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          <PersonNm>RONALD J CLARK</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>PAUL D CLEARY</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JOHN M COLMERS</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>LINDA V DECHERRIE</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>PETER DONNELLY</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>DANIELLE G DOOLEY</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>SHERRY GLIED</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>PETER M GOTTSEGEN</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR &amp; VICE CHAIRMAN</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ROBERT E HARVEY</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ROBERT F HOERLE</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR &amp; TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>4.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>CLARION E JOHNSON</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>SAMUEL L MILBANK</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR AND CHAIRMAN</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>MARGARET E O'KANE</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>LASHAWN RICHBURG-HAYES</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>DANIEL J MC SWIGGAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>DENISE A GRAY-FELDER</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>CHRISTINE HARAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>COMMUNICATIONS DIR.</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>159135</CompensationAmt>
          <EmployeeBenefitsAmt>60532</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>LISA WATKINS</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>PROGRAM OFFICER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>180081</CompensationAmt>
          <EmployeeBenefitsAmt>32375</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>GAIL CAMBRIDGE</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>ADMIN SERVICES MANAG</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>130735</CompensationAmt>
          <EmployeeBenefitsAmt>38494</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>RACHEL BLOCK</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>PROGRAM OFFICER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>109549</CompensationAmt>
          <EmployeeBenefitsAmt>19308</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>ERICA BROWN</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>PROGRAM OFFICER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>80667</CompensationAmt>
          <EmployeeBenefitsAmt>23768</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <OtherEmployeePaidOver50kCnt>2</OtherEmployeePaidOver50kCnt>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>BAILIT HEALTH PURCHASING LLC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>56 PICKERING STREET</AddressLine1Txt>
            <CityNm>NEEDHAM</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>02492</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>PROGRAM CONTRACT</ServiceTypeTxt>
          <CompensationAmt>707615</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>PATERSON BELKNAP</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>1133 6TH AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10036</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>LEGAL</ServiceTypeTxt>
          <CompensationAmt>123323</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>GARDNER RUSSO &amp; GARDNER</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>223 EAST CHESTER STREET</AddressLine1Txt>
            <CityNm>LANCASTER</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>17602</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVESTMENT ADVISORY</ServiceTypeTxt>
          <CompensationAmt>103690</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>YOUR PART TIME CONTROLLER</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>1333 BROADWAY</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10018</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>ACCOUNTING</ServiceTypeTxt>
          <CompensationAmt>86963</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>EAGLE CAPITAL MANAGEMENT</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>499 PARK AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10022</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVESTMENT ADVISORY</ServiceTypeTxt>
