﻿<?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="2024v5.1">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2025-05-13T14:58:47-05:00</ReturnTs>
    <TaxPeriodEndDt>2024-12-31</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>2024-01-01</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>2025-05-10</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>0</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>J ROBERT HANNAH JR</PreparerPersonNm>
      <PTIN>P00944294</PTIN>
      <PhoneNum>2102291829</PhoneNum>
      <PreparationDt>2025-05-10</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2024</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="11">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>44312273</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>672</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>672</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>1091861</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>1089606</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>20457850</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>30063949</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>20457850</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc2001500001">289494</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>289494</OtherIncomeNetInvstIncmAmt>
        <OtherIncomeAdjNetIncmAmt>0</OtherIncomeAdjNetIncmAmt>
        <TotalRevAndExpnssAmt>21839877</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>21837622</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>0</TotalAdjNetIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>50000</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>25000</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstAdjNetIncmAmt>0</CompOfcrDirTrstAdjNetIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>25000</CompOfcrDirTrstDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002200001">106928</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>80196</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>0</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>26732</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002300001">65079</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>62579</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesAdjNetIncmAmt>0</OtherProfFeesAdjNetIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>2500</OtherProfFeesDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">368633</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>368633</TaxesNetInvstIncmAmt>
        <TaxesAdjNetIncmAmt>0</TaxesAdjNetIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <TravConfMeetingRevAndExpnssAmt>440</TravConfMeetingRevAndExpnssAmt>
        <TravConfMeetingNetInvstIncmAmt>0</TravConfMeetingNetInvstIncmAmt>
        <TravConfMeetingAdjNetIncmAmt>0</TravConfMeetingAdjNetIncmAmt>
        <TravConfMeetingDsbrsChrtblAmt>440</TravConfMeetingDsbrsChrtblAmt>
        <PrintingAndPubRevAndExpnssAmt>2638</PrintingAndPubRevAndExpnssAmt>
        <PrintingAndPubNetInvstIncmAmt>2638</PrintingAndPubNetInvstIncmAmt>
        <PrintingAndPubAdjNetIncmAmt>0</PrintingAndPubAdjNetIncmAmt>
        <PrintingAndPubDsbrsChrtblAmt>0</PrintingAndPubDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc2003200001">25349</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>18449</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesAdjNetIncmAmt>0</OtherExpensesAdjNetIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>6900</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>619067</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>557495</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>0</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>61572</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>26505000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>26505000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>27124067</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>557495</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>0</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>26566572</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-5284190</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>21280127</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>127418</CashBOYAmt>
        <CashEOYAmt>68440</CashEOYAmt>
        <CashEOYFMVAmt>68440</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>1803576</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>5735912</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>5735912</SavAndTempCashInvstEOYFMVAmt>
        <USGovernmentObligationsBOYAmt>62446</USGovernmentObligationsBOYAmt>
        <USGovernmentObligationsEOYAmt referenceDocumentId="RetDoc2210400001">62446</USGovernmentObligationsEOYAmt>
        <USGovtObligationsEOYFMVAmt>39900</USGovtObligationsEOYFMVAmt>
        <CorporateStockBOYAmt>18141094</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2018900001">8995888</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>37887849</CorporateStockEOYFMVAmt>
        <OtherInvestmentsBOYAmt>2979</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc2018100001">2979</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>580008</OtherInvestmentsEOYFMVAmt>
        <OtherAssetsBOYAmt referenceDocumentId="RetDoc2046600001">17419</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="RetDoc2046600001">164</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="RetDoc2046600001">164</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>20154932</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>14865829</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>44312273</TotalAssetsEOYFMVAmt>
        <OtherLiabilitiesBOYAmt referenceDocumentId="RetDoc2065700001">4913</OtherLiabilitiesBOYAmt>
        <OtherLiabilitiesEOYAmt referenceDocumentId="RetDoc2065700001">0</OtherLiabilitiesEOYAmt>
        <TotalLiabilitiesBOYAmt>4913</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>0</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>0</CapitalStockEOYAmt>
