﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2019v5.1">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2020-10-14T16:22:28-05:00</ReturnTs>
    <TaxPeriodEndDt>2019-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>390859910</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>BAKER TILLY US LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>PO BOX 7398</AddressLine1Txt>
        <CityNm>MADISON</CityNm>
        <StateAbbreviationCd>WI</StateAbbreviationCd>
        <ZIPCd>537077398</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2019-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>203941123</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>HIGHLANDS FOUNDATION INC</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>HIGH</BusinessNameControlTxt>
      <PhoneNum>6082712233</PhoneNum>
      <USAddress>
        <AddressLine1Txt>4717 HAMMERSLEY ROAD</AddressLine1Txt>
        <CityNm>MADISON</CityNm>
        <StateAbbreviationCd>WI</StateAbbreviationCd>
        <ZIPCd>537112708</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>JAMES J BAKKE</PersonNm>
      <PersonTitleTxt>VICE PRESIDENT</PersonTitleTxt>
      <PhoneNum>6082712233</PhoneNum>
      <SignatureDt>2020-09-29</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>BRIGID ELLIOTT-BOGER CPA</PreparerPersonNm>
      <PTIN>P00089494</PTIN>
      <PhoneNum>6082496622</PhoneNum>
      <PreparationDt>2020-09-29</PreparationDt>
      <SelfEmployedInd>X</SelfEmployedInd>
    </PreparerPersonGrp>
    <FilingSecurityInformation>
      <IPAddress>
        <IPv4AddressTxt>71.86.166.179</IPv4AddressTxt>
      </IPAddress>
      <IPDt>2020-09-29</IPDt>
      <IPTm>09:40:27</IPTm>
      <IPTimezoneCd>CD</IPTimezoneCd>
      <FilingLicenseTypeCd>P</FilingLicenseTypeCd>
      <AtSubmissionCreationDeviceId>DA39A3EE5E6B4B0D3255BFEF95601890AFD80709</AtSubmissionCreationDeviceId>
      <AtSubmissionFilingDeviceId>7B929D470FAB8027D85E41882740AD1C7455F91E</AtSubmissionFilingDeviceId>
    </FilingSecurityInformation>
    <TaxYr>2019</TaxYr>
    <BuildTS>2021-04-22 16:20:28Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="9">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>24621230</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <DividendsRevAndExpnssAmt>583318</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>573563</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>709159</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>8584499</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>709159</CapGainNetIncmNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>1292477</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>1282722</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>0</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>0</CompOfcrDirTrstDsbrsChrtblAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002300001">73254</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>73254</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>0</OtherProfFeesDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">47963</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>7963</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc2003200001">1005</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>950</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>55</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>122222</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>82167</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>55</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>563500</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>563500</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>685722</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>82167</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>563555</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>606755</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>1200555</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>50100</CashBOYAmt>
        <CashEOYAmt>34982</CashEOYAmt>
        <CashEOYFMVAmt>34982</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>149351</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>84146</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>84189</SavAndTempCashInvstEOYFMVAmt>
        <USGovernmentObligationsBOYAmt>0</USGovernmentObligationsBOYAmt>
        <USGovernmentObligationsEOYAmt referenceDocumentId="RetDoc2210400001">5990044</USGovernmentObligationsEOYAmt>
        <USGovtObligationsEOYFMVAmt>6035901</USGovtObligationsEOYFMVAmt>
        <CorporateStockBOYAmt>7966518</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2018900001">7949756</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>9779118</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>13452149</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="RetDoc2044400001">8241075</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>8319691</CorporateBondsEOYFMVAmt>
        <OtherInvestmentsBOYAmt>340996</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc2018100001">322562</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>367349</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>21959114</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>22622565</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>24621230</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>0</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>0</CapitalStockEOYAmt>
