<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" returnVersion="2022v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2023-04-17T09:59:09-04:00</ReturnTs>
    <TaxPeriodEndDt>2022-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>420665669</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>Simmons Perrine Moyer Bergman PLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>115 Third St SE Suite 1200</AddressLine1Txt>
        <CityNm>Cedar Rapids</CityNm>
        <StateAbbreviationCd>IA</StateAbbreviationCd>
        <ZIPCd>52401</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2022-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>391896077</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>THE JARED AND CAROL HILLS FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>JARE</BusinessNameControlTxt>
      <USAddress>
        <AddressLine1Txt>115 THIRD ST SE STE 1200</AddressLine1Txt>
        <CityNm>CEDAR RAPIDS</CityNm>
        <StateAbbreviationCd>IA</StateAbbreviationCd>
        <ZIPCd>52401</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>DARREL A MORF</PersonNm>
      <PersonTitleTxt>SECRETARY</PersonTitleTxt>
      <PhoneNum>3193667641</PhoneNum>
      <SignatureDt>2023-04-05</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <SigningOfficerGrp>
      <PersonFullName>
        <PersonFirstNm>DARREL</PersonFirstNm>
        <PersonLastNm>MORF</PersonLastNm>
      </PersonFullName>
      <SSN>XXX-XX-XXXX</SSN>
    </SigningOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>Travis Cavanaugh</PreparerPersonNm>
      <PTIN>P01658133</PTIN>
      <PhoneNum>3193667641</PhoneNum>
      <PreparationDt>2023-04-17</PreparationDt>
      <SelfEmployedInd>X</SelfEmployedInd>
    </PreparerPersonGrp>
    <AdditionalFilerInformation>
      <TrustedCustomerGrp>
        <TrustedCustomerCd>0</TrustedCustomerCd>
        <OOBSecurityVerificationCd>00</OOBSecurityVerificationCd>
        <AuthenticationAssuranceLevelCd>AAL1</AuthenticationAssuranceLevelCd>
        <IdentityAssuranceLevelCd>IAL1</IdentityAssuranceLevelCd>
      </TrustedCustomerGrp>
    </AdditionalFilerInformation>
    <TaxYr>2022</TaxYr>
    <BuildTS>2023-04-26 12:10:37Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="7">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>6001681</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <DividendsRevAndExpnssAmt>176060</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>176060</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>172037</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>1220594</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>172037</CapGainNetIncmNetInvstIncmAmt>
        <NetSTCapitalGainAdjNetIncmAmt>58807</NetSTCapitalGainAdjNetIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="STM106">13707</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>13707</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>361804</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>361804</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>58807</TotalAdjNetIncmAmt>
        <LegalFeesRevAndExpnssAmt referenceDocumentId="STM107">3575</LegalFeesRevAndExpnssAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="STM110">857</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>857</TaxesNetInvstIncmAmt>
        <TravConfMeetingRevAndExpnssAmt>524</TravConfMeetingRevAndExpnssAmt>
        <TotOprExpensesRevAndExpnssAmt>4956</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>857</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>40000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>40000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>44956</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>857</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>40000</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>316848</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>360947</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>58807</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>14388</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>25882</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>25882</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>4082491</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="STM137">4271157</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>5347066</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>557070</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="STM138">634413</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>628733</CorporateBondsEOYFMVAmt>
        <TotalAssetsBOYAmt>4653949</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>4931452</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>6001681</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <RetainedEarningBOYAmt>4653949</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>4931452</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>4653949</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>4931452</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>4653949</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>4931452</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>4653949</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>316848</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>4970797</SubtotalAmt>
        <OtherDecreasesAmt referenceDocumentId="STM116">39345</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>4931452</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SEE ATTACHED</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>1220594</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1048557</CostOrOtherBasisAmt>
          <GainOrLossAmt>172037</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>172037</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>172037</CapitalGainNetIncomeAmt>
        <NetShortTermCapitalGainLossAmt>58807</NetShortTermCapitalGainLossAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>5017</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>5017</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>5017</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>21686</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>21686</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>16669</OverpaymentAmt>
        <AppliedToESTaxAmt>16669</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>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>IA</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <IndividualWithBooksNm>DARREL A MORF</IndividualWithBooksNm>
        <PhoneNum>3193667641</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>115 THIRD ST SE SUITE 1200</AddressLine1Txt>
          <CityNm>CEDAR RAPIDS</CityNm>
          <StateAbbreviationCd>IA</StateAbbreviationCd>
          <ZIPCd>52401</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>
        <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>CAROL T HILLS</PersonNm>
