﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" returnVersion="2025v4.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2026-04-01T10:04:58-06:00</ReturnTs>
    <TaxPeriodEndDt>2025-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>453113602</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>Britton &amp; Associates CPAs PLLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>10103 Fondren Rd Ste 390</AddressLine1Txt>
        <CityNm>HOUSTON</CityNm>
        <StateAbbreviationCd>TX</StateAbbreviationCd>
        <ZIPCd>77096</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2025-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>450529796</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>THE P AND C CARROLL FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <InCareOfNm>% KENNETH A CARROLL</InCareOfNm>
      <BusinessNameControlTxt>PAND</BusinessNameControlTxt>
      <PhoneNum>7132835200</PhoneNum>
      <USAddress>
        <AddressLine1Txt>10103 FONDREN RD STE 390</AddressLine1Txt>
        <CityNm>HOUSTON</CityNm>
        <StateAbbreviationCd>TX</StateAbbreviationCd>
        <ZIPCd>77096</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>KENNETH A CARROLL</PersonNm>
      <PersonTitleTxt>SECRETARY AS NEEDED</PersonTitleTxt>
      <PhoneNum>7132835200</PhoneNum>
      <SignatureDt>2026-03-31</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>MARVIN LYNN BRITTON</PreparerPersonNm>
      <PTIN>P01351802</PTIN>
      <PhoneNum>7132835200</PhoneNum>
      <PreparationDt>2026-04-01</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2025</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="6">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>4719439</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <DividendsRevAndExpnssAmt>24649</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>24649</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>165012</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>914512</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>165012</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="OtherIncomeSchedule2">895</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>895</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>190556</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>190556</TotalNetInvstIncmAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="OtherProfessionalFeesSchedule">3600</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>3600</OtherProfFeesNetInvstIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule">446</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>446</TaxesNetInvstIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSchedul-147-Copy1">39974</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>39974</OtherExpensesNetInvstIncmAmt>
        <TotOprExpensesRevAndExpnssAmt>44020</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>44020</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>251000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>251000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>295020</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>44020</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>251000</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-104464</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>146536</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>82693</CashBOYAmt>
        <CashEOYAmt>85412</CashEOYAmt>
        <CashEOYFMVAmt>85412</CashEOYFMVAmt>
        <CorporateStockBOYAmt>2070655</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestmentsCorpStockSchedule">1963472</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>4634027</CorporateStockEOYFMVAmt>
        <TotalAssetsBOYAmt>2153348</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>2048884</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>4719439</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <RetainedEarningBOYAmt>2153348</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>2048884</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>2153348</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>2048884</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>2153348</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>2048884</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>2153348</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-104464</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>2048884</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>2048884</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MOR STAN ACCT 824327 LT PDF ATTACHE</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-01-01</AcquiredDt>
          <SoldDt>2025-12-31</SoldDt>
          <GrossSalesPriceAmt>37524</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>26175</CostOrOtherBasisAmt>
          <GainOrLossAmt>11349</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>11349</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MOR STAN ACCT 824 327 ST PDF ATTACH</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2025-07-01</AcquiredDt>
          <SoldDt>2025-12-31</SoldDt>
          <GrossSalesPriceAmt>27319</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>26789</CostOrOtherBasisAmt>
          <GainOrLossAmt>530</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>530</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MOR STAN ACCT 825 327 LT PDF ATTACH</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-01-01</AcquiredDt>
          <SoldDt>2025-12-31</SoldDt>
          <GrossSalesPriceAmt>615410</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>447826</CostOrOtherBasisAmt>
          <GainOrLossAmt>167584</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>167584</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MOR STAN ACCT 825 327 ST PDF ATTACH</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2025-07-01</AcquiredDt>
          <SoldDt>2025-12-31</SoldDt>
          <GrossSalesPriceAmt>234259</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>248710</CostOrOtherBasisAmt>
          <GainOrLossAmt>-14451</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-14451</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>165012</CapitalGainNetIncomeAmt>
        <NetShortTermCapitalGainLossAmt>-13921</NetShortTermCapitalGainLossAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>2037</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>2037</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>2037</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>3199</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>3199</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>1162</OverpaymentAmt>
        <AppliedToESTaxAmt>1162</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>false</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>TX</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <IndividualWithBooksNm>BRITTON ASSOCIATES CPAS PLLC</IndividualWithBooksNm>
        <PhoneNum>7132835200</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>10103 FONDREN RD SUITE 390</AddressLine1Txt>
          <CityNm>HOUSTON</CityNm>
          <StateAbbreviationCd>TX</StateAbbreviationCd>
          <ZIPCd>77096</ZIPCd>
        </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>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>CHARLENE P CARROLL</PersonNm>
          <USAddress>
            <AddressLine1Txt>10103 FONDREN RD STE 390</AddressLine1Txt>
            <CityNm>HOUSTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77096</ZIPCd>
          </USAddress>
          <TitleTxt>SECR AS NEEDED</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>KENNETH A CARROLL</PersonNm>
          <USAddress>
            <AddressLine1Txt>10103 FONDREN RD STE 390</AddressLine1Txt>
            <CityNm>HOUSTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77096</ZIPCd>
          </USAddress>
          <TitleTxt>SECR AS NEEDED</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>PLEASE NOTE THE FOUNDATION IS NOT INVOLVED IN ANY DIRECT CHARITABLE ACTIVITIES ITS PURPOSE IS TO SUPPPORT BY CONTRIBUTIONS OTHER 501 C3 ORGANIZATIONS</Description1Txt>
        <Expenses1Amt>0</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>4520411</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>84052</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>4604463</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>4604463</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>69067</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>4535396</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>226770</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>226770</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>2037</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>2037</TotalTaxAmt>
        <DistributableBeforeAdjAmt>224733</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>224733</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>224733</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>251000</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>251000</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>224733</DistributableAsAdjustedAmt>
        <PriorYear1Yr>2014</PriorYear1Yr>
        <PriorYear2Yr>2013</PriorYear2Yr>
        <PriorYear3Yr>2012</PriorYear3Yr>
        <ExcessDistributionCyovYr5Amt>287999</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>447401</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>391162</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>71859</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>60890</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>1259311</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>251000</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>224733</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>26267</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>1285578</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>287999</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>997579</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>447401</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>391162</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>71859</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>60890</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>26267</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>PHILLIP J CARROLL JR</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>VARIOUS PDF ATTACHED</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>10103 FONDREN RD STE 390</AddressLine1Txt>
            <CityNm>HOUSTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77096</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>CHARITY</GrantOrContributionPurposeTxt>
          <Amt>251000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>251000</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>24649</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>165012</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>189661</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>189661</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>
    <InvestmentsCorpStockSchedule documentId="InvestmentsCorpStockSchedule">
      <InvestmentsCorporateStockGrp>
        <StockNm>PDF ATTACHED MOR STAN 141824</StockNm>
        <EOYBookValueAmt>116337</EOYBookValueAmt>
        <EOYFMVAmt>198592</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PDF ATTACHED MOR STAN 141825</StockNm>
        <EOYBookValueAmt>1847135</EOYBookValueAmt>
        <EOYFMVAmt>4435435</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSchedule">
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>39974</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>39974</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSchedule2">
      <OtherIncomeDetail>
        <Desc>MORGAN STANLEY MISC INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>895</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>895</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="OtherProfessionalFeesSchedule">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>TAX RETURN PREP FEES</CategoryTxt>
        <Amt>3600</Amt>
        <NetInvestmentIncomeAmt>3600</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES</CategoryTxt>
        <Amt>446</Amt>
        <NetInvestmentIncomeAmt>446</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>