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          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>PETER DONNELLY</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>DANIELLE G DOOLEY</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>SHERRY GLIED</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>PETER M GOTTSEGEN</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR THROUGH JAN 2022</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>KELLY MAJOR GREEN</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ROBERT E HARVEY</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR AND TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>4.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ROBERT F HOERLE</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR THROUGH FEB 2022</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>4.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>CLARION E JOHNSON</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JONEIGH KHALDUN</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR AS OF MAY 2022</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>DANIEL J MCSWIGGAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR THROUGH FEB 2022</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>SAMUEL L MILBANK</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR THROUGH FEB 2022</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>20.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>MARGARET E O'KANE</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>LASHAWN RICHBURG - HAYES</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR AND VICE CHAIR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>4.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ANYA RADER WALLACK</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR AS OF MAY 2022</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>KATE MCEVOY</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>PROGRAM OFFICER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>188700</CompensationAmt>
          <EmployeeBenefitsAmt>68331</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>CHRISTINE HARAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>COMMUNICATIONS DIREC</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>167187</CompensationAmt>
          <EmployeeBenefitsAmt>75451</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>LISA DULSKY WATKINS</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR, MULTIPAYER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>141895</CompensationAmt>
          <EmployeeBenefitsAmt>41730</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>GAIL CAMBRIDGE</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>ADMINISTRATIVE SERVI</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>137350</CompensationAmt>
          <EmployeeBenefitsAmt>44823</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>RACHEL BLOCK</PersonNm>
          <USAddress>
            <AddressLine1Txt>645 MADISON AVENUE 15TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100221095</ZIPCd>
          </USAddress>
          <TitleTxt>PROGRAM OFFICER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>115092</CompensationAmt>
          <EmployeeBenefitsAmt>24990</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>BAILIT HEALTH PURCHASING LLC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>56 PICKERING STREET</AddressLine1Txt>
            <CityNm>NEEDHAM</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>02492</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>PROGRAM CONTRACT</ServiceTypeTxt>
          <CompensationAmt>865142</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>PATTERSON BELKNAP WEBB &amp; TYLER</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>1133 AVENUE OF THE AMERICAS</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10036</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>LEGAL SERVICES</ServiceTypeTxt>
          <CompensationAmt>248343</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>MATHEMATICA INC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>1100 FIRST STREET NE 12TH FLOOR</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>200024221</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>PROGRAM CONTRACT</ServiceTypeTxt>
          <CompensationAmt>232402</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>HUMAN SERVICES RESEARCH INSTITUTE</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>2336 MASSACHUSETTS AVENUE</AddressLine1Txt>