          <CompensationAmt>86954</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <ContractorPaidOver50kCnt>3</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>IDENTIFY, INFORM, AND INSPIRE STATE HEALTH POLICY LEADERS: ACTIVITIES INCLUDED PROVIDING TECHNICAL ASSISTANCE TO STATE AND FEDERAL POLICYMAKERS, CONVENING MEETINGS ON ISSUES OF HEALTH POLICY AND POPULATION HEALTH, CONDUCTING A PROGRAM TO PROMOTE SKILLS DEVELOPMENT AND NETWORKING AMONG EMERGING STATE LEADERS.</Description1Txt>
        <Expenses1Amt>697408</Expenses1Amt>
        <Description2Txt>PROVIDE AUTHORITATIVE EVIDENCE, EXPERIENCE, AND SUPPORT ON SELECTED ISSUES OF CRITICAL IMPORTANCE TO THE STATES TO STIMULATE MEANINGFUL RESPONSE: ACTIVITIES INCLUDED CONVENING MEETINGS OF PUBLIC AND PRIVATE DECISION MAKERS AND PUBLISHING REPORTS ON SUCH ISSUES AS STATE SERVICES FOR AGING POPULATIONS, PRIMARY CARE TRANSFORMATION, MEASURING TOTAL COST OF CARE, AND BEHAVIORAL HEALTH.</Description2Txt>
        <Expenses2Amt>1586310</Expenses2Amt>
        <Description3Txt>THE MILBANK QUARTERLY AND COMMUNICATIONS: ACTIVITIES INCLUDED EDITING AND PUBLISHING THE MILBANK QUARTERLY, A PEER-REVIEWED JOURNAL OF HEALTH POLICY AND POPULATION HEALTH, AND INCREASING AWARENESS OF THE FUND'S WORK BY COMMUNICATING ITS RESULTS TO A BROAD AUDIENCE.</Description3Txt>
        <Expenses3Amt>719194</Expenses3Amt>
        <Description4Txt>PROGRAM DEVELOPMENT AND MANAGEMENT: ACTIVITIES INCLUDED PLANNING NEW PROJECTS WITH STRATEGIC PARTNERS, EVALUATING CONTINUING WORK, AND SUPPORTING PARTNER ORGANIZATIONS IN COLLABORATIVE WORK.</Description4Txt>
        <Expenses4Amt>684117</Expenses4Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>99034055</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>518539</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>99418</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>99652012</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>99652012</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>1494780</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>98157232</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>4907862</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <Sect4942j3j5FndtnAndFrgnOrgInd>X</Sect4942j3j5FndtnAndFrgnOrgInd>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>4775017</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>4775017</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>0</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <TotalExcessDistributionCyovAmt>0</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>4775017</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>0</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>4775017</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>4775017</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>0</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>4775017</ExcessDistriCyovToNextYrAmt>
        <ExcessFromCurrentYearAmt>4775017</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp>
        <PrivateOperatingFndtnRulingDt>1985-01-01</PrivateOperatingFndtnRulingDt>
        <Section4942j3Ind>X</Section4942j3Ind>
        <LessorAdjNetIncmMinInvstRetGrp>
          <CurrentYearAmt>1059378</CurrentYearAmt>
          <Year1Amt>737284</Year1Amt>
          <Year2Amt>1428014</Year2Amt>
          <Year3Amt>1015471</Year3Amt>
          <TotalAmt>4240147</TotalAmt>
        </LessorAdjNetIncmMinInvstRetGrp>
        <Pct85LessorAdjIncmOrMinRetGrp>
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        <EOYFMVAmt>119844</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2600 shs BERKSHIRE</StockNm>
        <EOYBookValueAmt>777400</EOYBookValueAmt>
        <EOYFMVAmt>777400</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>351 shs EVOLUTION AB ADR</StockNm>
        <EOYBookValueAmt>50179</EOYBookValueAmt>
        <EOYFMVAmt>50179</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>345 shs IAC/INTERACTIVECORP</StockNm>
        <EOYBookValueAmt>45095</EOYBookValueAmt>
        <EOYFMVAmt>45095</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>6425 shs NESTLE SA SPONS ADR</StockNm>
        <EOYBookValueAmt>901877</EOYBookValueAmt>
        <EOYFMVAmt>901877</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>657 shs NETFLIX INC</StockNm>
        <EOYBookValueAmt>395803</EOYBookValueAmt>
        <EOYFMVAmt>395803</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>907 shs SHERWIN WILLIAMS CO/THE</StockNm>
        <EOYBookValueAmt>319409</EOYBookValueAmt>
        <EOYFMVAmt>319409</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>8216 shs ACTIVISION BLIZZARD INC</StockNm>
        <EOYBookValueAmt>546610</EOYBookValueAmt>
