﻿<?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="2017v2.3">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2018-11-01T07:46:24-05:00</ReturnTs>
    <TaxPeriodEndDt>2017-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>382517534</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>BERGER GHERSI &amp; LADUKE PLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>300 EAST LONG LAKE ROAD STE 135</AddressLine1Txt>
        <CityNm>BLOOMFIELD HILLS</CityNm>
        <StateAbbreviationCd>MI</StateAbbreviationCd>
        <ZIPCd>483042374</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2017-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>300095016</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>THE SAMUEL AND JEAN FRANKEL</BusinessNameLine1Txt>
        <BusinessNameLine2Txt>JEWISH HERITAGE FOUNDATION</BusinessNameLine2Txt>
      </BusinessName>
      <BusinessNameControlTxt>SAMU</BusinessNameControlTxt>
      <PhoneNum>2486492600</PhoneNum>
      <USAddress>
        <AddressLine1Txt>2301 WEST BIG BEAVER NO 900</AddressLine1Txt>
        <CityNm>TROY</CityNm>
        <StateAbbreviationCd>MI</StateAbbreviationCd>
        <ZIPCd>48084</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>STANLEY FRANKEL</PersonNm>
      <PersonTitleTxt>PRESIDENT AND TRUSTEE</PersonTitleTxt>
      <PhoneNum>2486492600</PhoneNum>
      <SignatureDt>2018-10-24</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>RAYMOND J GHERSI</PreparerPersonNm>
      <PTIN>P00177156</PTIN>
      <PhoneNum>2483333680</PhoneNum>
      <PreparationDt>2018-10-23</PreparationDt>
    </PreparerPersonGrp>
    <FilingSecurityInformation>
      <IPAddress>
        <IPv4AddressTxt>50.192.123.121</IPv4AddressTxt>
      </IPAddress>
      <IPDt>2018-10-24</IPDt>
      <IPTm>14:35:03</IPTm>
      <IPTimezoneCd>ED</IPTimezoneCd>
      <FilingLicenseTypeCd>P</FilingLicenseTypeCd>
      <AtSubmissionCreationDeviceId>2B96126898315253DF918ECB2537D1E384A9E1B2</AtSubmissionCreationDeviceId>
      <AtSubmissionFilingDeviceId>0897F8819F5D6BD518FCF75FB856F68E40A94D75</AtSubmissionFilingDeviceId>
    </FilingSecurityInformation>
    <TaxYr>2017</TaxYr>
    <BuildTS>2019-02-21 02:37:17Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="11">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>308381045</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>200000</ContriRcvdRevAndExpnssAmt>
        <DividendsRevAndExpnssAmt>4794057</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>4774447</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>4832484</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>32612798</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>8795934</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc2001500001">1549787</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>1644334</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>11376328</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>15214715</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>0</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>0</CompOfcrDirTrstDsbrsChrtblAmt>
        <LegalFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002100001">13076</LegalFeesRevAndExpnssAmt>
        <LegalFeesNetInvstIncmAmt>0</LegalFeesNetInvstIncmAmt>
        <LegalFeesDsbrsChrtblAmt>0</LegalFeesDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002200001">13210</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>0</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>0</AccountingFeesChrtblPrpsAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">440489</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>17966</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <TravConfMeetingRevAndExpnssAmt>9157</TravConfMeetingRevAndExpnssAmt>
        <TravConfMeetingNetInvstIncmAmt>0</TravConfMeetingNetInvstIncmAmt>
        <TravConfMeetingDsbrsChrtblAmt>0</TravConfMeetingDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc2003200001">688717</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>688639</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>0</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>1164649</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>706605</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>21013194</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>21013194</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>22177843</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>706605</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>21013194</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-10801515</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>14508110</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>499600</CashBOYAmt>
        <CashEOYAmt>5162</CashEOYAmt>
        <CashEOYFMVAmt>5162</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>56225306</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>42924328</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>42924328</SavAndTempCashInvstEOYFMVAmt>
        <AcctRcvblAmt>57941</AcctRcvblAmt>
        <AcctRcvblBOYAmt>1442</AcctRcvblBOYAmt>
        <AcctRcvblEOYAmt>57941</AcctRcvblEOYAmt>
        <AcctRcvblEOYFMVAmt>57941</AcctRcvblEOYFMVAmt>
        <CorporateStockBOYAmt>124790217</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2018900001">128090925</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>177946982</CorporateStockEOYFMVAmt>
        <OtherInvestmentsBOYAmt>53175373</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc2018100001">52187907</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>87446632</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>234691938</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>223266263</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>308381045</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowSFAS117Ind>X</OrgDoesNotFollowSFAS117Ind>
        <CapitalStockBOYAmt>0</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>0</CapitalStockEOYAmt>
        <AdditionalPaidInCapitalBOYAmt>0</AdditionalPaidInCapitalBOYAmt>
        <AdditionalPaidInCapitalEOYAmt>0</AdditionalPaidInCapitalEOYAmt>
