﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xsi:schemaLocation="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2014v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2015-10-08T10:48:55-05:00</ReturnTs>
    <TaxPeriodEndDt>2014-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>BKD LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>201 N Illinois Street</AddressLine1Txt>
        <CityNm>Indianapolis</CityNm>
        <StateAbbreviationCd>IN</StateAbbreviationCd>
        <ZIPCd>46204</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2014-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>351079679</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>The Clowes Fund Incorporated</BusinessNameLine1Txt>
      </BusinessName>
      <InCareOfNm>% BKD LLP</InCareOfNm>
      <BusinessNameControlTxt>CLOW</BusinessNameControlTxt>
      <PhoneNum>3178330144</PhoneNum>
      <USAddress>
        <AddressLine1Txt>320 NORTH MERIDIAN ST STE 316</AddressLine1Txt>
        <CityNm>INDIANAPOLIS</CityNm>
        <StateAbbreviationCd>IN</StateAbbreviationCd>
        <ZIPCd>46204</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>ELIZABETH A CASSELMAN</PersonNm>
      <PersonTitleTxt>EXECUTIVE DIRECTOR</PersonTitleTxt>
      <PhoneNum>3178330144</PhoneNum>
      <SignatureDt>2015-11-15</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>HOLLY M PANTZER</PreparerPersonNm>
      <PTIN>P00137289</PTIN>
      <PhoneNum>3173834000</PhoneNum>
      <PreparationDt>2015-11-15</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2014</TaxYr>
    <BuildTS>2016-03-07 17:11:31Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="14">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>70693093</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>0</ContriRcvdRevAndExpnssAmt>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>4434</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>4434</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>1420707</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>1420707</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>3077080</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>5574854</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>3077080</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="OtherIncomeSch2">129870</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>129870</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>4632091</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>4632091</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>139292</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>27858</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>111434</CompOfcrDirTrstDsbrsChrtblAmt>
        <OthEmplSlrsWgsRevAndExpnssAmt>155527</OthEmplSlrsWgsRevAndExpnssAmt>
        <OthEmplSlrsWgsDsbrsChrtblAmt>155527</OthEmplSlrsWgsDsbrsChrtblAmt>
        <PensionEmplBnftRevAndExpnssAmt>58728</PensionEmplBnftRevAndExpnssAmt>
        <PensionEmplBnftNetInvstIncmAmt>4698</PensionEmplBnftNetInvstIncmAmt>
        <PensionEmplBnftDsbrsChrtblAmt>54030</PensionEmplBnftDsbrsChrtblAmt>
        <LegalFeesRevAndExpnssAmt referenceDocumentId="LegalFeesSch">20013</LegalFeesRevAndExpnssAmt>
        <LegalFeesNetInvstIncmAmt>0</LegalFeesNetInvstIncmAmt>
        <LegalFeesAdjNetIncmAmt>0</LegalFeesAdjNetIncmAmt>
        <LegalFeesDsbrsChrtblAmt>20013</LegalFeesDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="AccountingFeesSch">80085</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>21517</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>0</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>58568</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="OthProfFeesSch">344977</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>322864</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>22113</OtherProfFeesDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule">100477</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>37977</TaxesNetInvstIncmAmt>
        <DeprecAndDpltnRevAndExpnssAmt referenceDocumentId="DepreciationSch">824</DeprecAndDpltnRevAndExpnssAmt>
        <OccupancyRevAndExpnssAmt>23310</OccupancyRevAndExpnssAmt>
        <OccupancyDsbrsChrtblAmt>23310</OccupancyDsbrsChrtblAmt>
        <TravConfMeetingRevAndExpnssAmt>9921</TravConfMeetingRevAndExpnssAmt>
        <TravConfMeetingDsbrsChrtblAmt>9921</TravConfMeetingDsbrsChrtblAmt>
        <PrintingAndPubRevAndExpnssAmt>932</PrintingAndPubRevAndExpnssAmt>
        <PrintingAndPubDsbrsChrtblAmt>932</PrintingAndPubDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">76250</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>2641</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>73609</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>1010336</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>417555</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>0</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>529457</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>7432634</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>7432634</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>8442970</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>417555</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>0</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>7962091</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-3810879</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>4214536</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>353737</CashBOYAmt>