            <CityNm>CAMBRIDGE</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>02140</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>PROGRAM CONTRACT</ServiceTypeTxt>
          <CompensationAmt>157784</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>FTI CONSULTING INC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>555 12TH STREET NW SUITE 700</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20004</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>COMMUNICATIONS SERVICES</ServiceTypeTxt>
          <CompensationAmt>142625</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <ContractorPaidOver50kCnt>9</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>IDENTIFY, INFORM, AND INSPIRE STATE HEALTH POLICY LEADERS:ACTIVITIES INCLUDED PROVIDING TECHNICAL ASSISTANCE TO STATE AND FEDERAL POLICYMAKERS, CONVENING MEETINGS ON ISSUES OF HEALTH POLICY AND POPULATION HEALTH, CONDUCTING PROGRAMS TO PROMOTE SKILLS DEVELOPMENT AND NETWORKING AMONG EMERGING STATE LEADERS AND SENIOR STATE LEADERS.</Description1Txt>
        <Expenses1Amt>928005</Expenses1Amt>
        <Description2Txt>PROVIDE AUTHORITATIVE EVIDENCE, EXPERIENCE, AND SUPPORT ON SELECTED ISSUES OF CRITICAL IMPORTANCE TO THE STATES TO STIMULATE MEANINGFUL RESPONSE: ACTIVITIES INCLUDED CONVENING MEETINGS OF PUBLIC AND PRIVATE DECISION MAKERS AND PUBLISHING REPORTS ON SUCH ISSUES AS STATE SERVICES FOR AGING POPULATIONS, PRIMARY CARE TRANSFORMATION, SUSTAINABLE HEALTH CARE COSTS, AND BEHAVIORAL HEALTH.</Description2Txt>
        <Expenses2Amt>2014167</Expenses2Amt>
        <Description3Txt>THE MILBANK QUARTERLY AND COMMUNICATIONS: ACTIVITIES INCLUDED EDITING AND PUBLISHING THE MILBANK QUARTERLY, A PEER- REVIEWED JOURNAL OF HEALTH POLICY AND POPULATION HEALTH, AND INCREASING AWARENESS OF THE FUND'S WORK BY COMMUNICATING ITS RESULTS TO A BROAD AUDIENCE.</Description3Txt>
        <Expenses3Amt>596744</Expenses3Amt>
        <Description4Txt>PROGRAM DEVELOPMENT AND MANAGEMENT: ACTIVITIES INCLUDED PLANNING NEW PROJECTS WITH STRATEGIC PARTNERS, EVALUATING CONTINUING WORK, AND SUPPORTING PARTNER ORGANIZATIONS IN COLLABORATIVE WORK.</Description4Txt>
        <Expenses4Amt>661448</Expenses4Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>88547309</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>675493</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>89222802</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>89222802</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>1338342</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>87884460</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>4394223</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <Sect4942j3j5FndtnAndFrgnOrgInd>X</Sect4942j3j5FndtnAndFrgnOrgInd>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>7494147</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>7494147</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <PrivateOperatingFoundationsGrp>
        <PrivateOperatingFndtnRulingDt>1985-01-01</PrivateOperatingFndtnRulingDt>
        <Section4942j3Ind>X</Section4942j3Ind>
        <LessorAdjNetIncmMinInvstRetGrp>
          <CurrentYearAmt>1179490</CurrentYearAmt>
          <Year1Amt>1059378</Year1Amt>
          <Year2Amt>737284</Year2Amt>
          <Year3Amt>1428014</Year3Amt>
          <TotalAmt>4404166</TotalAmt>
        </LessorAdjNetIncmMinInvstRetGrp>
        <Pct85LessorAdjIncmOrMinRetGrp>
          <CurrentYearAmt>1002567</CurrentYearAmt>
          <Year1Amt>900471</Year1Amt>
          <Year2Amt>626691</Year2Amt>
          <Year3Amt>1213812</Year3Amt>
          <TotalAmt>3743541</TotalAmt>
        </Pct85LessorAdjIncmOrMinRetGrp>
        <QualifyingDistributionsGrp>
          <CurrentYearAmt>7494147</CurrentYearAmt>
          <Year1Amt>4775017</Year1Amt>
          <Year2Amt>3591769</Year2Amt>
          <Year3Amt>3723839</Year3Amt>
          <TotalAmt>19584772</TotalAmt>
        </QualifyingDistributionsGrp>
        <QualifyingDistriNotUsedDrtGrp>
          <CurrentYearAmt>2291496</CurrentYearAmt>
          <Year1Amt>155850</Year1Amt>
          <Year2Amt>60009</Year2Amt>
          <Year3Amt>55350</Year3Amt>
          <TotalAmt>2562705</TotalAmt>
        </QualifyingDistriNotUsedDrtGrp>
        <QualifyingDistriMadeDrtGrp>
          <CurrentYearAmt>5202651</CurrentYearAmt>
          <Year1Amt>4619167</Year1Amt>
          <Year2Amt>3531760</Year2Amt>
          <Year3Amt>3668489</Year3Amt>
          <TotalAmt>17022067</TotalAmt>
        </QualifyingDistriMadeDrtGrp>