        <RetainedEarningBOYAmt>234691938</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>223266263</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>234691938</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>223266263</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>234691938</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>223266263</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>234691938</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-10801515</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="RetDoc2049700001">68</OtherIncreasesAmt>
        <SubtotalAmt>223890491</SubtotalAmt>
        <OtherDecreasesAmt referenceDocumentId="RetDoc2049800001">624228</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>223266263</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>ASP IV ALTERNATIVE INVESTMENTS LP - K-1</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <CostOrOtherBasisAmt>1173</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1173</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1173</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MLLENNIUM USA LP - K-1</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>22632</GrossSalesPriceAmt>
          <GainOrLossAmt>22632</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>22632</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>ABRAMS CAPITAL PARTNERS I. LP - K-1</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>413721</GrossSalesPriceAmt>
          <GainOrLossAmt>413721</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>413721</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>ABRAMS CAPITAL PARTNERS II. LP - K-1</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>485840</GrossSalesPriceAmt>
          <GainOrLossAmt>485840</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>485840</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLIC TRADED SECURITIES UBS #11925</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>10885033</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>8283780</CostOrOtherBasisAmt>
          <GainOrLossAmt>2601253</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>2601253</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLIC TRADED SECURITIES AZIMUTH #35415</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>1413212</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1406813</CostOrOtherBasisAmt>
          <GainOrLossAmt>6399</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>6399</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLIC TRADED SECURITIES 1ST MANHATTAN #006600</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>1405626</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>869861</CostOrOtherBasisAmt>
          <GainOrLossAmt>535765</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>535765</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>31600 SHS ALTRIA GROUP</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>1967687</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>910001</CostOrOtherBasisAmt>
          <GainOrLossAmt>1057686</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1057686</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>21000 SHS CVS HEALTH CORP</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>1700543</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1012888</CostOrOtherBasisAmt>
          <GainOrLossAmt>687655</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>687655</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>17300 SHS GENERAL MILLS</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>988846</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>846813</CostOrOtherBasisAmt>
          <GainOrLossAmt>142033</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>142033</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>11000 SHS ISHARE US TELE COMMUNICATION</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>358922</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>284235</CostOrOtherBasisAmt>
          <GainOrLossAmt>74687</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>74687</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>14500 SHS KIMBERLY CLARK CORP</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>1626732</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1016934</CostOrOtherBasisAmt>
          <GainOrLossAmt>609798</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>609798</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>8000 SHS UNITED PARCEL SERVICE</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>903979</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>874797</CostOrOtherBasisAmt>
          <GainOrLossAmt>29182</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>29182</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>14000 SHS VERIZON COMMUNICATION</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>659922</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>452948</CostOrOtherBasisAmt>
          <GainOrLossAmt>206974</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>206974</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>33400 SHS WELLS FARGO</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>1805562</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1108880</CostOrOtherBasisAmt>
          <GainOrLossAmt>696682</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>696682</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLIC TRADED SECURITIES UBS #37630</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>5138640</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>4526100</CostOrOtherBasisAmt>
          <GainOrLossAmt>612540</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>612540</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>925 SHS A.O. SMITH</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>44230</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>27305</CostOrOtherBasisAmt>
          <GainOrLossAmt>16925</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>16925</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>350 SHS BECTON DICKINSON &amp; CO</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>58858</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>35038</CostOrOtherBasisAmt>
          <GainOrLossAmt>23820</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>23820</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>150 SHS ULTIMATE SOFTWARE GROUP INC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>28436</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>30570</CostOrOtherBasisAmt>
