<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2023v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2024-05-09T11:53:45-05:00</ReturnTs>
    <TaxPeriodEndDt>2023-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>475186683</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>HANNAH CPA PC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>800 NAVARRO STREET SUITE 200</AddressLine1Txt>
        <CityNm>SAN ANTONIO</CityNm>
        <StateAbbreviationCd>TX</StateAbbreviationCd>
        <ZIPCd>78205</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2023-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>746062264</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>SEMMES FOUNDATION INC</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>SEMM</BusinessNameControlTxt>
      <PhoneNum>2102250887</PhoneNum>
      <USAddress>
        <AddressLine1Txt>800 NAVARRO SUITE 210</AddressLine1Txt>
        <CityNm>SAN ANTONIO</CityNm>
        <StateAbbreviationCd>TX</StateAbbreviationCd>
        <ZIPCd>78205</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>THOMAS R SEMMES</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>2102250887</PhoneNum>
      <SignatureDt>2024-05-06</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <SigningOfficerGrp>
      <PersonFullName>
        <PersonFirstNm>THOMAS</PersonFirstNm>
        <PersonLastNm>SEMMES</PersonLastNm>
      </PersonFullName>
      <SSN>XXX-XX-XXXX</SSN>
    </SigningOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>0</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>J ROBERT HANNAH JR</PreparerPersonNm>
      <PTIN>P00944294</PTIN>
      <PhoneNum>2102291829</PhoneNum>
      <PreparationDt>2024-05-06</PreparationDt>
    </PreparerPersonGrp>
    <AdditionalFilerInformation>
      <TrustedCustomerGrp>
        <TrustedCustomerCd>2</TrustedCustomerCd>
        <AuthenticationAssuranceLevelCd>AAL1</AuthenticationAssuranceLevelCd>
        <IdentityAssuranceLevelCd>IAL1</IdentityAssuranceLevelCd>
      </TrustedCustomerGrp>
    </AdditionalFilerInformation>
    <TaxYr>2023</TaxYr>
    <BuildTS>2023-04-26 12:10:37Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="11">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>64111264</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>738</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>738</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>1247471</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>1247471</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>1266733</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>4564837</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>1266733</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc2001500001">378935</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>378935</OtherIncomeNetInvstIncmAmt>
        <OtherIncomeAdjNetIncmAmt>0</OtherIncomeAdjNetIncmAmt>
        <TotalRevAndExpnssAmt>2893877</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>2893877</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>0</TotalAdjNetIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>50000</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>0</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstAdjNetIncmAmt>0</CompOfcrDirTrstAdjNetIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>50000</CompOfcrDirTrstDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002200001">24625</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>12313</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>0</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>12312</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002300001">180397</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>179647</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesAdjNetIncmAmt>0</OtherProfFeesAdjNetIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>750</OtherProfFeesDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">79843</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>43161</TaxesNetInvstIncmAmt>
        <TaxesAdjNetIncmAmt>0</TaxesAdjNetIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <TravConfMeetingRevAndExpnssAmt>1647</TravConfMeetingRevAndExpnssAmt>
        <TravConfMeetingNetInvstIncmAmt>0</TravConfMeetingNetInvstIncmAmt>
        <TravConfMeetingAdjNetIncmAmt>0</TravConfMeetingAdjNetIncmAmt>
        <TravConfMeetingDsbrsChrtblAmt>1647</TravConfMeetingDsbrsChrtblAmt>
        <PrintingAndPubRevAndExpnssAmt>120</PrintingAndPubRevAndExpnssAmt>
        <PrintingAndPubNetInvstIncmAmt>0</PrintingAndPubNetInvstIncmAmt>
        <PrintingAndPubAdjNetIncmAmt>0</PrintingAndPubAdjNetIncmAmt>
        <PrintingAndPubDsbrsChrtblAmt>120</PrintingAndPubDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc2003200001">25557</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>18156</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesAdjNetIncmAmt>0</OtherExpensesAdjNetIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>7401</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>362189</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>253277</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>0</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>72230</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>5294650</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>5294650</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>5656839</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>253277</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>0</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>5366880</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-2762962</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>2640600</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>76337</CashBOYAmt>
        <CashEOYAmt>127418</CashEOYAmt>
        <CashEOYFMVAmt>127418</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>3326797</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>1803576</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>1803576</SavAndTempCashInvstEOYFMVAmt>