        <AdditionalPaidInCapitalBOYAmt>0</AdditionalPaidInCapitalBOYAmt>
        <AdditionalPaidInCapitalEOYAmt>0</AdditionalPaidInCapitalEOYAmt>
        <RetainedEarningBOYAmt>21959114</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>22622565</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>21959114</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>22622565</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>21959114</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>22622565</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>21959114</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>606755</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="RetDoc2049700001">56696</OtherIncreasesAmt>
        <SubtotalAmt>22622565</SubtotalAmt>
        <OtherDecreasesAmt>0</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>22622565</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES - USB ST</PropertyDesc>
          <GrossSalesPriceAmt>379760</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>389126</CostOrOtherBasisAmt>
          <GainOrLossAmt>-9366</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-9366</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES - USB LT</PropertyDesc>
          <GrossSalesPriceAmt>1776358</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1270124</CostOrOtherBasisAmt>
          <GainOrLossAmt>506234</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>506234</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES - GS ST</PropertyDesc>
          <GrossSalesPriceAmt>455756</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>422836</CostOrOtherBasisAmt>
          <GainOrLossAmt>32920</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>32920</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES - GS LT</PropertyDesc>
          <GrossSalesPriceAmt>3844934</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>3692366</CostOrOtherBasisAmt>
          <GainOrLossAmt>152568</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>152568</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES - GS ORD</PropertyDesc>
          <GrossSalesPriceAmt>2126909</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>2100888</CostOrOtherBasisAmt>
          <GainOrLossAmt>26021</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>26021</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAINS DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>782</GrossSalesPriceAmt>
          <GainOrLossAmt>782</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>782</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>709159</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>0</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>1055500</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>22951513</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.045988</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>318600</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>22460401</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.014185</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>382112</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>5215958</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.073258</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>313354</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>5016090</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.062470</DistributionYr4Rt>
        <AdjustedQlfyDistriYr5Amt>315487</AdjustedQlfyDistriYr5Amt>
        <NetVlNoncharitableAssetsYr5Amt>5200008</NetVlNoncharitableAssetsYr5Amt>
        <DistributionYr5Rt>0.060670</DistributionYr5Rt>
        <TotalDistributionRt>0.256571</TotalDistributionRt>
        <AverageDistributionRt>0.051314</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>23321725</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>1196731</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>12006</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>1208737</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>563555</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>24011</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>24011</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>24011</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>27067</EstimatedPlusOvpmtIncmTxAmt>
        <ExtsnRequestIncomeTaxPaidAmt>22000</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>49067</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="RetDoc1192000001">X</Form2220AttachedInd>
        <EsPenaltyAmt>0</EsPenaltyAmt>
        <OverpaymentAmt>25056</OverpaymentAmt>
        <AppliedToESTaxAmt>25056</AppliedToESTaxAmt>
        <RefundAmt>0</RefundAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>0</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>0</MoreThan100SpentInd>
        <Form1120POLFiledInd>0</Form1120POLFiledInd>
        <Section4955OrganizationTaxAmt>0</Section4955OrganizationTaxAmt>
        <Section4955ManagersTaxAmt>0</Section4955ManagersTaxAmt>
        <TaxReimbursedAmt>0</TaxReimbursedAmt>
        <ActivitiesNotPreviouslyRptInd>0</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>0</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>0</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>0</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>1</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>1</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>WI</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>0</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>JAMES J BAKKE</IndividualWithBooksNm>
