﻿<?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="2013v3.1">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2014-04-28T16:11:45-05:00</ReturnTs>
    <TaxPeriodEndDt>2013-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1>Foundation Source</BusinessNameLine1>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1>One Hollow Ln Ste 212</AddressLine1>
        <City>Lake Success</City>
        <State>NY</State>
        <ZIPCode>11042</ZIPCode>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2013-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>201090247</EIN>
      <BusinessName>
        <BusinessNameLine1>The Telluray Foundation</BusinessNameLine1>
      </BusinessName>
      <InCareOfNm>% c/o Foundation Source</InCareOfNm>
      <BusinessNameControlTxt>TELL</BusinessNameControlTxt>
      <PhoneNum>8008391754</PhoneNum>
      <USAddress>
        <AddressLine1>Foundation Source 501 Silverside Rd</AddressLine1>
        <AddressLine2>Suite 123</AddressLine2>
        <City>Wilmington</City>
        <State>DE</State>
        <ZIPCode>198091377</ZIPCode>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>William R Gouger</PersonNm>
      <PersonTitleTxt>Secretary</PersonTitleTxt>
      <PhoneNum>8008391754</PhoneNum>
      <SignatureDt>2014-04-16</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>Jeffrey D Haskell</PreparerPersonNm>
      <PhoneNum>8008391754</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2013</TaxYr>
    <BuildTS>2015-12-30 17:16:21Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="10">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>4041219</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>0</ContriRcvdRevAndExpnssAmt>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <DividendsRevAndExpnssAmt>80873</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>80873</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>-7855</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>1802122</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>0</CapGainNetIncmNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>73018</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>80873</TotalNetInvstIncmAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="OthProfFeesSch">7751</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>2751</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>5000</OtherProfFeesDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule">2297</TaxesRevAndExpnssAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">19621</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesDsbrsChrtblAmt>19621</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>29669</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>2751</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>24621</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>166550</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>166550</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>196219</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>2751</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>191171</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-123201</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>78122</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>268783</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>133828</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>133828</SavAndTempCashInvstEOYFMVAmt>
        <USGovernmentObligationsBOYAmt>553060</USGovernmentObligationsBOYAmt>
        <USGovernmentObligationsEOYAmt referenceDocumentId="InvGovtObligSch">768060</USGovernmentObligationsEOYAmt>
        <USGovtObligationsEOYFMVAmt>774067</USGovtObligationsEOYFMVAmt>
        <CorporateStockBOYAmt>1302989</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestCorpStockSch">1665352</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>2418409</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>1298046</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="InvestCorpBondsSch">732437</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>714915</CorporateBondsEOYFMVAmt>
        <TotalAssetsBOYAmt>3422878</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>3299677</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>4041219</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowSFAS117Ind>X</OrgDoesNotFollowSFAS117Ind>
        <RetainedEarningBOYAmt>3422878</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>3299677</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>3422878</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>3299677</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>3422878</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>3299677</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>3422878</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-123201</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>3299677</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>3299677</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>Publicly-traded Securities</PropertyDesc>
          <GrossSalesPriceAmt>1802122</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1809977</CostOrOtherBasisAmt>
          <GainOrLossAmt>-7855</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-7855</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>-7855</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>false</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>164485</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>3462791</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.047501</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>158943</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>3357564</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.047339</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>151697</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>3125578</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.048534</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>163889</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>3034421</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.05401</DistributionYr4Rt>
        <AdjustedQlfyDistriYr5Amt>130496</AdjustedQlfyDistriYr5Amt>
        <NetVlNoncharitableAssetsYr5Amt>3325170</NetVlNoncharitableAssetsYr5Amt>
        <DistributionYr5Rt>0.039245</DistributionYr5Rt>
        <TotalDistributionRt>0.236629</TotalDistributionRt>