        <EOYFMVAmt>546610</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>261 shs ADOBE INC</StockNm>
        <EOYBookValueAmt>148003</EOYBookValueAmt>
        <EOYFMVAmt>148003</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>324 shs ADOBE INC</StockNm>
        <EOYBookValueAmt>183727</EOYBookValueAmt>
        <EOYFMVAmt>183727</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>712 shs AIR PRODUCTS + CHEMICALS INC</StockNm>
        <EOYBookValueAmt>216633</EOYBookValueAmt>
        <EOYFMVAmt>216633</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1350 shs ALIBABA GROUP HOLDING SP</StockNm>
        <EOYBookValueAmt>160367</EOYBookValueAmt>
        <EOYFMVAmt>160367</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>287 shs ALPHABET INC</StockNm>
        <EOYBookValueAmt>830640</EOYBookValueAmt>
        <EOYFMVAmt>830640</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>293 shs ALPHABET INC CL A</StockNm>
        <EOYBookValueAmt>848833</EOYBookValueAmt>
        <EOYFMVAmt>848833</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>424 shs ALPHABET INC CL C</StockNm>
        <EOYBookValueAmt>1226882</EOYBookValueAmt>
        <EOYFMVAmt>1226882</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>194 shs AMAZON.COM</StockNm>
        <EOYBookValueAmt>646862</EOYBookValueAmt>
        <EOYFMVAmt>646862</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>331 shs AMAZON.COM INC</StockNm>
        <EOYBookValueAmt>1103667</EOYBookValueAmt>
        <EOYFMVAmt>1103667</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>925 shs ANALOG DEVICES INC</StockNm>
        <EOYBookValueAmt>162587</EOYBookValueAmt>
        <EOYFMVAmt>162587</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>604 shs ANTHEM INC</StockNm>
        <EOYBookValueAmt>279978</EOYBookValueAmt>
        <EOYFMVAmt>279978</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>125 shs AON PLC CLASS A</StockNm>
        <EOYBookValueAmt>337228</EOYBookValueAmt>
        <EOYFMVAmt>337228</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1728 shs APPLE INC</StockNm>
        <EOYBookValueAmt>306841</EOYBookValueAmt>
        <EOYFMVAmt>306841</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2096 shs ARISTA NETWORKS INC</StockNm>
        <EOYBookValueAmt>301300</EOYBookValueAmt>
        <EOYFMVAmt>301300</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1150 shs ASHTEAD GROUP PLC</StockNm>
        <EOYBookValueAmt>68333</EOYBookValueAmt>
        <EOYFMVAmt>68333</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1077 shs AUTODESK INC</StockNm>
        <EOYBookValueAmt>302842</EOYBookValueAmt>
        <EOYFMVAmt>302842</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>884 shs BECTON DICKINSON AND CO</StockNm>
        <EOYBookValueAmt>222308</EOYBookValueAmt>
        <EOYFMVAmt>222308</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1 shs BERKSHIRE HATHAWAY INC CL A</StockNm>
        <EOYBookValueAmt>450662</EOYBookValueAmt>
        <EOYFMVAmt>450662</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>628 shs BERKSHIRE HATHAWAY INC CL B</StockNm>
        <EOYBookValueAmt>187772</EOYBookValueAmt>
        <EOYFMVAmt>187772</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2049 shs BOEING CO/THE</StockNm>
        <EOYBookValueAmt>412505</EOYBookValueAmt>
        <EOYFMVAmt>412505</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>95 shs BOOKING HOLDING INC</StockNm>
        <EOYBookValueAmt>227927</EOYBookValueAmt>
        <EOYFMVAmt>227927</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>8300 shs BOSTON SCIENTIFIC CORP</StockNm>
        <EOYBookValueAmt>352584</EOYBookValueAmt>
        <EOYFMVAmt>352584</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2675 shs BROWN FORMAN CORP CLASS A</StockNm>
        <EOYBookValueAmt>181338</EOYBookValueAmt>
        <EOYFMVAmt>181338</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>50 shs CABLE ONE INC</StockNm>
        <EOYBookValueAmt>88173</EOYBookValueAmt>
        <EOYFMVAmt>88173</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>190 shs CARLSBERG AS B</StockNm>
        <EOYBookValueAmt>214605</EOYBookValueAmt>
        <EOYFMVAmt>214605</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>23085.97 shs CARMAC AUTO OWNER TRUST</StockNm>
        <EOYBookValueAmt>23234</EOYBookValueAmt>
        <EOYFMVAmt>23234</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>355 shs CHARTER COMMUNICATION INC A</StockNm>
        <EOYBookValueAmt>231449</EOYBookValueAmt>
        <EOYFMVAmt>231449</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>101 shs CHIPOTLE MEXICAN GRILL INC</StockNm>