          <GainOrLossAmt>-2134</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-2134</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>825 SHS WEC ENERGY GROUP, INC.</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>48169</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>39217</CostOrOtherBasisAmt>
          <GainOrLossAmt>8952</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>8952</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>525 SHS ACCENTURE PLC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>61362</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>52733</CostOrOtherBasisAmt>
          <GainOrLossAmt>8629</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>8629</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>180 SHS ACUITY BRANDS, INC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>38124</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>34863</CostOrOtherBasisAmt>
          <GainOrLossAmt>3261</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>3261</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>70 SHS ACUITY BRANDS, INC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>12289</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>7560</CostOrOtherBasisAmt>
          <GainOrLossAmt>4729</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>4729</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>450 SHS OMNICELL INC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>17877</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>15181</CostOrOtherBasisAmt>
          <GainOrLossAmt>2696</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>2696</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>1975 SHS GENERAL ELECTRIC CO</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>55334</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>44879</CostOrOtherBasisAmt>
          <GainOrLossAmt>10455</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>10455</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>100 SHS O'REILLY AUTOMOTIVE, INC.</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>24654</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>6650</CostOrOtherBasisAmt>
          <GainOrLossAmt>18004</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>18004</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>160 SHS ALLERGAN PLC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>36512</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>23042</CostOrOtherBasisAmt>
          <GainOrLossAmt>13470</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>13470</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>2000 SHS CISCO SYSYTEMS INC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>63628</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>57846</CostOrOtherBasisAmt>
          <GainOrLossAmt>5782</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>5782</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>1750 SHS HORMEL FOODS COIRP</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>59333</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>18065</CostOrOtherBasisAmt>
          <GainOrLossAmt>41268</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>41268</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>200 SHS O'REILLY AUTOMOTIVE, INC.</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>48067</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>13299</CostOrOtherBasisAmt>
          <GainOrLossAmt>34768</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>34768</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>1650 SHS ROSS STORES INC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>95871</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>62178</CostOrOtherBasisAmt>
          <GainOrLossAmt>33693</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>33693</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>575 SHS UNITEDHEALTH GROUP INC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>106581</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>40419</CostOrOtherBasisAmt>
          <GainOrLossAmt>66162</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>66162</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>650 SHS VERISK ANALYTICS INC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>52680</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>47864</CostOrOtherBasisAmt>
          <GainOrLossAmt>4816</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>4816</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>100 SHS EDWARDS LIFESCIENCES CORP</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>11429</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>6214</CostOrOtherBasisAmt>
          <GainOrLossAmt>5215</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>5215</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>800 SHS STARBUCKS CORP</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>42977</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>31966</CostOrOtherBasisAmt>
          <GainOrLossAmt>11011</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>11011</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>50 SHS ULTIMATE SOFTWARE GROUP INC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>9495</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>10190</CostOrOtherBasisAmt>
          <GainOrLossAmt>-695</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-695</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>1150 SHS VERIZON COMMUNICATIONS</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>55356</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>46307</CostOrOtherBasisAmt>
          <GainOrLossAmt>9049</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>9049</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>90 SHS DOLLAR TREE INC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>7499</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>3525</CostOrOtherBasisAmt>
          <GainOrLossAmt>3974</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>3974</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>255 SHS FACEBOOK INC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>40709</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>21398</CostOrOtherBasisAmt>
