﻿<?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>2026-07-13T14:32:09-05:00</ReturnTs>
    <TaxPeriodEndDt>2025-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>830327383</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>LENHART MASON &amp; ASSOCIATES LLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>900 WERNER COURT STE 200</AddressLine1Txt>
        <CityNm>CASPER</CityNm>
        <StateAbbreviationCd>WY</StateAbbreviationCd>
        <ZIPCd>82601</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2025-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>352451182</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>TW FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>TWFO</BusinessNameControlTxt>
      <PhoneNum>3074731407</PhoneNum>
      <USAddress>
        <AddressLine1Txt>PO BOX 50790</AddressLine1Txt>
        <CityNm>CASPER</CityNm>
        <StateAbbreviationCd>WY</StateAbbreviationCd>
        <ZIPCd>826050790</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>TIFFANY GAMBLE</PersonNm>
      <PersonTitleTxt>DIRECTOR</PersonTitleTxt>
      <PhoneNum>3074731407</PhoneNum>
      <SignatureDt>2026-07-08</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>STEPHEN A WILLADSON</PreparerPersonNm>
      <PTIN>P00819798</PTIN>
      <PhoneNum>3072347800</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2025</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="10">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>6082184</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>12</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>12</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>136017</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>136017</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>414543</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>3498586</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>414543</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc2001500001">23240</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>23240</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>573812</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>573812</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>0</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>0</CompOfcrDirTrstDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002200001">5267</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>0</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>0</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002300001">44565</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>44560</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>0</OtherProfFeesDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">7406</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>0</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <PrintingAndPubRevAndExpnssAmt>27</PrintingAndPubRevAndExpnssAmt>
        <PrintingAndPubNetInvstIncmAmt>0</PrintingAndPubNetInvstIncmAmt>
        <PrintingAndPubDsbrsChrtblAmt>0</PrintingAndPubDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>57265</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>44560</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>265245</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>265245</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>322510</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>44560</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>265245</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>251302</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>529252</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>692371</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>335436</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>335436</SavAndTempCashInvstEOYFMVAmt>
        <AcctRcvblBOYAmt>1370</AcctRcvblBOYAmt>
        <USGovernmentObligationsBOYAmt>802928</USGovernmentObligationsBOYAmt>
        <USGovernmentObligationsEOYAmt referenceDocumentId="RetDoc2210400001">759626</USGovernmentObligationsEOYAmt>
        <USGovtObligationsEOYFMVAmt>769325</USGovtObligationsEOYFMVAmt>
        <CorporateStockBOYAmt>3056241</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2018900001">2717521</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>3609062</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>501374</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="RetDoc2044400001">416615</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>436968</CorporateBondsEOYFMVAmt>
        <OtherInvestmentsBOYAmt>931393</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc2018100001">931393</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>931393</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>5985677</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>5160591</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>6082184</TotalAssetsEOYFMVAmt>
        <GrantsPayableBOYAmt>2770000</GrantsPayableBOYAmt>
        <GrantsPayableEOYAmt>1720000</GrantsPayableEOYAmt>
        <TotalLiabilitiesBOYAmt>2770000</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>1720000</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>0</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>0</CapitalStockEOYAmt>
        <AdditionalPaidInCapitalBOYAmt>0</AdditionalPaidInCapitalBOYAmt>
        <AdditionalPaidInCapitalEOYAmt>0</AdditionalPaidInCapitalEOYAmt>
        <RetainedEarningBOYAmt>3215677</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>3440591</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>3215677</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>3440591</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>5985677</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>5160591</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>3215677</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>251302</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt>0</OtherIncreasesAmt>
        <SubtotalAmt>3466979</SubtotalAmt>
        <OtherDecreasesAmt referenceDocumentId="RetDoc2049800001">26388</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>3440591</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES - MS ST 2193</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2025-01-01</AcquiredDt>
          <SoldDt>2025-12-31</SoldDt>
          <GrossSalesPriceAmt>1201764</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1171542</CostOrOtherBasisAmt>
          <GainOrLossAmt>30222</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>30222</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES - MS ST 2193</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2025-01-01</AcquiredDt>
