﻿<?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="2014v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2015-08-07T11:47:20-05:00</ReturnTs>
    <TaxPeriodEndDt>2014-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>131459550</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>WEISERMAZARS LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>135 WEST 50TH STREET</AddressLine1Txt>
        <CityNm>NEW YORK</CityNm>
        <StateAbbreviationCd>NY</StateAbbreviationCd>
        <ZIPCd>100201299</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2014-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>137147899</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>SUSAN S AND KENNETH L WALLACH FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>SUSA</BusinessNameControlTxt>
      <PhoneNum>9146969000</PhoneNum>
      <USAddress>
        <AddressLine1Txt>C/O S EIGEN 3 MANHATTANVILLE ROAD</AddressLine1Txt>
        <CityNm>PURCHASE</CityNm>
        <StateAbbreviationCd>NY</StateAbbreviationCd>
        <ZIPCd>10577</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>PETER NUSSBAUM AGENT</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>9146969000</PhoneNum>
      <SignatureDt>2015-07-15</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>PETER NUSSBAUM</PreparerPersonNm>
      <PTIN>P00294707</PTIN>
      <PhoneNum>2128127000</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2014</TaxYr>
    <BuildTS>2016-04-25 22:37:26Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="9">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>64107555</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>166</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>166</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>850454</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>850454</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>11144425</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>28597682</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>11144425</CapGainNetIncmNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>11995045</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>11995045</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>0</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>0</CompOfcrDirTrstDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002200001">12875</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>6438</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>6437</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002300001">672341</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>537873</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>134468</OtherProfFeesDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">145000</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>0</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc2003200001">18650</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>13737</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>4913</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>848866</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>558048</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>145818</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>3583525</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>3583525</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>4432391</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>558048</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>3729343</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>7562654</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>11436997</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>872057</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>3909797</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>3909797</SavAndTempCashInvstEOYFMVAmt>
        <USGovernmentObligationsBOYAmt>41763</USGovernmentObligationsBOYAmt>
        <USGovernmentObligationsEOYAmt referenceDocumentId="RetDoc2210400001">41763</USGovernmentObligationsEOYAmt>
        <USGovtObligationsEOYFMVAmt>29685</USGovtObligationsEOYFMVAmt>
        <CorporateStockBOYAmt>36042064</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2018900001">40526226</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>60122333</CorporateStockEOYFMVAmt>
        <OtherInvestmentsBOYAmt>0</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc2018100001">40752</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>45740</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>36955884</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>44518538</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>64107555</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowSFAS117Ind>X</OrgDoesNotFollowSFAS117Ind>
        <CapitalStockBOYAmt>778330</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>778330</CapitalStockEOYAmt>
        <AdditionalPaidInCapitalBOYAmt>0</AdditionalPaidInCapitalBOYAmt>
        <AdditionalPaidInCapitalEOYAmt>0</AdditionalPaidInCapitalEOYAmt>
        <RetainedEarningBOYAmt>36177554</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>43740208</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>36955884</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>44518538</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>36955884</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>44518538</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>36955884</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>7562654</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt>0</OtherIncreasesAmt>