        <CashEOYAmt>373363</CashEOYAmt>
        <CashEOYFMVAmt>373363</CashEOYFMVAmt>
        <OtherInvestmentsBOYAmt>54943005</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="InvOtherSch2">54192554</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>69386005</OtherInvestmentsEOYFMVAmt>
        <LandBldgEquipCostOrOtherBssAmt>26990</LandBldgEquipCostOrOtherBssAmt>
        <LandBldgEquipAccumDeprecAmt>26990</LandBldgEquipAccumDeprecAmt>
        <LandBOYAmt>1271</LandBOYAmt>
        <OtherAssetsBOYAmt referenceDocumentId="OtherAssetsSch">1090325</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="OtherAssetsSch">933725</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="OtherAssetsSch">933725</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>56388338</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>55499642</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>70693093</TotalAssetsEOYFMVAmt>
        <AccountsPayableBOYAmt>772</AccountsPayableBOYAmt>
        <AccountsPayableEOYAmt>0</AccountsPayableEOYAmt>
        <TotalLiabilitiesBOYAmt>772</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowSFAS117Ind>X</OrgDoesNotFollowSFAS117Ind>
        <RetainedEarningBOYAmt>56387566</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>55499642</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>56387566</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>55499642</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>56388338</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>55499642</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>56387566</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-3810879</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="OtherIncreasesSch">2923400</OtherIncreasesAmt>
        <SubtotalAmt>55500087</SubtotalAmt>
        <OtherDecreasesAmt referenceDocumentId="OtherDecreasesSch">445</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>55499642</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SANDERSON INTERNATIONAL K-1</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2014-12-31</SoldDt>
          <GrossSalesPriceAmt>8199</GrossSalesPriceAmt>
          <GainOrLossAmt>8199</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>8199</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SANDERSON INTERNATIONAL K-1</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2014-12-31</SoldDt>
          <GrossSalesPriceAmt>163157</GrossSalesPriceAmt>
          <GainOrLossAmt>163157</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>163157</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>ADVISORY REAEARCH K-1</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2014-12-31</SoldDt>
          <GrossSalesPriceAmt>3998</GrossSalesPriceAmt>
          <GainOrLossAmt>3998</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>3998</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>ADVISORY RESEARCH K-1</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2014-12-31</SoldDt>
          <GrossSalesPriceAmt>578766</GrossSalesPriceAmt>
          <GainOrLossAmt>578766</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>578766</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>WELLINGTON K-1</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2014-12-31</SoldDt>
          <GrossSalesPriceAmt>34668</GrossSalesPriceAmt>
          <GainOrLossAmt>34668</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>34668</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>WELLINGTON K-1</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2014-12-31</SoldDt>
          <CostOrOtherBasisAmt>117627</CostOrOtherBasisAmt>
          <GainOrLossAmt>-117627</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-117627</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>WELLINGTON K-1 SALE OF PARTNERSHIP</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2014-12-31</SoldDt>
          <GrossSalesPriceAmt>921613</GrossSalesPriceAmt>
          <GainOrLossAmt>921613</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>921613</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>VANGUARD</PropertyDesc>
          <SoldDt>2014-12-31</SoldDt>
          <GrossSalesPriceAmt>3500000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>2378656</CostOrOtherBasisAmt>
          <GainOrLossAmt>1121344</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1121344</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>AEW K-1</PropertyDesc>
          <SoldDt>2014-12-31</SoldDt>
          <CostOrOtherBasisAmt>1491</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1491</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1491</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>AEW K-1</PropertyDesc>
          <SoldDt>2014-12-31</SoldDt>
          <GrossSalesPriceAmt>61600</GrossSalesPriceAmt>
          <GainOrLossAmt>61600</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>61600</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>T ROWE PRICE</PropertyDesc>
          <SoldDt>2014-12-17</SoldDt>