        <TotalAssetsGrp>
          <TotalAmt>0</TotalAmt>
        </TotalAssetsGrp>
        <TotalAssetsSect4942j3BiGrp>
          <TotalAmt>0</TotalAmt>
        </TotalAssetsSect4942j3BiGrp>
        <TwoThirdsMinimumInvstRetGrp>
          <CurrentYearAmt>2929482</CurrentYearAmt>
          <Year1Amt>3271908</Year1Amt>
          <Year2Amt>2856085</Year2Amt>
          <Year3Amt>2905259</Year3Amt>
          <TotalAmt>11962734</TotalAmt>
        </TwoThirdsMinimumInvstRetGrp>
        <TotalSupportGrp>
          <TotalAmt>0</TotalAmt>
        </TotalSupportGrp>
        <PublicSupportType>
          <TotalAmt>0</TotalAmt>
        </PublicSupportType>
        <LargestSupportFromEOGrp>
          <TotalAmt>0</TotalAmt>
        </LargestSupportFromEOGrp>
        <GrossInvestmentIncomeGrp>
          <TotalAmt>0</TotalAmt>
        </GrossInvestmentIncomeGrp>
      </PrivateOperatingFoundationsGrp>
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      <InvestmentsCorporateStockGrp>
        <StockNm>ALPHABET INC CL C 4,520.000 SHRS</StockNm>
        <EOYBookValueAmt>556426</EOYBookValueAmt>
        <EOYFMVAmt>556426</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ALPHABET INC CL C 6,271.000 SHRS</StockNm>
        <EOYBookValueAmt>401060</EOYBookValueAmt>
        <EOYFMVAmt>401060</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>AMAZON.COM INC 3,170 SHRS</StockNm>
        <EOYBookValueAmt>266280</EOYBookValueAmt>
        <EOYFMVAmt>266280</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>AMAZON.COM INC 3,625.000 SHRS</StockNm>
        <EOYBookValueAmt>304500</EOYBookValueAmt>
        <EOYFMVAmt>304500</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ANALOG DEVICES INC 878.000 SHRS</StockNm>
        <EOYBookValueAmt>144018</EOYBookValueAmt>
        <EOYFMVAmt>144018</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>AON PLC CLASS A484.000 SHRS</StockNm>
        <EOYBookValueAmt>145268</EOYBookValueAmt>
        <EOYFMVAmt>145268</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>APPLE INC 1,642 SHRS</StockNm>
        <EOYBookValueAmt>213345</EOYBookValueAmt>
        <EOYFMVAmt>213345</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ARISTA NETWORKS INC. 1,620 SHRS</StockNm>
        <EOYBookValueAmt>196587</EOYBookValueAmt>
        <EOYFMVAmt>196587</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ASHTEAD GROUP PLC 2,489.000 SHRS</StockNm>
        <EOYBookValueAmt>141318</EOYBookValueAmt>
        <EOYFMVAmt>141318</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BECTON DICKINSON AND CO 840.00 SHRS</StockNm>
        <EOYBookValueAmt>213612</EOYBookValueAmt>
        <EOYFMVAmt>213612</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BERKSHIRE HATHAWAY INC CL A5.0 1.000 SHRS</StockNm>
        <EOYBookValueAmt>468711</EOYBookValueAmt>
        <EOYFMVAmt>468711</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BERKSHIRE HATHAWAY INC CL B.0033 2,150.000 SHRS</StockNm>
        <EOYBookValueAmt>229513</EOYBookValueAmt>
        <EOYFMVAmt>229513</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BERKSHIRE HATHAWAY INC CL B.0033 743 SHRS</StockNm>
        <EOYBookValueAmt>664135</EOYBookValueAmt>
        <EOYFMVAmt>664135</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BOOKING HOLDINGS INC 90.000 SHRS</StockNm>
        <EOYBookValueAmt>181375</EOYBookValueAmt>
        <EOYFMVAmt>181375</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BROWN FORMAN CORP CLASS A.15 2,675.000 SHRS</StockNm>
        <EOYBookValueAmt>175908</EOYBookValueAmt>
        <EOYFMVAmt>175908</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CABLE ONE INC 50.000 SHRS</StockNm>
        <EOYBookValueAmt>35593</EOYBookValueAmt>
        <EOYFMVAmt>35593</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CANADIAN PACIFIC RAILWAY LTD 2,596.000 SHRS</StockNm>
        <EOYBookValueAmt>193636</EOYBookValueAmt>
        <EOYFMVAmt>193636</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CAPITAL ONE FINANCIAL CORP 1,674.000 SHRS</StockNm>
        <EOYBookValueAmt>155615</EOYBookValueAmt>
        <EOYFMVAmt>155615</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CARLSBERG AS B 190.000 SHRS</StockNm>
        <EOYBookValueAmt>25174</EOYBookValueAmt>
        <EOYFMVAmt>25174</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CHARTER COMMUNICATIONS INC A 135.000 SHRS</StockNm>
        <EOYBookValueAmt>145474</EOYBookValueAmt>
        <EOYFMVAmt>145474</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CHARTER COMMUNICATIONS INC A 429.000 SHRS</StockNm>
