINGS</City>
            <State>MT</State>
            <ZIPCode>591079945</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITABLE</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>CENTER FOR A VITAL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>COMMUNITY</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITABLE</PurposeOfGrantOrContribution>
          <Amount>7500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>COMMUNITY HOLIDAY</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>FESTIVAL</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITABLE</PurposeOfGrantOrContribution>
          <Amount>500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>FAMILY PLANNING OF THE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>BIGHORNS</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITABLE</PurposeOfGrantOrContribution>
          <Amount>2000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>HOLY NAME CATHOLIC CHURCH</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>260 E LOUCKS</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>CHURCH</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITABLE</PurposeOfGrantOrContribution>
          <Amount>2500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>SHERIDAN COLLEGE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>FOUNDATION</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>EDUCATIONAL</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>SHERIDAN COUNTY LIBRARY</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>FOUNDATION</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITABLE</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>WYO THEATRE INC</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>42 N MAIN</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITABLE</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>CHILD DEVELOPMENT CENTER</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>345 SOUTH LINDEN AVENUE</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>EDUCATIONAL</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>SENIOR CITIZENS COUNCIL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>211 SMITH STREET</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITABLE</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>FREE CLINIC OF SHERIDAN</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1428 W 5TH STREET</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITABLE</PurposeOfGrantOrContribution>
          <Amount>500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>EASTER SEALS OF WYOMING</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>991 JOE STREET</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITABLE</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>HABITAT FOR HUMANITY</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>OF THE BIGHORNS</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITABLE</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>CHILDREN HORSES AND</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>ADULTS IN PARTNERSHIP</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITABLE</PurposeOfGrantOrContribution>
          <Amount>500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>SHERIDAN COUNTY</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>HISTORICAL SOCIETY</AddressLine1>
            <City>SHERIDAN</City>
            <State>WY</State>
            <ZIPCode>82801</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITABLE</PurposeOfGrantOrContribution>
          <Amount>500</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>53000</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <IntOnSavingsAndTempCashInvst>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>2</ExclusionAmount>
        </IntOnSavingsAndTempCashInvst>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>93267</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <OtherInvestmentIncomePartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>1070</ExclusionAmount>
        </OtherInvestmentIncomePartVII>
        <GainSalesAssetsOthThanInvntry>
          <ExclusionCode>18</ExclusionCode>
          <ExclusionAmount>232292</ExclusionAmount>
        </GainSalesAssetsOthThanInvntry>
        <OtherRevenueDescribed>
          <Description>SECURITIES LITIGATION PROCEED</Description>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>40</ExclusionAmount>
        </OtherRevenueDescribed>
        <SubtotalsPartXVIA>