        <PrepaidExpensesBOYAmt>14361</PrepaidExpensesBOYAmt>
        <USGovernmentObligationsBOYAmt>62446</USGovernmentObligationsBOYAmt>
        <USGovernmentObligationsEOYAmt referenceDocumentId="RetDoc2210400001">62446</USGovernmentObligationsEOYAmt>
        <USGovtObligationsEOYFMVAmt>40200</USGovtObligationsEOYFMVAmt>
        <CorporateStockBOYAmt>19426392</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2018900001">18141094</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>60985882</CorporateStockEOYFMVAmt>
        <OtherInvestmentsBOYAmt>2979</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc2018100001">2979</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>1136769</OtherInvestmentsEOYFMVAmt>
        <OtherAssetsBOYAmt referenceDocumentId="RetDoc2046600001">3669</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="RetDoc2046600001">17419</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="RetDoc2046600001">17419</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>22912981</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>20154932</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>64111264</TotalAssetsEOYFMVAmt>
        <OtherLiabilitiesBOYAmt referenceDocumentId="RetDoc2065700001">0</OtherLiabilitiesBOYAmt>
        <OtherLiabilitiesEOYAmt referenceDocumentId="RetDoc2065700001">4913</OtherLiabilitiesEOYAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>4913</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>0</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>0</CapitalStockEOYAmt>
        <AdditionalPaidInCapitalBOYAmt>0</AdditionalPaidInCapitalBOYAmt>
        <AdditionalPaidInCapitalEOYAmt>0</AdditionalPaidInCapitalEOYAmt>
        <RetainedEarningBOYAmt>22912981</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>20150019</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>22912981</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>20150019</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>22912981</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>20154932</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>22912981</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-2762962</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt>0</OtherIncreasesAmt>
        <SubtotalAmt>20150019</SubtotalAmt>
        <OtherDecreasesAmt>0</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>20150019</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CENTRAL SECURITIES CORP</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2000-02-15</AcquiredDt>
          <SoldDt>2023-12-21</SoldDt>
          <GrossSalesPriceAmt>123944</GrossSalesPriceAmt>
          <GainOrLossAmt>123944</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>123944</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>COVERED LT - FROST F0673000</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2022-01-01</AcquiredDt>
          <SoldDt>2023-12-31</SoldDt>
          <GrossSalesPriceAmt>38978</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>55309</CostOrOtherBasisAmt>
          <GainOrLossAmt>-16331</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-16331</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CG DISTRIB - FROST F0673000</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2022-01-01</AcquiredDt>
          <SoldDt>2023-12-31</SoldDt>
          <GrossSalesPriceAmt>15493</GrossSalesPriceAmt>
          <GainOrLossAmt>15493</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>15493</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CG DISTRIB - FROST F0673100</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2022-01-01</AcquiredDt>
          <SoldDt>2023-12-31</SoldDt>
          <GrossSalesPriceAmt>12</GrossSalesPriceAmt>
          <GainOrLossAmt>12</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>12</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>COVERED ST - FROST F0673100</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2023-01-01</AcquiredDt>
          <SoldDt>2023-12-31</SoldDt>
          <GrossSalesPriceAmt>686819</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>653527</CostOrOtherBasisAmt>
          <GainOrLossAmt>33292</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>33292</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>COVERED LT - FROST F0673100</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2022-01-01</AcquiredDt>
          <SoldDt>2023-12-31</SoldDt>
          <GrossSalesPriceAmt>2830394</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>2064052</CostOrOtherBasisAmt>
          <GainOrLossAmt>766342</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>766342</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>HOME DEPOT</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-05-20</AcquiredDt>
          <SoldDt>2023-06-06</SoldDt>
          <GrossSalesPriceAmt>44365</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>3696</CostOrOtherBasisAmt>
          <GainOrLossAmt>40669</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>40669</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>HONEYWELL INTERNATIONAL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2022-01-01</AcquiredDt>
          <SoldDt>2023-06-06</SoldDt>
          <GrossSalesPriceAmt>74356</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>14062</CostOrOtherBasisAmt>
          <GainOrLossAmt>60294</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>60294</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MICROCHIP TECHNOLOGY</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-04-30</AcquiredDt>
          <SoldDt>2023-06-06</SoldDt>
          <GrossSalesPriceAmt>35723</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>3209</CostOrOtherBasisAmt>
          <GainOrLossAmt>32514</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>32514</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>RTX CORP</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2010-07-21</AcquiredDt>
