<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xsi:schemaLocation="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2021v4.2">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2022-12-15T10:59:24-06:00</ReturnTs>
    <TaxPeriodEndDt>2021-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>BDO USA LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>8401 GREENSBORO DRIVE 800</AddressLine1Txt>
        <CityNm>MCLEAN</CityNm>
        <StateAbbreviationCd>VA</StateAbbreviationCd>
        <ZIPCd>22102</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2021-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>981129085</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>THE LEGAL EDUCATION FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <InCareOfNm>% CLARE JOHNS THE FOUNDATION</InCareOfNm>
      <BusinessNameControlTxt>LEGA</BusinessNameControlTxt>
      <PhoneNum>2030055695</PhoneNum>
      <ForeignAddress>
        <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD BUS</AddressLine1Txt>
        <CityNm>SHALFORD</CityNm>
        <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
        <CountryCd>UK</CountryCd>
        <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
      </ForeignAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>CLARE JOHNS</PersonNm>
      <PersonTitleTxt>Deputy Chief Exec.</PersonTitleTxt>
      <PhoneNum>2030055695</PhoneNum>
      <SignatureDt>2022-11-15</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <SigningOfficerGrp>
      <PersonFullName>
        <PersonFirstNm>CLARE</PersonFirstNm>
        <PersonLastNm>JOHNS</PersonLastNm>
      </PersonFullName>
      <SSN>XXX-XX-XXXX</SSN>
    </SigningOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>Marc Berger</PreparerPersonNm>
      <PTIN>P01871563</PTIN>
      <PhoneNum>7038930600</PhoneNum>
    </PreparerPersonGrp>
    <AdditionalFilerInformation>
      <TrustedCustomerGrp>
        <TrustedCustomerCd>2</TrustedCustomerCd>
      </TrustedCustomerGrp>
    </AdditionalFilerInformation>
    <TaxYr>2021</TaxYr>
    <BuildTS>2022-09-23 18:48:47Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="10">
    <IRS990PF documentId="IRS990PF">
      <ForeignOrganizationInd>X</ForeignOrganizationInd>
      <ForeignOrgMeeting85PctTestInd>X</ForeignOrgMeeting85PctTestInd>
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>425394893</FMVAssetsEOYAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>447501</ContriRcvdRevAndExpnssAmt>
        <InterestOnSavRevAndExpnssAmt>9436</InterestOnSavRevAndExpnssAmt>
        <DividendsRevAndExpnssAmt>3899299</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>928543</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>106865088</NetGainSaleAstRevAndExpnssAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="OtherIncomeSch2">148811</OtherIncomeRevAndExpnssAmt>
        <TotalRevAndExpnssAmt>111370135</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>928543</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <OthEmplSlrsWgsRevAndExpnssAmt>1346981</OthEmplSlrsWgsRevAndExpnssAmt>
        <OthEmplSlrsWgsDsbrsChrtblAmt>1333761</OthEmplSlrsWgsDsbrsChrtblAmt>
        <PensionEmplBnftRevAndExpnssAmt>424166</PensionEmplBnftRevAndExpnssAmt>
        <PensionEmplBnftDsbrsChrtblAmt>431976</PensionEmplBnftDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="AccountingFeesSch">42046</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>0</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>0</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>41963</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="OthProfFeesSch">1336430</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>296464</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesAdjNetIncmAmt>0</OtherProfFeesAdjNetIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>1174830</OtherProfFeesDsbrsChrtblAmt>
        <OccupancyRevAndExpnssAmt>243820</OccupancyRevAndExpnssAmt>
        <OccupancyDsbrsChrtblAmt>155788</OccupancyDsbrsChrtblAmt>
        <TravConfMeetingRevAndExpnssAmt>10108</TravConfMeetingRevAndExpnssAmt>
        <TravConfMeetingDsbrsChrtblAmt>11046</TravConfMeetingDsbrsChrtblAmt>
        <PrintingAndPubRevAndExpnssAmt>37983</PrintingAndPubRevAndExpnssAmt>
        <PrintingAndPubDsbrsChrtblAmt>32382</PrintingAndPubDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">176944</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesDsbrsChrtblAmt>164207</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>3618478</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>296464</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>0</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>3345953</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>10392522</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>10392522</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>14011000</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>296464</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>0</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>13738475</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>97359135</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>632079</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>34153</CashBOYAmt>
        <CashEOYAmt>1577613</CashEOYAmt>
        <CashEOYFMVAmt>1577613</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>31590873</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>46095566</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>46095566</SavAndTempCashInvstEOYFMVAmt>
        <PrepaidExpensesBOYAmt>1348829</PrepaidExpensesBOYAmt>
        <PrepaidExpensesEOYAmt>1676439</PrepaidExpensesEOYAmt>
        <PrepaidExpensesEOYFMVAmt>1676439</PrepaidExpensesEOYFMVAmt>