          <ExclusionAmount>326671</ExclusionAmount>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>326671</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>false</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>false</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>false</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>false</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>false</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>false</ReimbursementArrangements>
        <LoansOrLoanGuarantees>false</LoansOrLoanGuarantees>
        <PerformanceOfServicesEtc>false</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>false</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>false</RelationshipsNoncharitableEOs>
      </TrnsfrTrRlnWithNoncharitableEO>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc2">
      <AccountingFees>
        <Category>TAX PREPARATION</Category>
        <Amount>1800</Amount>
        <NetInvestmentIncome>900</NetInvestmentIncome>
        <DisbursementsCharitablePrps>900</DisbursementsCharitablePrps>
      </AccountingFees>
      <AccountingFees>
        <Category>BOOKKEEPING</Category>
        <Amount>3600</Amount>
        <NetInvestmentIncome>3600</NetInvestmentIncome>
      </AccountingFees>
    </AccountingFeesSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc3">
      <InvestmentsCorpStock>
        <NameOfStock>BEGINNING OF YEAR</NameOfStock>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>576-TRANSOCEAN LTD</NameOfStock>
        <EOYBookValue>48449</EOYBookValue>
        <EOYFMV>29318</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>2000-DRYSHIPS INC</NameOfStock>
        <EOYBookValue>12958</EOYBookValue>
        <EOYFMV>8060</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>3850-ALTRIA GROUP INC.</NameOfStock>
        <EOYBookValue>51341</EOYBookValue>
        <EOYFMV>85932</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>700-ANADARKO PETROLEUM CORP</NameOfStock>
        <EOYBookValue>37825</EOYBookValue>
        <EOYFMV>32193</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>2600-ANNALY CAPITAL MANAGEMENT, INC</NameOfStock>
        <EOYBookValue>47345</EOYBookValue>
        <EOYFMV>45188</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>300-APPLE INC</NameOfStock>
        <EOYBookValue>72031</EOYBookValue>
        <EOYFMV>72930</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1200-BANCO SANTANDER S.A.</NameOfStock>
        <EOYBookValue>12480</EOYBookValue>
        <EOYFMV>14028</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>2100-BANK OF AMERICA CORP</NameOfStock>
        <EOYBookValue>36011</EOYBookValue>
        <EOYFMV>26166</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>500-BEST BUY INC</NameOfStock>
        <EOYBookValue>19226</EOYBookValue>
        <EOYFMV>15695</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>300-BUCKEYE PARTNERS LP</NameOfStock>
        <EOYBookValue>10767</EOYBookValue>
        <EOYFMV>18318</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>600-CATERPILLAR INC.</NameOfStock>
        <EOYBookValue>35908</EOYBookValue>
        <EOYFMV>39096</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1100-CELGENE CORP</NameOfStock>
        <EOYBookValue>45840</EOYBookValue>
        <EOYFMV>56617</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>800-CHEVRONTEXACO CORP</NameOfStock>
        <EOYBookValue>57621</EOYBookValue>
        <EOYFMV>59264</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>2000-CISCO SYSTEMS</NameOfStock>
        <EOYBookValue>31051</EOYBookValue>
        <EOYFMV>39970</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1000-COLGATE PALMOLIVE</NameOfStock>
        <EOYBookValue>36690</EOYBookValue>
        <EOYFMV>73840</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>2000-EV ENERGY PARNERS LP</NameOfStock>
        <EOYBookValue>62296</EOYBookValue>
        <EOYFMV>67240</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>4000-EL PASO CORPORATION</NameOfStock>
        <EOYBookValue>52144</EOYBookValue>
        <EOYFMV>45560</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1000-ELDORADO GOLD CORP</NameOfStock>
        <EOYBookValue>18773</EOYBookValue>
        <EOYFMV>19560</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1000-ENBRIDGE ENERGY PARTNERS, LP</NameOfStock>
        <EOYBookValue>52125</EOYBookValue>
        <EOYFMV>53750</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1000-ENERGY TRANSFER PARTNERS, LP</NameOfStock>
        <EOYBookValue>40360</EOYBookValue>
        <EOYFMV>45690</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1800-ENTERPRISE PRODUCTS PARTNERS LP</NameOfStock>
        <EOYBookValue>48587</EOYBookValue>