          <SoldDt>2025-12-31</SoldDt>
          <GrossSalesPriceAmt>40942</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>40150</CostOrOtherBasisAmt>
          <GainOrLossAmt>792</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>792</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES - MS ST 2193</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2025-01-01</AcquiredDt>
          <SoldDt>2025-12-31</SoldDt>
          <GrossSalesPriceAmt>2191527</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1830283</CostOrOtherBasisAmt>
          <GainOrLossAmt>361244</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>361244</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES - MS ST 2193</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2025-01-01</AcquiredDt>
          <SoldDt>2025-12-31</SoldDt>
          <GrossSalesPriceAmt>42057</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>42068</CostOrOtherBasisAmt>
          <GainOrLossAmt>-11</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-11</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES - MORGAN STANLEY</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2025-01-01</AcquiredDt>
          <SoldDt>2025-12-31</SoldDt>
          <GrossSalesPriceAmt>11131</GrossSalesPriceAmt>
          <GainOrLossAmt>11131</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>11131</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MORGAN STANLEY CAPITAL GAIN DISTRIBUTION</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2025-01-01</AcquiredDt>
          <SoldDt>2025-12-31</SoldDt>
          <GrossSalesPriceAmt>11165</GrossSalesPriceAmt>
          <GainOrLossAmt>11165</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>11165</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>414543</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>7357</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>7357</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>7357</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>3876</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>8000</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>11876</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="RetDoc1192000001">X</Form2220AttachedInd>
        <EsPenaltyAmt>126</EsPenaltyAmt>
        <OverpaymentAmt>4393</OverpaymentAmt>
        <AppliedToESTaxAmt>4393</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>WY</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>0</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>NONE</WebsiteAddressTxt>
        <IndividualWithBooksNm>TIFFANY GAMBLE</IndividualWithBooksNm>
        <PhoneNum>3074731407</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>PO BOX 50790</AddressLine1Txt>
          <CityNm>CASPER</CityNm>
          <StateAbbreviationCd>WY</StateAbbreviationCd>
          <ZIPCd>826050790</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>TIFFANY GAMBLE</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO BOX 50790</AddressLine1Txt>
            <CityNm>CASPER</CityNm>
            <StateAbbreviationCd>WY</StateAbbreviationCd>
            <ZIPCd>82605</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT/DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>DORIS M MCMURRY</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO BOX 50790</AddressLine1Txt>
            <CityNm>CASPER</CityNm>
            <StateAbbreviationCd>WY</StateAbbreviationCd>
            <ZIPCd>82605</ZIPCd>
          </USAddress>
          <TitleTxt>VICE PRESIDENT/DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.20</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>DAN W GUERTTMAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO BOX 50790</AddressLine1Txt>
            <CityNm>CASPER</CityNm>
            <StateAbbreviationCd>WY</StateAbbreviationCd>
            <ZIPCd>82605</ZIPCd>
          </USAddress>
          <TitleTxt>SECRETARY/DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.20</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>RICK MASON</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO BOX 50951</AddressLine1Txt>
            <CityNm>CASPER</CityNm>
            <StateAbbreviationCd>WY</StateAbbreviationCd>
            <ZIPCd>82605</ZIPCd>
          </USAddress>
          <TitleTxt>TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.20</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>5174632</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>378631</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>931393</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>6484656</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>6484656</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>97270</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>6387386</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>319369</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>319369</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>7357</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>7357</TotalTaxAmt>
        <DistributableBeforeAdjAmt>312012</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>312012</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>312012</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>265245</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>265245</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>312012</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>1846892</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr3Amt>1327122</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>2198193</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>3953411</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>9325618</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>265245</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>265245</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>46767</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>46767</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>9278851</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>1800125</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>7478726</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear3Amt>1327122</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>2198193</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>3953411</ExcessFromYear1Amt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>TW FOUNDATION</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 50790</AddressLine1Txt>
