﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2023v5.1">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2024-11-14T10:00:10-06:00</ReturnTs>
    <TaxPeriodEndDt>2023-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>341884125</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>CBIZ ADVISORS LLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>4722 N 24TH ST STE 300</AddressLine1Txt>
        <CityNm>PHOENIX</CityNm>
        <StateAbbreviationCd>AZ</StateAbbreviationCd>
        <ZIPCd>85016</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2023-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>207515945</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>JOSEPH AW CLAYES III CHARITABLE TRUST</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>JOSE</BusinessNameControlTxt>
      <PhoneNum>8584598783</PhoneNum>
      <USAddress>
        <AddressLine1Txt>6309 HARTLEY DR</AddressLine1Txt>
        <CityNm>LA JOLLA</CityNm>
        <StateAbbreviationCd>CA</StateAbbreviationCd>
        <ZIPCd>920376326</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>TRULETTE CLAYES</PersonNm>
      <PersonTitleTxt>CO-TRUSTEE</PersonTitleTxt>
      <PhoneNum>8584598783</PhoneNum>
      <SignatureDt>2024-11-13</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>0</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>KRISTEN M BASS</PreparerPersonNm>
      <PTIN>P01247587</PTIN>
      <PhoneNum>6022646835</PhoneNum>
      <PreparationDt>2024-11-13</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2023</TaxYr>
    <BuildTS>2024-10-15 13:58:12Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="10">
    <IRS990PF documentId="RetDoc1235000001">
      <AddressChangeInd>X</AddressChangeInd>
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>40236062</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>1</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>1</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>975725</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>925069</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>4153718</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>18258133</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>4112728</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc2001500001">167117</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>31347</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>5296561</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>5069145</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>200000</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>100000</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>100000</CompOfcrDirTrstDsbrsChrtblAmt>
        <LegalFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002100001">19038</LegalFeesRevAndExpnssAmt>
        <LegalFeesNetInvstIncmAmt>9519</LegalFeesNetInvstIncmAmt>
        <LegalFeesDsbrsChrtblAmt>9519</LegalFeesDsbrsChrtblAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002300001">228635</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>228635</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>0</OtherProfFeesDsbrsChrtblAmt>
        <InterestRevAndExpnssAmt>57633</InterestRevAndExpnssAmt>
        <InterestNetInvstIncmAmt>45885</InterestNetInvstIncmAmt>
        <InterestDsbrsChrtblAmt>0</InterestDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">38731</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>0</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc2003200001">112544</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>61572</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>0</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>656581</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>445611</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>109519</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>1750000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>1750000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>2406581</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>445611</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>1859519</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>2889980</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>4623534</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>5700</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>2478373</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>2478373</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>0</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2018900001">15696662</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>23299092</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>0</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="RetDoc2044400001">10089707</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>9997255</CorporateBondsEOYFMVAmt>
        <OtherInvestmentsBOYAmt>28501435</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc2018100001">3094183</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>4423152</OtherInvestmentsEOYFMVAmt>
        <OtherAssetsBOYAmt referenceDocumentId="RetDoc2046600001">0</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="RetDoc2046600001">38190</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="RetDoc2046600001">38190</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>28507135</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>31397115</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>40236062</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>0</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>0</CapitalStockEOYAmt>
        <AdditionalPaidInCapitalBOYAmt>0</AdditionalPaidInCapitalBOYAmt>
        <AdditionalPaidInCapitalEOYAmt>0</AdditionalPaidInCapitalEOYAmt>
        <RetainedEarningBOYAmt>28507135</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>31397115</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>28507135</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>31397115</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>28507135</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>31397115</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>28507135</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>2889980</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt>0</OtherIncreasesAmt>
        <SubtotalAmt>31397115</SubtotalAmt>
        <OtherDecreasesAmt>0</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>31397115</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>NORTHERN TRUST - LT CAPITAL GAINS</PropertyDesc>
          <GrossSalesPriceAmt>16805562</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>12957819</CostOrOtherBasisAmt>
          <GainOrLossAmt>3847743</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>3847743</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>NORTHERN TRUST - ST CAPITAL GAINS</PropertyDesc>