          <SoldDt>2023-06-06</SoldDt>
          <GrossSalesPriceAmt>106901</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>42949</CostOrOtherBasisAmt>
          <GainOrLossAmt>63952</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>63952</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>VISA INC CL A</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2010-08-10</AcquiredDt>
          <SoldDt>2023-06-06</SoldDt>
          <GrossSalesPriceAmt>85610</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>7020</CostOrOtherBasisAmt>
          <GainOrLossAmt>78590</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>78590</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>COVERED ST - FROST LKCM FC695</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2023-01-01</AcquiredDt>
          <SoldDt>2023-12-31</SoldDt>
          <GrossSalesPriceAmt>41129</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>47467</CostOrOtherBasisAmt>
          <GainOrLossAmt>-6338</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-6338</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>COVERED LT - FROST LKCM FC695</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2022-01-01</AcquiredDt>
          <SoldDt>2023-12-31</SoldDt>
          <GrossSalesPriceAmt>464941</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>396651</CostOrOtherBasisAmt>
          <GainOrLossAmt>68290</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>68290</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CENTRAL SECURITIES CORP</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2000-02-15</AcquiredDt>
          <SoldDt>2023-12-29</SoldDt>
          <GrossSalesPriceAmt>3</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>2</CostOrOtherBasisAmt>
          <GainOrLossAmt>1</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>KYNDRYL HOLDINGS INC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2006-06-22</AcquiredDt>
          <SoldDt>2023-08-18</SoldDt>
          <GrossSalesPriceAmt>6278</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>7341</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1063</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1063</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>ORGANON &amp; CO</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2022-01-01</AcquiredDt>
          <SoldDt>2023-08-18</SoldDt>
          <GrossSalesPriceAmt>8950</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>2710</CostOrOtherBasisAmt>
          <GainOrLossAmt>6240</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>6240</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>ZIMVIE INC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2022-01-01</AcquiredDt>
          <SoldDt>2023-08-18</SoldDt>
          <GrossSalesPriceAmt>941</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>109</CostOrOtherBasisAmt>
          <GainOrLossAmt>832</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>832</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>1266733</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>36704</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>36704</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>36704</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>31791</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>0</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>31791</TotalPaymentsAndCreditsAmt>
        <EsPenaltyAmt>0</EsPenaltyAmt>
        <TaxDueAmt>4913</TaxDueAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>0</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>0</MoreThan100SpentInd>
        <Form1120POLFiledInd>0</Form1120POLFiledInd>
        <Section4955OrganizationTaxAmt>0</Section4955OrganizationTaxAmt>
        <Section4955ManagersTaxAmt>0</Section4955ManagersTaxAmt>
        <TaxReimbursedAmt>0</TaxReimbursedAmt>
        <ActivitiesNotPreviouslyRptInd>0</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>0</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>0</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>0</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>1</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>1</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>TX</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>0</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>WWW.SEMMESFOUNDATION.ORG</WebsiteAddressTxt>
        <IndividualWithBooksNm>THOMAS R SEMMES</IndividualWithBooksNm>
        <PhoneNum>2102250887</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>800 NAVARRO STE 210</AddressLine1Txt>
          <CityNm>SAN ANTONIO</CityNm>
          <StateAbbreviationCd>TX</StateAbbreviationCd>
          <ZIPCd>78205</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>0</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>0</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>0</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>0</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>0</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>0</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>0</PaymentToGovernmentOfficialInd>
        <UncorrectedPriorActsInd>0</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>0</UndistributedIncomePYInd>
        <BusinessHoldingsInd>0</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>0</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>0</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>0</InfluenceLegislationInd>
        <InfluenceElectionInd>0</InfluenceElectionInd>
        <GrantsToIndividualsInd>0</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>0</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>0</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>0</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>0</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>0</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>THOMAS R SEMMES</PersonNm>