        <EOYBookValueAmt>176573</EOYBookValueAmt>
        <EOYFMVAmt>176573</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>5322 shs CITIGROUP INC</StockNm>
        <EOYBookValueAmt>321396</EOYBookValueAmt>
        <EOYFMVAmt>321396</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>15674 shs COMCAST CORP CLASS A</StockNm>
        <EOYBookValueAmt>788872</EOYBookValueAmt>
        <EOYFMVAmt>788872</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>377 shs COSTCO WHOLESALE CORP</StockNm>
        <EOYBookValueAmt>214023</EOYBookValueAmt>
        <EOYFMVAmt>214023</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>4411 shs DISH NETWORK CORP A</StockNm>
        <EOYBookValueAmt>143093</EOYBookValueAmt>
        <EOYFMVAmt>143093</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>880 shs DOLLAR GENERAL CORP</StockNm>
        <EOYBookValueAmt>207530</EOYBookValueAmt>
        <EOYFMVAmt>207530</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>592 shs DOMINO S PIZZA INC</StockNm>
        <EOYBookValueAmt>334083</EOYBookValueAmt>
        <EOYFMVAmt>334083</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>558 shs ECOLAB INC</StockNm>
        <EOYBookValueAmt>130901</EOYBookValueAmt>
        <EOYFMVAmt>130901</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1335 shs FEDEX CORP</StockNm>
        <EOYBookValueAmt>345284</EOYBookValueAmt>
        <EOYFMVAmt>345284</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>3850 shs FINANCIERE RICHEMO A</StockNm>
        <EOYBookValueAmt>527258</EOYBookValueAmt>
        <EOYFMVAmt>527258</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>9260 shs FINANCIERE RICHEMO A WARRANTS</StockNm>
        <EOYBookValueAmt>9260</EOYBookValueAmt>
        <EOYFMVAmt>9260</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>6727 shs GENERAL ELECTRIC CO</StockNm>
        <EOYBookValueAmt>493389</EOYBookValueAmt>
        <EOYFMVAmt>493389</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>946 shs GOLDMAN SACHS GROUP INC</StockNm>
        <EOYBookValueAmt>361892</EOYBookValueAmt>
        <EOYFMVAmt>361892</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>671 shs GUIDEWIRE SOFTWARE INC</StockNm>
        <EOYBookValueAmt>76179</EOYBookValueAmt>
        <EOYFMVAmt>76179</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>5905 shs HEINEKEN</StockNm>
        <EOYBookValueAmt>479191</EOYBookValueAmt>
        <EOYFMVAmt>479191</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1813 shs HILTON WORLDWIDE HOLDINGS IN</StockNm>
        <EOYBookValueAmt>282810</EOYBookValueAmt>
        <EOYFMVAmt>282810</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1568 shs HOLDINGS NV</StockNm>
        <EOYBookValueAmt>102579</EOYBookValueAmt>
        <EOYFMVAmt>102579</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>872 shs HOME DEPOT INC</StockNm>
        <EOYBookValueAmt>361889</EOYBookValueAmt>
        <EOYFMVAmt>361889</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>3367 shs INFIENON TECHNOLOGIES ADR</StockNm>
        <EOYBookValueAmt>154882</EOYBookValueAmt>
        <EOYFMVAmt>154882</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>375 shs INTUITIVE SURGICAL INC</StockNm>
        <EOYBookValueAmt>134738</EOYBookValueAmt>
        <EOYFMVAmt>134738</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1385 shs JOHNSON + JOHNSIN</StockNm>
        <EOYBookValueAmt>236932</EOYBookValueAmt>
        <EOYFMVAmt>236932</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>4095 shs JP MORGAN CHASE CO</StockNm>
        <EOYBookValueAmt>648443</EOYBookValueAmt>
        <EOYFMVAmt>648443</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2633 shs LIBERTY BROADBAND C</StockNm>
        <EOYBookValueAmt>424176</EOYBookValueAmt>
        <EOYFMVAmt>424176</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>741 shs LYONDELLBASELL INDU CL A</StockNm>
        <EOYBookValueAmt>68342</EOYBookValueAmt>
        <EOYFMVAmt>68342</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>825 shs MARIETTA MATERIALS</StockNm>
        <EOYBookValueAmt>363429</EOYBookValueAmt>
        <EOYFMVAmt>363429</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2279 shs MARRIOTT INTERNATIONAL CL A</StockNm>
        <EOYBookValueAmt>376582</EOYBookValueAmt>
        <EOYFMVAmt>376582</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>3875 shs MASTERCARD INC A</StockNm>
        <EOYBookValueAmt>1392365</EOYBookValueAmt>
        <EOYFMVAmt>1392365</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1508 shs MATCH GROUP INC</StockNm>
        <EOYBookValueAmt>199433</EOYBookValueAmt>
