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        <BOYAmt>16482906</BOYAmt>
        <EOYAmt>17224204</EOYAmt>
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      <ReconcilationRevenueExpnssAmt>35768</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>670094</NetUnrlzdGainsLossesInvstAmt>
      <OtherChangesInNetAssetsAmt>0</OtherChangesInNetAssetsAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
      <FSAuditedInd>1</FSAuditedInd>
      <FSAuditedBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
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      <AuditCommitteeInd>1</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
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        <CurrentTaxYearMinus3YearsAmt>720907</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>647065</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>580983</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>812379</CurrentTaxYearAmt>
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        <CurrentTaxYearMinus3YearsAmt>720907</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>647065</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>580983</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>812379</CurrentTaxYearAmt>
        <TotalAmt>3117468</TotalAmt>
      </TotalCalendarYear170Grp>
      <PublicSupportTotal170Amt>3117468</PublicSupportTotal170Amt>
      <GrossInvestmentIncome170Grp>
        <CurrentTaxYearMinus4YearsAmt>255430</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>281000</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>294054</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>366229</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>438379</CurrentTaxYearAmt>
        <TotalAmt>1635092</TotalAmt>
      </GrossInvestmentIncome170Grp>
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      <PublicSupportCY170Pct>0.65600</PublicSupportCY170Pct>
      <PublicSupportPY170Pct>0.66280</PublicSupportPY170Pct>
      <ThirtyThrPctSuprtTestsCY170Ind>X</ThirtyThrPctSuprtTestsCY170Ind>
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    <IRS990ScheduleB documentId="RetDoc1234500001">
      <ContributorInformationGrp>
        <ContributorNum>RESTRICTED</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorUSAddress>
        <TotalContributionsAmt>RESTRICTED</TotalContributionsAmt>
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      </CYMinus1YrEndwmtFundGrp>
      <CYMinus2YrEndwmtFundGrp>
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        <EndYearBalanceAmt>101126</EndYearBalanceAmt>
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        <EndYearBalanceAmt>101126</EndYearBalanceAmt>
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      <CYMinus4YrEndwmtFundGrp>
        <BeginningYearBalanceAmt>101126</BeginningYearBalanceAmt>
        <EndYearBalanceAmt>101126</EndYearBalanceAmt>
      </CYMinus4YrEndwmtFundGrp>
      <PrmnntEndowmentBalanceEOYPct>1.00000</PrmnntEndowmentBalanceEOYPct>
      <EndowmentsHeldUnrelatedOrgInd>0</EndowmentsHeldUnrelatedOrgInd>
      <EndowmentsHeldRelatedOrgInd>0</EndowmentsHeldRelatedOrgInd>
      <TotalBookValueLandBuildingsAmt>0</TotalBookValueLandBuildingsAmt>
      <TotalRevEtcAuditedFinclStmtAmt>1390410</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>670094</NetUnrealizedGainsInvstAmt>
      <RevenueNotReportedAmt>670094</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>720316</RevenueSubtotalAmt>
      <InvestmentExpensesNotIncldAmt>90223</InvestmentExpensesNotIncldAmt>
      <RevenueNotReportedFinclStmtAmt>90223</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>810539</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>684548</TotExpnsEtcAuditedFinclStmtAmt>
      <ExpensesNotReportedAmt>0</ExpensesNotReportedAmt>
      <ExpensesSubtotalAmt>684548</ExpensesSubtotalAmt>
      <InvestmentExpensesNotIncld2Amt>90223</InvestmentExpensesNotIncld2Amt>