          <GrossSalesPriceAmt>41019</GrossSalesPriceAmt>
          <GainOrLossAmt>41019</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>41019</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>T ROWE PRICE</PropertyDesc>
          <SoldDt>2014-12-17</SoldDt>
          <GrossSalesPriceAmt>247047</GrossSalesPriceAmt>
          <GainOrLossAmt>247047</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>247047</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>14787</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>3077080</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>false</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>2885514</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>66908613</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.043126</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>3058153</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>61699771</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.049565</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>2875550</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>59642575</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.048213</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>4399307</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>58091406</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.075731</DistributionYr4Rt>
        <AdjustedQlfyDistriYr5Amt>4000825</AdjustedQlfyDistriYr5Amt>
        <NetVlNoncharitableAssetsYr5Amt>50564443</NetVlNoncharitableAssetsYr5Amt>
        <DistributionYr5Rt>0.079123</DistributionYr5Rt>
        <TotalDistributionRt>0.295758</TotalDistributionRt>
        <AverageDistributionRt>0.059152</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>70821452</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>4189231</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>42145</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>4231376</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>7962091</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <DomesticOrgMeetingSect4940eInd>X</DomesticOrgMeetingSect4940eInd>
        <InvestmentIncomeExciseTaxAmt>42145</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>42145</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>42145</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>82432</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>82432</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="IRS2220">X</Form2220AttachedInd>
        <OverpaymentAmt>40287</OverpaymentAmt>
        <AppliedToESTaxAmt>40287</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd referenceDocumentId="BinaryAttach BinaryAttachN1">false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd referenceDocumentId="BinaryAttach BinaryAttachN1">false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd referenceDocumentId="BinaryAttach BinaryAttachN1">false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>IN</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>WWW.CLOWESFUND.ORG OR GUIDESTAR</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>BKD LLP</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>3173834000</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>201 N ILLINOIS ST STE 700</AddressLine1Txt>
          <CityNm>Indianapolis</CityNm>
          <StateAbbreviationCd>IN</StateAbbreviationCd>
          <ZIPCd>46204</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>true</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <ActsFailToQlfyAsExceptionsInd>false</ActsFailToQlfyAsExceptionsInd>
        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <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>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm referenceDocumentId="CompensationExpl">BEN W BLANTON</PersonNm>
          <USAddress>
            <AddressLine1Txt>320 NORTH MERIDIAN ST STE 316</AddressLine1Txt>
            <CityNm>INDIANAPOLIS</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46204</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>18</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm referenceDocumentId="CompensationExpl">MARGARET C BOWLES</PersonNm>
          <USAddress>
            <AddressLine1Txt>320 NORTH MERIDIAN ST STE 316</AddressLine1Txt>
            <CityNm>INDIANAPOLIS</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46204</ZIPCd>
          </USAddress>
          <TitleTxt>SECRETARY</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>1143</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm referenceDocumentId="CompensationExpl">ELIZABETH A CASSELMAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>320 NORTH MERIDIAN ST STE 316</AddressLine1Txt>
            <CityNm>INDIANAPOLIS</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46204</ZIPCd>
          </USAddress>
          <TitleTxt>EXECUTIVE DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>139292</CompensationAmt>
          <EmployeeBenefitProgramAmt>13929</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm referenceDocumentId="CompensationExpl">ALEXANDER W CLOWES</PersonNm>
          <USAddress>
            <AddressLine1Txt>320 NORTH MERIDIAN ST STE 316</AddressLine1Txt>