        <AdditionalPaidInCapitalBOYAmt>0</AdditionalPaidInCapitalBOYAmt>
        <AdditionalPaidInCapitalEOYAmt>0</AdditionalPaidInCapitalEOYAmt>
        <RetainedEarningBOYAmt>20150019</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>14865829</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>20150019</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>14865829</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>20154932</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>14865829</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>20150019</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-5284190</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt>0</OtherIncreasesAmt>
        <SubtotalAmt>14865829</SubtotalAmt>
        <OtherDecreasesAmt>0</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>14865829</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>COVERED LT - FROST F0673000</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2012-05-10</AcquiredDt>
          <SoldDt>2024-04-09</SoldDt>
          <GrossSalesPriceAmt>62</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>49</CostOrOtherBasisAmt>
          <GainOrLossAmt>13</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>13</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>COVERED ST - FROST F0673100</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2023-05-18</AcquiredDt>
          <SoldDt>2024-01-29</SoldDt>
          <GrossSalesPriceAmt>297990</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>274348</CostOrOtherBasisAmt>
          <GainOrLossAmt>23642</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>23642</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>COVERED LT - FROST F0673100</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>17802647</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>5709599</CostOrOtherBasisAmt>
          <GainOrLossAmt>12093048</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>12093048</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>APPLE INC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2007-01-09</AcquiredDt>
          <SoldDt>2024-02-07</SoldDt>
          <GrossSalesPriceAmt>381031</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>6689</CostOrOtherBasisAmt>
          <GainOrLossAmt>374342</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>374342</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>APPLE INC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2007-01-09</AcquiredDt>
          <SoldDt>2024-02-09</SoldDt>
          <GrossSalesPriceAmt>380043</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>6689</CostOrOtherBasisAmt>
          <GainOrLossAmt>373354</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>373354</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>APPLE INC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2007-01-09</AcquiredDt>
          <SoldDt>2024-02-13</SoldDt>
          <GrossSalesPriceAmt>373028</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>6689</CostOrOtherBasisAmt>
          <GainOrLossAmt>366339</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>366339</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>APPLE INC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2007-01-09</AcquiredDt>
          <SoldDt>2024-02-26</SoldDt>
          <GrossSalesPriceAmt>364661</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>6692</CostOrOtherBasisAmt>
          <GainOrLossAmt>357969</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>357969</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>HOME DEPOT</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-05-20</AcquiredDt>
          <SoldDt>2024-02-07</SoldDt>
          <GrossSalesPriceAmt>148497</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>10079</CostOrOtherBasisAmt>
          <GainOrLossAmt>138418</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>138418</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>HOME DEPOT</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-05-20</AcquiredDt>
          <SoldDt>2024-02-09</SoldDt>
          <GrossSalesPriceAmt>148071</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>10079</CostOrOtherBasisAmt>
          <GainOrLossAmt>137992</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>137992</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>HOME DEPOT</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-05-20</AcquiredDt>
          <SoldDt>2024-02-13</SoldDt>
          <GrossSalesPriceAmt>144963</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>10079</CostOrOtherBasisAmt>
          <GainOrLossAmt>134884</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>134884</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>HOME DEPOT</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-05-20</AcquiredDt>
          <SoldDt>2024-02-26</SoldDt>
          <GrossSalesPriceAmt>71835</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>4756</CostOrOtherBasisAmt>
          <GainOrLossAmt>67079</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>67079</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>HONEYWELL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2005-06-15</AcquiredDt>
          <SoldDt>2024-02-07</SoldDt>
          <GrossSalesPriceAmt>70906</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>13031</CostOrOtherBasisAmt>
          <GainOrLossAmt>57875</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>57875</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>HONEYWELL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2005-06-15</AcquiredDt>
          <SoldDt>2024-02-09</SoldDt>
          <GrossSalesPriceAmt>70486</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>13031</CostOrOtherBasisAmt>
          <GainOrLossAmt>57455</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>57455</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>HONEYWELL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2005-06-15</AcquiredDt>