        <AverageDistributionRt>0.047326</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>3682215</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>174265</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>781</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>175046</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>191171</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <DomesticOrgMeetingSect4940eInd>X</DomesticOrgMeetingSect4940eInd>
        <InvestmentIncomeExciseTaxAmt>781</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>781</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>781</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>1700</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>1700</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="IRS2220">X</Form2220AttachedInd>
        <OverpaymentAmt>919</OverpaymentAmt>
        <AppliedToESTaxAmt>919</AppliedToESTaxAmt>
      </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>CO</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <PersonsWithBooksName>
          <BusinessNameLine1>co Foundation Source</BusinessNameLine1>
        </PersonsWithBooksName>
        <PhoneNum>8008391754</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1>501 Silverside Road Suite 123</AddressLine1>
          <City>Wilmington</City>
          <State>DE</State>
          <ZIPCode>198091377</ZIPCode>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <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>Cantey M Ergen</PersonNm>
          <USAddress>
            <AddressLine1>Foundation Source 501 Silverside Rd</AddressLine1>
            <City>Wilmington</City>
            <State>DE</State>
            <ZIPCode>198091377</ZIPCode>
          </USAddress>
          <TitleTxt>Co-Executive Dir / Dir</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Charles W Ergen</PersonNm>
          <USAddress>
            <AddressLine1>Foundation Source 501 Silverside Rd</AddressLine1>
            <City>Wilmington</City>
            <State>DE</State>
            <ZIPCode>198091377</ZIPCode>
          </USAddress>
          <TitleTxt>Co-Executive Dir / Dir</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Christopher Ergen</PersonNm>
          <USAddress>
            <AddressLine1>Foundation Source 501 Silverside Rd</AddressLine1>
            <City>Wilmington</City>
            <State>DE</State>
            <ZIPCode>198091377</ZIPCode>
          </USAddress>
          <TitleTxt>Dir</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Courtney M Ergen</PersonNm>
          <USAddress>
            <AddressLine1>Foundation Source 501 Silverside Rd</AddressLine1>
            <City>Wilmington</City>
            <State>DE</State>
            <ZIPCode>198091377</ZIPCode>
          </USAddress>
          <TitleTxt>Dir</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Katherine N Ergen</PersonNm>
          <USAddress>
            <AddressLine1>Foundation Source 501 Silverside Rd</AddressLine1>
            <City>Wilmington</City>
            <State>DE</State>
            <ZIPCode>198091377</ZIPCode>
          </USAddress>
          <TitleTxt>Dir</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Kerry M Ergen</PersonNm>
          <USAddress>
            <AddressLine1>Foundation Source 501 Silverside Rd</AddressLine1>
            <City>Wilmington</City>
            <State>DE</State>
            <ZIPCode>198091377</ZIPCode>
          </USAddress>
          <TitleTxt>Dir</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>William R Gouger</PersonNm>
          <USAddress>
            <AddressLine1>Foundation Source 501 Silverside Rd</AddressLine1>
            <City>Wilmington</City>
            <State>DE</State>
            <ZIPCode>198091377</ZIPCode>
          </USAddress>
          <TitleTxt>Sec / Treas</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp />
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>3587383</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>150906</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>3738289</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>3738289</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>56074</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>3682215</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>184111</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>184111</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>781</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>781</TotalTaxAmt>
        <DistributableBeforeAdjAmt>183330</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>183330</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>183330</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>191171</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>191171</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>781</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>190390</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>183330</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>165331</UndistributedIncomePYAmt>
        <PriorYear1Yr>2011</PriorYear1Yr>
        <PriorYear2Yr>2010</PriorYear2Yr>
        <PriorYear3Yr>2009</PriorYear3Yr>
        <QualifyingDistributionsAmt>191171</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>165331</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>25840</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>0</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>157490</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>0</ExcessDistriCyovToNextYrAmt>
        <ExcessFromCurrentYearAmt>0</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp />
      <SupplementaryInformationGrp>
        <ContributingManagerNm>CANTEY M ERGEN</ContributingManagerNm>
        <ContributingManagerNm>CHARLES W ERGEN</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>BLACK SHEEP CROSSING INC</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>12540 N KEHL RD</AddressLine1>
            <City>NORTHPORT</City>
            <State>MI</State>
            <ZIPCode>49670</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Charitable Event</GrantOrContributionPurposeTxt>
          <Amt>100</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>CHILDRENS HOSPITAL COLORADO FOUNDATION</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>13123 E 16TH AVE</AddressLine1>
            <City>AURORA</City>
            <State>CO</State>
            <ZIPCode>80045</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Charitable Event</GrantOrContributionPurposeTxt>
          <Amt>100</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>COLORADO ACADEMY</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>3800 S PIERCE ST</AddressLine1>
            <City>DENVER</City>
            <State>CO</State>