        <CorporateStockBOYAmt>345195390</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestCorpStockSch">370401217</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>370401217</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>6511612</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="InvestCorpBondsSch">5644058</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>5644058</CorporateBondsEOYFMVAmt>
        <LandBldgEquipCostOrOtherBssAmt>9568</LandBldgEquipCostOrOtherBssAmt>
        <LandBldgEquipAccumDeprecAmt>9568</LandBldgEquipAccumDeprecAmt>
        <TotalAssetsBOYAmt>384680857</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>425394893</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>425394893</TotalAssetsEOYFMVAmt>
        <AccountsPayableBOYAmt>707859</AccountsPayableBOYAmt>
        <AccountsPayableEOYAmt>911988</AccountsPayableEOYAmt>
        <GrantsPayableBOYAmt>11313543</GrantsPayableBOYAmt>
        <GrantsPayableEOYAmt>13285343</GrantsPayableEOYAmt>
        <OtherLiabilitiesBOYAmt>3997098</OtherLiabilitiesBOYAmt>
        <OtherLiabilitiesEOYAmt>3850854</OtherLiabilitiesEOYAmt>
        <TotalLiabilitiesBOYAmt>16018500</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>18048185</TotalLiabilitiesEOYAmt>
        <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
        <NoDonorRstrNetAssestsBOYAmt>368472337</NoDonorRstrNetAssestsBOYAmt>
        <NoDonorRstrNetAssestsEOYAmt>407219676</NoDonorRstrNetAssestsEOYAmt>
        <DonorRstrNetAssetsBOYAmt>190020</DonorRstrNetAssetsBOYAmt>
        <DonorRstrNetAssetsEOYAmt>127032</DonorRstrNetAssetsEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>368662357</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>407346708</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>384680857</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>425394893</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>368662357</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>97359135</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="OtherIncreasesSch">-58674784</OtherIncreasesAmt>
        <SubtotalAmt>407346708</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>407346708</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail />
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>37142</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>37142</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>37142</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>512</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>36803</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <TotalPaymentsAndCreditsAmt>37315</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>173</OverpaymentAmt>
        <AppliedToESTaxAmt>173</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd referenceDocumentId="BinaryAttach">false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd referenceDocumentId="BinaryAttach">false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd referenceDocumentId="BinaryAttach">false</OrganizationDissolvedEtcInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <Form990PFFiledWithAttyGenInd>0</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>true</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>false</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>WWW.THELEGALEDUCATIONFOUNDATION.ORG</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>CLARE JOHNS THE FOUNDATION</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>2030055695</PhoneNum>
        <LocationOfBooksForeignAddress>
          <AddressLine1Txt>STE 2 RIVER HOUSE BROADFORD B pk</AddressLine1Txt>
          <CityNm>SHALFORD</CityNm>
          <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
          <CountryCd>UK</CountryCd>
          <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
        </LocationOfBooksForeignAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <UndistrIncmSect4942a2NotAppInd>false</UndistrIncmSect4942a2NotAppInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>true</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <TransactionsFailToQlfyAsExcInd>false</TransactionsFailToQlfyAsExcInd>
        <MaintainedExpenditureRspnsInd>false</MaintainedExpenditureRspnsInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <ProceedsOrNetIncomeInd>false</ProceedsOrNetIncomeInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Rupert Baron</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD BUS</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ALISA BEATON</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD BUS</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>GUY BERINGER</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD BUS</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Timothy Dutton</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD BUS</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ROGER FINBOW</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD BUS</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JONATHAN FREEMAN</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD BUS</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Vivek Luthra</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD BUS</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Alison Pickup</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD BUS</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Monica Risam</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD BUS</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Rupen Shah</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD BUS</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Hetan Shah</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD BUS</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Paddy Sloan</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD BUS</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>Trustee</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Alex Temple</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD BUS</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>Trustee</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>MATTHEW SMERDON</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>CHIEF EXECUTIVE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>35.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>171872</CompensationAmt>