        <PhoneNum>6082712233</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>4717 HAMMERSLEY ROAD</AddressLine1Txt>
          <CityNm>MADISON</CityNm>
          <StateAbbreviationCd>WI</StateAbbreviationCd>
          <ZIPCd>537172708</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>0</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>0</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>0</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>0</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>0</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>0</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>0</PaymentToGovernmentOfficialInd>
        <UncorrectedPriorActsInd>0</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>0</UndistributedIncomePYInd>
        <BusinessHoldingsInd>0</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>0</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>0</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>0</InfluenceLegislationInd>
        <InfluenceElectionInd>0</InfluenceElectionInd>
        <GrantsToIndividualsInd>0</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>0</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>0</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>0</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>0</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>0</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>SUSAN A BAKKE</PersonNm>
          <USAddress>
            <AddressLine1Txt>4717 HAMMERSLEY ROAD</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>537112708</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JAMES J BAKKE</PersonNm>
          <USAddress>
            <AddressLine1Txt>4717 HAMMERSLEY ROAD</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>537112708</ZIPCd>
          </USAddress>
          <TitleTxt>VICE PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>BLAINE R RENFERT</PersonNm>
          <USAddress>
            <AddressLine1Txt>4717 HAMMERSLEY ROAD</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>537112708</ZIPCd>
          </USAddress>
          <TitleTxt>SECRETARY &amp; TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>GOLDMAN SACHS &amp; CO LLC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>71 S WACKER DRIVE SUITE 500</AddressLine1Txt>
            <CityNm>CHICAGO</CityNm>
            <StateAbbreviationCd>IL</StateAbbreviationCd>
            <ZIPCd>60606</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVESTMENT MANAGEMENT</ServiceTypeTxt>
          <CompensationAmt>55203</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>23365756</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>311122</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>23676878</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>23676878</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>355153</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>23321725</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>1166086</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>1166086</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>24011</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>24011</TotalTaxAmt>
        <DistributableBeforeAdjAmt>1142075</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>1142075</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>1142075</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>563555</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>563555</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>0</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>563555</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>1142075</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>548082</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <TotalExcessDistributionCyovAmt>0</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>563555</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>548082</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>15473</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>0</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>1126602</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>0</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>0</ExcessDistriCyovToNextYrAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>SUSAN A BAKKE</ContributingManagerNm>
        <ContributingManagerNm>JAMES J BAKKE</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BETHEL HORIZONS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>312 WISCONSIN AVENUE</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53703</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CAPITAL FUND</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BETHEL LUTHERAN CHURCH</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>312 WISCONSIN AVENUE</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53703</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>RELIGIOUS SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>60000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>DOMESTIC ABUSE INTERVENTION SERVICES</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 1761</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53701</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SOCIAL