      <ExpensesNotRptFinclStmtAmt>90223</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>774771</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART V, LINE 4:</FormAndLineReferenceDesc>
        <ExplanationTxt>IN JANUARY 1997, AN ENDOWMENT FUND WAS ESTABLISHED BY NATIONAL WESTERN COURTENAY C. DAVIS FOUNDATION SCHOLARSHIP HONORING CLIFFORD P. HANSEN WITH A $42,000 CONTRIBUTION. ADDITIONAL MONIES WERE CONTRIBUTED TO THE FUND RESULTING IN A TOTAL CORPUS OF $101,126. CONTRIBUTIONS TO THIS FUND ARE PERMANENTLY RESTRICTED. INCOME EARNED ON THE INVESTMENTS IS TO BE USED TO PROVIDE SCHOLARSHIPS TO STUDENTS OF THE UNIVERSITY OF WYOMING.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleI documentId="RetDoc1041900001">
      <GrantRecordsMaintainedInd>1</GrantRecordsMaintainedInd>
      <RecipientTable>
        <RecipientBusinessName>
          <BusinessNameLine1Txt>THE WESTERN STOCK SHOW ASSOCIATION</BusinessNameLine1Txt>
        </RecipientBusinessName>
        <USAddress>
          <AddressLine1Txt>4655 HUMBOLDT STREET</AddressLine1Txt>
          <CityNm>DENVER</CityNm>
          <StateAbbreviationCd>CO</StateAbbreviationCd>
          <ZIPCd>80216</ZIPCd>
        </USAddress>
        <RecipientEIN>840517361</RecipientEIN>
        <IRCSectionDesc>501(C)(3)</IRCSectionDesc>
        <CashGrantAmt>11477</CashGrantAmt>
        <NonCashAssistanceAmt>0</NonCashAssistanceAmt>
        <PurposeOfGrantTxt>FUNDRAISING ACTIVITIES</PurposeOfGrantTxt>
      </RecipientTable>
      <GrantsOtherAsstToIndivInUSGrp>
        <GrantTypeTxt>EDUCATIONAL SCHOLARSHIPS TO COLLEGES IN CO &amp; WY</GrantTypeTxt>
        <RecipientCnt>106</RecipientCnt>
        <CashGrantAmt>643000</CashGrantAmt>
      </GrantsOtherAsstToIndivInUSGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>EACH YEAR THE TRUSTEES DETERMINE THE EDUCATIONAL INSTITUTIONS THAT WILL RECEIVE SCHOLARSHIP FUNDS, THE NUMBER OF SCHOLARSHIPS TO BE RECEIVED BY EACH INSTITUTION, AND THE AMOUNT OF EACH SCHOLARSHIP. THE INDIVIDUAL RECIPIENTS OF SCHOLARSHIPS ARE CHOSEN IN A NONDISCRIMINATORY MANNER BY THE EDUCATIONAL INSTITUTION RECEIVING THE FUNDS. THE TRUSTEES ESTABLISH SCHOLARSHIP QUALIFICATION RULES AND POLICIES INCLUDING STANDARDIZED REPORTING DATES, CRITERIA AND GUIDELINES, AND AMEND SUCH RULES AND POLICIES FROM TIME TO TIME, AND PROVIDE SUCH RULES AND POLICIES TO THE EDUCATIONAL INSTITUTIONS RECEIVING THE FUNDS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART III, COLUMN A:</FormAndLineReferenceDesc>
        <ExplanationTxt>EDUCATIONAL SCHOLARSHIPS TO COLLEGES IN COLORADO AND WYOMING FOR STUDENTS PURSUING DEGREES IN AN AGRICULTURE RELATED FIELD, AS WELL AS TO A NUMBER OF STUDENTS PURSUING EDUCATION IN THE FIELD OF MEDICINE WHO AGREE TO PRACTICE FOR A TIME IN A RURAL COMMUNITY.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleI>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE WESTERN STOCK SHOW ASSOCIATION SCHOLARSHIP TRUST'S PURPOSE IS TO PROMOTE THE EDUCATIONAL DEVELOPMENT OF YOUTH INTERESTED IN WORKING IN AGRICULTURE AND LIVESTOCK PRODUCTION VIA PROVIDING SCHOLARSHIPS TO A SIGNIFICANT NUMBER OF STUDENTS PURSUING A COLLEGE DEGREE IN AN AGRICULTURE RELATED FIELD, AS WELL AS TO A NUMBER OF STUDENTS PURSUING EDUCATION IN THE FIELD OF MEDICINE WHO AGREE TO PRACTICE FOR A TIME IN A RURAL COMMUNITY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE FORM 990 WAS REVIEWED BY MANAGEMENT AND A COMPLETE COPY WAS PROVIDED TO THE ENTIRE BOARD OF TRUSTEES. A HIGH LEVEL REVIEW WAS THEN CONDUCTED FOR THE BOARD OF TRUSTEES BY THE TAX PREPARATION FIRM.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>BOARD MEMBERS AND OFFICERS ARE REQUIRED ANNUALLY TO DECLARE ANY CONFLICTS OF INTEREST. THE DECLARATIONS ARE REVIEWED BY THE BOARD CHAIR AND THE PRESIDENT/CEO.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE TRUST MAINTAINS A PUBLIC DISCLOSURE NOTEBOOK AT ITS ADMINISTRATIVE OFFICES WHICH IS AVAILABLE UPON REQUEST DURING NORMAL BUSINESS HOURS.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>