            <CityNm>INDIANAPOLIS</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46204</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>4034</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm referenceDocumentId="CompensationExpl">DOUGLAS S CLOWES</PersonNm>
          <USAddress>
            <AddressLine1Txt>320 NORTH MERIDIAN ST STE 316</AddressLine1Txt>
            <CityNm>INDIANAPOLIS</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46204</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>905</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm referenceDocumentId="CompensationExpl">EDITH W CLOWES</PersonNm>
          <USAddress>
            <AddressLine1Txt>320 NORTH MERIDIAN ST STE 316</AddressLine1Txt>
            <CityNm>INDIANAPOLIS</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46204</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm referenceDocumentId="CompensationExpl">JONATHAN J CLOWES</PersonNm>
          <USAddress>
            <AddressLine1Txt>320 NORTH MERIDIAN ST STE 316</AddressLine1Txt>
            <CityNm>INDIANAPOLIS</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46204</ZIPCd>
          </USAddress>
          <TitleTxt>VICE PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>3359</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm referenceDocumentId="CompensationExpl">WILLIAM H MARSHALL</PersonNm>
          <USAddress>
            <AddressLine1Txt>320 NORTH MERIDIAN ST STE 316</AddressLine1Txt>
            <CityNm>INDIANAPOLIS</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46204</ZIPCd>
          </USAddress>
          <TitleTxt>TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm referenceDocumentId="CompensationExpl">CAROLYN M OSTEEN</PersonNm>
          <USAddress>
            <AddressLine1Txt>320 NORTH MERIDIAN ST STE 316</AddressLine1Txt>
            <CityNm>INDIANAPOLIS</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46204</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm referenceDocumentId="CompensationExpl">DONNA L WILEY</PersonNm>
          <USAddress>
            <AddressLine1Txt>320 NORTH MERIDIAN ST STE 316</AddressLine1Txt>
            <CityNm>INDIANAPOLIS</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46204</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>282</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm referenceDocumentId="CompensationExpl">SAMUEL C HUNEKE</PersonNm>
          <USAddress>
            <AddressLine1Txt>320 NORTH MERIDIAN ST STE 316</AddressLine1Txt>
            <CityNm>INDIANAPOLIS</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46204</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>441</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>prime buchholz</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>25 Chestnut Street</AddressLine1Txt>
            <CityNm>PORTSMOUTH</CityNm>
            <StateAbbreviationCd>NH</StateAbbreviationCd>
            <ZIPCd>03801</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>investment mgmt</ServiceTypeTxt>
          <CompensationAmt>90000</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>Sanderson International</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>780 Third Avenue 38th Floor</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10017</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>investment mgmt</ServiceTypeTxt>
          <CompensationAmt>101914</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>BKD LLP</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>201 N Illinois Street Suite 700</AddressLine1Txt>
            <CityNm>INDIANAPOLIS</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46204</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>Accounting/Consultin</ServiceTypeTxt>
          <CompensationAmt>69085</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>Advisory Research</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>180 NORTH STETSON SUITE 5500</AddressLine1Txt>
            <CityNm>CHICAGO</CityNm>
            <StateAbbreviationCd>IL</StateAbbreviationCd>
            <ZIPCd>60601</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>Investment MGMT</ServiceTypeTxt>
          <CompensationAmt>54552</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>N/A</Description1Txt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>40802306</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>724099</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>30373546</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>71899951</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>71899951</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>1078499</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>70821452</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>3541073</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>3541073</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>42145</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>42145</TotalTaxAmt>
        <DistributableBeforeAdjAmt>3498928</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>3498928</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>3498928</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>7962091</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>7962091</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>42145</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>7919946</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>3498928</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <PriorYear1Yr>2012</PriorYear1Yr>
