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        <ExcessDistributionCyovYr5Amt>255702</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>1178523</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>210852</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>345600</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>272850</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>2263527</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>287500</QualifyingDistributionsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <RemainingDistriFromCorpusAmt>287500</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>2551027</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>190046</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>255702</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>2295325</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>1178523</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>210852</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>345600</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>272850</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>287500</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>None</ContributingManagerNm>
        <ShareholderManagerNm>None</ShareholderManagerNm>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>Gerold D Hermundslie</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>3762 N Harrison Rd</AddressLine1Txt>
            <CityNm>Tucson</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85749</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>5207498501</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>Their own form and information as to needs and purpose.</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>None</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>No</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Navigators</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO Box 6000</AddressLine1Txt>
            <CityNm>Colorado Springs</CityNm>
            <StateAbbreviationCd>CO</StateAbbreviationCd>
            <ZIPCd>80934</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501C3</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Education</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Center for Arizona Policy</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO Box 97250</AddressLine1Txt>
            <CityNm>Phoenix</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85060</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501C3</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Education</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Romans 12 Ministries</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>6595 N Oracle Rd St 112</AddressLine1Txt>
            <CityNm>Tucson</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85704</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501C3</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Education</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Eric Hite Foundation</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>9420 E Golf Links Rd 108</AddressLine1Txt>
            <CityNm>Tucson</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85730</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501C3</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Education</GrantOrContributionPurposeTxt>
          <Amt>7500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Patriot Academy</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO Box 131727</AddressLine1Txt>
            <CityNm>Houston</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77219</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501C3</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Education</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>4 Tucson</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>5151 E Broadway Blvd</AddressLine1Txt>
            <CityNm>Tucson</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85711</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501C3</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Education</GrantOrContributionPurposeTxt>
          <Amt>120000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Goldwater Institute</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>500 E Coronado Rd</AddressLine1Txt>
            <CityNm>Tucson</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85004</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501C3</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Education</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Faith Church</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1552 N Plaza deLinis</AddressLine1Txt>
            <CityNm>Tucson</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85730</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501C3</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Religious</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Saguaro Canyon Church</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>10111 E Old Spanish Trail</AddressLine1Txt>
            <CityNm>Tucson</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85748</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501C3</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Religious</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>187500</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <BusinessCd>611710</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>6</UnrelatedBusinessTaxblIncmAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <BusinessCd>611710</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>91469</UnrelatedBusinessTaxblIncmAmt>
        </DividendsAndInterestFromSecDtl>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>91475</UnrelatedBusinessTaxblIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>91475</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>3-4</LineNumberTxt>
          <RelationshipStatementTxt>N/A</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
      </RlnOfActyToAccomOfExmptPrpsGrp>
      <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>
    <InvestmentsCorpStockSchedule documentId="InvestmentsCorpStockSchedul-01">
      <InvestmentsCorporateStockGrp>
        <StockNm>RBC 21361</StockNm>
        <EOYBookValueAmt>911479</EOYBookValueAmt>
        <EOYFMVAmt>1189714</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>RBC 21362</StockNm>
        <EOYBookValueAmt>947108</EOYBookValueAmt>
        <EOYFMVAmt>1119111</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>RBC 21364</StockNm>
        <EOYBookValueAmt>789184</EOYBookValueAmt>
        <EOYFMVAmt>1097142</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvestmentsOtherSchedule2-01">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>TVON Stock, Canadian corporation</CategoryOrItemTxt>
        <BookValueAmt>225000</BookValueAmt>
        <EOYFMVAmt>225000</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>Basin Storage 10% note</CategoryOrItemTxt>
        <BookValueAmt>159799</BookValueAmt>
        <EOYFMVAmt>159799</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherDecreasesSchedule documentId="OtherDecreasesSchedule-01">
      <OtherDecreasesDetail>
        <Desc>Current year backup withholding</Desc>
        <Amt>6424</Amt>
      </OtherDecreasesDetail>
      <OtherDecreasesDetail>
        <Desc>Unlocated variance in cost basis</Desc>
        <Amt>66876</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSchedule-01">
      <OtherExpensesScheduleGrp>
        <Desc>Other-see detail</Desc>
        <RevenueAndExpensesPerBooksAmt>2358</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSchedule2-01">
      <OtherIncomeDetail>
        <Desc>Interest on Note</Desc>
        <RevenueAndExpensesPerBooksAmt>17732</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>17732</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSchedule-01">
      <OtherIncreasesDetail>
        <Desc>Refund of prior year backup withholding</Desc>
        <Amt>5724</Amt>
      </OtherIncreasesDetail>
      <OtherIncreasesDetail>
        <Desc>Capital gains realized</Desc>
        <Amt>263304</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="OtherProfessionalFeesSchedu-01">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>UBC 21361 Investment Advisory</CategoryTxt>
        <Amt>17467</Amt>
        <NetInvestmentIncomeAmt>17467</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>UBC 21362 Investment Advisory</CategoryTxt>
        <Amt>14670</Amt>
        <NetInvestmentIncomeAmt>14670</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>UBC 21364 Investment Advisory</CategoryTxt>
        <Amt>14967</Amt>
        <NetInvestmentIncomeAmt>14967</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>Steve Fitzgerald Computer svcs</CategoryTxt>
        <Amt>2000</Amt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>Accumulated Capital Mgmt Invt Mgmt, Research, Acct</CategoryTxt>
        <Amt>220000</Amt>
        <NetInvestmentIncomeAmt>120000</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>100000</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
  </ReturnData>
</Return>