SERVICES</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>EDGEWOOD HIGH SCHOOL OF THE SACRED HEART</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2219 MONROE STREET</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53711</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL SERVICES</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FOUNDATION FOR MADISON PUBLIC SCHOOLS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>455 SCIENCE DRIVE SUITE 130</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53711</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL SERVICES</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MADISON CHILDREN'S MUSEUM FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>100 NORTH HAMILTON STREET</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53703</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>WONDER BALL</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MADISON MUSEUM OF CONTEMPORARY ART</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>227 STATE STREET</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53703</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>ARTS SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>2000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MADISON SYMPHONY ORCHESTRA LEAGUE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>222 WEST WASHINGTON AVENUE SUITE</AddressLine1Txt>
            <AddressLine2Txt>460</AddressLine2Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53703</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>ARTS SUPPORT-CONCERTS ON THE GREEN</GrantOrContributionPurposeTxt>
          <Amt>3500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NATIONAL CENTER FOR PERFORMING ARTS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2440 RESERVOIR AVENUE</AddressLine1Txt>
            <CityNm>TRUMBULL</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06611</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>ARTS SUPPORT-KENNEDY CENTER</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>OCALA FARM MINISTRY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>489 NW 110TH AVENUE</AddressLine1Txt>
            <CityNm>OCALA</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>03482</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>RELIGIOUS SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SEASONS OF LIFE HOSPICE HOUSE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>8951 WOODRUFF ROAD</AddressLine1Txt>
            <CityNm>WOODRUFF</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53568</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>HUMAN SERVICES</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ST MARIA GORETTI CATHOLIC PARISH</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>5313 FLAD AVENUE</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53711</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>RELIGIOUS SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>3500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNITED WAY OF DANE COUNTY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2059 ATWOOD AVENUE</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53704</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>HUMAN SERVICES</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIVERSITY OF WISCONSIN FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1848 UNIVERSITY AVENUE</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53726</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GRADUATE FELLOWSHIP</GrantOrContributionPurposeTxt>
          <Amt>40000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIVERSITY OF WISCONSIN FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1848 UNIVERSITY AVENUE</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53726</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>150000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>WISCONSIN CHAMBER ORCHESTRA INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>321 EAST MAIN STREET SUITE 104</AddressLine1Txt>
            <CityNm>MADISON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>53703</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>ARTS SUPPORT-CONCERTS ON THE SQUARE</GrantOrContributionPurposeTxt>
          <Amt>2500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>563500</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>583318</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>709159</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>1292477</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>1292477</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>0</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>0</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>0</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>0</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>0</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>0</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>0</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>0</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>0</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>0</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <InvestmentsCorpBondsSchedule documentId="RetDoc2044400001">
      <InvestmentsCorporateBondsGrp>
        <BondNm>BAGIX</BondNm>
        <EOYBookValueAmt>503680</EOYBookValueAmt>