          <GrossSalesPriceAmt>1153439</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1146595</CostOrOtherBasisAmt>
          <GainOrLossAmt>6844</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>6844</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>NORTHERN TRUST - CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>59989</GrossSalesPriceAmt>
          <GainOrLossAmt>59989</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>59989</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FROM PARTNERSHIP INVESTMENTS - LT CAPITAL GAINS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>186444</GrossSalesPriceAmt>
          <GainOrLossAmt>186444</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>186444</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FROM PARTNERSHIP INVESTMENTS - ST CAPITAL GAINS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>4433</GrossSalesPriceAmt>
          <GainOrLossAmt>4433</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>4433</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FROM PARTNERSHIP INVESTMENTS - 1231 G/L</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>7254</GrossSalesPriceAmt>
          <GainOrLossAmt>7254</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>7254</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FROM PARTNERSHIP INVESTMENTS - 1256 G/L</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>21</GrossSalesPriceAmt>
          <GainOrLossAmt>21</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>21</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>4112728</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>64267</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>64267</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>64267</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>30000</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>75000</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>105000</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="RetDoc1192000001">X</Form2220AttachedInd>
        <EsPenaltyAmt>1717</EsPenaltyAmt>
        <OverpaymentAmt>39016</OverpaymentAmt>
        <AppliedToESTaxAmt>39016</AppliedToESTaxAmt>
        <RefundAmt>0</RefundAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>0</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>0</MoreThan100SpentInd>
        <Form1120POLFiledInd>0</Form1120POLFiledInd>
        <Section4955OrganizationTaxAmt>0</Section4955OrganizationTaxAmt>
        <Section4955ManagersTaxAmt>0</Section4955ManagersTaxAmt>
        <TaxReimbursedAmt>0</TaxReimbursedAmt>
        <ActivitiesNotPreviouslyRptInd>0</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>0</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>1</UnrelatedBusIncmOverLimitInd>
        <Form990TFiledInd>1</Form990TFiledInd>
        <OrganizationDissolvedEtcInd>0</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>1</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>1</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>CA</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>0</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>NONE</WebsiteAddressTxt>
        <IndividualWithBooksNm>TRULETTE CLAYES</IndividualWithBooksNm>
        <PhoneNum>8584598783</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>6309 HARTLEY DRIVE</AddressLine1Txt>
          <CityNm>LA JOLLA</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>920376326</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>0</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>0</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>0</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>0</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>1</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>0</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>0</PaymentToGovernmentOfficialInd>
        <ActsFailToQlfyAsExceptionsInd>0</ActsFailToQlfyAsExceptionsInd>
        <UncorrectedPriorActsInd>0</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>0</UndistributedIncomePYInd>
        <BusinessHoldingsInd>0</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>0</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>0</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>0</InfluenceLegislationInd>
        <InfluenceElectionInd>0</InfluenceElectionInd>
        <GrantsToIndividualsInd>0</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>0</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>0</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>0</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>0</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>0</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>TRULETTE M CLAYES</PersonNm>
          <USAddress>
            <AddressLine1Txt>6309 HARTLEY DRIVE</AddressLine1Txt>
            <CityNm>LA JOLLA</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>920376326</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>15.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>100000</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>BRENDAN A HOLMES</PersonNm>
          <USAddress>
            <AddressLine1Txt>6309 HARTLEY DRIVE</AddressLine1Txt>
            <CityNm>LA JOLLA</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>920376326</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>15.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>100000</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>N/A - CHARITABLE ACTIVITIES ARE LIMITED TO GRANT MAKING.</Description1Txt>
        <Expenses1Amt>0</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>33415337</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>893926</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>4423152</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>38732415</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>38732415</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>580986</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>38151429</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>1907571</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>1907571</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>64267</TaxBasedOnInvestmentIncomeAmt>
        <IncomeTaxAmt>10383</IncomeTaxAmt>
        <TotalTaxAmt>74650</TotalTaxAmt>
