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        <SecuritiesAmt>19823073</SecuritiesAmt>
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        <TotalRevenueColumnAmt>-81379</TotalRevenueColumnAmt>
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        <ExclusionAmt>-81379</ExclusionAmt>
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      <NetIncmFromFundraisingEvtGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
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        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
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        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
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        <Desc>PCORI FEES</Desc>
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      <OtherExpensesGrp>
        <Desc>ALL OTHER EXPENSES</Desc>
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        <TotalAmt>41927924</TotalAmt>
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        <EOYAmt>0</EOYAmt>
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        <EOYAmt>0</EOYAmt>
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      <EscrowAccountLiabilityGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>0</EOYAmt>
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      <LoansFromOfficersDirectorsGrp>
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        <BOYAmt>0</BOYAmt>
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      <OtherLiabilitiesGrp>
        <BOYAmt>21931217</BOYAmt>
        <EOYAmt>21387240</EOYAmt>
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      <TotalLiabilitiesGrp>
        <BOYAmt>22378031</BOYAmt>
        <EOYAmt>21693751</EOYAmt>
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      <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
      <CapStkTrPrinCurrentFundsGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>0</EOYAmt>
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      <PdInCapSrplsLandBldgEqpFundGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>0</EOYAmt>
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      <RtnEarnEndowmentIncmOthFndsGrp>
        <BOYAmt>23829719</BOYAmt>
        <EOYAmt>30651998</EOYAmt>
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      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>23829719</BOYAmt>
        <EOYAmt>30651998</EOYAmt>
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      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>46207750</BOYAmt>
        <EOYAmt>52345749</EOYAmt>
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      <ReconcilationRevenueExpnssAmt>6285233</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>537046</NetUnrlzdGainsLossesInvstAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>false</AccountantCompileOrReviewInd>
      <FSAuditedInd>true</FSAuditedInd>
      <FSAuditedBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>true</AuditCommitteeInd>
    </IRS990>
    <IRS990ScheduleD documentId="IRS990ScheduleD">
      <ArtPublicExhibitionAmountsGrp />
      <HeldWorksArtGrp />
      <CYMinus3YrEndwmtFundGrp />
      <CYMinus4YrEndwmtFundGrp />
      <LandGrp />
      <BuildingsGrp />
      <LeaseholdImprovementsGrp />
      <EquipmentGrp>
        <OtherCostOrOtherBasisAmt>222579</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>134627</DepreciationAmt>
        <BookValueAmt>87952</BookValueAmt>
      </EquipmentGrp>
      <OtherLandBuildingsGrp />
      <TotalBookValueLandBuildingsAmt>87952</TotalBookValueLandBuildingsAmt>
      <FederalIncomeTaxLiabilityAmt>0</FederalIncomeTaxLiabilityAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>CLAIMS INCURRED BUT NOT REPORTED</Desc>
        <Amt>5125408</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>ACCUMULATED ELIGIBILITY - LAG MONTHS</Desc>
        <Amt>6494122</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>ACCUMULATED ELIGIBILITY - BANK HOURS</Desc>
        <Amt>9743022</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>CLAIMS PAYABLE</Desc>
        <Amt>24688</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>21387240</TotalLiabilityAmt>
      <FootnoteTextInd>X</FootnoteTextInd>
      <TotalRevEtcAuditedFinclStmtAmt>48655979</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>537046</NetUnrealizedGainsInvstAmt>
      <RevenueNotReportedAmt>537046</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>48118933</RevenueSubtotalAmt>
      <InvestmentExpensesNotIncldAmt>94224</InvestmentExpensesNotIncldAmt>
      <RevenueNotReportedFinclStmtAmt>94224</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>48213157</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>42390893</TotExpnsEtcAuditedFinclStmtAmt>
      <OtherExpensesIncludedAmt>21944433</OtherExpensesIncludedAmt>
      <ExpensesNotReportedAmt>21944433</ExpensesNotReportedAmt>
      <ExpensesSubtotalAmt>20446460</ExpensesSubtotalAmt>
      <InvestmentExpensesNotIncld2Amt>94224</InvestmentExpensesNotIncld2Amt>
      <OtherExpensesNotIncludedAmt>21387240</OtherExpensesNotIncludedAmt>
      <ExpensesNotRptFinclStmtAmt>21481464</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>41927924</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE PLAN AND RECOGNIZE A TAX LIABILITY IF THE PLAN HAS TAKEN A TAX POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY A TAX AUTHORITY. THE PLAN IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER; THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. PART XII, LINE 2D: DECEMBER 31, 2023 BENEFIT OBLIGATIONS $21,944,433 PART XII, LINE 4B: DECEMBER 31, 2024 BENEFIT OBLIGATIONS $21,387,240</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleJ documentId="IRS990ScheduleJ">