        <PriorYear2Yr>2011</PriorYear2Yr>
        <PriorYear3Yr>2010</PriorYear3Yr>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>1495837</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>1512945</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr2Amt>355</ExcessDistributionCyovYr2Amt>
        <TotalExcessDistributionCyovAmt>3009137</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>7962091</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>3498928</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>4463163</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>7472300</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>1495837</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>5976463</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>1512945</ExcessFromYear4Amt>
        <ExcessFromYear2Amt>355</ExcessFromYear2Amt>
        <ExcessFromCurrentYearAmt>4463163</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp />
      <SupplementaryInformationGrp>
        <ContributingManagerNm>NONE</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>Elizabeth A Casselman Executive</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>320 NORTH MERIDIAN STREET STE 316</AddressLine1Txt>
            <CityNm>INDIANAPOLIS</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46204</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>3178330144</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>SEE ONLINE APPLICATION WITH DESCRIPTION OF ORGANIZATION AND PURPOSE FOR GRANT REQUEST AT WWW.CLOWESFUND.ORG</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>PLEASE VISIT OUR WEBSITE, WWW.CLOWESFUND.ORG FOR CURRENT GRANT GUIDELINES.</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>PLEASE VISIT OUR WEBSITE, WWW.CLOWESFUND.ORG FOR CURRENT GRANT GUIDELINES.</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SEE STATEMENT ATTACHED IMMEDIATELY FOLLOWING</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>See Attached Listing</AddressLine1Txt>
            <CityNm>Indianapolis</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46204</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>See Attached</GrantOrContributionPurposeTxt>
          <Amt>7432634</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>7432634</TotalGrantOrContriPdDurYrAmt>
        <GrantOrContriApprvForFutGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SEE ATTACHED STATEMENT</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>SEE ATTACHED STATEMENT</AddressLine1Txt>
            <CityNm>INDIANAPOLIS</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46204</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SEE ATTACHED</GrantOrContributionPurposeTxt>
          <Amt>1527500</Amt>
        </GrantOrContriApprvForFutGrp>
        <TotalGrantOrContriApprvFutAmt>1527500</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>4434</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>1420707</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>129870</ExclusionAmt>
        </OtherInvestmentIncmPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>3077080</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>4632091</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>4632091</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="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>BKD, LLP</CategoryTxt>
        <Amt>69085</Amt>
        <NetInvestmentIncomeAmt>13817</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>55268</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
      <AccountingFeesDetail>
        <CategoryTxt>YOUNT AND COMPANY, LLC</CategoryTxt>
        <Amt>11000</Amt>
        <NetInvestmentIncomeAmt>7700</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>3300</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <CompensationExplanation documentId="CompensationExpl">
      <CompensationExplanationGrp>
        <PersonNm>ELIZABETH A CASSELMAN</PersonNm>
        <ShortExplanationTxt>ELIZABETH A. CASSELMAN IS ALSO THE ASSISTANT SECRETARY AND ASSISTANT TREASURER. HOWEVER, SHE IS NOT COMPENSATED FOR THESE SERVICES.</ShortExplanationTxt>
      </CompensationExplanationGrp>
    </CompensationExplanation>
    <DepreciationSchedule documentId="DepreciationSch">
      <DepreciationPropertyGrp>
        <PropertyDesc>OFFICE FURNITURE</PropertyDesc>
        <AcquiredDt>1999-12-19</AcquiredDt>
        <CostOrOtherBasisAmt>3319</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>3319</PriorYearDepreciationAmt>
        <ComputationMethodTxt>DDB</ComputationMethodTxt>
        <LifeRt>7</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>OFFICE FURNITURE</PropertyDesc>
        <AcquiredDt>2000-03-31</AcquiredDt>
        <CostOrOtherBasisAmt>3319</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>3319</PriorYearDepreciationAmt>
        <ComputationMethodTxt>DDB</ComputationMethodTxt>
        <LifeRt>7</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>OFFICE FURNITURE</PropertyDesc>
        <AcquiredDt>2000-09-18</AcquiredDt>
        <CostOrOtherBasisAmt>1718</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1718</PriorYearDepreciationAmt>
