﻿<?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="2025v4.2">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2026-09-08T10:54:59-05:00</ReturnTs>
    <TaxPeriodEndDt>2025-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>720136870</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>BOURGEOIS BENNETT LLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>111 VETERANS BLVD SUITE 1700</AddressLine1Txt>
        <CityNm>METAIRIE</CityNm>
        <StateAbbreviationCd>LA</StateAbbreviationCd>
        <ZIPCd>70005</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2025-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>721353058</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>RICHARD C ADKERSON FAMILY FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>RICH</BusinessNameControlTxt>
      <PhoneNum>6023668377</PhoneNum>
      <USAddress>
        <AddressLine1Txt>PO BOX 310</AddressLine1Txt>
        <CityNm>LAPLACE</CityNm>
        <StateAbbreviationCd>LA</StateAbbreviationCd>
        <ZIPCd>700690310</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>RICHARD C ADKERSON</PersonNm>
      <PersonTitleTxt>TRUSTEE</PersonTitleTxt>
      <PhoneNum>6023668377</PhoneNum>
      <SignatureDt>2026-08-18</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>KENNETH T FRANZ</PreparerPersonNm>
      <PTIN>P00182200</PTIN>
      <PhoneNum>5048314949</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2025</TaxYr>
  </ReturnHeader>
  <ReturnData documentCnt="8">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>22466608</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>80000</ContriRcvdRevAndExpnssAmt>
        <InterestOnSavRevAndExpnssAmt>41</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>41</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>276670</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>276670</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>1266092</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>1809659</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>1266092</CapGainNetIncmNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>1622803</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>1542803</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>0</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>0</CompOfcrDirTrstDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002200001">5200</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>5200</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>0</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002300001">168838</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>168838</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>0</OtherProfFeesDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">16000</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>16000</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc2003200001">85</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>85</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>0</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>190123</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>190123</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>1627000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>1627000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>1817123</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>190123</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>1627000</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-194320</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>1352680</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>82719</CashBOYAmt>
        <CashEOYAmt>264434</CashEOYAmt>
        <CashEOYFMVAmt>264434</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>87958</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>255490</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>255490</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>5539037</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2018900001">5021917</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>21364052</CorporateStockEOYFMVAmt>
        <OtherInvestmentsBOYAmt>300024</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc2018100001">273577</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>582632</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>6009738</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>5815418</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>22466608</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
        <NoDonorRstrNetAssestsBOYAmt>6009738</NoDonorRstrNetAssestsBOYAmt>
        <NoDonorRstrNetAssestsEOYAmt>5815418</NoDonorRstrNetAssestsEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>6009738</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>5815418</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>6009738</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>5815418</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>6009738</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-194320</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt>0</OtherIncreasesAmt>
        <SubtotalAmt>5815418</SubtotalAmt>
        <OtherDecreasesAmt>0</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>5815418</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>ISHARES RUSSELL 1000 GROWTH ETF</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2023-01-18</AcquiredDt>
          <SoldDt>2025-07-15</SoldDt>
          <GrossSalesPriceAmt>50038</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>25780</CostOrOtherBasisAmt>
          <GainOrLossAmt>24258</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>24258</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>ISHARES RUSSELL 1000 GROWTH ETF</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2023-01-18</AcquiredDt>
          <SoldDt>2025-10-27</SoldDt>
          <GrossSalesPriceAmt>1449</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>667</CostOrOtherBasisAmt>
          <GainOrLossAmt>782</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>782</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FREEPORT-MCMORAN INC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2009-01-28</AcquiredDt>
          <SoldDt>2025-12-15</SoldDt>
          <GrossSalesPriceAmt>1758172</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>517120</CostOrOtherBasisAmt>
          <GainOrLossAmt>1241052</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1241052</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>1266092</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>18802</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>18802</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>18802</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>10242</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>30000</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>40242</TotalPaymentsAndCreditsAmt>
        <EsPenaltyAmt>0</EsPenaltyAmt>
        <OverpaymentAmt>21440</OverpaymentAmt>
        <AppliedToESTaxAmt>21440</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>0</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>0</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>1</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>1</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>LA</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>0</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>TERRI LEAKE PRETLOVE</IndividualWithBooksNm>
        <PhoneNum>6023668377</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>PO BOX 310</AddressLine1Txt>
          <CityNm>LAPLACE</CityNm>
          <StateAbbreviationCd>LA</StateAbbreviationCd>