        <EOYBookValueAmt>45779</EOYBookValueAmt>
        <EOYFMVAmt>45779</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CHIPOTLE MEXICAN GRILL INC 104.000 SHRS</StockNm>
        <EOYBookValueAmt>144299</EOYBookValueAmt>
        <EOYFMVAmt>144299</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CIE FINANCIERE RICHEMO A REG 3,745.000 SHRS</StockNm>
        <EOYBookValueAmt>485328</EOYBookValueAmt>
        <EOYFMVAmt>485328</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CITIGROUP INC 4,872.000 SHRS</StockNm>
        <EOYBookValueAmt>220361</EOYBookValueAmt>
        <EOYFMVAmt>220361</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>COMCAST CORP CLASS A 3,234.000 SHRS</StockNm>
        <EOYBookValueAmt>167611</EOYBookValueAmt>
        <EOYFMVAmt>167611</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>COMCAST CORP CLASS A 4,793.000 SHRS</StockNm>
        <EOYBookValueAmt>113093</EOYBookValueAmt>
        <EOYFMVAmt>113093</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>COMCAST CORP CLASS A 6,311.000 SHRS</StockNm>
        <EOYBookValueAmt>220696</EOYBookValueAmt>
        <EOYFMVAmt>220696</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CONOCOPHILLIPS 1,574.000 SHRS</StockNm>
        <EOYBookValueAmt>185732</EOYBookValueAmt>
        <EOYFMVAmt>185732</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>COSTCO WHOLESALE CORP 357.000 SHRS</StockNm>
        <EOYBookValueAmt>162971</EOYBookValueAmt>
        <EOYFMVAmt>162971</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DELTA AIR LINES INC. 3,964.000 SHRS</StockNm>
        <EOYBookValueAmt>130257</EOYBookValueAmt>
        <EOYFMVAmt>130257</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DISH NETWORK CORP A 4,015.000 SHRS</StockNm>
        <EOYBookValueAmt>56371</EOYBookValueAmt>
        <EOYFMVAmt>56371</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DOLLAR GENERAL CORP.875 511.000 SHRS</StockNm>
        <EOYBookValueAmt>125834</EOYBookValueAmt>
        <EOYFMVAmt>125834</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ECOLAB INC 514.000 SHRS</StockNm>
        <EOYBookValueAmt>74818</EOYBookValueAmt>
        <EOYFMVAmt>74818</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ELEVANCE HEALTH INC 211.000 SHRS</StockNm>
        <EOYBookValueAmt>108237</EOYBookValueAmt>
        <EOYFMVAmt>108237</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>FEDEX CORP.1 1,268.000 SHRS</StockNm>
        <EOYBookValueAmt>219618</EOYBookValueAmt>
        <EOYFMVAmt>219618</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GENERAL ELECTRIC CO 3,143.000 SHRS</StockNm>
        <EOYBookValueAmt>263352</EOYBookValueAmt>
        <EOYFMVAmt>263352</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GOLDMAN SACHS GROUP INC 849.000 SHRS</StockNm>
        <EOYBookValueAmt>291530</EOYBookValueAmt>
        <EOYFMVAmt>291530</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HEINEKEN HOLDING NV6,049.000 SHRS</StockNm>
        <EOYBookValueAmt>465140</EOYBookValueAmt>
        <EOYFMVAmt>465140</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HILTON WORLDWIDE HOLDINGS IN 1,311.000 SHRS</StockNm>
        <EOYBookValueAmt>165658</EOYBookValueAmt>
        <EOYFMVAmt>165658</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>IAC INC.0001 640.000 SHRS</StockNm>
        <EOYBookValueAmt>28416</EOYBookValueAmt>
        <EOYFMVAmt>28416</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>INTUITIVE SURGICAL INC 732.000 SHRS</StockNm>
        <EOYBookValueAmt>194236</EOYBookValueAmt>
        <EOYFMVAmt>194236</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>JOHNSON + JOHNSON 1,308.000 SHRS</StockNm>
        <EOYBookValueAmt>231058</EOYBookValueAmt>
        <EOYFMVAmt>231058</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>JPMORGAN CHASE + CO 1,423.000 SHRS</StockNm>
        <EOYBookValueAmt>268602</EOYBookValueAmt>
        <EOYFMVAmt>268602</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>JPMORGAN CHASE + CO 2,0003.000 SHRS</StockNm>
        <EOYBookValueAmt>190824</EOYBookValueAmt>
        <EOYFMVAmt>190824</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LIBERTY BROADBAND C 2,396.000 SHRS</StockNm>
        <EOYBookValueAmt>182743</EOYBookValueAmt>
        <EOYFMVAmt>182743</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MARRIOTT INTERNATIONAL CL A 1,126.000 SHRS</StockNm>
        <EOYBookValueAmt>167650</EOYBookValueAmt>
        <EOYFMVAmt>167650</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MARTIN MARIETTA MATERIALS 765.000 SHRS</StockNm>