          <GainOrLossAmt>19311</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>19311</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>100 SHS ULTA BEAUTY, INC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>22174</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>16133</CostOrOtherBasisAmt>
          <GainOrLossAmt>6041</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>6041</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>225 SHS HENRY SCHEIN INC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>38560</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>14110</CostOrOtherBasisAmt>
          <GainOrLossAmt>24450</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>24450</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>825 SHS MICROSOFT CORP</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>61142</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>21300</CostOrOtherBasisAmt>
          <GainOrLossAmt>39842</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>39842</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>650 SHS SPS COMM INC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>36157</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>45082</CostOrOtherBasisAmt>
          <GainOrLossAmt>-8925</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-8925</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>15 SHS ALPHABET INC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>14844</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>9881</CostOrOtherBasisAmt>
          <GainOrLossAmt>4963</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>4963</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>1775 SHS BANKUNITED INC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>58144</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>63729</CostOrOtherBasisAmt>
          <GainOrLossAmt>-5585</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-5585</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>1775 SHS COMCAST</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>62532</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>35350</CostOrOtherBasisAmt>
          <GainOrLossAmt>27182</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>27182</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>600 SHS HENRY SCHEIN INC</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <GrossSalesPriceAmt>40234</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>18641</CostOrOtherBasisAmt>
          <GainOrLossAmt>21593</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>21593</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLIC TRADED SECURITIES AZIMUTH #35388</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>1473336</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1321106</CostOrOtherBasisAmt>
          <GainOrLossAmt>152230</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>152230</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAINS DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>9308</GrossSalesPriceAmt>
          <GainOrLossAmt>9308</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>9308</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>8795934</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>0</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>17226093</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>279070799</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.061727</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>7959629</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>145319340</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.054773</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>8982030</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>147589660</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.060858</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>10603288</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>140043470</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.075714</DistributionYr4Rt>
        <AdjustedQlfyDistriYr5Amt>13832745</AdjustedQlfyDistriYr5Amt>
        <NetVlNoncharitableAssetsYr5Amt>135067500</NetVlNoncharitableAssetsYr5Amt>
        <DistributionYr5Rt>0.102414</DistributionYr5Rt>
        <TotalDistributionRt>0.355486</TotalDistributionRt>
        <AverageDistributionRt>0.071097</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>295296500</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>20994695</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>145081</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>21139776</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>21013194</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>290162</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>290162</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>290162</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>284000</EstimatedPlusOvpmtIncmTxAmt>
        <ExtsnRequestIncomeTaxPaidAmt>50000</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>334000</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="RetDoc1192000001">X</Form2220AttachedInd>
        <EsPenaltyAmt>3280</EsPenaltyAmt>
        <OverpaymentAmt>40558</OverpaymentAmt>
        <AppliedToESTaxAmt>40558</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>1</UnrelatedBusIncmOverLimitInd>
        <Form990TFiledInd>1</Form990TFiledInd>
        <OrganizationDissolvedEtcInd>0</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>1</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>1</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>MI</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>0</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>STANLEY FRANKEL</IndividualWithBooksNm>
        <PhoneNum>2486492600</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>2301 WEST BIG BEAVER SUITE 900</AddressLine1Txt>
          <CityNm>TROY</CityNm>
          <StateAbbreviationCd>MI</StateAbbreviationCd>
          <ZIPCd>48084</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>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>STANLEY FRANKEL</PersonNm>
          <USAddress>
            <AddressLine1Txt>2301 WEST BIG BEAVER SUITE 900</AddressLine1Txt>
            <CityNm>TROY</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48084</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT AND TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>STANLEY FRANKEL</PersonNm>