        <EOYFMVAmt>527430</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>DBLTX</BondNm>
        <EOYBookValueAmt>559639</EOYBookValueAmt>
        <EOYFMVAmt>552174</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>MXFIX</BondNm>
        <EOYBookValueAmt>81566</EOYBookValueAmt>
        <EOYFMVAmt>79176</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>CORPORATE FIXED INCOME US DOLLAR</BondNm>
        <EOYBookValueAmt>5314</EOYBookValueAmt>
        <EOYFMVAmt>5314</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>BDA</BondNm>
        <EOYBookValueAmt>856299</EOYBookValueAmt>
        <EOYFMVAmt>856336</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>ADOBE SYSTEMS INC 4.75%</BondNm>
        <EOYBookValueAmt>150334</EOYBookValueAmt>
        <EOYFMVAmt>153272</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>UNITED TECHNOLOGIES CORP 4.5%</BondNm>
        <EOYBookValueAmt>150831</EOYBookValueAmt>
        <EOYFMVAmt>152553</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>MONDELEZ INTERNATIONAL 3.0%</BondNm>
        <EOYBookValueAmt>150560</EOYBookValueAmt>
        <EOYFMVAmt>151106</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>ABBVIE INC 2.5%</BondNm>
        <EOYBookValueAmt>150230</EOYBookValueAmt>
        <EOYFMVAmt>150715</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>PNC BANK NA 2.0%</BondNm>
        <EOYBookValueAmt>299661</EOYBookValueAmt>
        <EOYFMVAmt>300745</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>NORTHROP GRUMMAN CORPORATION 2.08%</BondNm>
        <EOYBookValueAmt>199970</EOYBookValueAmt>
        <EOYFMVAmt>201100</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>AUTONATION INC 3.35%</BondNm>
        <EOYBookValueAmt>224463</EOYBookValueAmt>
        <EOYFMVAmt>230822</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>KINDER MORGAN ENERGY PART 5.8%</BondNm>
        <EOYBookValueAmt>154517</EOYBookValueAmt>
        <EOYFMVAmt>159053</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>UNILEVER CAPITAL CORP 2.75%</BondNm>
        <EOYBookValueAmt>198978</EOYBookValueAmt>
        <EOYFMVAmt>203913</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>UNITED PARCEL SERVICE, INC. 2.05%</BondNm>
        <EOYBookValueAmt>149763</EOYBookValueAmt>
        <EOYFMVAmt>151171</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>APPLE INC. 2.85%</BondNm>
        <EOYBookValueAmt>201253</EOYBookValueAmt>
        <EOYFMVAmt>203957</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>CHARLES SCHWAB CORPORATION 3.25%</BondNm>
        <EOYBookValueAmt>199994</EOYBookValueAmt>
        <EOYFMVAmt>204624</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>TOYOTA MOTOR CREDIT CORP MTN 1.8%</BondNm>
        <EOYBookValueAmt>199976</EOYBookValueAmt>
        <EOYFMVAmt>200866</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>CREDIT SUISSE AG-NEW YORK BRAN 2.1%</BondNm>
        <EOYBookValueAmt>249970</EOYBookValueAmt>
        <EOYFMVAmt>251897</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>GLAXOSMITHKLINE CAPITAL PLC 2.875%</BondNm>
        <EOYBookValueAmt>374708</EOYBookValueAmt>
        <EOYFMVAmt>384085</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>HONEYWELL INTERNATIONAL 2.15%</BondNm>
        <EOYBookValueAmt>224773</EOYBookValueAmt>
        <EOYFMVAmt>228994</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>OCCIDENTAL PETROLEUM COR 2.7%</BondNm>
        <EOYBookValueAmt>99893</EOYBookValueAmt>
        <EOYFMVAmt>102113</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>PAYPAL HOLDINGS, INC. 2.2%</BondNm>
        <EOYBookValueAmt>99873</EOYBookValueAmt>
        <EOYFMVAmt>101150</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>MARRIOTT INTERNATIONAL 2.125%</BondNm>
        <EOYBookValueAmt>149688</EOYBookValueAmt>
        <EOYFMVAmt>151067</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>ORACLE CORPORATION 2.5%</BondNm>
        <EOYBookValueAmt>251121</EOYBookValueAmt>
        <EOYFMVAmt>255957</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>CITIGROUP INC. HYBRID 2.312%</BondNm>
        <EOYBookValueAmt>300000</EOYBookValueAmt>
        <EOYFMVAmt>302031</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>KFW MTN 1.5%</BondNm>
        <EOYBookValueAmt>399659</EOYBookValueAmt>
        <EOYFMVAmt>400915</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>IBRD 1.875%</BondNm>
        <EOYBookValueAmt>274761</EOYBookValueAmt>
        <EOYFMVAmt>276069</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>EIB 1.625%</BondNm>
        <EOYBookValueAmt>348614</EOYBookValueAmt>
        <EOYFMVAmt>352096</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>COCA-COLA FEMSA S.A.B. DE C.V. 4.625%</BondNm>
        <EOYBookValueAmt>100198</EOYBookValueAmt>
        <EOYFMVAmt>101980</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>EATON VANCE GROUP MUTUAL FUND CLASS I</BondNm>
        <EOYBookValueAmt>928479</EOYBookValueAmt>
        <EOYFMVAmt>924700</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>BDA</BondNm>
        <EOYBookValueAmt>2310</EOYBookValueAmt>
        <EOYFMVAmt>2310</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>AY</StockNm>
        <EOYBookValueAmt>3948</EOYBookValueAmt>
        <EOYFMVAmt>5172</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>IVV</StockNm>
        <EOYBookValueAmt>904435</EOYBookValueAmt>
        <EOYFMVAmt>971983</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>VIMAX</StockNm>
        <EOYBookValueAmt>247962</EOYBookValueAmt>