        <EOYBookValueAmt>258547</EOYBookValueAmt>
        <EOYFMVAmt>258547</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MASTERCARD INC A.0001 1,863.000 SHRS</StockNm>
        <EOYBookValueAmt>303221</EOYBookValueAmt>
        <EOYFMVAmt>303221</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MASTERCARD INC A.0001 872.000 SHRS</StockNm>
        <EOYBookValueAmt>647821</EOYBookValueAmt>
        <EOYFMVAmt>647821</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>META PLATFORMS INC CLASS A. 1,608.000 SHRS</StockNm>
        <EOYBookValueAmt>193507</EOYBookValueAmt>
        <EOYFMVAmt>193507</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>META PLATFORMS INC CLASS A. 2,333.000 SHRS</StockNm>
        <EOYBookValueAmt>280753</EOYBookValueAmt>
        <EOYFMVAmt>280753</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MICROSOFT CORP.00000625 1,781.000 SHRS</StockNm>
        <EOYBookValueAmt>427119</EOYBookValueAmt>
        <EOYFMVAmt>427119</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MICROSOFT CORP.00000625 1,926.000 SHRS</StockNm>
        <EOYBookValueAmt>461893</EOYBookValueAmt>
        <EOYFMVAmt>461893</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MOODY S CORP 383.000 SHRS</StockNm>
        <EOYBookValueAmt>106711</EOYBookValueAmt>
        <EOYFMVAmt>106711</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MORGAN STANLEY 1,497.000 SHRS</StockNm>
        <EOYBookValueAmt>127275</EOYBookValueAmt>
        <EOYFMVAmt>127275</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NETFLIX INC 1,296.000 SHRS</StockNm>
        <EOYBookValueAmt>124734</EOYBookValueAmt>
        <EOYFMVAmt>124734</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NETFLIX INC 423.000 SHRS</StockNm>
        <EOYBookValueAmt>257135</EOYBookValueAmt>
        <EOYFMVAmt>257135</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NETFLIX INC 872.000 SHRS</StockNm>
        <EOYBookValueAmt>382164</EOYBookValueAmt>
        <EOYFMVAmt>382164</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NIKE INC CL B 1,700.000 SHRS</StockNm>
        <EOYBookValueAmt>198917</EOYBookValueAmt>
        <EOYFMVAmt>198917</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PERNOD RICARD SA 2,280.000 SHRS</StockNm>
        <EOYBookValueAmt>447124</EOYBookValueAmt>
        <EOYFMVAmt>447124</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PROGRESSIVE CORP 1,079.000 SHRS</StockNm>
        <EOYBookValueAmt>139957</EOYBookValueAmt>
        <EOYFMVAmt>139957</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ROSS STORES INC 1,702.000 SHRS</StockNm>
        <EOYBookValueAmt>197551</EOYBookValueAmt>
        <EOYFMVAmt>197551</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>S+P GLOBAL INC 323.000 SHRS</StockNm>
        <EOYBookValueAmt>108186</EOYBookValueAmt>
        <EOYFMVAmt>108186</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SALESFORCE INC 513.000 SHRS</StockNm>
        <EOYBookValueAmt>68019</EOYBookValueAmt>
        <EOYFMVAmt>68019</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SCHWAB (CHARLES) CORP 1,162.000 SHRS</StockNm>
        <EOYBookValueAmt>96748</EOYBookValueAmt>
        <EOYFMVAmt>96748</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>T MOBILE US INC. 1,449.000 SHRS</StockNm>
        <EOYBookValueAmt>202860</EOYBookValueAmt>
        <EOYFMVAmt>202860</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>TEXAS INSTRUMENTS INC 1,303.000 SHRS</StockNm>
        <EOYBookValueAmt>215282</EOYBookValueAmt>
        <EOYFMVAmt>215282</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>THERMO FISHER SCIENTIFIC INC 575.000 SHRS</StockNm>
        <EOYBookValueAmt>316647</EOYBookValueAmt>
        <EOYFMVAmt>316647</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>TJX COMPANIES INC 2,253.000 SHRS</StockNm>
        <EOYBookValueAmt>179339</EOYBookValueAmt>
        <EOYFMVAmt>179339</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>TRANSDIGM GROUP INC 197.000 SHRS</StockNm>
        <EOYBookValueAmt>124041</EOYBookValueAmt>
        <EOYFMVAmt>124041</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>VISA INC CLASS A SHARES.0001 2,625.000 SHRS</StockNm>
        <EOYBookValueAmt>189804</EOYBookValueAmt>
        <EOYFMVAmt>189804</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>VISA INC CLASS A SHARES.0001 410.000 SHRS</StockNm>
        <EOYBookValueAmt>277814</EOYBookValueAmt>
        <EOYFMVAmt>277814</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>VULCAN MATERIALS CO 1,325.000 SHRS</StockNm>