          <USAddress>
            <AddressLine1Txt>2301 WEST BIG BEAVER SUITE 900</AddressLine1Txt>
            <CityNm>TROY</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48084</ZIPCd>
          </USAddress>
          <TitleTxt>TREASURER AND TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JUDITH FRANKEL</PersonNm>
          <USAddress>
            <AddressLine1Txt>2301 WEST BIG BEAVER SUITE 900</AddressLine1Txt>
            <CityNm>TROY</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48084</ZIPCd>
          </USAddress>
          <TitleTxt>SECRETARY AND TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ARTHUR WEISS</PersonNm>
          <USAddress>
            <AddressLine1Txt>27777 FRANKLIN ROAD SUITE 2500</AddressLine1Txt>
            <CityNm>SOUTHFIELD</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48034</ZIPCd>
          </USAddress>
          <TitleTxt>ASSISANT SECRETARY</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>257264187</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>42529214</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>299793401</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>299793401</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>4496901</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>295296500</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>14764825</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>14764825</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>290162</TaxBasedOnInvestmentIncomeAmt>
        <IncomeTaxAmt>92451</IncomeTaxAmt>
        <TotalTaxAmt>382613</TotalTaxAmt>
        <DistributableBeforeAdjAmt>14382212</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>14382212</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>14382212</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>21013194</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>21013194</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>0</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>21013194</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>14382212</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>7184286</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>3658346</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>1780143</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>884595</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>3577653</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>17085023</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>21013194</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>14382212</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>6630982</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>23716005</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>7184286</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>16531719</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>3658346</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>1780143</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>884595</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>3577653</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>6630982</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>STANLEY FRANKEL</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ADAT SHALOM SYNAGOGUE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>29901 MIDDLEBELT</AddressLine1Txt>
            <CityNm>FARMINGTON HILLS</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48336</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>DISCRETIONARY/SYNERGY SHABBATOT</GrantOrContributionPurposeTxt>
          <Amt>3550</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>AMERICAN ISRAEL EDUCATION FUND</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2301 W BIG BEAVER FLR 5</AddressLine1Txt>
            <CityNm>TROY</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48084</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PRIVATE FOUNDATION</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>530000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CENTER FOR KEHIILA GROWTH</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2301 W BIG BEAVER FLR 5</AddressLine1Txt>
            <CityNm>TROY</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48084</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>1646667</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>COUNCIL OF ORTHODOX RABBIS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>6600 WEST MAPLE</AddressLine1Txt>
            <CityNm>WEST BLOOMFIELD</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48322</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>RELIGIOUS</GrantOrContributionPurposeTxt>
          <Amt>70000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FRESH AIR SOCIETY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>6735 TELEGRAPH</AddressLine1Txt>
            <CityNm>BLOOMFIELD HILLS</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48301</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>387855</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HILLEL DAY SCHOOL OF METRO DETROIT</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>32200 MIDDLEBELT</AddressLine1Txt>
            <CityNm>FARMINGTON HILLS</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48334</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>RELIGIOUS AND EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>68939</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HILLEL OF METRO DETROIT</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>5521 GOLLEN MALL</AddressLine1Txt>
            <CityNm>DETROIT</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48202</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>RELIGIOUS AND EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>JEWISH COMMUNITY CENTER</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>6600 WEST MAPLE</AddressLine1Txt>
            <CityNm>WEST BLOOMFIELD</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48322</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUMMER CAMP PROGRAM/YOUTH PROGRAMS</GrantOrContributionPurposeTxt>
          <Amt>201000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>JEWISH COMMUNITY FOUNDATION SAN DIEGO</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>4950 MURPHY CANYON ROAD</AddressLine1Txt>