            <ZIPCode>80235</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Annual Campaign for the Academics Fund</GrantOrContributionPurposeTxt>
          <Amt>100</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>DENVER SCHOOL OF SCIENCE AND TECHNOLOGY INC</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>3401 QUEBEC ST STE 7200</AddressLine1>
            <City>DENVER</City>
            <State>CO</State>
            <ZIPCode>80207</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Charitable Event</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>DONORSCHOOSE ORG</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>134 W 37TH ST 11TH FL</AddressLine1>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10018</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Ms. Grey's Classroom - Little Listeners</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>MIZEL MUSEUM</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>400 S KEARNEY ST</AddressLine1>
            <City>DENVER</City>
            <State>CO</State>
            <ZIPCode>80232</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Wings Over the Rockies Air &amp; Space Museum</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>PROSTATE CANCER EDUCATION COUNCIL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>7009 S POTOMAC ST STE 125</AddressLine1>
            <City>CENTENNIAL</City>
            <State>CO</State>
            <ZIPCode>80112</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Charitable Event</GrantOrContributionPurposeTxt>
          <Amt>125000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>THOMASVILLE DIALYSIS CENTER OF WAKE FOREST UNIV</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>MEDICAL CENTER BLVD</AddressLine1>
            <City>WINSTON SALEM</City>
            <State>NC</State>
            <ZIPCode>27157</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Charitable Event</GrantOrContributionPurposeTxt>
          <Amt>250</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1>YOUNG LIFE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 520</AddressLine1>
            <City>COLORADO SPRINGS</City>
            <State>CO</State>
            <ZIPCode>80901</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Region AG318-YoungLives Division</GrantOrContributionPurposeTxt>
          <Amt>20000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>166550</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp />
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>80873</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>-7855</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>73018</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>73018</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>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpBondsSchedule documentId="InvestCorpBondsSch">
      <InvestmentsCorporateBondsGrp>
        <BondNm>CITIGROUP INC SUB NT - 5.000%</BondNm>
        <EOYBookValueAmt>103838</EOYBookValueAmt>
        <EOYFMVAmt>102848</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>COMERICA INC 06/1/14</BondNm>
        <EOYBookValueAmt>109108</EOYBookValueAmt>
        <EOYFMVAmt>102016</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>JPMORGAN CHASE &amp; CO PERP-R NT</BondNm>
        <EOYBookValueAmt>97508</EOYBookValueAmt>
        <EOYFMVAmt>96000</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>KEY BK NA MED TERM SUBBKNTS 5.</BondNm>
        <EOYBookValueAmt>171982</EOYBookValueAmt>
        <EOYFMVAmt>164051</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>PPTT 2006-C MER CLASS A - 5.42</BondNm>
        <EOYBookValueAmt>250001</EOYBookValueAmt>
        <EOYFMVAmt>250000</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>CAPITAL ONE FIN SER B - 6.00%</StockNm>
        <EOYBookValueAmt>17825</EOYBookValueAmt>
        <EOYFMVAmt>15501</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CHARLES SCHWAB CP 6.0% PFD</StockNm>
        <EOYBookValueAmt>30175</EOYBookValueAmt>
        <EOYFMVAmt>26542</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CITY NATIONAL CORP PFD SER C</StockNm>
        <EOYBookValueAmt>100000</EOYBookValueAmt>
        <EOYFMVAmt>78440</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>COBANK ACB 6.125% G PFD</StockNm>
        <EOYBookValueAmt>202163</EOYBookValueAmt>
        <EOYFMVAmt>160000</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CULLEN FROST BANKERS INC PFD</StockNm>
        <EOYBookValueAmt>49000</EOYBookValueAmt>
        <EOYFMVAmt>39580</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DISH NETWORK CORP</StockNm>
        <EOYBookValueAmt>837326</EOYBookValueAmt>
        <EOYFMVAmt>1563840</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ECHOSTAR HOLDING CORPORATION</StockNm>
        <EOYBookValueAmt>170044</EOYBookValueAmt>
        <EOYFMVAmt>268488</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>US BANCORP DEL DEP SHS REP 1/1</StockNm>
        <EOYBookValueAmt>68499</EOYBookValueAmt>
        <EOYFMVAmt>66218</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WELLS FARGO &amp; CO.</StockNm>
        <EOYBookValueAmt>190320</EOYBookValueAmt>
        <EOYFMVAmt>199800</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="InvGovtObligSch">
      <StateLocalSecBookVlEOYAmt>768060</StateLocalSecBookVlEOYAmt>
      <StateLocalSecEOYFMVAmt>774067</StateLocalSecEOYFMVAmt>
    </InvestmentsGovtObligationsSch>
    <InvestmentsLandSchedule2 documentId="InvLandSch2" />
    <LandEtcSchedule2 documentId="LandEtcSch2" />
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>Administrative Fees</Desc>
        <RevenueAndExpensesPerBooksAmt>19611</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>19611</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>STATE OR LOCAL FILING FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>10</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>10</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>Investment Management Services</CategoryTxt>
        <Amt>2751</Amt>
        <NetInvestmentIncomeAmt>2751</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>OPERATIONAL SUPPORT SERVICES</CategoryTxt>
        <Amt>5000</Amt>
        <DisbursementsCharitablePrpsAmt>5000</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>990-PF EXTENSION FOR 2012</CategoryTxt>
        <Amt>497</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>990-PF Estimated Tax for 2013</CategoryTxt>
        <Amt>1700</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>990-PF Excise Tax for 2012</CategoryTxt>
        <Amt>100</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>