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      <TotalRevenue>25477450</TotalRevenue>
      <TotalExpenses>24126054</TotalExpenses>
      <ExcessOrDeficitForYear>1351396</ExcessOrDeficitForYear>
      <NetUnrealizedGLOnInvestments>-610650</NetUnrealizedGLOnInvestments>
      <TotalAdjustments>-610650</TotalAdjustments>
      <ExcessOrDeficitPerFS>740746</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>24714590</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>-610650</NetUnrealizedGainsInvestments>
      <RevenueNotRptdF990>-610650</RevenueNotRptdF990>
      <RevenueSubtotal>25325240</RevenueSubtotal>
      <InvestmentExpensesNotIncluded>152210</InvestmentExpensesNotIncluded>
      <RevenueNotRptdOnFinStmt>152210</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>25477450</TotalRevenuePerForm990>
      <TotExpensesEtcAuditedFinclStmt>23973844</TotExpensesEtcAuditedFinclStmt>
      <ExpensesSubtotal>23973844</ExpensesSubtotal>
      <InvestmentExpensesNotIncluded2>152210</InvestmentExpensesNotIncluded2>
      <ExpensesNotRptdOnFinStmt>152210</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>24126054</TotalExpensesPerForm990>
    </IRS990ScheduleD>
    <IRS990ScheduleO documentId="00000003" softwareId="11000175">
      <GeneralExplanation>
        <Identifier>Pt VI, Line 11a</Identifier>
        <Explanation>A copy of the 990 is provided to the administrator and</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Explanation>at least the Chairman or Co-Chairman for review.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Pt VI, Line 12c</Identifier>
        <Explanation>Conflicts of interest are discussed at each fall meeting.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Pt VI, Line 19</Identifier>
        <Explanation>No documents available to the public.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Pt XI</Identifier>
        <Explanation>Unrealized appreciation/(depreciation) on investments.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Pt XII, Line 2c</Identifier>
        <Explanation>The audit is reported to the full board of trustees.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990EZ, Part II, Line 24</Identifier>
        <Explanation>ACCOUNTS RECEIVABLE - NET PREPAIDS INVESTMENTS INVESTMENTS WITH AMERICAN FUNDS FOR DEFERRED COMPENSATION</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Form 990EZ, Part II, Line 26</Identifier>
        <Explanation>ACCOUNTS PAYABLE &amp; ACCRUED EXPENSES</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
  </ReturnData>
</Return>