<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2020v4.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2021-12-02T07:08:21-06:00</ReturnTs>
    <TaxPeriodEndDt>2021-07-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>943426000</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>LYNCH &amp; COMPANY LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>PO BOX 3075</AddressLine1Txt>
        <CityNm>TEXAS CITY</CityNm>
        <StateAbbreviationCd>TX</StateAbbreviationCd>
        <ZIPCd>775923075</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2020-08-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>746035556</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>ABE&amp;ANNIE SEIBEL FOUNDATION G08110</BusinessNameLine1Txt>
        <BusinessNameLine2Txt>C/O FROST BANK</BusinessNameLine2Txt>
      </BusinessName>
      <BusinessNameControlTxt>ABE&amp;</BusinessNameControlTxt>
      <USAddress>
        <AddressLine1Txt>2201 MARKET STREET 3RD FLOOR</AddressLine1Txt>
        <CityNm>GALVESTON</CityNm>
        <StateAbbreviationCd>TX</StateAbbreviationCd>
        <ZIPCd>77550</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>FROST BANK</PersonNm>
      <PersonTitleTxt>TRUSTEE</PersonTitleTxt>
      <PhoneNum>4097707100</PhoneNum>
      <SignatureDt>2021-12-01</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <SigningOfficerGrp>
      <PersonFullName>
        <PersonFirstNm>FROST</PersonFirstNm>
        <PersonLastNm>BANK</PersonLastNm>
      </PersonFullName>
      <SSN>XXX-XX-XXXX</SSN>
    </SigningOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>LYNDEN W LYNCH JR</PreparerPersonNm>
      <PTIN>P01083000</PTIN>
      <PhoneNum>4097634484</PhoneNum>
      <PreparationDt>2021-12-01</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2020</TaxYr>
    <BuildTS>2022-09-23 18:48:47Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="9">
    <IRS990PF documentId="RetDoc9">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>49930505</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <DividendsRevAndExpnssAmt>655564</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>655564</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>1479468</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>1479468</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>1479468</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc7">4764294</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>3562</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>6899326</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>2138594</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>687536</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>254818</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>432718</CompOfcrDirTrstDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc1">9000</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>4500</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>4500</AccountingFeesChrtblPrpsAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc8">14522</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>1035</TaxesNetInvstIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc6">5192</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>868</OtherExpensesNetInvstIncmAmt>
        <TotOprExpensesRevAndExpnssAmt>716250</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>261221</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>437218</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>5835422</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>5835422</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>6551672</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>261221</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>6272640</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>347654</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>1877373</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>3811373</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>5387863</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>5387863</SavAndTempCashInvstEOYFMVAmt>
        <AcctRcvblAmt>22819134</AcctRcvblAmt>
        <AcctRcvblAllwncDbtflAcctAmt>22819134</AcctRcvblAllwncDbtflAcctAmt>
        <PrepaidExpensesBOYAmt>13200</PrepaidExpensesBOYAmt>
        <PrepaidExpensesEOYAmt>13600</PrepaidExpensesEOYAmt>
        <PrepaidExpensesEOYFMVAmt>13600</PrepaidExpensesEOYFMVAmt>
        <CorporateStockBOYAmt>22159863</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc3">21206925</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>36525380</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>7785728</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="RetDoc2">7509430</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>7989098</CorporateBondsEOYFMVAmt>
        <LandBldgEquipCostOrOtherBssAmt>560</LandBldgEquipCostOrOtherBssAmt>
        <LandBOYAmt>560</LandBOYAmt>
        <LandEOYAmt referenceDocumentId="RetDoc4">560</LandEOYAmt>
        <LandEOYFMVAmt>1000</LandEOYFMVAmt>
        <OtherAssetsBOYAmt referenceDocumentId="RetDoc5">22</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="RetDoc5">22</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="RetDoc5">13564</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>33770746</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>34118400</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>49930505</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <RetainedEarningBOYAmt>33770746</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>34118400</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>33770746</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>34118400</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>33770746</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>34118400</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>33770746</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>347654</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>34118400</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>34118400</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SCHEDULE ATTACHED</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2019-07-31</AcquiredDt>
          <SoldDt>2020-07-30</SoldDt>
          <GrossSalesPriceAmt>267741</GrossSalesPriceAmt>
          <GainOrLossAmt>267741</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>267741</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SCHEDULE ATTACHED</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2015-07-31</AcquiredDt>
          <SoldDt>2020-07-30</SoldDt>
          <GrossSalesPriceAmt>1200828</GrossSalesPriceAmt>
          <GainOrLossAmt>1200828</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1200828</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>1479468</CapitalGainNetIncomeAmt>
        <NetShortTermCapitalGainLossAmt>267741</NetShortTermCapitalGainLossAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>26095</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>26095</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>26095</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>13600</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>13600</TotalPaymentsAndCreditsAmt>
        <TaxDueAmt>12495</TaxDueAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>TX</OrgReportOrRegisterStateCd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>WWW.FROSTBANK.COM</WebsiteAddressTxt>
        <IndividualWithBooksNm>FROST NATIONAL BANK</IndividualWithBooksNm>
        <PhoneNum>4097631151</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>2201 MARKET ST</AddressLine1Txt>
          <AddressLine2Txt>3RD FLOOR</AddressLine2Txt>
          <CityNm>GALVESTON</CityNm>
          <StateAbbreviationCd>TX</StateAbbreviationCd>
          <ZIPCd>77550</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>MATTHEW DAVID COHEN</PersonNm>
          <USAddress>
            <AddressLine1Txt>P O BOX 8060</AddressLine1Txt>
            <CityNm>GALVESTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77553</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>5.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>2500</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>MARC ANDREW WEISS</PersonNm>
          <USAddress>
            <AddressLine1Txt>513 22ND STREET 1</AddressLine1Txt>