        <SubtotalAmt>44518538</SubtotalAmt>
        <OtherDecreasesAmt>0</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>44518538</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SEE ATTACHED SCHEDULE</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2010-12-15</AcquiredDt>
          <SoldDt>2014-12-31</SoldDt>
          <GrossSalesPriceAmt>27713186</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>16694735</CostOrOtherBasisAmt>
          <GainOrLossAmt>11018451</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>11018451</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SEE ATTACHED SCHEDULE</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2014-02-06</AcquiredDt>
          <SoldDt>2014-11-17</SoldDt>
          <GrossSalesPriceAmt>884496</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>758522</CostOrOtherBasisAmt>
          <GainOrLossAmt>125974</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>125974</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>11144425</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>0</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>790213</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>21181616</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.037307</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>2274248</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>38177844</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.059570</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>2211126</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>40218317</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.054978</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>2083479</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>40728348</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.051155</DistributionYr4Rt>
        <AdjustedQlfyDistriYr5Amt>1757419</AdjustedQlfyDistriYr5Amt>
        <NetVlNoncharitableAssetsYr5Amt>36287476</NetVlNoncharitableAssetsYr5Amt>
        <DistributionYr5Rt>0.048430</DistributionYr5Rt>
        <TotalDistributionRt>0.251440</TotalDistributionRt>
        <AverageDistributionRt>0.050288</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>59363020</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>2985248</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>114370</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>3099618</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>3729343</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <DomesticOrgMeetingSect4940eInd>X</DomesticOrgMeetingSect4940eInd>
        <InvestmentIncomeExciseTaxAmt>114370</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>114370</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>114370</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>139682</EstimatedPlusOvpmtIncmTxAmt>
        <AppliedToEsTaxAmt>10000</AppliedToEsTaxAmt>
        <TotalPaymentsAndCreditsAmt>149682</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>35312</OverpaymentAmt>
        <AppliedToESTaxAmt>35312</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>NY</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>0</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>NONE</WebsiteAddressTxt>
        <IndividualWithBooksNm>SUSAN KEN WALLACH FOUNDATION</IndividualWithBooksNm>
        <PhoneNum>9146969000</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>3 MANHATTANVILLE ROAD</AddressLine1Txt>
          <CityNm>PURCHASE</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>10577</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>0</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>0</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>0</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>0</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>1</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>0</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>0</PaymentToGovernmentOfficialInd>
        <ActsFailToQlfyAsExceptionsInd>0</ActsFailToQlfyAsExceptionsInd>
        <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>
        <TransactionsFailToQlfyAsExcInd>0</TransactionsFailToQlfyAsExcInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>0</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>0</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>KENNETH L WALLACH</PersonNm>
          <USAddress>
            <AddressLine1Txt>1160 PARK AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10128</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>5.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>SUSAN S WALLACH</PersonNm>
          <USAddress>
            <AddressLine1Txt>1160 PARK AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10128</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>5.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>STEVEN EIGEN</PersonNm>
          <USAddress>
            <AddressLine1Txt>260 GARTH ROAD</AddressLine1Txt>
            <CityNm>SCARSDALE</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10583</ZIPCd>
          </USAddress>