        <EOYFMVAmt>275021</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GTSCX</StockNm>
        <EOYBookValueAmt>168826</EOYBookValueAmt>
        <EOYFMVAmt>165440</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>AHEXY</StockNm>
        <EOYBookValueAmt>655</EOYBookValueAmt>
        <EOYFMVAmt>664</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ADDYY</StockNm>
        <EOYBookValueAmt>2534</EOYBookValueAmt>
        <EOYFMVAmt>8954</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>AEG</StockNm>
        <EOYBookValueAmt>5093</EOYBookValueAmt>
        <EOYFMVAmt>4109</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ALPMY</StockNm>
        <EOYBookValueAmt>3560</EOYBookValueAmt>
        <EOYFMVAmt>4956</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BHP</StockNm>
        <EOYBookValueAmt>1088</EOYBookValueAmt>
        <EOYFMVAmt>1149</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BCS</StockNm>
        <EOYBookValueAmt>7621</EOYBookValueAmt>
        <EOYFMVAmt>9130</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CAJ</StockNm>
        <EOYBookValueAmt>3173</EOYBookValueAmt>
        <EOYFMVAmt>3118</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SBS</StockNm>
        <EOYBookValueAmt>5475</EOYBookValueAmt>
        <EOYFMVAmt>8684</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CCEP</StockNm>
        <EOYBookValueAmt>12117</EOYBookValueAmt>
        <EOYFMVAmt>13280</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ELP</StockNm>
        <EOYBookValueAmt>3588</EOYBookValueAmt>
        <EOYFMVAmt>5285</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CRTO</StockNm>
        <EOYBookValueAmt>9998</EOYBookValueAmt>
        <EOYFMVAmt>7105</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CYBR</StockNm>
        <EOYBookValueAmt>2956</EOYBookValueAmt>
        <EOYFMVAmt>2798</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DANOY</StockNm>
        <EOYBookValueAmt>1105</EOYBookValueAmt>
        <EOYFMVAmt>1501</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DBSDY</StockNm>
        <EOYBookValueAmt>4187</EOYBookValueAmt>
        <EOYFMVAmt>5015</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DHT</StockNm>
        <EOYBookValueAmt>1504</EOYBookValueAmt>
        <EOYFMVAmt>1615</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ENIA</StockNm>
        <EOYBookValueAmt>2889</EOYBookValueAmt>
        <EOYFMVAmt>3327</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>FERGY</StockNm>
        <EOYBookValueAmt>3214</EOYBookValueAmt>
        <EOYFMVAmt>4507</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>FINV</StockNm>
        <EOYBookValueAmt>1416</EOYBookValueAmt>
        <EOYFMVAmt>1071</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>FLY</StockNm>
        <EOYBookValueAmt>6029</EOYBookValueAmt>
        <EOYFMVAmt>8428</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GLPG</StockNm>
        <EOYBookValueAmt>863</EOYBookValueAmt>
        <EOYFMVAmt>827</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>IBA</StockNm>
        <EOYBookValueAmt>5106</EOYBookValueAmt>
        <EOYFMVAmt>6500</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ICAGY</StockNm>
        <EOYBookValueAmt>1549</EOYBookValueAmt>
        <EOYFMVAmt>1523</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>IEFA</StockNm>
        <EOYBookValueAmt>408437</EOYBookValueAmt>
        <EOYFMVAmt>393397</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ADRNY</StockNm>
        <EOYBookValueAmt>5090</EOYBookValueAmt>
        <EOYFMVAmt>8986</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PHG</StockNm>
        <EOYBookValueAmt>9309</EOYBookValueAmt>
        <EOYFMVAmt>9711</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>KT</StockNm>
        <EOYBookValueAmt>11506</EOYBookValueAmt>
        <EOYFMVAmt>10939</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LX</StockNm>
        <EOYBookValueAmt>2532</EOYBookValueAmt>
        <EOYFMVAmt>2834</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MLCO</StockNm>
        <EOYBookValueAmt>13705</EOYBookValueAmt>
        <EOYFMVAmt>15275</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MUFG</StockNm>
        <EOYBookValueAmt>9258</EOYBookValueAmt>
        <EOYFMVAmt>9470</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MFG</StockNm>
        <EOYBookValueAmt>9437</EOYBookValueAmt>
        <EOYFMVAmt>8074</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NICE</StockNm>
        <EOYBookValueAmt>12357</EOYBookValueAmt>
        <EOYFMVAmt>20014</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MTTYY</StockNm>
        <EOYBookValueAmt>9126</EOYBookValueAmt>
        <EOYFMVAmt>10757</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NOMD</StockNm>
        <EOYBookValueAmt>4311</EOYBookValueAmt>
        <EOYFMVAmt>4519</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NAT</StockNm>
        <EOYBookValueAmt>931</EOYBookValueAmt>
        <EOYFMVAmt>1107</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NVS</StockNm>
        <EOYBookValueAmt>11384</EOYBookValueAmt>
        <EOYFMVAmt>12026</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NVO</StockNm>
        <EOYBookValueAmt>4291</EOYBookValueAmt>
        <EOYFMVAmt>5267</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DCMYY</StockNm>
        <EOYBookValueAmt>8971</EOYBookValueAmt>
        <EOYFMVAmt>13061</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>IX</StockNm>