        <EOYFMVAmt>199433</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1400 shs MATERIALS CO</StockNm>
        <EOYBookValueAmt>290612</EOYBookValueAmt>
        <EOYFMVAmt>290612</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>4492 shs META PLATFORMS INC CLASS A</StockNm>
        <EOYBookValueAmt>1510884</EOYBookValueAmt>
        <EOYFMVAmt>1510884</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>4276 shs MICROSOFT CORP</StockNm>
        <EOYBookValueAmt>1438104</EOYBookValueAmt>
        <EOYFMVAmt>1438104</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>3499 shs MORGAN STANLEY</StockNm>
        <EOYBookValueAmt>343462</EOYBookValueAmt>
        <EOYFMVAmt>343462</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1061 shs NASPERS LTD N SHS SPON ADR</StockNm>
        <EOYBookValueAmt>32891</EOYBookValueAmt>
        <EOYFMVAmt>32891</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1929 shs NESTLE SA SPONS ADR</StockNm>
        <EOYBookValueAmt>270774</EOYBookValueAmt>
        <EOYFMVAmt>270774</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>307 shs NETFLIX INC</StockNm>
        <EOYBookValueAmt>184949</EOYBookValueAmt>
        <EOYFMVAmt>184949</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1792 shs NIKE INC CL B</StockNm>
        <EOYBookValueAmt>298673</EOYBookValueAmt>
        <EOYFMVAmt>298673</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1381 shs NOVARTIS AG SPONSORED ADR</StockNm>
        <EOYBookValueAmt>120796</EOYBookValueAmt>
        <EOYFMVAmt>120796</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1700 shs OUTFRONT MEDIA INC</StockNm>
        <EOYBookValueAmt>45594</EOYBookValueAmt>
        <EOYFMVAmt>45594</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1080 shs PACIFIC CORP</StockNm>
        <EOYBookValueAmt>272084</EOYBookValueAmt>
        <EOYFMVAmt>272084</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1561 shs PAYPAL HOLDINGS INC</StockNm>
        <EOYBookValueAmt>294373</EOYBookValueAmt>
        <EOYFMVAmt>294373</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>836 shs PEPSICO INC</StockNm>
        <EOYBookValueAmt>145222</EOYBookValueAmt>
        <EOYFMVAmt>145222</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2315 shs PERNOD RICARD SA</StockNm>
        <EOYBookValueAmt>489623</EOYBookValueAmt>
        <EOYFMVAmt>489623</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2551 shs PROGRESSIVE CORP</StockNm>
        <EOYBookValueAmt>261860</EOYBookValueAmt>
        <EOYFMVAmt>261860</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1533 shs ROCHE HOLDINGS LTD SPONS ADR</StockNm>
        <EOYBookValueAmt>79241</EOYBookValueAmt>
        <EOYFMVAmt>79241</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>228.2 shs ROKU INC</StockNm>
        <EOYBookValueAmt>345038</EOYBookValueAmt>
        <EOYFMVAmt>345038</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1377 shs ROSS STORES INC</StockNm>
        <EOYBookValueAmt>157364</EOYBookValueAmt>
        <EOYFMVAmt>157364</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>340 shs S + P GLOBAL INC</StockNm>
        <EOYBookValueAmt>160456</EOYBookValueAmt>
        <EOYFMVAmt>160456</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>3907 shs SAFRAN SA UNSPON ADR</StockNm>
        <EOYBookValueAmt>119515</EOYBookValueAmt>
        <EOYFMVAmt>119515</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>4729 shs SPON ADR</StockNm>
        <EOYBookValueAmt>78549</EOYBookValueAmt>
        <EOYFMVAmt>78549</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1319 shs STRYKER CORP</StockNm>
        <EOYBookValueAmt>352727</EOYBookValueAmt>
        <EOYFMVAmt>352727</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1041 shs T MOBILE US INC</StockNm>
        <EOYBookValueAmt>120735</EOYBookValueAmt>
        <EOYFMVAmt>120735</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>3823 shs TAIWAN SEMICONDUCTOR SP ADR</StockNm>
        <EOYBookValueAmt>459945</EOYBookValueAmt>
        <EOYFMVAmt>459945</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>446 shs TECHNOLOGIES INC</StockNm>
        <EOYBookValueAmt>219370</EOYBookValueAmt>
        <EOYFMVAmt>219370</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2297 shs TEXAS INSTRUMENTS INC</StockNm>
        <EOYBookValueAmt>432916</EOYBookValueAmt>
        <EOYFMVAmt>432916</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>605 shs THERMO FISHER SCIENTIFIC INC</StockNm>
        <EOYBookValueAmt>403680</EOYBookValueAmt>
        <EOYFMVAmt>403680</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2373 shs TJX COMPANIES INC</StockNm>