        <EOYBookValueAmt>545370</EOYBookValueAmt>
        <EOYFMVAmt>545370</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WABTEC CORP 988.000 SHRS</StockNm>
        <EOYBookValueAmt>85182</EOYBookValueAmt>
        <EOYFMVAmt>85182</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WALT DISNEY CO/THE 578.000 SHRS</StockNm>
        <EOYBookValueAmt>232021</EOYBookValueAmt>
        <EOYFMVAmt>232021</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WALT DISNEY CO/THE 813.000 SHRS</StockNm>
        <EOYBookValueAmt>98612</EOYBookValueAmt>
        <EOYFMVAmt>98612</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WELLS FARGO + CO1.666 6,459.000 SHRS</StockNm>
        <EOYBookValueAmt>50217</EOYBookValueAmt>
        <EOYFMVAmt>50217</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WELLS FARGO + COMPANY JR SUBORDINA 12/99 VAR 75,000.000 UNITS</StockNm>
        <EOYBookValueAmt>70633</EOYBookValueAmt>
        <EOYFMVAmt>70633</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WOODWARD INC 455 1,040.000 SHRS</StockNm>
        <EOYBookValueAmt>266692</EOYBookValueAmt>
        <EOYFMVAmt>266692</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>YUM BRANDS INC 1,241.000 SHRS</StockNm>
        <EOYBookValueAmt>100474</EOYBookValueAmt>
        <EOYFMVAmt>100474</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>TREASURY BILL 06/23 0.00000 85,000.000 UNITS</StockNm>
        <EOYBookValueAmt>170844</EOYBookValueAmt>
        <EOYFMVAmt>170844</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>TREASURY BILL 10/23 0.00000 190,000.000 UNITS</StockNm>
        <EOYBookValueAmt>158947</EOYBookValueAmt>
        <EOYFMVAmt>158947</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="RetDoc2210400001">
      <USGovtObligationsBookVlEOYAmt>1669381</USGovtObligationsBookVlEOYAmt>
      <USGovtObligationsEOYFMVAmt>1669381</USGovtObligationsEOYFMVAmt>
      <StateLocalSecBookVlEOYAmt>0</StateLocalSecBookVlEOYAmt>
      <StateLocalSecEOYFMVAmt>0</StateLocalSecEOYFMVAmt>
    </InvestmentsGovtObligationsSch>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ALLY FINANCIAL INC JR SUBORDINA 12/99 VAR 60,000.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>40125</BookValueAmt>
        <EOYFMVAmt>40125</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>BOOKING HOLDINGS INC SR UNSECURED 06/26 3.6 64,000.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>61222</BookValueAmt>
        <EOYFMVAmt>61222</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CARMAX AUTO OWNER TRUST CARMX 2020 2 A3 30,000.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>5778</BookValueAmt>
        <EOYFMVAmt>5778</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CHARLES SCHWAB CORP JR SUBORDINA 12/99 VAR 110,000.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>95425</BookValueAmt>
        <EOYFMVAmt>95425</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CHARTER COMM OPT LLC/CAP SR SECURED 02/32 2.3 100,000.000 SHRS</CategoryOrItemTxt>
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        <EOYFMVAmt>73655</EOYFMVAmt>
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        <CategoryOrItemTxt>CIE FINANCIERE RICHEMO A REG CIE FINANCIERE RICHEMO CW 9,260.000 SHRS</CategoryOrItemTxt>
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        <BookValueAmt>7707</BookValueAmt>
        <EOYFMVAmt>7707</EOYFMVAmt>
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        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>5559445</BookValueAmt>
        <EOYFMVAmt>5559445</EOYFMVAmt>
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        <CategoryOrItemTxt>ENBRIDGE INC SUBORDINATED 07/80 VAR 100,000.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>90422</BookValueAmt>
        <EOYFMVAmt>90422</EOYFMVAmt>
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        <CategoryOrItemTxt>EVOLUTION AB ADR ADR 321.000 SHRS</CategoryOrItemTxt>
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        <EOYFMVAmt>31410</EOYFMVAmt>
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        <CategoryOrItemTxt>FNMA POOL AS9312 FN 03/47 FIXED 3.5 50,000.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>6405</BookValueAmt>
        <EOYFMVAmt>6405</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FNMA POOL FM9540 FN 11/51 FIXED VAR 200,000.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