          <ZIPCd>700690310</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>0</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>0</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>0</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>0</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>0</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>0</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>0</PaymentToGovernmentOfficialInd>
        <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>RICHARD C ADKERSON</PersonNm>
          <USAddress>
            <AddressLine1Txt>1400 WEST BAR BC RANCH ROAD</AddressLine1Txt>
            <CityNm>JACKSON</CityNm>
            <StateAbbreviationCd>WY</StateAbbreviationCd>
            <ZIPCd>83001</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>RICHARD CLARK ADKERSON</PersonNm>
          <USAddress>
            <AddressLine1Txt>1400 WEST BAR BC RANCH ROAD</AddressLine1Txt>
            <CityNm>JACKSON</CityNm>
            <StateAbbreviationCd>WY</StateAbbreviationCd>
            <ZIPCd>83001</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>WILLIAM TYLER ADKERSON</PersonNm>
          <USAddress>
            <AddressLine1Txt>1400 WEST BAR BC RANCH ROAD</AddressLine1Txt>
            <CityNm>JACKSON</CityNm>
            <StateAbbreviationCd>WY</StateAbbreviationCd>
            <ZIPCd>83001</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ROBERT RYAN ADKERSON</PersonNm>
          <USAddress>
            <AddressLine1Txt>1400 WEST BAR BC RANCH ROAD</AddressLine1Txt>
            <CityNm>JACKSON</CityNm>
            <StateAbbreviationCd>WY</StateAbbreviationCd>
            <ZIPCd>83001</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>CHARLES SCHWAB &amp; CO INC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>211 MAIN STREET</AddressLine1Txt>
            <CityNm>SAN FRANCISCO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94105</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVESTMENT ADVISORY FEES</ServiceTypeTxt>
          <CompensationAmt>168838</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>N/A</Description1Txt>
        <Expenses1Amt>0</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
        <Expenses1Amt>0</Expenses1Amt>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>18992544</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>137113</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>19129657</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>19129657</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>286945</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>18842712</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>942136</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>942136</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>18802</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>18802</TotalTaxAmt>
        <DistributableBeforeAdjAmt>923334</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>923334</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>923334</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>1627000</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>1627000</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>923334</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>780514</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>439163</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>646681</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>773655</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>712601</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>3352614</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>1627000</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>923334</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>703666</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>4056280</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>780514</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>3275766</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>439163</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>646681</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>773655</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>712601</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>703666</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>RICHARD C ADKERSON</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BUREAU OF GOVERNMENTAL RESEARCH</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1055 ST CHARLES AVENUE SUITE 200</AddressLine1Txt>
            <CityNm>NEW ORLEANS</CityNm>
            <StateAbbreviationCd>LA</StateAbbreviationCd>
            <ZIPCd>70130</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GENERAL PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CITY OF STARKVILLE CORNERSTONE SPORTS COMPLEX</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>226 CORNERSTONE BLVD</AddressLine1Txt>
            <CityNm>STARKVILLE</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39759</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GENERAL PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>70000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FLYTE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1614 E 6TH STREET ROOM 319</AddressLine1Txt>
            <CityNm>AUSTIN</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78702</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GENERAL PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HOGS FOR THE CAUSE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 792300</AddressLine1Txt>
            <CityNm>NEW ORLEANS</CityNm>
            <StateAbbreviationCd>LA</StateAbbreviationCd>
            <ZIPCd>70179</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GENERAL PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HOWLERS RIDGE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2975 MAX AVE 1186</AddressLine1Txt>
            <CityNm>BOZEMAN</CityNm>
            <StateAbbreviationCd>MT</StateAbbreviationCd>
            <ZIPCd>59718</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GENERAL PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>KOSCIUSKO FOUNDATION FOR EXCELLENCE IN EDUCATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 1184</AddressLine1Txt>
            <CityNm>KOSCIUSKO</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39090</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>SKIPWORTH AUDITORIUM</GrantOrContributionPurposeTxt>
          <Amt>30000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MISSISSIPPI STATE - THE BULLDOG CLUB INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX BT</AddressLine1Txt>
            <CityNm>MISSISSIPPI STATE</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39762</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>BASEBALL FACILITY</GrantOrContributionPurposeTxt>
          <Amt>200000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MISSISSIPPI STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 6149</AddressLine1Txt>
            <CityNm>MISSISSIPPI STATE</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39762</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>COB TOP DAWG SCHOLARSHIP FUND</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MISSISSIPPI STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 6149</AddressLine1Txt>
            <CityNm>MISSISSIPPI STATE</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39762</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>IN MEMORY OF JIM ROUSE</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MISSISSIPPI STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 6149</AddressLine1Txt>
            <CityNm>MISSISSIPPI STATE</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39762</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>HUMPRHEY COLISEUM</GrantOrContributionPurposeTxt>
          <Amt>600000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MISSISSIPPI STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 6149</AddressLine1Txt>