          <EmployeeBenefitsAmt>35198</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>1134</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>ALAN HUMPHREYS</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>DEPUTY CHIEF EXEC.</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>35.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>169540</CompensationAmt>
          <EmployeeBenefitsAmt>0</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>7800</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>NATALIE BYROM</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>DIRECTOR OF RESEARCH</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>35.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>117965</CompensationAmt>
          <EmployeeBenefitsAmt>21149</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>JILLIAN GALE</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>DEPUTY SECRETARY</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>35.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>105395</CompensationAmt>
          <EmployeeBenefitsAmt>21243</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>4051</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>CLARE JOHNS</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD</AddressLine1Txt>
            <CityNm>SHALFORD</CityNm>
            <ProvinceOrStateNm>SURREY</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </ForeignAddress>
          <TitleTxt>ACCOUNTANT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>35.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>97354</CompensationAmt>
          <EmployeeBenefitsAmt>19369</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>1908</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <OtherEmployeePaidOver50kCnt>8</OtherEmployeePaidOver50kCnt>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>DRD</BusinessNameLine1Txt>
          </BusinessName>
          <ForeignAddress>
            <AddressLine1Txt>17 SLINGSBY PLACE ST MARTINS COUR</AddressLine1Txt>
            <CityNm>LONDON</CityNm>
            <ProvinceOrStateNm>ENGLAND</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>WC2E 9AB</ForeignPostalCd>
          </ForeignAddress>
          <ServiceTypeTxt>Communications</ServiceTypeTxt>
          <CompensationAmt>230546</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>Linklaters LLP</BusinessNameLine1Txt>
          </BusinessName>
          <ForeignAddress>
            <AddressLine1Txt>ONE SILK STREET</AddressLine1Txt>
            <CityNm>LONDON</CityNm>
            <ProvinceOrStateNm>ENGLAND</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>EC2Y 8HQ</ForeignPostalCd>
          </ForeignAddress>
          <ServiceTypeTxt>DB PENSION + GDPR</ServiceTypeTxt>
          <CompensationAmt>175703</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>Workman LLP</BusinessNameLine1Txt>
          </BusinessName>
          <ForeignAddress>
            <AddressLine1Txt>4TH FLOOR MINTON PLACE STATION RO</AddressLine1Txt>
            <CityNm>SWINDON</CityNm>
            <ProvinceOrStateNm>ENGLAND</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>SN1 1DA</ForeignPostalCd>
          </ForeignAddress>
          <ServiceTypeTxt>Service charges</ServiceTypeTxt>
          <CompensationAmt>151145</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>Cambridge Associates</BusinessNameLine1Txt>
          </BusinessName>
          <ForeignAddress>
            <AddressLine1Txt>80 VICTORIA STREET CARDINAL PLACE</AddressLine1Txt>
            <CityNm>LONDON</CityNm>
            <ProvinceOrStateNm>ENGLAND</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>SW1E 5JL</ForeignPostalCd>
          </ForeignAddress>
          <ServiceTypeTxt>INVESTMENT MGMT</ServiceTypeTxt>
          <CompensationAmt>144801</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>AON UK Ltd</BusinessNameLine1Txt>
          </BusinessName>
          <ForeignAddress>
            <AddressLine1Txt>LEADENHALL BUILDING 122 LEADENHALL</AddressLine1Txt>
            <CityNm>LONDON</CityNm>
            <ProvinceOrStateNm>ENGLAND</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>EC3V 4AN</ForeignPostalCd>
          </ForeignAddress>
          <ServiceTypeTxt>INSURANCE</ServiceTypeTxt>
          <CompensationAmt>116749</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <ContractorPaidOver50kCnt>1</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp />
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>0</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>0</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>0</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>0</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>0</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>0</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>0</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <Sect4942j3j5FndtnAndFrgnOrgInd>X</Sect4942j3j5FndtnAndFrgnOrgInd>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>13738475</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>13738475</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <PrivateOperatingFoundationsGrp></PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Grants</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>SUITE 2 RIVER HOUSE BROADFORD BP</AddressLine1Txt>