          <SoldDt>2024-02-13</SoldDt>
          <GrossSalesPriceAmt>70976</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>13031</CostOrOtherBasisAmt>
          <GainOrLossAmt>57945</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>57945</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>HONEYWELL</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2005-06-15</AcquiredDt>
          <SoldDt>2024-02-26</SoldDt>
          <GrossSalesPriceAmt>17903</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>3213</CostOrOtherBasisAmt>
          <GainOrLossAmt>14690</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>14690</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MICROCHIP TECH</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-04-30</AcquiredDt>
          <SoldDt>2024-02-07</SoldDt>
          <GrossSalesPriceAmt>79773</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>6597</CostOrOtherBasisAmt>
          <GainOrLossAmt>73176</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>73176</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MICROCHIP TECH</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-04-30</AcquiredDt>
          <SoldDt>2024-02-09</SoldDt>
          <GrossSalesPriceAmt>81580</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>6597</CostOrOtherBasisAmt>
          <GainOrLossAmt>74983</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>74983</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MICROCHIP TECH</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-04-30</AcquiredDt>
          <SoldDt>2024-02-13</SoldDt>
          <GrossSalesPriceAmt>77813</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>6597</CostOrOtherBasisAmt>
          <GainOrLossAmt>71216</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>71216</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MICROCHIP TECH</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-04-30</AcquiredDt>
          <SoldDt>2024-02-26</SoldDt>
          <GrossSalesPriceAmt>79436</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>6604</CostOrOtherBasisAmt>
          <GainOrLossAmt>72832</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>72832</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>VISA INC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2010-08-10</AcquiredDt>
          <SoldDt>2024-02-07</SoldDt>
          <GrossSalesPriceAmt>162287</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>10876</CostOrOtherBasisAmt>
          <GainOrLossAmt>151411</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>151411</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>VISA INC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2010-08-10</AcquiredDt>
          <SoldDt>2024-02-09</SoldDt>
          <GrossSalesPriceAmt>160241</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>10876</CostOrOtherBasisAmt>
          <GainOrLossAmt>149365</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>149365</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>VISA INC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2010-08-10</AcquiredDt>
          <SoldDt>2024-02-13</SoldDt>
          <GrossSalesPriceAmt>160096</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>10876</CostOrOtherBasisAmt>
          <GainOrLossAmt>149220</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>149220</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>VISA INC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2010-08-10</AcquiredDt>
          <SoldDt>2024-02-26</SoldDt>
          <GrossSalesPriceAmt>165173</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>10895</CostOrOtherBasisAmt>
          <GainOrLossAmt>154278</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>154278</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>COVERED ST - FROST FC695</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>870208</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>648411</CostOrOtherBasisAmt>
          <GainOrLossAmt>221797</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>221797</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>COVERED LT - FROST FC695</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>7702331</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>2799716</CostOrOtherBasisAmt>
          <GainOrLossAmt>4902615</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>4902615</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CENTRAL SECURITIES</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2024-12-26</SoldDt>
          <GrossSalesPriceAmt>181912</GrossSalesPriceAmt>
          <GainOrLossAmt>181912</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>181912</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>20457850</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>295794</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>295794</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>295794</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>340000</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>0</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>340000</TotalPaymentsAndCreditsAmt>
        <EsPenaltyAmt>0</EsPenaltyAmt>
        <OverpaymentAmt>44206</OverpaymentAmt>
        <AppliedToESTaxAmt>44206</AppliedToESTaxAmt>
        <RefundAmt>0</RefundAmt>
      </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>40960289</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>4836385</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>45796674</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>45796674</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>686950</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>45109724</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>2255486</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>2255486</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>295794</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>295794</TotalTaxAmt>