            <CityNm>MISSISSIPPI STATE</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39762</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>PRESIDENT'S CABINET</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MISSISSIPPI STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 6149</AddressLine1Txt>
            <CityNm>MISSISSIPPI STATE</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39762</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>FRANK DOWSING JR. FOOTBALL FELLOWSHIP ENDOWMENT</GrantOrContributionPurposeTxt>
          <Amt>20000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MISSISSIPPI STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 6149</AddressLine1Txt>
            <CityNm>MISSISSIPPI STATE</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39762</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>ROBERT BELL ATHLETIC ADMIN FELLOWSHIP ENDOWMENT</GrantOrContributionPurposeTxt>
          <Amt>20000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MISSISSIPPI STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 6149</AddressLine1Txt>
            <CityNm>MISSISSIPPI STATE</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39762</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>RCA CHAIR OF ACCOUNTANCY</GrantOrContributionPurposeTxt>
          <Amt>200000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MISSISSIPPI STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 6149</AddressLine1Txt>
            <CityNm>MISSISSIPPI STATE</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39762</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>LE DAWKINS ENDOWMENT IN ADKERSON SCHOOL OF ACCOUNTANTCY</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NATIONAL MUSEUM OF WILDLIFE ART</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2820 RUNGIUS ROAD</AddressLine1Txt>
            <CityNm>JACKSON</CityNm>
            <StateAbbreviationCd>WY</StateAbbreviationCd>
            <ZIPCd>83002</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>WESTERN VISIONS 2025 SPONSORSHIP</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>OPPORTUNITY INTERNATIONAL</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>550 WEST VAN BUREN STREET</AddressLine1Txt>
            <CityNm>CHICAGO</CityNm>
            <StateAbbreviationCd>IL</StateAbbreviationCd>
            <ZIPCd>60607</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GENERAL PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE 18TH WARD SPORTS CLUB</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>3329 BELL ST</AddressLine1Txt>
            <CityNm>NEW ORLEANS</CityNm>
            <StateAbbreviationCd>LA</StateAbbreviationCd>
            <ZIPCd>70119</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GENERAL PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE LOUISIANA MUSEUM FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1000 BOURBON ST B429</AddressLine1Txt>
            <CityNm>NEW ORLEANS</CityNm>
            <StateAbbreviationCd>LA</StateAbbreviationCd>
            <ZIPCd>70116</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>2024 AND 2025 GALA</GrantOrContributionPurposeTxt>
          <Amt>7500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE NATIONAL WORLD WAR II MUSEUM</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>945 MAGAZINE STREET</AddressLine1Txt>
            <CityNm>NEW ORLEANS</CityNm>
            <StateAbbreviationCd>LA</StateAbbreviationCd>
            <ZIPCd>701303813</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>PATRIOTS CIRCLE</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE NATIONAL WORLD WAR II MUSEUM</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>945 MAGAZINE STREET</AddressLine1Txt>
            <CityNm>NEW ORLEANS</CityNm>
            <StateAbbreviationCd>LA</StateAbbreviationCd>
            <ZIPCd>701303813</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>KISSINGER-LIBERATION</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE NATIONAL WORLD WAR II MUSEUM</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>945 MAGAZINE STREET</AddressLine1Txt>
            <CityNm>NEW ORLEANS</CityNm>
            <StateAbbreviationCd>LA</StateAbbreviationCd>
            <ZIPCd>70130</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GOLD SPONSORSHIP</GrantOrContributionPurposeTxt>
          <Amt>75000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>VCPORA</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 56095</AddressLine1Txt>
            <CityNm>NEW ORLEANS</CityNm>
            <StateAbbreviationCd>LA</StateAbbreviationCd>
            <ZIPCd>70156</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>2025 GALA</GrantOrContributionPurposeTxt>
          <Amt>2500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>WINSTON RHEA SCHOLARS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 850601</AddressLine1Txt>
            <CityNm>NEW ORLEANS</CityNm>
            <StateAbbreviationCd>LA</StateAbbreviationCd>
            <ZIPCd>70185</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GENERAL PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>YELLOWSTONE PARK FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>222 EAST MAIN STREET SUITE 301</AddressLine1Txt>
            <CityNm>BOZEMAN</CityNm>
            <StateAbbreviationCd>MT</StateAbbreviationCd>
            <ZIPCd>59715</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GENERAL PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>150000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1627000</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>41</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>276670</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>1266092</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>1542803</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>1542803</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>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorPersonNm>RICHARD C ADKERSON</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>1400 WEST BAR BC RANCH ROAD</AddressLine1Txt>
          <CityNm>JACKSON</CityNm>
          <StateAbbreviationCd>WY</StateAbbreviationCd>
          <ZIPCd>83001</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>40000</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
      <ContributorInformationGrp>
        <ContributorNum>2</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1Txt>FREEPORT-MCMORAN FOUNDATION</BusinessNameLine1Txt>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1Txt>333 NORTH CENTRAL AVENUE</AddressLine1Txt>
          <CityNm>PHOENIX</CityNm>
          <StateAbbreviationCd>AZ</StateAbbreviationCd>
          <ZIPCd>85004</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>40000</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="RetDoc2002200001">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>5200</Amt>
        <NetInvestmentIncomeAmt>5200</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>FREEPORT-MCMORAN, INC.</StockNm>
        <EOYBookValueAmt>5021917</EOYBookValueAmt>
        <EOYFMVAmt>21364052</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES RUSSELL 1000</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>273577</BookValueAmt>
        <EOYFMVAmt>582632</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>ANNUAL REPORT FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>85</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>85</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc2002300001">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT ADVISORY FEES</CategoryTxt>
        <Amt>168838</Amt>
        <NetInvestmentIncomeAmt>168838</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAX PAYMENTS</CategoryTxt>
        <Amt>16000</Amt>
        <NetInvestmentIncomeAmt>16000</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>