          <USAddress>
            <AddressLine1Txt>800 NAVARRO STE 210</AddressLine1Txt>
            <CityNm>SAN ANTONIO</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78205</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>15.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>PATRICIA SEMMES</PersonNm>
          <USAddress>
            <AddressLine1Txt>800 NAVARRO STE 210</AddressLine1Txt>
            <CityNm>SAN ANTONIO</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78205</ZIPCd>
          </USAddress>
          <TitleTxt>VICE-PRESIDENT/SECRETARY</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>WILLIAM M FISHER</PersonNm>
          <USAddress>
            <AddressLine1Txt>755 E MULBERRY</AddressLine1Txt>
            <CityNm>SAN ANTONIO</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78212</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>CORY ALBRACHT</PersonNm>
          <USAddress>
            <AddressLine1Txt>27751 RANCH LANE</AddressLine1Txt>
            <CityNm>BOERNE</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78006</ZIPCd>
          </USAddress>
          <TitleTxt>SECRETARY-TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>10.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>50000</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>58188120</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>2555014</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>1459513</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>62202647</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>62202647</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>933040</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>61269607</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>3063480</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>3063480</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>36704</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>36704</TotalTaxAmt>
        <DistributableBeforeAdjAmt>3026776</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>3026776</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>3026776</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>5366880</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>5366880</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>3026776</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>2868759</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <TotalExcessDistributionCyovAmt>0</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>5366880</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>2868759</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>2498121</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>0</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>528655</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>0</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>0</ExcessDistriCyovToNextYrAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>CORY ALBRACHT</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>800 NAVARRO SUITE 210</AddressLine1Txt>
            <CityNm>SAN ANTONIO</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78205</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>2102250887</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>CONCISE WRITTEN PROPOSALS. MUST SHOW EXEMPT STATUS.</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>NONE</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>GENERALLY SAN ANTONIO AREA. NO INDIVIDUAL GRANTS, LOANS. THE MAJORITY OF CONTRIBUTIONS ARE IN AREAS OF INTEREST, OR INSTITUTIONS SPECIFIED BY THE BOARD OF DIRECTORS.</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>OUR LADY OF THE LAKE UNIVERSITY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>11 SW 24TH STREET</AddressLine1Txt>
            <CityNm>SAN ANTONIO</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78207</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PRESIDENT'S DISCRETIONARY FUND</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TEXAS BAR FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>505 LAVACA ST SUITE 105</AddressLine1Txt>
            <CityNm>AUSTIN</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78701</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>LEGAL AID</GrantOrContributionPurposeTxt>
          <Amt>2000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TEXAS BIOMEDICAL RESEARCH INSTITUTE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 760549</AddressLine1Txt>
            <CityNm>SAN ANTONIO</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78245</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>MEDICAL RESEARCH SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>1150</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIVERSITY OF TEXAS AUSTIN</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>110 INNER CAMPUS DR</AddressLine1Txt>
            <CityNm>AUSTIN</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78701</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>MCDONALD OBSERVATORY</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIVERSITY OF TEXAS SAN ANTONIO</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1 UTSA CIRCLE</AddressLine1Txt>
            <CityNm>SAN ANTONIO</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78249</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE SANTA FE OPERA</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>301 OPERA DR</AddressLine1Txt>
            <CityNm>SANTA FE</CityNm>
            <StateAbbreviationCd>NM</StateAbbreviationCd>
            <ZIPCd>87506</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MCNAY ART MUSEUM</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>6000 N NEW BRAUNFELS AVE</AddressLine1Txt>
            <CityNm>SAN ANTONIO</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78209</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>151000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>OPERA SAN ANTONIO</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>4500 INDUSTRY PARK DR</AddressLine1Txt>