          <USAddress>
            <AddressLine1Txt>2008 BALSAM DRIVE SW</AddressLine1Txt>
            <CityNm>CEDAR RAPIDS</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>52404</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT AND DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JARED S HILLS</PersonNm>
          <USAddress>
            <AddressLine1Txt>2008 BALSAM DRIVE SW</AddressLine1Txt>
            <CityNm>CEDAR RAPIDS</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>52404</ZIPCd>
          </USAddress>
          <TitleTxt>VICE-PRESIDENT AND DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>DARREL A MORF</PersonNm>
          <USAddress>
            <AddressLine1Txt>115 THIRD ST SE</AddressLine1Txt>
            <CityNm>CEDAR RAPIDS</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>52401</ZIPCd>
          </USAddress>
          <TitleTxt>SECRETARY AND DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ROGER J SCHMIDT</PersonNm>
          <USAddress>
            <AddressLine1Txt>200 5TH AVENUE SE SUITE 102</AddressLine1Txt>
            <CityNm>CEDAR RAPIDS</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>52401</ZIPCd>
          </USAddress>
          <TitleTxt>TREASURER AND DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>WILLIAM COLLING</PersonNm>
          <USAddress>
            <AddressLine1Txt>890 ALEXIS LANE</AddressLine1Txt>
            <CityNm>MARION</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>523029070</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>KARI DIRKS</PersonNm>
          <USAddress>
            <AddressLine1Txt>1700 12TH AVENUE</AddressLine1Txt>
            <CityNm>CORALVILLE</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>52241</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>PAUL HILLS</PersonNm>
          <USAddress>
            <AddressLine1Txt>1540 HWY 965 NW</AddressLine1Txt>
            <CityNm>SWISHER</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>52338</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>CRAIG VANDER LEEST</PersonNm>
          <USAddress>
            <AddressLine1Txt>200 5TH AVENUE SE SUITE 102</AddressLine1Txt>
            <CityNm>CEDAR RAPIDS</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>52401</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>NONE</Description1Txt>
        <Expenses1Amt>0</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>NONE</Description1Txt>
        <Expenses1Amt>0</Expenses1Amt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>6043859</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>16293</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>6060152</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>6060152</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>90902</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>5969250</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>298463</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>298463</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>5017</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>5017</TotalTaxAmt>
        <DistributableBeforeAdjAmt>293446</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>293446</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>293446</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>40000</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>40000</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>293446</DistributableAsAdjustedAmt>
        <ExcessDistributionCyovYr1Amt>1022839</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>1022839</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>40000</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>40000</AppliedToCurrentYearAmt>
        <ExcessDistriCyovAppCYCorpusAmt>253446</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>253446</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>769393</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>769393</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear1Amt>769393</ExcessFromYear1Amt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>JARED S HILLS AND CAROL T HILLS</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>CAROL T HILLS</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>2008 BALSAM DRIVE SW</AddressLine1Txt>
            <CityNm>CEDAR RAPIDS</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>52404</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>3193667641</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>WRITTEN CORRESPONDENCE STATING NATURE OF REQUEST</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>NONE</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>(1) NO GIFTS TO INDIVIDUALS, (2) ONLY GIFTS TO CHARITIES, (3) IOWA PUBLIC CHARITIES PREFERRED</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>SEE ATTACHED STATEMENT</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>SEE ATTACHED STATEMENT</AddressLine1Txt>
            <CityNm>CEDAR RAPIDS</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>52401</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>BENEFIT CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>40000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>40000</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>176060</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>172037</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>348097</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>348097</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>
    <InvestmentsCorpBondsSchedule documentId="STM138">
      <InvestmentsCorporateBondsGrp>
        <BondNm>SEE ATTACHED STATEMENT</BondNm>
        <EOYBookValueAmt>634413</EOYBookValueAmt>
        <EOYFMVAmt>628733</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="STM137">
      <InvestmentsCorporateStockGrp>
        <StockNm>SEE ATTACHED STATEMENT</StockNm>
        <EOYBookValueAmt>4271157</EOYBookValueAmt>
        <EOYFMVAmt>5347066</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <LegalFeesSchedule documentId="STM107">
      <LegalFeesGrp>
        <CategoryTxt>SIMMONS PERRINE MOYER BERGMAN</CategoryTxt>
        <LegalFeesAmt>3575</LegalFeesAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherDecreasesSchedule documentId="STM116">
      <OtherDecreasesDetail>
        <Desc>ADJUSTMENTS TO BOND PORTFOLIO BASIS</Desc>
        <Amt>39345</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherIncomeSchedule2 documentId="STM106">
      <OtherIncomeDetail>
        <Desc>CAPITAL GAIN DISTRIBUTIONS</Desc>
        <RevenueAndExpensesPerBooksAmt>13707</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>13707</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <TaxesSchedule documentId="STM110">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES WITHHELD</CategoryTxt>
        <Amt>857</Amt>
        <NetInvestmentIncomeAmt>857</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>