            <CityNm>CASPER</CityNm>
            <StateAbbreviationCd>WY</StateAbbreviationCd>
            <ZIPCd>826050790</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>3074731407</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>NO FORMAT</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>NO</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>NONE</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CENTRAL WYOMING JUNIOR LIVESTOCK SALE INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 771</AddressLine1Txt>
            <CityNm>CASPER</CityNm>
            <StateAbbreviationCd>WY</StateAbbreviationCd>
            <ZIPCd>82602</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>SUPPORT THE GENERAL MISSION OF THE ORGANIZATION</GrantOrContributionPurposeTxt>
          <Amt>45245</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>WYOMING STATE FAIR ENDOWMENT FUND</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>400 W CENTER ST</AddressLine1Txt>
            <CityNm>DOUGLAS</CityNm>
            <StateAbbreviationCd>WY</StateAbbreviationCd>
            <ZIPCd>82633</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>SUPPORT THE GENERAL MISSION OF THE ORGANIZATION</GrantOrContributionPurposeTxt>
          <Amt>45000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>DAVID STREET STATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>139 W 2ND STREET SUITE 3C</AddressLine1Txt>
            <CityNm>CASPER</CityNm>
            <StateAbbreviationCd>WY</StateAbbreviationCd>
            <ZIPCd>82601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>SUPPORT THE GENERAL MISSION OF THE ORGANIZATION</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HONORING 307 HEROES</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 52001</AddressLine1Txt>
            <CityNm>CASPER</CityNm>
            <StateAbbreviationCd>WY</StateAbbreviationCd>
            <ZIPCd>82605</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>SUPPORT THE GENERAL MISSION OF THE ORGANIZATION</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CHILD DEVELOPMENT CENTER</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2020 E 12TH ST</AddressLine1Txt>
            <CityNm>CASPER</CityNm>
            <StateAbbreviationCd>WY</StateAbbreviationCd>
            <ZIPCd>82601</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>SUPPORT THE GENERAL MISSION OF THE ORGANIZATION</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>265245</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>12</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>136017</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <OtherInvestmentIncomeGrp>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>23240</ExclusionAmt>
        </OtherInvestmentIncomeGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>414543</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>573812</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>573812</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>
    <AccountingFeesSchedule documentId="RetDoc2002200001">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>5267</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpBondsSchedule documentId="RetDoc2044400001">
      <InvestmentsCorporateBondsGrp>
        <BondNm>MORGAN STANLEY - CORPORATE BONDS</BondNm>
        <EOYBookValueAmt>416615</EOYBookValueAmt>
        <EOYFMVAmt>436968</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>MORGAN STANLEY - STOCKS</StockNm>
        <EOYBookValueAmt>1953031</EOYBookValueAmt>
        <EOYFMVAmt>2839215</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MORGAN STANLEY - EXCHANGE TRADED &amp; CLOSED END FUNDS</StockNm>
        <EOYBookValueAmt>250648</EOYBookValueAmt>
        <EOYFMVAmt>254936</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MORGAN STANLEY - MUTUAL FUNDS</StockNm>
        <EOYBookValueAmt>513842</EOYBookValueAmt>
        <EOYFMVAmt>514911</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="RetDoc2210400001">
      <USGovtObligationsBookVlEOYAmt>759626</USGovtObligationsBookVlEOYAmt>
      <USGovtObligationsEOYFMVAmt>769325</USGovtObligationsEOYFMVAmt>
      <StateLocalSecBookVlEOYAmt>0</StateLocalSecBookVlEOYAmt>
      <StateLocalSecEOYFMVAmt>0</StateLocalSecEOYFMVAmt>
    </InvestmentsGovtObligationsSch>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>INVESTMENT IN EXARO / JONAH ROYALTIES</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>430826</BookValueAmt>
        <EOYFMVAmt>430826</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>INVESTMENT IN MOUNTAIN STATES LAMB CO</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>477267</BookValueAmt>
        <EOYFMVAmt>477267</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>INVESTMENT IN MINERALS POWELL PARK</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>23300</BookValueAmt>
        <EOYFMVAmt>23300</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherDecreasesSchedule documentId="RetDoc2049800001">
      <OtherDecreasesDetail>
        <Desc>TAX PAYMENTS MADE</Desc>
        <Amt>7500</Amt>
      </OtherDecreasesDetail>
      <OtherDecreasesDetail>
        <Desc>MORGAN STANLEY ADJUSTMENT</Desc>
        <Amt>18888</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>EVOLUTION</Desc>
        <RevenueAndExpensesPerBooksAmt>3142</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>3142</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>3142</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>JONAH ENERGY</Desc>
        <RevenueAndExpensesPerBooksAmt>20077</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>20077</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>20077</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>MISC INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>21</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>21</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>21</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="RetDoc2002300001">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT FEES</CategoryTxt>
        <Amt>44560</Amt>
        <NetInvestmentIncomeAmt>44560</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>REGISTRATION FEES</CategoryTxt>
        <Amt>5</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>EVOLUTION</CategoryTxt>
        <Amt>765</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>JONAH ENERGY</CategoryTxt>
        <Amt>3983</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES WITHHELD</CategoryTxt>
        <Amt>2658</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>