        <EOYFMV>55455</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1200-EXXON MOBIL</NameOfStock>
        <EOYBookValue>76206</EOYBookValue>
        <EOYFMV>70932</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>600-FLUOR CORP</NameOfStock>
        <EOYBookValue>25967</EOYBookValue>
        <EOYFMV>26796</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>400-FREEPORT MCMORAN COPPER &amp; GOLD</NameOfStock>
        <EOYBookValue>31093</EOYBookValue>
        <EOYFMV>28796</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1000-HUGOTON ROYALTY TRUST</NameOfStock>
        <EOYBookValue>18855</EOYBookValue>
        <EOYFMV>18140</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1200-JP MORGAN CHASE</NameOfStock>
        <EOYBookValue>40696</EOYBookValue>
        <EOYFMV>43632</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1200-JOHNSON &amp; JOHNSON</NameOfStock>
        <EOYBookValue>47413</EOYBookValue>
        <EOYFMV>68424</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1000-JOY GLOBAL</NameOfStock>
        <EOYBookValue>22409</EOYBookValue>
        <EOYFMV>56720</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>750-KINDER MORGAN ENERGY PARTNERS</NameOfStock>
        <EOYBookValue>43416</EOYBookValue>
        <EOYFMV>50258</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1400-LINN ENERGY LLC COMMON UNITS</NameOfStock>
        <EOYBookValue>41034</EOYBookValue>
        <EOYFMV>39928</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>500-MCDONALDS CORP</NameOfStock>
        <EOYBookValue>29210</EOYBookValue>
        <EOYFMV>36530</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>800-MERCK &amp; CO</NameOfStock>
        <EOYBookValue>23480</EOYBookValue>
        <EOYFMV>28128</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1000-PENN WEST ENERGY</NameOfStock>
        <EOYBookValue>19773</EOYBookValue>
        <EOYFMV>18780</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>500-PEPSICO INC</NameOfStock>
        <EOYBookValue>29547</EOYBookValue>
        <EOYFMV>32090</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1350-PHILIP MORRIS INTERNATIONAL</NameOfStock>
        <EOYBookValue>40071</EOYBookValue>
        <EOYFMV>69336</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>2000-PIONEER SOUTHWEST ENERGY UNIT L</NameOfStock>
        <EOYBookValue>50912</EOYBookValue>
        <EOYFMV>53720</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1000-QUEST DIAGNOSTICS INC.</NameOfStock>
        <EOYBookValue>32580</EOYBookValue>
        <EOYFMV>43500</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>500-REYNOLDS AMERICAN</NameOfStock>
        <EOYBookValue>29524</EOYBookValue>
        <EOYFMV>27270</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>10000-SIRIUS XM RADIO INC</NameOfStock>
        <EOYBookValue>33321</EOYBookValue>
        <EOYFMV>9560</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>900-VOLCANO CORP</NameOfStock>
        <EOYBookValue>17945</EOYBookValue>
        <EOYFMV>19890</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>800-WELLS FARGO &amp; CO</NameOfStock>
        <EOYBookValue>22921</EOYBookValue>
        <EOYFMV>18840</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1500-WHITING USA TRUST</NameOfStock>
        <EOYBookValue>29405</EOYBookValue>
        <EOYFMV>28830</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1500-BANK OF AMERICA CORP 8.2%</NameOfStock>
        <EOYBookValue>35036</EOYBookValue>
        <EOYFMV>38295</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1000-BANK OF AMERICA CORP 8.625%</NameOfStock>
        <EOYBookValue>21051</EOYBookValue>
        <EOYFMV>25690</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1383-BARCLAYS BANK PLC 7.75%</NameOfStock>
        <EOYBookValue>32596</EOYBookValue>
        <EOYFMV>35640</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1000-CONSTELLATION ENERGY GRP 8.625%</NameOfStock>
        <EOYBookValue>22265</EOYBookValue>
        <EOYFMV>27290</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1000-FIFTH THIRD CAP TR VII 8.875%</NameOfStock>
        <EOYBookValue>21050</EOYBookValue>
        <EOYFMV>26390</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1500-FIFTH THIRD CAP TR VI 7.25%</NameOfStock>
        <EOYBookValue>34312</EOYBookValue>
        <EOYFMV>37410</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1000-MERRILL LYNCH CAP TR III 7.375%</NameOfStock>
        <EOYBookValue>25245</EOYBookValue>
        <EOYFMV>24900</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>3000-NATIONAL CITY CAP TR IV 8%</NameOfStock>