            <CityNm>SAN DIEGO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92123</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>THE SHABBOT PROJECT</GrantOrContributionPurposeTxt>
          <Amt>350000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>JEWISH FEDERATION OF METRO DETROIT</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>6710 WEST MAPLE ROAD</AddressLine1Txt>
            <CityNm>BLOOMFIELD HILLS</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48301</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>ISRAEL YOUTH TRAVEL FUND</GrantOrContributionPurposeTxt>
          <Amt>175000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>JEWISH FUTURES FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1979 E 9TH STREET</AddressLine1Txt>
            <CityNm>BROOKLYN</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11223</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIPS</GrantOrContributionPurposeTxt>
          <Amt>36000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>JEWISH SENIOR LIVING OF METRO DETROIT</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>6711 WEST MAPLE ROAD</AddressLine1Txt>
            <CityNm>WEST BLOOMFIELD</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48322</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>DISCRETIONARYDISCREATIONARY</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>JEWISH THEOLOGICAL SEMINARY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>3080 BROADWAY</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10027</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>RELIGIOUS AND EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MESORAH HERITAGE FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>4401 SECOND AVENUE</AddressLine1Txt>
            <CityNm>BROOKLYN</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11232</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>RELIGIOUS</GrantOrContributionPurposeTxt>
          <Amt>1250000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MIRIAM'S WELL -- BE'ER MIRIAM</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>13 SIMMONS STREET</AddressLine1Txt>
            <CityNm>SAUGERTIES</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>12477</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>RELIGIOUS</GrantOrContributionPurposeTxt>
          <Amt>150000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NCSY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2020 K STREET</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20006</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>24000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NSCJ</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1120 20TH STREET NW</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20036</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL/RELIGIOUS</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIVERSITY OF MICHIGAN</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>YIDDISH PROGRAM</AddressLine1Txt>
            <CityNm>ANN ARBOR</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48104</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>250000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIVERSITY OF MICHIGAN HILLEL</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1429 HILL STREET</AddressLine1Txt>
            <CityNm>ANN ARBOR</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48104</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>V HECHZAKTA BO</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>220 W CONGRESS SUITE 500</AddressLine1Txt>
            <CityNm>DETROIT</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48226</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>430000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>YAD EZRA</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2850 11 MILE ROAD</AddressLine1Txt>
            <CityNm>BERKLEY</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48072</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>FOOD BANK</GrantOrContributionPurposeTxt>
          <Amt>145000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>YASHIVA HAKAYITZ OF DETROIT</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>15742 FAIRFAX</AddressLine1Txt>
            <CityNm>SOUTHFIELD</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48075</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>RELIGIOUS</GrantOrContributionPurposeTxt>
          <Amt>86665</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>YESHIVA BETH YEHUDAH</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>15751 LINCOLN DRIVE</AddressLine1Txt>
            <CityNm>SOUTHFIELD</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48076</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>RELIGIOUS</GrantOrContributionPurposeTxt>
          <Amt>14405638</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>YIDDISH BOOK CENTER</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1021 WEST AMHERST STREET</AddressLine1Txt>
            <CityNm>AMHERST</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>01002</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>JEWISH HOSPICE &amp; CHAPLAINCY NETWORK</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>6555 WEST MAPLE ROAD</AddressLine1Txt>
            <CityNm>WEST BLOOMFIELD</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48322</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>RELIGIOUS</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TALI FRANKEL ELEMENTARY SCHOOL</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>HA-PRAKHIM</AddressLine1Txt>
            <CityNm>RANANA</CityNm>
            <ProvinceOrStateNm>RAANANA</ProvinceOrStateNm>
            <CountryCd>IS</CountryCd>
          </RecipientForeignAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATIONAL/GENERAL</GrantOrContributionPurposeTxt>
          <Amt>725880</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>21013194</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>4794057</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <OtherInvestmentIncmPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>1644334</ExclusionAmt>