        <EOYBookValueAmt>2866</EOYBookValueAmt>
        <EOYFMVAmt>3003</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PSO</StockNm>
        <EOYBookValueAmt>4027</EOYBookValueAmt>
        <EOYFMVAmt>3085</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>QD</StockNm>
        <EOYBookValueAmt>1482</EOYBookValueAmt>
        <EOYFMVAmt>994</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>RHHBY</StockNm>
        <EOYBookValueAmt>27895</EOYBookValueAmt>
        <EOYFMVAmt>33179</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SIMO</StockNm>
        <EOYBookValueAmt>572</EOYBookValueAmt>
        <EOYFMVAmt>659</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SNE</StockNm>
        <EOYBookValueAmt>2095</EOYBookValueAmt>
        <EOYFMVAmt>2380</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>STM</StockNm>
        <EOYBookValueAmt>2795</EOYBookValueAmt>
        <EOYFMVAmt>3256</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SMFG</StockNm>
        <EOYBookValueAmt>25054</EOYBookValueAmt>
        <EOYFMVAmt>25024</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>TARO</StockNm>
        <EOYBookValueAmt>2283</EOYBookValueAmt>
        <EOYFMVAmt>2022</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>UOVEY</StockNm>
        <EOYBookValueAmt>2072</EOYBookValueAmt>
        <EOYFMVAmt>2005</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>VIPS</StockNm>
        <EOYBookValueAmt>3324</EOYBookValueAmt>
        <EOYFMVAmt>4917</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WNS</StockNm>
        <EOYBookValueAmt>4664</EOYBookValueAmt>
        <EOYFMVAmt>10319</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WPP</StockNm>
        <EOYBookValueAmt>5197</EOYBookValueAmt>
        <EOYFMVAmt>6326</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BEXIX</StockNm>
        <EOYBookValueAmt>81009</EOYBookValueAmt>
        <EOYFMVAmt>104836</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CEMIX</StockNm>
        <EOYBookValueAmt>75903</EOYBookValueAmt>
        <EOYFMVAmt>89249</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>QLEIX</StockNm>
        <EOYBookValueAmt>76826</EOYBookValueAmt>
        <EOYFMVAmt>68427</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BPIRX</StockNm>
        <EOYBookValueAmt>79232</EOYBookValueAmt>
        <EOYFMVAmt>84298</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SPY</StockNm>
        <EOYBookValueAmt>2497992</EOYBookValueAmt>
        <EOYFMVAmt>3593437</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>IWM</StockNm>
        <EOYBookValueAmt>459662</EOYBookValueAmt>
        <EOYFMVAmt>627227</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>RWO</StockNm>
        <EOYBookValueAmt>531689</EOYBookValueAmt>
        <EOYFMVAmt>598044</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BTMKX</StockNm>
        <EOYBookValueAmt>1966354</EOYBookValueAmt>
        <EOYFMVAmt>2260464</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SSKEX</StockNm>
        <EOYBookValueAmt>165227</EOYBookValueAmt>
        <EOYFMVAmt>209368</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="RetDoc2210400001">
      <USGovtObligationsBookVlEOYAmt>5990044</USGovtObligationsBookVlEOYAmt>
      <USGovtObligationsEOYFMVAmt>6035901</USGovtObligationsEOYFMVAmt>
      <StateLocalSecBookVlEOYAmt>0</StateLocalSecBookVlEOYAmt>
      <StateLocalSecEOYFMVAmt>0</StateLocalSecEOYFMVAmt>
    </InvestmentsGovtObligationsSch>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>VNQ</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>254479</BookValueAmt>
        <EOYFMVAmt>301382</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CRSOX</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>68083</BookValueAmt>
        <EOYFMVAmt>65967</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>US BANK - CHECKING ACCOUNT FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>55</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>55</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>US BANK - THIRD PARTY &amp; ADR FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>950</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>950</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncreasesSchedule documentId="RetDoc2049700001">
      <OtherIncreasesDetail>
        <Desc>ADJUSTMENT FOR TIMING DIFFERENCES</Desc>
        <Amt>56696</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc2002300001">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>US BANK - INVESTMENT MANAGEMENT</CategoryTxt>
        <Amt>17751</Amt>
        <NetInvestmentIncomeAmt>17751</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>GOLDMAN SACHS - INVESTMENT MANAGEMENT</CategoryTxt>
        <Amt>55203</Amt>
        <NetInvestmentIncomeAmt>55203</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>US BANK - TAX LETTER</CategoryTxt>
        <Amt>300</Amt>
        <NetInvestmentIncomeAmt>300</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>US BANK - FOREIGN TAXES PAID</CategoryTxt>
        <Amt>2237</Amt>
        <NetInvestmentIncomeAmt>2237</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>GOLDMAN SACHS - FOREIGN TAXES PAID</CategoryTxt>
        <Amt>5726</Amt>
        <NetInvestmentIncomeAmt>5726</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>DEPARTMENT OF TREASURY - 2018 EXCISE TAX EXTENSION PAYMENT</CategoryTxt>
        <Amt>40000</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>