        <DistributableBeforeAdjAmt>1959692</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>1959692</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>1959692</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>26566572</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>26566572</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>1959692</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>528655</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <TotalExcessDistributionCyovAmt>0</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>26566572</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>528655</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>1959692</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>24078225</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>24078225</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>0</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>24078225</ExcessDistriCyovToNextYrAmt>
        <ExcessFromCurrentYearAmt>24078225</ExcessFromCurrentYearAmt>
      </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>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>EVENT SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>2500</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>TRINITY UNIVERSITY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>715 STADIUM DR</AddressLine1Txt>
            <CityNm>SAN ANTONIO</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78212</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SEMMES SCHOOL OF SCIENCE (EDUCATION, RESEARCH, ENDOWMENT)</GrantOrContributionPurposeTxt>
          <Amt>26500000</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>
        <TotalGrantOrContriPdDurYrAmt>26505000</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>672</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>1091861</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <OtherInvestmentIncomeGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>289494</ExclusionAmt>
        </OtherInvestmentIncomeGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>20457850</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>21839877</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>21839877</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 &amp; LEGAL</CategoryTxt>
        <Amt>106928</Amt>
        <NetInvestmentIncomeAmt>80196</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>26732</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>FROST BANK</StockNm>
        <EOYBookValueAmt>8995888</EOYBookValueAmt>
        <EOYFMVAmt>37887849</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="RetDoc2210400001">
      <USGovtObligationsBookVlEOYAmt>0</USGovtObligationsBookVlEOYAmt>
      <USGovtObligationsEOYFMVAmt>0</USGovtObligationsEOYFMVAmt>
      <StateLocalSecBookVlEOYAmt>62446</StateLocalSecBookVlEOYAmt>
      <StateLocalSecEOYFMVAmt>39900</StateLocalSecEOYFMVAmt>
    </InvestmentsGovtObligationsSch>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ROYALTY INTEREST</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>2979</BookValueAmt>
        <EOYFMVAmt>580008</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherAssetsSchedule documentId="RetDoc2046600001">
      <OtherAssetsScheduleGrp>
        <Desc>INVESTMENT INCOME ACCRUAL</Desc>
        <BOYBookValueAmt>17419</BOYBookValueAmt>
        <EOYBookValueAmt>164</EOYBookValueAmt>
        <EOYFMVAmt>164</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>OTHER OIL &amp; GAS EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>11454</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>11454</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>RENT/PARKING/UTILITIES</Desc>
        <RevenueAndExpensesPerBooksAmt>13800</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>6900</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>6900</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FILING FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>5</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>5</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ADR FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>90</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>90</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>SABINE ROYALTY TRUST</Desc>
        <RevenueAndExpensesPerBooksAmt>96153</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>96153</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>OIL &amp; GAS GROSS ROYALTIES</Desc>
        <RevenueAndExpensesPerBooksAmt>193336</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>193336</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>MISCELLANEOUS INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>5</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>5</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherLiabilitiesSchedule documentId="RetDoc2065700001">
      <OtherLiabilitiesDetail>
        <Desc>FEDERAL EXCISE TAX PAYABLE</Desc>
        <BOYBookValueAmt>4913</BOYBookValueAmt>
        <EOYBookValueAmt>0</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc2002300001">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CONTRACT SERVICES</CategoryTxt>
        <Amt>6920</Amt>
        <NetInvestmentIncomeAmt>4420</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2500</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT FEES</CategoryTxt>
        <Amt>58159</Amt>
        <NetInvestmentIncomeAmt>58159</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>PRODUCTION TAXES</CategoryTxt>
        <Amt>20459</Amt>
        <NetInvestmentIncomeAmt>20459</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES</CategoryTxt>
        <Amt>206</Amt>
        <NetInvestmentIncomeAmt>206</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>AD VALOREM TAXES</CategoryTxt>
        <Amt>7968</Amt>
        <NetInvestmentIncomeAmt>7968</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>EXCISE TAX</CategoryTxt>
        <Amt>340000</Amt>
        <NetInvestmentIncomeAmt>340000</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>