      <BoardOrCommitteeApprovalInd>X</BoardOrCommitteeApprovalInd>
      <SeverancePaymentInd>false</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>false</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>false</EquityBasedCompArrngmInd>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>JOHN FLANAGAN</PersonNm>
        <TitleTxt>EXECUTIVE DIRECTOR</TitleTxt>
        <BaseCompensationFilingOrgAmt>195300</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>14700</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>46500</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>3500</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>12090</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>910</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>25389</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>1911</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>279279</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>21021</TotalCompensationRltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="IRS990ScheduleO">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART VI, LINE 11A:</FormAndLineReferenceDesc>
        <ExplanationTxt>FORM 990 WAS REVIEWED BY THE PLAN'S CHAIR AND SECRETARY AND IF THERE ARE ANY QUESTIONS OR COMMENTS, SUCH QUESTIONS OR COMMENTS WILL BE COMMUNICATED TO THE FULL BOARD.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART VI, LINE 12C:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BOARD OF TRUSTEES AND ALL PROFESSIONALS ARE TO CONTACT LEGAL COUNSEL IF ANY POTENTIAL CONFLICTS ARISE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART VI, LINE 19:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE AT THE PLAN OFFICE UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART VII, SECTION A:</FormAndLineReferenceDesc>
        <ExplanationTxt>COMPENSATION PAID TO TRUSTEES EMPLOYED BY NOT-FOR-PROFIT ORGANIZATIONS IS PROPERLY REPORTED ON THE EMPLOYER'S ANNUAL TAX FILINGS.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="IRS990ScheduleR">
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        <DisregardedEntityName>
          <BusinessNameLine1Txt>PIPE INDUSTRY ADMINISTRATION CO LLC</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>1391 SPEER BLVD STE 450</AddressLine1Txt>
          <CityNm>DENVER</CityNm>
          <StateAbbreviationCd>CO</StateAbbreviationCd>
          <ZIPCd>80204</ZIPCd>
        </USAddress>
        <EIN>842365095</EIN>
        <PrimaryActivitiesTxt>ADMIN CO.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>CO</LegalDomicileStateCd>
        <EndOfYearAssetsAmt>0</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>YES</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>CO PIPE IND ANNUITY AND SALARY DEF TRUST</BusinessNameLine1Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>1391 Speer Blvd STE 450</AddressLine1Txt>
          <CityNm>DENVER</CityNm>
          <StateAbbreviationCd>CO</StateAbbreviationCd>
          <ZIPCd>80204</ZIPCd>
        </USAddress>
        <EIN>846041803</EIN>
        <PrimaryActivitiesTxt>PENSION PLAN</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>CO</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>401</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>N/A</PublicCharityStatusTxt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>NA</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedOrgTxblPartnershipGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>SEE SUPP INFO</BusinessNameLine1Txt>
        </RelatedOrganizationName>
      </IdRelatedOrgTxblPartnershipGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>SEE SUPP INFO</BusinessNameLine1Txt>
        </RelatedOrganizationName>
      </IdRelatedOrgTxblCorpTrGrp>
      <ReceiptOfIntAnntsRntsRyltsInd>false</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>false</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>false</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>false</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>false</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>false</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>false</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>false</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>false</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>false</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>false</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>false</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>false</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>true</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>true</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>false</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>true</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>false</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>false</TransferFromOtherOrgInd>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART III,</FormAndLineReferenceDesc>
        <ExplanationTxt>IDENTIFICATION OF RELATED ORGANIZATIONS TAXABLE AS A PARTNERSHIP: PLEASE CONTACT THE ADMINISTRATIVE OFFICE FOR SPECIFIC QUESTIONS. PART IV, IDENTIFICATION OF RELATED ORGANIZATIONS TAXABLE AS A CORPORATION OR TRUST: PLEASE CONTACT THE ADMINISTRATIVE OFFICE FOR SPECIFIC QUESTIONS.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleR>
  </ReturnData>
</Return>