        </OtherInvestmentIncmPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>4832484</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>ABRAMS CAPITAL PARTNERS I</Desc>
          <UnrelatedBusinessTaxblIncmAmt>-52548</UnrelatedBusinessTaxblIncmAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>ABRAMS CAPITAL PARTNERS II</Desc>
          <UnrelatedBusinessTaxblIncmAmt>-41999</UnrelatedBusinessTaxblIncmAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>-94547</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>11270875</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>11176328</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>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorPersonNm>GARY TORGOW</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>14661 LUDLOW STREET</AddressLine1Txt>
          <CityNm>OAK PARK</CityNm>
          <StateAbbreviationCd>MI</StateAbbreviationCd>
          <ZIPCd>48237</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>100000</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
      <ContributorInformationGrp>
        <ContributorNum>2</ContributorNum>
        <ContributorPersonNm>DAVID PROVOST</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>952 BROOKWOOD STREET</AddressLine1Txt>
          <CityNm>BIRMINGHAM</CityNm>
          <StateAbbreviationCd>MI</StateAbbreviationCd>
          <ZIPCd>48009</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>100000</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="RetDoc2002200001">
      <AccountingFeesDetail>
        <Amt>13210</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>UBS SECURITIES - DE 11925</StockNm>
        <EOYBookValueAmt>38211834</EOYBookValueAmt>
        <EOYFMVAmt>58436149</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1ST MANHATTAN CO. #006600</StockNm>
        <EOYBookValueAmt>8761973</EOYBookValueAmt>
        <EOYFMVAmt>14634393</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>UBS SECURITIES - DE 3760</StockNm>
        <EOYBookValueAmt>63074747</EOYBookValueAmt>
        <EOYFMVAmt>83161190</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>AZIMUTH CAPITAL #35388</StockNm>
        <EOYBookValueAmt>8103538</EOYBookValueAmt>
        <EOYFMVAmt>10699955</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>AZIMUTH CAPITAL #35415</StockNm>
        <EOYBookValueAmt>4779907</EOYBookValueAmt>
        <EOYFMVAmt>5829026</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1ST MANHATTAN CO. #009265</StockNm>
        <EOYBookValueAmt>5158926</EOYBookValueAmt>
        <EOYFMVAmt>5186269</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>EQUITY INVESTMENTS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>52187907</BookValueAmt>
        <EOYFMVAmt>87446632</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LegalFeesSchedule documentId="RetDoc2002100001">
      <LegalFeesGrp>
        <LegalFeesAmt>13076</LegalFeesAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherDecreasesSchedule documentId="RetDoc2049800001">
      <OtherDecreasesDetail>
        <Desc>BOOK/TAX DIFFERENCE FROM PASSTHROUGH PARTNERSHIPS</Desc>
        <Amt>624228</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>ANNUAL REPORT</Desc>
        <RevenueAndExpensesPerBooksAmt>20</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT &amp; ADVISORY FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>688639</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>688639</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>58</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>AMERICAN SECURITIES PTRS IV</Desc>
        <RevenueAndExpensesPerBooksAmt>-1098</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-1098</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>-1098</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>ASP IV ALTERNATIVE INVESTMENTS LP</Desc>
        <RevenueAndExpensesPerBooksAmt>-149</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-149</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>-149</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>STYX INTERNATIONAL FUND</Desc>
        <RevenueAndExpensesPerBooksAmt>355831</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>355831</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>355831</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>CERBERUS INTERNATIONAL LTD</Desc>
        <RevenueAndExpensesPerBooksAmt>275772</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>275772</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>275772</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>MISCELLANEOUS</Desc>
        <RevenueAndExpensesPerBooksAmt>5324</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>5324</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>5324</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>CATHY CAPITAL HOLDINGS II, LP</Desc>
        <RevenueAndExpensesPerBooksAmt>254545</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>254545</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>254545</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>BROAD PINE LIBERTY INVESTOR FUND LP</Desc>
        <RevenueAndExpensesPerBooksAmt>57219</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>57219</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>57219</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>MILLENNIUM USA LP - K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>696890</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>696890</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>696890</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>ABRAMS CAPITAL PARTNERS I</Desc>
        <RevenueAndExpensesPerBooksAmt>-52548</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>-52548</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>ABRAMS CAPITAL PARTNERS II</Desc>
        <RevenueAndExpensesPerBooksAmt>-41999</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>-41999</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="RetDoc2049700001">
      <OtherIncreasesDetail>
        <Desc>NONDEDUCTIBLE EXPENSES FROM PASSTHROUGH PARTNERSHIPS</Desc>
        <Amt>68</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX</CategoryTxt>
        <Amt>17966</Amt>
        <NetInvestmentIncomeAmt>17966</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAX</CategoryTxt>
        <Amt>422523</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>