        <ComputationMethodTxt>DDB</ComputationMethodTxt>
        <LifeRt>7</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>OFFICE FURNITURE</PropertyDesc>
        <AcquiredDt>2000-06-30</AcquiredDt>
        <CostOrOtherBasisAmt>2074</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>2074</PriorYearDepreciationAmt>
        <ComputationMethodTxt>DDB</ComputationMethodTxt>
        <LifeRt>7</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>CON ROOM FURNITUR</PropertyDesc>
        <AcquiredDt>2001-06-30</AcquiredDt>
        <CostOrOtherBasisAmt>5071</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>5071</PriorYearDepreciationAmt>
        <ComputationMethodTxt>DDB</ComputationMethodTxt>
        <LifeRt>7</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>LATERAL FILE</PropertyDesc>
        <AcquiredDt>2001-10-31</AcquiredDt>
        <CostOrOtherBasisAmt>790</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>790</PriorYearDepreciationAmt>
        <ComputationMethodTxt>DDB</ComputationMethodTxt>
        <LifeRt>7</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>ROLLING FILE CART</PropertyDesc>
        <AcquiredDt>2005-02-17</AcquiredDt>
        <CostOrOtherBasisAmt>45</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>45</PriorYearDepreciationAmt>
        <ComputationMethodTxt>DDB</ComputationMethodTxt>
        <LifeRt>7</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>DIGITAL CAMERA</PropertyDesc>
        <AcquiredDt>2005-03-23</AcquiredDt>
        <CostOrOtherBasisAmt>253</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>253</PriorYearDepreciationAmt>
        <ComputationMethodTxt>DDB</ComputationMethodTxt>
        <LifeRt>5</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>ROLLING FILE CART</PropertyDesc>
        <AcquiredDt>2005-08-16</AcquiredDt>
        <CostOrOtherBasisAmt>40</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>40</PriorYearDepreciationAmt>
        <ComputationMethodTxt>DDB</ComputationMethodTxt>
        <LifeRt>7</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>WORK STATION</PropertyDesc>
        <AcquiredDt>2005-09-30</AcquiredDt>
        <CostOrOtherBasisAmt>1129</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1129</PriorYearDepreciationAmt>
        <ComputationMethodTxt>DDB</ComputationMethodTxt>
        <LifeRt>7</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTER LAPTOP</PropertyDesc>
        <AcquiredDt>2006-03-14</AcquiredDt>
        <CostOrOtherBasisAmt>1414</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1341</PriorYearDepreciationAmt>
        <ComputationMethodTxt>DDB</ComputationMethodTxt>
        <LifeRt>5</LifeRt>
        <CurrentYearExpenseAmt>73</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>OFFICE FURNISHINGS</PropertyDesc>
        <AcquiredDt>2007-09-19</AcquiredDt>
        <CostOrOtherBasisAmt>720</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>631</PriorYearDepreciationAmt>
        <ComputationMethodTxt>DDB</ComputationMethodTxt>
        <LifeRt>7</LifeRt>
        <CurrentYearExpenseAmt>89</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>OFFICE FURNISHINGS</PropertyDesc>
        <AcquiredDt>2007-10-22</AcquiredDt>
        <CostOrOtherBasisAmt>983</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>859</PriorYearDepreciationAmt>
        <ComputationMethodTxt>DDB</ComputationMethodTxt>
        <LifeRt>7</LifeRt>
        <CurrentYearExpenseAmt>124</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>REFRIGERATOR</PropertyDesc>
        <AcquiredDt>2007-08-13</AcquiredDt>
        <CostOrOtherBasisAmt>391</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>391</PriorYearDepreciationAmt>
        <ComputationMethodTxt>M5</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTER EQUIPMENT</PropertyDesc>
        <AcquiredDt>2008-08-13</AcquiredDt>
        <CostOrOtherBasisAmt>1142</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1068</PriorYearDepreciationAmt>
        <ComputationMethodTxt>DDB</ComputationMethodTxt>
        <LifeRt>5</LifeRt>
        <CurrentYearExpenseAmt>74</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>OFFICE EQUIPMENT</PropertyDesc>
        <AcquiredDt>2008-07-08</AcquiredDt>
        <CostOrOtherBasisAmt>1000</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>938</PriorYearDepreciationAmt>
        <ComputationMethodTxt>DDB</ComputationMethodTxt>
        <LifeRt>5</LifeRt>
        <CurrentYearExpenseAmt>62</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTER</PropertyDesc>
        <AcquiredDt>2009-08-17</AcquiredDt>
        <CostOrOtherBasisAmt>2813</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>2497</PriorYearDepreciationAmt>
        <ComputationMethodTxt>DDB</ComputationMethodTxt>
        <LifeRt>5</LifeRt>
        <CurrentYearExpenseAmt>316</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>LAPTOP</PropertyDesc>
        <AcquiredDt>2009-09-14</AcquiredDt>
        <CostOrOtherBasisAmt>768</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>682</PriorYearDepreciationAmt>
        <ComputationMethodTxt>DDB</ComputationMethodTxt>
        <LifeRt>5</LifeRt>
        <CurrentYearExpenseAmt>86</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