          <TitleTxt>TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.50</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>GREENHAVEN ASSOCIATES</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>3 MANHATTANVILLE ROAD</AddressLine1Txt>
            <CityNm>PURCHASE</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10577</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVESTMENT ADVISORY FEES</ServiceTypeTxt>
          <CompensationAmt>522649</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>BRAVE WARRIOR</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>3 MANHATTANVILLE ROAD</AddressLine1Txt>
            <CityNm>PURCHASE</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10577</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVESTMENT ADVISORY FEES</ServiceTypeTxt>
          <CompensationAmt>92547</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>NEUBERGER BERMAN</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>3 MANHATTANVILLE ROAD</AddressLine1Txt>
            <CityNm>PURCHASE</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10577</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVESTMENT ADVISORY FEES</ServiceTypeTxt>
          <CompensationAmt>57145</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>NOT APPLICABLE</Description1Txt>
        <Expenses1Amt>0</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>NONE</Description1Txt>
        <Expenses1Amt>0</Expenses1Amt>
        <AllOtherProgramRltdInvstTotAmt referenceDocumentId="RetDoc2063500001">0</AllOtherProgramRltdInvstTotAmt>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>57938836</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>2328189</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>60267025</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>60267025</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>904005</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>59363020</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>2968151</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>2968151</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>114370</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>114370</TotalTaxAmt>
        <DistributableBeforeAdjAmt>2853781</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>2853781</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>2853781</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>3729343</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>3729343</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>114370</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>3614973</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>2853781</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>732930</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <TotalExcessDistributionCyovAmt>0</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>3729343</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>732930</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>2853781</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>142632</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>142632</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>0</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>142632</ExcessDistriCyovToNextYrAmt>
        <ExcessFromCurrentYearAmt>142632</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>KENNETH L WALLACH</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SEE ATTACHED STATEMENT</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>SEE ATTACHED</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10024</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>3583525</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>3583525</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>166</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>850454</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>11144425</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>11995045</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>11995045</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>
    <AccountingFeesSchedule documentId="RetDoc2002200001">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>12875</Amt>
        <NetInvestmentIncomeAmt>6438</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>6437</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <AllOthProgRltdInvestmentsSch documentId="RetDoc2063500001">
      <AllOtherProgramRelatedInvstGrp>
        <Desc>NONE</Desc>
        <Amt>0</Amt>
      </AllOtherProgramRelatedInvstGrp>
    </AllOthProgRltdInvestmentsSch>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>1,000 SH ACE LTD</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,000 SH PERKIN ELMER, INC.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,700 SH WHIRLPOOL CORP.</StockNm>
        <EOYBookValueAmt>1712983</EOYBookValueAmt>
        <EOYFMVAmt>4301028</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,800 SH 3M COMPANY</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,900 SH AGILENT TECHNOLOGIES, INC.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2000 EOG RESOURCES</StockNm>
        <EOYBookValueAmt>100380</EOYBookValueAmt>
        <EOYFMVAmt>184140</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>12,024 SH MICROSOFT CORP</StockNm>
        <EOYBookValueAmt>408815</EOYBookValueAmt>
        <EOYFMVAmt>558515</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>115400 SH LOWE'S COMPANIES INC.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>12166 SH XEROX CORP</StockNm>