        <DistributableBeforeAdjAmt>1832921</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>1832921</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>1832921</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>1859519</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>1859519</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>1832921</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>1688241</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <TotalExcessDistributionCyovAmt>0</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>1859519</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>1688241</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>171278</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>0</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>1661643</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>0</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>0</ExcessDistriCyovToNextYrAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>RADY CHILDREN'S HOSPITAL FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>3020 CHILDRENS WAY MC 5005</AddressLine1Txt>
            <CityNm>SAN DIEGO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>921234282</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>FINANCIAL SUPPORT FOR NEURO-ONCOLOGY AND GENOMICS RESEARCH</GrantOrContributionPurposeTxt>
          <Amt>1750000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1750000</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>1</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <BusinessCd>525990</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>50656</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>925069</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <OtherInvestmentIncomeGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>509</ExclusionAmt>
        </OtherInvestmentIncomeGrp>
        <GainSalesAstOthThanInvntryGrp>
          <BusinessCd>525990</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>40990</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>4112728</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>FEDERAL EXCISE TAX REFUNDS</Desc>
          <ExclusionAmt>27071</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>FROM PARTNERSHIP INVESTMENTS</Desc>
          <BusinessCd>525990</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>106658</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>29411</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>OTHER INCOME</Desc>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>1427</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>OTHER INCOME ON BOOKS NOT TAX</Desc>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>1950</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>OTHER TAX EXEMPT INCOME</Desc>
          <ExclusionAmt>91</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>198304</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>5098257</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>5296561</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>0</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>0</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>0</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>0</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>0</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>0</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>0</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>0</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>0</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>0</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <InvestmentsCorpBondsSchedule documentId="RetDoc2044400001">
      <InvestmentsCorporateBondsGrp>
        <BondNm>NORTHERN TRUST - PUBLICLY TRADED SECURITIES</BondNm>
        <EOYBookValueAmt>10089707</EOYBookValueAmt>
        <EOYFMVAmt>9997255</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>NORTHERN TRUST - PUBLICLY TRADED SECURITIES</StockNm>
        <EOYBookValueAmt>15696662</EOYBookValueAmt>
        <EOYFMVAmt>23299092</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>PRIVATE EQUITY STRATEGIC OPPORTUNITIES FUND III, LP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1753651</BookValueAmt>
        <EOYFMVAmt>2432094</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MFB NORTHERN FDS GLOBAL REAL ESTATE INDEX FD (NGREX)</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>291488</BookValueAmt>
        <EOYFMVAmt>667923</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MFC FLEXSHARES TR MORNINGSTAR GLOBAL UPSTREAM NAT RES INDEX FD (GUNR)</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1049044</BookValueAmt>
        <EOYFMVAmt>1323135</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LegalFeesSchedule documentId="RetDoc2002100001">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL AND ACCOUNTING</CategoryTxt>
        <LegalFeesAmt>19038</LegalFeesAmt>
        <NetInvestmentIncomeAmt>9519</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>9519</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="RetDoc2046600001">
      <OtherAssetsScheduleGrp>
        <Desc>ACCRUED DIVIDENDS</Desc>
        <BOYBookValueAmt>0</BOYBookValueAmt>
        <EOYBookValueAmt>38190</EOYBookValueAmt>
        <EOYFMVAmt>38190</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>OTHER DEDUCTIONS FROM PARTNERSHIP INVESTMENTS</Desc>
        <RevenueAndExpensesPerBooksAmt>112544</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>61572</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>MISCELLANEOUS INVESTMENT INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>509</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>509</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>509</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>FEDERAL EXCISE TAX REFUNDS</Desc>
        <RevenueAndExpensesPerBooksAmt>27071</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>27071</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>FROM PARTNERSHIP INVESTMENTS</Desc>
        <RevenueAndExpensesPerBooksAmt>136069</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>29411</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>136069</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>OTHER INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>1427</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1427</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>1427</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>OTHER INCOME ON BOOKS NOT TAX</Desc>
        <RevenueAndExpensesPerBooksAmt>1950</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>1950</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>OTHER TAX EXEMPT INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>91</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>91</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="RetDoc2002300001">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT MANAGEMENT FEES</CategoryTxt>
        <Amt>228635</Amt>
        <NetInvestmentIncomeAmt>228635</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAX</CategoryTxt>
        <Amt>30000</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES PAID</CategoryTxt>
        <Amt>8731</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>