            <ProvinceOrStateNm>SHALFORD</ProvinceOrStateNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>GU4 8EP</ForeignPostalCd>
          </RecipientForeignAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Grants</GrantOrContributionPurposeTxt>
          <Amt>10392522</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>10392522</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>9436</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>3899299</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncomeGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>106865088</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>INTER-COMPANY RECHARGES</Desc>
          <ExclusionCd>24</ExclusionCd>
          <ExclusionAmt>148811</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>110922634</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>110922634</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>

    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>42046</Amt>
        <DisbursementsCharitablePrpsAmt>41963</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpBondsSchedule documentId="InvestCorpBondsSch">
      <InvestmentsCorporateBondsGrp>
        <BondNm>NORDEA BANK</BondNm>
        <EOYBookValueAmt>331409</EOYBookValueAmt>
        <EOYFMVAmt>331409</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>CREDIT SUISSE</BondNm>
        <EOYBookValueAmt>326116</EOYBookValueAmt>
        <EOYFMVAmt>326116</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>LLOYDS BANK PLC</BondNm>
        <EOYBookValueAmt>311909</EOYBookValueAmt>
        <EOYFMVAmt>311909</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>WESTERN POWER DISTRIBUTION</BondNm>
        <EOYBookValueAmt>295708</EOYBookValueAmt>
        <EOYFMVAmt>295708</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>CENTRICA PLC</BondNm>
        <EOYBookValueAmt>287027</EOYBookValueAmt>
        <EOYFMVAmt>287027</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>UNITED WATER UTILITIES LTD</BondNm>
        <EOYBookValueAmt>285369</EOYBookValueAmt>
        <EOYFMVAmt>285369</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>SSE PLC</BondNm>
        <EOYBookValueAmt>284499</EOYBookValueAmt>
        <EOYFMVAmt>284499</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>GLENCORE FINANCE (EUROPE)</BondNm>
        <EOYBookValueAmt>282689</EOYBookValueAmt>
        <EOYFMVAmt>282689</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>VOLKSWAGEN FIN SERV</BondNm>
        <EOYBookValueAmt>273831</EOYBookValueAmt>
        <EOYFMVAmt>273831</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>NORTHUMBRIAN WATER FINANCE</BondNm>
        <EOYBookValueAmt>273407</EOYBookValueAmt>
        <EOYFMVAmt>273407</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>WESTPAC BANKING CORP</BondNm>
        <EOYBookValueAmt>272619</EOYBookValueAmt>
        <EOYFMVAmt>272619</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>DAIMLER INTL FINANCE</BondNm>
        <EOYBookValueAmt>272258</EOYBookValueAmt>
        <EOYFMVAmt>272258</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>CANADIAN IMPERIAL BANK</BondNm>
        <EOYBookValueAmt>271609</EOYBookValueAmt>
        <EOYFMVAmt>271609</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>ABN AMRO BANK NV</BondNm>
        <EOYBookValueAmt>271582</EOYBookValueAmt>
        <EOYFMVAmt>271582</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>NATIONAL AUSTRALIA BANK</BondNm>
        <EOYBookValueAmt>271419</EOYBookValueAmt>
        <EOYFMVAmt>271419</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>BANK OF MONTREAL</BondNm>
        <EOYBookValueAmt>270861</EOYBookValueAmt>
        <EOYFMVAmt>270861</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>EUROCLEAR BANK SA</BondNm>
        <EOYBookValueAmt>270851</EOYBookValueAmt>
        <EOYFMVAmt>270851</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>BURBERRY GROUP PLC</BondNm>
        <EOYBookValueAmt>266335</EOYBookValueAmt>
        <EOYFMVAmt>266335</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>GOLDMAN SACHS GROUP INC</BondNm>
        <EOYBookValueAmt>265057</EOYBookValueAmt>
        <EOYFMVAmt>265057</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>BAE SYSTEMS PLC</BondNm>
        <EOYBookValueAmt>259503</EOYBookValueAmt>
        <EOYFMVAmt>259503</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>SARASIN INVESTMENTS</StockNm>
        <EOYBookValueAmt>328184932</EOYBookValueAmt>
        <EOYFMVAmt>328184932</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CEVIAN CAPITAL II, LTD.</StockNm>
        <EOYBookValueAmt>27681508</EOYBookValueAmt>
        <EOYFMVAmt>27681508</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GENERATION FUND</StockNm>
        <EOYBookValueAmt>14466104</EOYBookValueAmt>
        <EOYFMVAmt>14466104</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BLUECREST ALLBLUE, LTD.</StockNm>
        <EOYBookValueAmt>68673</EOYBookValueAmt>
        <EOYFMVAmt>68673</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>OTHER EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>176944</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>164207</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>INTER-COMPANY RECHARGES</Desc>
        <RevenueAndExpensesPerBooksAmt>148811</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Desc>PENSION, INVEST UNREAL GAINS</Desc>
        <Amt>-54689245</Amt>
      </OtherIncreasesDetail>
      <OtherIncreasesDetail>
        <Desc>EXHANGE RATE ADJUSTMENT ON TRANSLATION</Desc>
        <Amt>-3985539</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>OTHER PROFESSIONAL FEES</CategoryTxt>
        <Amt>1336430</Amt>
        <NetInvestmentIncomeAmt>296464</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1174830</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
  </ReturnData>
</Return>