        <EOYBookValue>54404</EOYBookValue>
        <EOYFMV>79110</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>900-PNC CAPITAL TRUST E 7.75%</NameOfStock>
        <EOYBookValue>22049</EOYBookValue>
        <EOYFMV>23643</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1000-SUNTRUST CAPITAL IX 7.875%</NameOfStock>
        <EOYBookValue>22025</EOYBookValue>
        <EOYFMV>26050</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1800-WELLS FARGO CAPITAL 7.875%</NameOfStock>
        <EOYBookValue>44661</EOYBookValue>
        <EOYFMV>47862</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1000-WELLS FARGO CAPITAL XIV 8.625%</NameOfStock>
        <EOYBookValue>25375</EOYBookValue>
        <EOYFMV>27930</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1000-ZIONS BANCORP</NameOfStock>
        <EOYBookValue>43399</EOYBookValue>
        <EOYFMV>46710</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>0.29-FIDELITY CONTRA FUND</NameOfStock>
        <EOYBookValue>14</EOYBookValue>
        <EOYFMV>17</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>7466.419-SEI INDEX FDS S&amp;P 500 IND</NameOfStock>
        <EOYBookValue>234373</EOYBookValue>
        <EOYFMV>215406</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>500-SELECT SECTOR SPDR ENERGY</NameOfStock>
        <EOYBookValue>29940</EOYBookValue>
        <EOYFMV>25600</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1526.643-TORTOISE ENERGY CAPITAL COR</NameOfStock>
        <EOYBookValue>37319</EOYBookValue>
        <EOYFMV>37952</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>12204.125-WASHINGTON MUTUAL INVESTM</NameOfStock>
        <EOYBookValue>350609</EOYBookValue>
        <EOYFMV>295899</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <LegalFeesSchedule documentId="RetDoc4">
      <LegalFees>
        <Category>LEGAL</Category>
        <Amount>235</Amount>
      </LegalFees>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="RetDoc5">
      <OtherAssets>
        <Description>COINS &amp; BULLION</Description>
        <BOYBookValue>32251</BOYBookValue>
        <EOYBookValue>32251</EOYBookValue>
        <EOYFMV>61330</EOYFMV>
      </OtherAssets>
      <OtherAssets>
        <Description>MINERALS</Description>
        <BOYBookValue>8724</BOYBookValue>
        <EOYBookValue>8724</EOYBookValue>
        <EOYFMV>8724</EOYFMV>
      </OtherAssets>
      <OtherAssets>
        <Description>COAL</Description>
        <EOYFMV>298191</EOYFMV>
      </OtherAssets>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="RetDoc6">
      <OtherExpenses>
        <Description>EXPENSES</Description>
      </OtherExpenses>
      <OtherExpenses>
        <Description>BANK CHARGES</Description>
        <RevenueAndExpensesPerBooks>6</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>6</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>SAFE DEPOSIT BOX</Description>
        <RevenueAndExpensesPerBooks>160</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>160</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>STORAGE EXPENSE</Description>
        <RevenueAndExpensesPerBooks>618</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>618</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>OFFICE SUPPLIES</Description>
        <RevenueAndExpensesPerBooks>100</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>100</NetInvestmentIncome>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc7">
      <OtherIncome>
        <Description>OIL AND GAS ROYALTIES</Description>
        <RevenueAndExpensesPerBooks>1070</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>1070</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>SECURITIES LITIGATION PROCEED</Description>
        <RevenueAndExpensesPerBooks>40</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>40</NetInvestmentIncome>
      </OtherIncome>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="RetDoc8">
      <OtherProfessionalFees>
        <Category>INVESTMENT MANAGEMENT</Category>
        <Amount>29259</Amount>
        <NetInvestmentIncome>29259</NetInvestmentIncome>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc9">
      <Taxes>
        <Category>ROYALTY PRODUCTION TAXES</Category>
        <Amount>4</Amount>
        <NetInvestmentIncome>4</NetInvestmentIncome>
      </Taxes>
      <Taxes>
        <Category>EXCISE TAXES</Category>
        <Amount>1198</Amount>
      </Taxes>
      <Taxes>
        <Category>FOREIGN TAXES</Category>
        <Amount>62</Amount>
        <NetInvestmentIncome>62</NetInvestmentIncome>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>