    </DepreciationSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>WELLINGTON TRUST COMPANY</CategoryOrItemTxt>
        <BookValueAmt>1002824</BookValueAmt>
        <EOYFMVAmt>978561</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>T. ROWE PRICE INVESTMENT FUND</CategoryOrItemTxt>
        <BookValueAmt>2290603</BookValueAmt>
        <EOYFMVAmt>4314275</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>AEW</CategoryOrItemTxt>
        <BookValueAmt>1733444</BookValueAmt>
        <EOYFMVAmt>2305455</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FORESTER INVESTMENT</CategoryOrItemTxt>
        <BookValueAmt>3500000</BookValueAmt>
        <EOYFMVAmt>5708207</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SANDERSON INTERNATIONAL</CategoryOrItemTxt>
        <BookValueAmt>7358828</BookValueAmt>
        <EOYFMVAmt>8806053</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>TITAN</CategoryOrItemTxt>
        <BookValueAmt>3086719</BookValueAmt>
        <EOYFMVAmt>5602164</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ADVISORY RESEARCH MID CAP</CategoryOrItemTxt>
        <BookValueAmt>3856714</BookValueAmt>
        <EOYFMVAmt>4542983</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>THE VANGUARD GROUP</CategoryOrItemTxt>
        <BookValueAmt>29211709</BookValueAmt>
        <EOYFMVAmt>35482392</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>VAN ECK GLOBAL FUND</CategoryOrItemTxt>
        <BookValueAmt>2151713</BookValueAmt>
        <EOYFMVAmt>1645915</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LandEtcSchedule2 documentId="LandEtcSch2">
      <LandEtcGrp>
        <CategoryOrItemTxt>OFFICE FURNITURE</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>3319</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>3319</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>OFFICE FURNITURE</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>3319</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>3319</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>OFFICE FURNITURE</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1718</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1718</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>OFFICE FURNITURE</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>2074</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>2074</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>CON ROOM FURNITUR</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>5071</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>5071</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>LATERAL FILE</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>790</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>790</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>ROLLING FILE CART</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>45</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>45</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>DIGITAL CAMERA</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>253</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>253</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>ROLLING FILE CART</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>40</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>40</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>WORK STATION</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1129</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1129</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>COMPUTER LAPTOP</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1414</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1414</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>OFFICE FURNISHINGS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>720</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>720</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>OFFICE FURNISHINGS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>983</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>983</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>REFRIGERATOR</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>391</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>391</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>COMPUTER EQUIPMENT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1142</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1142</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>OFFICE EQUIPMENT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1000</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1000</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>COMPUTER</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>2813</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>2813</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>LAPTOP</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>768</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>768</AccumulatedDepreciationAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFeesGrp>
        <CategoryTxt>FAEGRE BAKER DANIELS</CategoryTxt>
        <LegalFeesAmt>20013</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>20013</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>ART COLLECTION</Desc>
        <BOYBookValueAmt>1090325</BOYBookValueAmt>