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      <InvestmentsCorporateStockGrp>
        <StockNm>542 shs TRANSDIGM GROUP INC</StockNm>
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        <EOYFMVAmt>344864</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>6406 shs UNILEVER PLC SPONSORED ADR</StockNm>
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        <EOYFMVAmt>344579</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>745 shs UNITEDHEALTH</StockNm>
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        <EOYFMVAmt>374094</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>604 shs UNITEDHEALTH GROUP INC</StockNm>
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        <EOYFMVAmt>303293</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>682 shs VERSIK ANALYTICS INC</StockNm>
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        <EOYFMVAmt>155994</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>5143 shs VISA INC CLASS A SHARES</StockNm>
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        <EOYFMVAmt>1114540</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>4879 shs WALT DISNEY CO/THE</StockNm>
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        <EOYFMVAmt>755708</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>4822 shs WELLS FARGO + CO</StockNm>
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      <InvestmentsCorporateStockGrp>
        <StockNm>501 shs WILLIS TOWERS WATSON PLC</StockNm>
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        <EOYFMVAmt>118982</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>459 shs WOODWARD INC</StockNm>
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      <InvestmentsCorporateStockGrp>
        <StockNm>722 shs WORKDAY INC CLASS A</StockNm>
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        <EOYFMVAmt>197236</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>4642 shs WORLDWIDE CORP</StockNm>
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        <EOYFMVAmt>404179</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>307 shs YUM BRANDS INC</StockNm>
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        <EOYFMVAmt>181490</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>OTHER</StockNm>
        <EOYBookValueAmt>4253</EOYBookValueAmt>
        <EOYFMVAmt>4253</EOYFMVAmt>
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      <StateLocalSecBookVlEOYAmt>0</StateLocalSecBookVlEOYAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>OSTERWEIS STRATEGIC INCOME FUND</CategoryOrItemTxt>
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        <CategoryOrItemTxt>CIFC SSC LOAN</CategoryOrItemTxt>
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        <CategoryOrItemTxt>AG CAPITAL RECOVERY PARTNERS</CategoryOrItemTxt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>PIMCO INCOME FUND</CategoryOrItemTxt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SEG PARTNERS</CategoryOrItemTxt>
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        <EOYFMVAmt>18958420</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GOLUB PARTNERS 11</CategoryOrItemTxt>
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        <EOYFMVAmt>548916</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GOLUB PARTNERS 14</CategoryOrItemTxt>
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      <LandEtcGrp>
        <CategoryOrItemTxt>LEASEHOLD IMPROVEMENTS</CategoryOrItemTxt>
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        <EOYFMVAmt>86164</EOYFMVAmt>
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      <LandEtcGrp>
        <CategoryOrItemTxt>WORKS OF ART</CategoryOrItemTxt>
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        <EOYFMVAmt>18435</EOYFMVAmt>
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        <CategoryTxt>LEGAL SERVICES</CategoryTxt>
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        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
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        <Desc>INTEREST/DIVIDENDS RECEIVABLE</Desc>
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        <EOYBookValueAmt>22656</EOYBookValueAmt>
        <EOYFMVAmt>22656</EOYFMVAmt>
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      <OtherAssetsScheduleGrp>
        <Desc>ROYALTIES</Desc>
        <BOYBookValueAmt>1700</BOYBookValueAmt>
        <EOYBookValueAmt>91911</EOYBookValueAmt>
        <EOYFMVAmt>91911</EOYFMVAmt>
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      <OtherAssetsScheduleGrp>