        <EOYBookValueAmt>219754</EOYBookValueAmt>
        <EOYFMVAmt>168621</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>12973 CHARLES SCHWAB</StockNm>
        <EOYBookValueAmt>198052</EOYBookValueAmt>
        <EOYFMVAmt>391655</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1366 SH ORACLE CORP</StockNm>
        <EOYBookValueAmt>26706</EOYBookValueAmt>
        <EOYFMVAmt>61429</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1300 SH DEERE &amp; CO.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1300 SH OCCIDENTAL PETROLEUM CORP.</StockNm>
        <EOYBookValueAmt>102689</EOYBookValueAmt>
        <EOYFMVAmt>104793</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>79376 SH JP MORGAN CHASE &amp; CO.</StockNm>
        <EOYBookValueAmt>4705399</EOYBookValueAmt>
        <EOYFMVAmt>4967350</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1500 SH REINSURANCE GROUP AMERICA</StockNm>
        <EOYBookValueAmt>58373</EOYBookValueAmt>
        <EOYFMVAmt>131430</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>875 SH INTERNATIONAL BUSINESS MACHINES CORP</StockNm>
        <EOYBookValueAmt>113990</EOYBookValueAmt>
        <EOYFMVAmt>140385</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1800 SH FEDEX CORPORATION</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1851 SH FNMA</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1968 SH ANADARKO PETROLEUM CORP</StockNm>
        <EOYBookValueAmt>121468</EOYBookValueAmt>
        <EOYFMVAmt>162360</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2,000 SH TE CONNECTIVITY LTD.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2,100 SH AIR PRODUCTS &amp; CHEMICALS, INC.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2,500 SH UNITED PARCEL SERVICE, INC.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2,632 SH ABBVIE INC</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2000 SH VIACOM INC</StockNm>
        <EOYBookValueAmt>95387</EOYBookValueAmt>
        <EOYFMVAmt>150500</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>20500 SH WHIRLPOOL CORP.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>18000 SH BOEING COMPANY</StockNm>
        <EOYBookValueAmt>1371724</EOYBookValueAmt>
        <EOYFMVAmt>2339640</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2234 SH WHITING PETROLEUM CORP</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>22500 SH PERKIN ELMER, INC.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2666 SH DENBURY RES INC</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>5787 SH KINDER MORGAN MGMT</StockNm>
        <EOYBookValueAmt>158733</EOYBookValueAmt>
        <EOYFMVAmt>244848</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2979 SH COMCAST CORPORATION</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>3,000 SH SOUTHWEST AIRLINES CO.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>20,000 SH 3M COMPANY</StockNm>
        <EOYBookValueAmt>1557144</EOYBookValueAmt>
        <EOYFMVAmt>3286400</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>300 SH PRAXAIR, INC.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>3000 SH TRAVELERS COMPANIES INC</StockNm>
        <EOYBookValueAmt>166384</EOYBookValueAmt>
        <EOYFMVAmt>317550</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>3034 SH LOEWS CORP</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>334 SH APACHE CORP</StockNm>
        <EOYBookValueAmt>37985</EOYBookValueAmt>
        <EOYFMVAmt>20932</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>17,200 SH DEVON ENERGY CORPORATION</StockNm>
        <EOYBookValueAmt>984137</EOYBookValueAmt>
        <EOYFMVAmt>1052812</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>34150 SH SUPERIOR ENERGY SVCS INC</StockNm>
        <EOYBookValueAmt>912806</EOYBookValueAmt>
        <EOYFMVAmt>688122</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>3600 SH LINCOLN NATIONAL CORP.</StockNm>
        <EOYBookValueAmt>108244</EOYBookValueAmt>
        <EOYFMVAmt>207612</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>38250 SH AIR PRODUCTS &amp; CHEMICALS, INC.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>4,900 SH BAKER HUGHES, INC.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>4,900 SH BAKER HUGHES, INC.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>40125 SH UNITED PARCEL SERVICE, INC.</StockNm>
        <EOYBookValueAmt>3936156</EOYBookValueAmt>
        <EOYFMVAmt>5669670</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>41250 SH AGILENT TECHNOLOGIES, INC.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>4136 SH HIGHER ONE HOLDINGS</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>4500 SH AVNET INC COM</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>45875 SH TE CONNECTIVITY LTD.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>47466 SH FEDEX CORPORATION</StockNm>
        <EOYBookValueAmt>3651910</EOYBookValueAmt>
        <EOYFMVAmt>8242946</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>4825 SH ARROW ELECTRONICS INC.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>111,100 SH LOWE'S COMPANIES INC.</StockNm>
        <EOYBookValueAmt>2754651</EOYBookValueAmt>
        <EOYFMVAmt>7643680</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 SH ASSURANT INC</StockNm>
        <EOYBookValueAmt>15057</EOYBookValueAmt>