        <EOYBookValueAmt>933725</EOYBookValueAmt>
        <EOYFMVAmt>933725</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherDecreasesSchedule documentId="OtherDecreasesSch">
      <OtherDecreasesDetail>
        <Desc>PRIOR YEAR DEPRECIATION ADJUSTMENT</Desc>
        <Amt>445</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>MEMBERSHIP DUES</Desc>
        <RevenueAndExpensesPerBooksAmt>12230</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>12230</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MEALS AND ENTERTAINMENT</Desc>
        <RevenueAndExpensesPerBooksAmt>8362</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>8362</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE SUPPLIES</Desc>
        <RevenueAndExpensesPerBooksAmt>2197</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>2197</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>POSTAGE</Desc>
        <RevenueAndExpensesPerBooksAmt>788</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>788</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>TELEPHONE</Desc>
        <RevenueAndExpensesPerBooksAmt>3559</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>3559</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ANNUAL MEETING EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>9860</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>592</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>9268</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>DIRECTOR EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>14523</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>14523</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MISCELLANEOUS EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>141</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>141</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>2049</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>2049</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INTERNET</Desc>
        <RevenueAndExpensesPerBooksAmt>1375</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>1375</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EQUIPMENT</Desc>
        <RevenueAndExpensesPerBooksAmt>539</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>539</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>WEBSITE</Desc>
        <RevenueAndExpensesPerBooksAmt>7983</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>7983</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>REMOTE ACCESS EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>3708</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>3708</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>HARDWARE</Desc>
        <RevenueAndExpensesPerBooksAmt>3005</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>3005</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE FURNISHINGS</Desc>
        <RevenueAndExpensesPerBooksAmt>40</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>40</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PARKING</Desc>
        <RevenueAndExpensesPerBooksAmt>5891</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>5891</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>Sanderson</Desc>
        <RevenueAndExpensesPerBooksAmt>40956</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>40956</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Wellington</Desc>
        <RevenueAndExpensesPerBooksAmt>26030</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>26030</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>AEW</Desc>
        <RevenueAndExpensesPerBooksAmt>62884</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>62884</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Desc>ART COLLECTION GIFT BASIS ADJUSTMENT</Desc>
        <Amt>2923400</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>PRIME BUCHHOLZ FEES</CategoryTxt>
        <Amt>90000</Amt>
        <NetInvestmentIncomeAmt>90000</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>ADVISORY RESEARCH MID CAP</CategoryTxt>
        <Amt>54552</Amt>
        <NetInvestmentIncomeAmt>54552</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>WELLINGTON TRUST</CategoryTxt>
        <Amt>48690</Amt>
        <NetInvestmentIncomeAmt>48690</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>SANDERSON INTERNATIONAL</CategoryTxt>
        <Amt>101914</Amt>
        <NetInvestmentIncomeAmt>101914</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>COMPUTER CONSULTING</CategoryTxt>
        <Amt>16113</Amt>
        <DisbursementsCharitablePrpsAmt>16113</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>AEW FEES</CategoryTxt>
        <Amt>17119</Amt>
        <NetInvestmentIncomeAmt>17119</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CONSULTING SERVICES</CategoryTxt>
        <Amt>10589</Amt>
        <NetInvestmentIncomeAmt>10589</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>ART APPRAISAL</CategoryTxt>
        <Amt>6000</Amt>
        <DisbursementsCharitablePrpsAmt>6000</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES</CategoryTxt>
        <Amt>37977</Amt>
        <NetInvestmentIncomeAmt>37977</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>EXCISE TAX</CategoryTxt>
        <Amt>62500</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>