            <CityNm>GALVESTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77550</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>5.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>2500</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <BusinessName>
            <BusinessNameLine1Txt>FROST BANK</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>ATTN LINDSAY GLOVER</BusinessNameLine2Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>1700 POST OAK BLVD</AddressLine1Txt>
            <AddressLine2Txt>SUITE 400</AddressLine2Txt>
            <CityNm>HOUSTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>770563974</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>682536</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>STUDENT LOANS TO TEXAS RESIDENTS</Description1Txt>
        <Expenses1Amt>437218</Expenses1Amt>
        <Description2Txt>GRANT TO ANGELO STATE UNIVERSITY</Description2Txt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>41792112</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>3026798</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>15337</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>44834247</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>44834247</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>672514</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>44161733</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>2208087</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>2208087</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>26095</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>26095</TotalTaxAmt>
        <DistributableBeforeAdjAmt>2181992</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>4760732</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>6942724</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>6942724</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>6272640</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>6272640</QualifyingDistributionsAmt>
        <AdjustedQualifyingDistriAmt>6272640</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>6942724</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>5241521</UndistributedIncomePYAmt>
        <QualifyingDistributionsAmt>6272640</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>5241521</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>1031119</AppliedToCurrentYearAmt>
        <UndistributedIncomeCYAmt>5911605</UndistributedIncomeCYAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>FROST BANK</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>P O BOX 8210</AddressLine1Txt>
            <CityNm>GALVESTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77553</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>4097705665</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>APPLICATION FORMS AVAILABLE ON REQUEST</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>FEBRUARY 28</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>TEXAS RESIDENTS ENROLLED IN UNDERGRADUATE PROGRAMS AT TEXAS COLLEGES</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>STUDENTS - SCH ATTACHED</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>VARIOUS</AddressLine1Txt>
            <CityNm>VARIOUS</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77550</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PAID</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>5375422</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>ANGELO STATE UNIVERSITY</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>2601 W AVENUE N</AddressLine1Txt>
            <CityNm>SAN ANGELO</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>76909</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>460000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>5835422</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>655564</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <OtherInvestmentIncmPartVIIGrp>
          <ExclusionCd>15</ExclusionCd>
          <ExclusionAmt>3562</ExclusionAmt>
        </OtherInvestmentIncmPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>1479468</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>PRINCIPAL RECEIVED</Desc>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>4760732</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>6899326</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>6899326</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc1">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING</CategoryTxt>
        <Amt>9000</Amt>
        <NetInvestmentIncomeAmt>4500</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>4500</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpBondsSchedule documentId="RetDoc2">
      <InvestmentsCorporateBondsGrp>
        <BondNm>CORPORATE BONDS</BondNm>
        <EOYBookValueAmt>7509430</EOYBookValueAmt>
        <EOYFMVAmt>7989098</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>APPLE INC</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>APPLIED MATERIALS INC</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>BERSHIRE HATHAWAY FINANCE CORP</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>BOEING COMPANY</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>COCA-COLA COMPANY</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>DU PONT E I DE NEMOURS &amp; COMPANY</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>EXXON MOBIL CORPORATION</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>GOLDMAN SACHS GROUP INC</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>HOME DEPOT INC</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>MICROSOFT CORPORATION</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>PEPSICO INC</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>TJX COMPANIES INC</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>TOYOTA MOTOR CREDIT CORP</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>WAL-MART STORES INC</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>WELLS FARGO &amp; CO SERIES</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>SHELL INTERNATIONAL FINANCE BV</BondNm>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc3">
      <InvestmentsCorporateStockGrp>
        <StockNm>COMMON STOCKS</StockNm>
        <EOYBookValueAmt>20983688</EOYBookValueAmt>
        <EOYFMVAmt>36302143</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>EQUITY FUNDS</StockNm>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>RECEIVABLE ON UNSETTLED TRADE</StockNm>
        <EOYBookValueAmt>223237</EOYBookValueAmt>
        <EOYFMVAmt>223237</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WASH SALE BASIS</StockNm>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <LandEtcSchedule2 documentId="RetDoc4">
      <LandEtcGrp>
        <CategoryOrItemTxt>LIBERTY CO, TX - 1 ACRE</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>560</CostOrOtherBasisAmt>
        <BookValueAmt>560</BookValueAmt>
        <EOYFMVAmt>1000</EOYFMVAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <OtherAssetsSchedule documentId="RetDoc5">
      <OtherAssetsScheduleGrp>
        <Desc>MINERALS</Desc>
        <BOYBookValueAmt>22</BOYBookValueAmt>
        <EOYBookValueAmt>22</EOYBookValueAmt>
        <EOYFMVAmt>13564</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="RetDoc6">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PRINTING COSTS</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>TRUSTEE LIABILITY INS</Desc>
        <RevenueAndExpensesPerBooksAmt>4324</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ADR FEES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ROYALTY EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>868</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>868</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>LEGAL FEE</Desc>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc7">
      <OtherIncomeDetail>
        <Desc>ROYALTY</Desc>
        <RevenueAndExpensesPerBooksAmt>3562</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>3562</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>PRINCIPAL RECEIVED</Desc>
        <RevenueAndExpensesPerBooksAmt>4760732</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <TaxesSchedule documentId="RetDoc8">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX</CategoryTxt>
        <Amt>1035</Amt>
        <NetInvestmentIncomeAmt>1035</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>EXCISE TAX</CategoryTxt>
        <Amt>13487</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>AD VALOREM TAX</CategoryTxt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>