        <EOYFMVAmt>34215</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>5144 SH VISTAPRINT NV</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>3670 SH PRIMERICA INC</StockNm>
        <EOYBookValueAmt>87365</EOYBookValueAmt>
        <EOYFMVAmt>199134</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>13,875 SH PRAXAIR, INC.</StockNm>
        <EOYBookValueAmt>1737675</EOYBookValueAmt>
        <EOYFMVAmt>1797645</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>6100 SH PFIZER INC</StockNm>
        <EOYBookValueAmt>113743</EOYBookValueAmt>
        <EOYFMVAmt>190015</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>6356 SH EXPRESS SCRIPTS HOLDING CO</StockNm>
        <EOYBookValueAmt>376854</EOYBookValueAmt>
        <EOYFMVAmt>538163</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>700 SH BOEING COMPANY</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>4434 SH CABOT OIL &amp; GAS CORP</StockNm>
        <EOYBookValueAmt>35703</EOYBookValueAmt>
        <EOYFMVAmt>131291</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>7345 SH HALLIBURTON CO</StockNm>
        <EOYBookValueAmt>352766</EOYBookValueAmt>
        <EOYFMVAmt>288879</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1600 SH AETNA INC.</StockNm>
        <EOYBookValueAmt>122117</EOYBookValueAmt>
        <EOYFMVAmt>142128</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>834 SH METLIFE INC</StockNm>
        <EOYBookValueAmt>36042</EOYBookValueAmt>
        <EOYFMVAmt>45111</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>9446 SH VALEANT PHARMACEUTICALS INTL</StockNm>
        <EOYBookValueAmt>519781</EOYBookValueAmt>
        <EOYFMVAmt>1351817</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>99050 SH SOUTHWEST AIRLINES CO.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>4,900 SH AIRGAS, INC</StockNm>
        <EOYBookValueAmt>555626</EOYBookValueAmt>
        <EOYFMVAmt>564382</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,900 SH CIGNA CORP</StockNm>
        <EOYBookValueAmt>145726</EOYBookValueAmt>
        <EOYFMVAmt>195529</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>4,415 SHS CIMPRESS N.V</StockNm>
        <EOYBookValueAmt>154859</EOYBookValueAmt>
        <EOYFMVAmt>330419</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>35,000 SHS CITIGROUP INC</StockNm>
        <EOYBookValueAmt>1728231</EOYBookValueAmt>
        <EOYFMVAmt>1893850</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>20,000 SH DR HORTON INC</StockNm>
        <EOYBookValueAmt>493086</EOYBookValueAmt>
        <EOYFMVAmt>505800</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,329 EQUINIX, INC</StockNm>
        <EOYBookValueAmt>275299</EOYBookValueAmt>
        <EOYFMVAmt>301324</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>20,000 SHS MASCO CORP</StockNm>
        <EOYBookValueAmt>485846</EOYBookValueAmt>
        <EOYFMVAmt>504000</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>15,000 OWENS CORNING INC</StockNm>
        <EOYBookValueAmt>543864</EOYBookValueAmt>
        <EOYFMVAmt>537150</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,750 SHS SANOFI AVENTIS ADR</StockNm>
        <EOYBookValueAmt>82335</EOYBookValueAmt>
        <EOYFMVAmt>79817</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>45,000 SCHLUMBERGER LTD</StockNm>
        <EOYBookValueAmt>4145998</EOYBookValueAmt>
        <EOYFMVAmt>3843450</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>28,400 SHS THE GOLDMAN SACHS GROUP INC</StockNm>
        <EOYBookValueAmt>4947098</EOYBookValueAmt>
        <EOYFMVAmt>5504772</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,600 SHS UNITED CONTINENTAL HOLDINGS INC</StockNm>
        <EOYBookValueAmt>67285</EOYBookValueAmt>
        <EOYFMVAmt>107024</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="RetDoc2210400001">
      <USGovtObligationsBookVlEOYAmt>41763</USGovtObligationsBookVlEOYAmt>
      <USGovtObligationsEOYFMVAmt>29685</USGovtObligationsEOYFMVAmt>
      <StateLocalSecBookVlEOYAmt>0</StateLocalSecBookVlEOYAmt>
      <StateLocalSecEOYFMVAmt>0</StateLocalSecEOYFMVAmt>
    </InvestmentsGovtObligationsSch>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>2,000 BROOKFIELD PROPERTY PARTNERS LP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>40752</BookValueAmt>
        <EOYFMVAmt>45740</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>NYS DEPT. OF LAW FILING FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>1500</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1500</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CUSTODY FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>17064</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>13651</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>3413</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BROOKFIELD PART LP</Desc>
        <RevenueAndExpensesPerBooksAmt>85</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>85</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MISCELLANEOUS EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>1</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc2002300001">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT ADVISORY FEES</CategoryTxt>
        <Amt>672341</Amt>
        <NetInvestmentIncomeAmt>537873</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>134468</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAX</CategoryTxt>
        <Amt>145000</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>