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      <PersonNm>CAROL T HILLS</PersonNm>
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      <PreparerPersonNm>TRAVIS CAVANAUGH</PreparerPersonNm>
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        <ContriPaidRevAndExpnssAmt>0</ContriPaidRevAndExpnssAmt>
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        <NetInvestmentIncomeAmt>633406</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>218009</AdjustedNetIncomeAmt>
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        <SavAndTempCashInvstBOYAmt>120983</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>56117</SavAndTempCashInvstEOYAmt>
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        <CorporateBondsBOYAmt>944121</CorporateBondsBOYAmt>
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        <TotalAssetsEOYAmt>10340658</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>12333640</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
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        <TotalLiabilitiesNetAstBOYAmt>9795983</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>10340658</TotalLiabilitiesNetAstEOYAmt>
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      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>9795983</TotNetAstOrFundBalancesBOYAmt>
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        <OtherDecreasesAmt referenceDocumentId="STM116">225240</OtherDecreasesAmt>
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      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SEE ATTACHED</PropertyDesc>
          <GrossSalesPriceAmt>4011603</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>3771835</CostOrOtherBasisAmt>
          <GainOrLossAmt>239768</GainOrLossAmt>
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        <CapitalGainNetIncomeAmt>239768</CapitalGainNetIncomeAmt>
        <NetShortTermCapitalGainLossAmt>218009</NetShortTermCapitalGainLossAmt>
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        <InvestmentIncomeExciseTaxAmt>8804</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
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        <SubtitleATaxAmt>0</SubtitleATaxAmt>
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        <TaxDueAmt>370</TaxDueAmt>
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        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
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        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
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        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
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        <IndividualWithBooksNm>DARREL MORF</IndividualWithBooksNm>
        <PhoneNum>3193667641</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>115 THIRD ST SE SUITE 1200</AddressLine1Txt>
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          <StateAbbreviationCd>IA</StateAbbreviationCd>
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        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
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        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
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        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
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        <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>
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      <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>DARREL A MORF</PersonNm>
          <USAddress>
            <AddressLine1Txt>115 THIRD ST SE STE 1200</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>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>VICE-PRESIDENT AND 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>TREASURER AND DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
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        <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>TREASURER AND DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
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        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
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      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>PROVIDED CHARITABLE DISTRIBUTIONS TO 45 CHARITABLE ORGANIZATIONS - SEE ATTACHED DETAIL</Description1Txt>
        <Expenses1Amt>198350</Expenses1Amt>
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        <Description1Txt>NONE</Description1Txt>
        <Expenses1Amt>0</Expenses1Amt>
        <TotalAmt>0</TotalAmt>
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        <AverageMonthlyFMVOfSecAmt>11833041</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>23649</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>11856690</TotalFMVOfUnusedAssetsAmt>
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        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
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        <CashDeemedCharitableAmt>177850</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>11678840</NetVlNoncharitableAssetsAmt>
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        <MinimumInvestmentReturnAmt>583942</MinimumInvestmentReturnAmt>
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        <DistributableBeforeDedAmt>575138</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>575138</DistributableAsAdjustedAmt>
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        <ExpensesAndContributionsAmt>198350</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>198350</QualifyingDistributionsAmt>
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        <DistributableAsAdjustedAmt>575138</DistributableAsAdjustedAmt>
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        <QualifyingDistributionsAmt>198350</QualifyingDistributionsAmt>
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        <ExcessDistributionCyovAppCYAmt>376788</ExcessDistributionCyovAppCYAmt>
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        <ContributingManagerNm>JARED S HILLS AND CAROL T HILLS</ContributingManagerNm>
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          <RecipientPersonNm>CAROL T HILLS</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>2008 BALSAM DRIVE SW</AddressLine1Txt>
            <CityNm>CEDAR RAPIDS</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>52404</ZIPCd>
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          <RecipientPhoneNum>3193667641</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>WRITTEN CORRESPONDENCE STATING NATURE OF REQUEST</FormAndInfoAndMaterialsTxt>
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          <RestrictionsOnAwardsTxt>(1) NO GIFTS TO INDIVIDUALS, (2) ONLY GIFTS TO CHARITIES, (3) IOWA PUBLIC CHARITIES PREFERRED</RestrictionsOnAwardsTxt>
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          <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>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>BENEFIT CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
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        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>198350</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
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        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>335117</ExclusionAmt>
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          <ExclusionCd>18</ExclusionCd>
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        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>574885</ExclusionAmt>
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        <TotalIncomeProducingActyAmt>574885</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>
    <IRS990ScheduleB documentId="990B">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorPersonNm>CAROL HILLS</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>2008 BALSAM DRIVE SW</AddressLine1Txt>
          <CityNm>CEDAR RAPIDS</CityNm>
          <StateAbbreviationCd>IA</StateAbbreviationCd>
          <ZIPCd>52404</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>137208</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <InvestmentsCorpBondsSchedule documentId="STM138">
      <InvestmentsCorporateBondsGrp>
        <BondNm>SEE ATTACHED STATEMENT</BondNm>
        <EOYBookValueAmt>2265561</EOYBookValueAmt>
        <EOYFMVAmt>2233072</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="STM137">
      <InvestmentsCorporateStockGrp>
        <StockNm>SEE ATTACHED STATEMENT</StockNm>
        <EOYBookValueAmt>8018980</EOYBookValueAmt>
        <EOYFMVAmt>10044451</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <LegalFeesSchedule documentId="STM107">
      <LegalFeesGrp>
        <CategoryTxt>SIMMONS PERRINE MOYER BERGMAN</CategoryTxt>
        <LegalFeesAmt>3165</LegalFeesAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherDecreasesSchedule documentId="STM116">
      <OtherDecreasesDetail>
        <Desc>ADJUSTMENTS TO BOND PORTFOLIO BASIS</Desc>
        <Amt>225240</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherIncomeSchedule2 documentId="STM106">
      <OtherIncomeDetail>
        <Desc>CAPITAL GAIN DISTRIBUTIONS</Desc>
        <RevenueAndExpensesPerBooksAmt>59135</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>59135</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <SubstantialContributorsSch documentId="STM114">
      <SubstantialContributorDetail>
        <BusinessName>
          <BusinessNameLine1Txt>CAROL HILLS</BusinessNameLine1Txt>
        </BusinessName>
        <USAddress>
          <AddressLine1Txt>2008 BALSAM DRIVE SW</AddressLine1Txt>
          <CityNm>CEDAR RAPIDS</CityNm>
          <StateAbbreviationCd>IA</StateAbbreviationCd>
          <ZIPCd>52404</ZIPCd>
        </USAddress>
      </SubstantialContributorDetail>
    </SubstantialContributorsSch>
    <TaxesSchedule documentId="STM110">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES WITHHELD</CategoryTxt>
        <Amt>614</Amt>
        <NetInvestmentIncomeAmt>614</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>