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          <RecipientPhoneNum>8013642045</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>APPLICATION IN LETTER FORMAT, DESCRIPTION OF PROGRAM WITH RELATED ATTACHMENTS, LIST OF BOARD OF DIRECTORS, SOURCES OF FUNDING, 501(C)(3) STATUS, AND LAST AUDIT. SIX LEGIBLE COPIES SHOULD BE PROVIDED.</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>MARCH 3 &amp; OCTOBER 6</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>N/A</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>SEE ATTACHED STATEMENT</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>VARIOUS</AddressLine1Txt>
            <CityNm>VARIOUS</CityNm>
            <StateAbbreviationCd>UT</StateAbbreviationCd>
            <ZIPCd>84111</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GRANTS</GrantOrContributionPurposeTxt>
          <Amt>702500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>UTAH TECH UNIVERSITY</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>225 S 700 E</AddressLine1Txt>
            <CityNm>ST GEORGE</CityNm>
            <StateAbbreviationCd>UT</StateAbbreviationCd>
            <ZIPCd>84770</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>501(C)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIPS</GrantOrContributionPurposeTxt>
          <Amt>32000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>UTAH STATE UNIVERSITY-CEU</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>451 E 400 N</AddressLine1Txt>
            <CityNm>PRICE</CityNm>
            <StateAbbreviationCd>UT</StateAbbreviationCd>
            <ZIPCd>84501</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>501(C)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIPS</GrantOrContributionPurposeTxt>
          <Amt>19500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>UNIVERSITY OF UTAH</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>201 PRESIDENTS CIR RM 201</AddressLine1Txt>
            <CityNm>SALT LAKE CITY</CityNm>
            <StateAbbreviationCd>UT</StateAbbreviationCd>
            <ZIPCd>84112</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>501(C)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIPS</GrantOrContributionPurposeTxt>
          <Amt>96000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>WESTMINSTER COLLEGE</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>1840 S 1300 E</AddressLine1Txt>
            <CityNm>SALT LAKE CITY</CityNm>
            <StateAbbreviationCd>UT</StateAbbreviationCd>
            <ZIPCd>84105</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>501(C)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIPS</GrantOrContributionPurposeTxt>
          <Amt>48000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>898000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>580625</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>80603</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>685751</RelatedOrExemptFunctionIncmAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>MISCELLANEOUS INCOME</Desc>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>657</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>UNREALIZED INVEST. GAIN/LOS</Desc>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>754732</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>1416617</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>685751</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>2102368</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="RetDoc2">
      <AccountingFeesDetail>
        <CategoryTxt>INDIRECT ACCOUNTING FEES</CategoryTxt>
        <Amt>15948</Amt>
        <NetInvestmentIncomeAmt>13556</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2392</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="RetDoc3">
      <DepreciationPropertyGrp>
        <PropertyDesc>OFFICE EQUIPMENT</PropertyDesc>
        <AcquiredDt>2000-01-01</AcquiredDt>
        <CostOrOtherBasisAmt>16701</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>16701</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
      </DepreciationPropertyGrp>
    </DepreciationSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc4">
      <InvestmentsCorporateStockGrp>
        <StockNm>SECURITIES - SEE ATTACHED</StockNm>
        <EOYBookValueAmt>2671689</EOYBookValueAmt>
        <EOYFMVAmt>2671689</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>OTHER SECURITIES - SEE ATTACHED</StockNm>
        <EOYBookValueAmt>45379</EOYBookValueAmt>
        <EOYFMVAmt>45379</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="RetDoc5">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MUTUAL FUNDS - SEE ATTACHED</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>15605771</BookValueAmt>
        <EOYFMVAmt>15605771</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LandEtcSchedule2 documentId="RetDoc6">
      <LandEtcGrp>
        <CategoryOrItemTxt>FURNITURE &amp; FIXTURES</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>16701</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>16701</AccumulatedDepreciationAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <LegalFeesSchedule documentId="RetDoc7">
      <LegalFeesGrp>
        <CategoryTxt>INDIRECT LEGAL FEES</CategoryTxt>
        <LegalFeesAmt>26000</LegalFeesAmt>
        <NetInvestmentIncomeAmt>22100</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>3900</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="RetDoc8">
      <OtherAssetsScheduleGrp>
        <Desc>MINING CLAIMS</Desc>
        <BOYBookValueAmt>16113</BOYBookValueAmt>
        <EOYBookValueAmt>16926</EOYBookValueAmt>
        <EOYFMVAmt>16926</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="RetDoc9">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>GENERAL</Desc>
        <RevenueAndExpensesPerBooksAmt>7387</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1108</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>6279</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>4238</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>636</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>3602</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc10">
      <OtherIncomeDetail>
        <Desc>MISCELLANEOUS INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>657</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>657</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>UNREALIZED INVEST. GAIN/LOSS</Desc>
        <RevenueAndExpensesPerBooksAmt>754732</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherLiabilitiesSchedule documentId="RetDoc11">
      <OtherLiabilitiesDetail>
        <Desc>PAYROLL WITHHOLDING</Desc>
        <BOYBookValueAmt>1425</BOYBookValueAmt>
      </OtherLiabilitiesDetail>
      <OtherLiabilitiesDetail>
        <Desc>EXCISE TAX</Desc>
        <EOYBookValueAmt>15265</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc12">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT MANAGEMENT</CategoryTxt>
        <Amt>80279</Amt>
        <NetInvestmentIncomeAmt>80279</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc13">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES</CategoryTxt>
        <Amt>4903</Amt>
        <NetInvestmentIncomeAmt>4903</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAXES</CategoryTxt>
        <Amt>17645</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>PROPERTY TAXES</CategoryTxt>
        <Amt>381</Amt>
        <NetInvestmentIncomeAmt>152</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>229</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>