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        <EOYFMVAmt>152425</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FNMA POOL MA2578 FN 04/46 FIXED 3.5 300,000.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
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        <EOYFMVAmt>43658</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FNMA POOL MA4047 FN 06/50 FIXED 2 175,000.000 SHRS</CategoryOrItemTxt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FNMA POOL MA4181 FN 11/50 FIXED 1.5 140,000.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FNMA POOL MA4781 FN 10/52 FIXED 3 100,000.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>86725</BookValueAmt>
        <EOYFMVAmt>86725</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FORD MOTOR CREDIT CO LLC SR UNSECURED 01/24 3.81 80,000.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
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        <EOYFMVAmt>77802</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GOLUB CAPITAL PART INT 11 LP LIMITED PARTNERSHIP 1,197,110.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>1750000</BookValueAmt>
        <EOYFMVAmt>1750000</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GOLUB CAPITAL PTRS INT 14 LP 751,965.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>800000</BookValueAmt>
        <EOYFMVAmt>800000</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>INFINEON TECHNOLOGIES ADR ADR 4,830.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
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        <EOYFMVAmt>145625</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>JPMORGAN CHASE + CO JR SUBORDINA 01/49 VAR 45,000.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
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        <EOYFMVAmt>44826</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>NASPERS LTD N SHS SPON ADR ADR 968.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>31944</BookValueAmt>
        <EOYFMVAmt>31944</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>NESTLE SA SPONS ADR ADR 1,833.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
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        <EOYFMVAmt>211418</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>NESTLE SA SPONS ADR ADR 6,110.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>704727</BookValueAmt>
        <EOYFMVAmt>704727</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>NOVARTIS AG SPONSORED ADR ADR 1,313.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
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        <EOYFMVAmt>119115</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>OSTERWEIS STRATEGIC INCOME FUN OSTERWEIS STRATEGIC INC FD I 974,104.326 SHRS</CategoryOrItemTxt>
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        <EOYFMVAmt>10062498</EOYFMVAmt>
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      <InvestmentsOtherGrp>
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        <EOYFMVAmt>17824</EOYFMVAmt>
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      <InvestmentsOtherGrp>
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        <EOYFMVAmt>5300913</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>PROSUS NV SPON ADR ADR 9,077.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>124627</BookValueAmt>
        <EOYFMVAmt>124627</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ROPER TECHNOLOGIES INC SR UNSECURED 09/23 3.65 70,000.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>69253</BookValueAmt>
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      <InvestmentsOtherGrp>
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        <EOYFMVAmt>78486</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SAFRAN SA UNSPON ADR ADR 7,070.000 SHRS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
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        <CategoryOrItemTxt>SEG PARTNERS OFFSHORE LTD CLASS A1 24,366.771 SHRS</CategoryOrItemTxt>
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        <BookValueAmt>17297269</BookValueAmt>
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        <CategoryOrItemTxt>SHELL PLC ADR ADR 2,290.000 SHRS</CategoryOrItemTxt>
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        <EOYFMVAmt>51961</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>WORKDAY INC CLASS A 1,021.000 SHRS</CategoryOrItemTxt>
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        <EOYFMVAmt>65645</EOYFMVAmt>
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