            <CityNm>SAN ANTONIO</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78218</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SAN ANTONIO ACADEMY OF TEXAS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>117 E FRENCH PLACE</AddressLine1Txt>
            <CityNm>SAN ANTONIO</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78212</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>ENDOWMENT FUND</GrantOrContributionPurposeTxt>
          <Amt>5000000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>5294650</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>738</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>1247471</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <OtherInvestmentIncomeGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>378935</ExclusionAmt>
        </OtherInvestmentIncomeGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>1266733</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>2893877</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>2893877</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>0</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>0</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>0</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>0</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>0</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>0</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>0</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>0</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>0</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>0</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc2002200001">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>24625</Amt>
        <NetInvestmentIncomeAmt>12313</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>12312</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>FROST BANK</StockNm>
        <EOYBookValueAmt>15464753</EOYBookValueAmt>
        <EOYFMVAmt>51803685</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>VANGUARD GROUP</StockNm>
        <EOYBookValueAmt>2676341</EOYBookValueAmt>
        <EOYFMVAmt>9182197</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="RetDoc2210400001">
      <USGovtObligationsBookVlEOYAmt>0</USGovtObligationsBookVlEOYAmt>
      <USGovtObligationsEOYFMVAmt>0</USGovtObligationsEOYFMVAmt>
      <StateLocalSecBookVlEOYAmt>62446</StateLocalSecBookVlEOYAmt>
      <StateLocalSecEOYFMVAmt>40200</StateLocalSecEOYFMVAmt>
    </InvestmentsGovtObligationsSch>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ROYALTY INTEREST</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>2979</BookValueAmt>
        <EOYFMVAmt>1136769</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherAssetsSchedule documentId="RetDoc2046600001">
      <OtherAssetsScheduleGrp>
        <Desc>INVESTMENT INCOME ACCRUAL</Desc>
        <BOYBookValueAmt>3669</BOYBookValueAmt>
        <EOYBookValueAmt>17419</EOYBookValueAmt>
        <EOYFMVAmt>17419</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>OTHER OIL &amp; GAS EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>10756</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>10756</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INTEREST EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>209</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>104</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>105</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>RENT/PARKING/UTILITIES</Desc>
        <RevenueAndExpensesPerBooksAmt>13800</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>6900</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>6900</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>660</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>330</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>330</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>POSTAGE/MAILING SERVICE</Desc>
        <RevenueAndExpensesPerBooksAmt>132</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>66</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>66</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>SABINE ROYALTY TRUST</Desc>
        <RevenueAndExpensesPerBooksAmt>109511</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>109511</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>OIL &amp; GAS GROSS ROYALTIES</Desc>
        <RevenueAndExpensesPerBooksAmt>269412</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>269412</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>MISCELLANEOUS INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>12</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>12</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherLiabilitiesSchedule documentId="RetDoc2065700001">
      <OtherLiabilitiesDetail>
        <Desc>FEDERAL EXCISE TAX PAYABLE</Desc>
        <BOYBookValueAmt>0</BOYBookValueAmt>
        <EOYBookValueAmt>4913</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc2002300001">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CONTRACT SERVICES</CategoryTxt>
        <Amt>750</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>750</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT FEES</CategoryTxt>
        <Amt>179647</Amt>
        <NetInvestmentIncomeAmt>179647</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>PRODUCTION TAXES</CategoryTxt>
        <Amt>25757</Amt>
        <NetInvestmentIncomeAmt>25757</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES</CategoryTxt>
        <Amt>818</Amt>
        <NetInvestmentIncomeAmt>818</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>AD VALOREM TAXES</CategoryTxt>
        <Amt>16585</Amt>
        <NetInvestmentIncomeAmt>16586</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>EXCISE TAX</CategoryTxt>
        <Amt>36683</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>