        <Desc>PROCEEDS RECEIVABLE</Desc>
        <BOYBookValueAmt>3799885</BOYBookValueAmt>
        <EOYBookValueAmt>91639</EOYBookValueAmt>
        <EOYFMVAmt>91639</EOYFMVAmt>
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        <DisbursementsCharitablePrpsAmt>2773</DisbursementsCharitablePrpsAmt>
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      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>16476</RevenueAndExpensesPerBooksAmt>
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        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>21768</DisbursementsCharitablePrpsAmt>
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      <OtherExpensesScheduleGrp>
        <Desc>OFFICE SUPPLIES AND EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>23527</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
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      <OtherExpensesScheduleGrp>
        <Desc>CONTRACTED SERVICES AND HONORARIA</Desc>
        <RevenueAndExpensesPerBooksAmt>1667563</RevenueAndExpensesPerBooksAmt>
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        <AdjustedNetIncomeAmt>135217</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1478795</DisbursementsCharitablePrpsAmt>
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      <OtherExpensesScheduleGrp>
        <Desc>DUES AND SUBSCRIPTIONS</Desc>
        <RevenueAndExpensesPerBooksAmt>28411</RevenueAndExpensesPerBooksAmt>
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        <AdjustedNetIncomeAmt>8050</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>20361</DisbursementsCharitablePrpsAmt>
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      <OtherExpensesScheduleGrp>
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        <RevenueAndExpensesPerBooksAmt>46783</RevenueAndExpensesPerBooksAmt>
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        <DisbursementsCharitablePrpsAmt>52011</DisbursementsCharitablePrpsAmt>
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      <OtherExpensesScheduleGrp>
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        <RevenueAndExpensesPerBooksAmt>49722</RevenueAndExpensesPerBooksAmt>
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        <AdjustedNetIncomeAmt>1514</AdjustedNetIncomeAmt>
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      <OtherExpensesScheduleGrp>
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        <RevenueAndExpensesPerBooksAmt>64569</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>64569</DisbursementsCharitablePrpsAmt>
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        <Desc>MILBANK QUARTERLY</Desc>
        <RevenueAndExpensesPerBooksAmt>125204</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>125204</AdjustedNetIncomeAmt>
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      <OtherIncomeDetail>
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        <NetInvestmentIncomeAmt>3013</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>3013</AdjustedNetIncomeAmt>
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        <BOYBookValueAmt>1207000</BOYBookValueAmt>
        <EOYBookValueAmt>1272000</EOYBookValueAmt>
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        <AdjustedNetIncomeAmt>86954</AdjustedNetIncomeAmt>
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      <OtherProfessionalFeesDetail>
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        <AdjustedNetIncomeAmt>75883</AdjustedNetIncomeAmt>
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      <OtherProfessionalFeesDetail>
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        <AdjustedNetIncomeAmt>15000</AdjustedNetIncomeAmt>
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      <OtherProfessionalFeesDetail>
        <CategoryTxt>STATE STREET BANK - INV</CategoryTxt>
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        <AdjustedNetIncomeAmt>12342</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
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      <OtherProfessionalFeesDetail>
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        <AdjustedNetIncomeAmt>103690</AdjustedNetIncomeAmt>
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      <OtherProfessionalFeesDetail>
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        <NetInvestmentIncomeAmt>77818</NetInvestmentIncomeAmt>
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        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
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</Return>
