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          <BusinessName>
            <BusinessNameLine1Txt>ROCKEFELLER &amp; CO</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>30 ROCKEFELLER PLAZA</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10112</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVESTMENT CONS</ServiceTypeTxt>
          <CompensationAmt>122851</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>CRAVATH SWAINE &amp; MOORE</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>825 5TH AVENUE SUITE 4370</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10019</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>LEGAL</ServiceTypeTxt>
          <CompensationAmt>79250</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>PARES &amp; COMPANY CPAS PC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>425 BROADHOLLOW RD STE 329</AddressLine1Txt>
            <CityNm>MELVILLE</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11747</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>ACCOUNTING &amp; AU</ServiceTypeTxt>
          <CompensationAmt>61500</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>128950261</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>113396</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>129063657</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>129063657</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>1935955</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>127127702</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>6356385</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>6356385</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>199121</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>199121</TotalTaxAmt>
        <DistributableBeforeAdjAmt>6157264</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>6157264</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>6157264</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>5267861</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>5267861</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>6157264</DistributableAsAdjustedAmt>
        <ExcessDistributionCyovYr5Amt>444513</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>448603</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr2Amt>333688</ExcessDistributionCyovYr2Amt>
        <TotalExcessDistributionCyovAmt>1226804</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>5267861</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>5267861</AppliedToCurrentYearAmt>
        <ExcessDistriCyovAppCYCorpusAmt>889403</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>889403</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>337401</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>337401</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>3713</ExcessFromYear4Amt>
        <ExcessFromYear2Amt>333688</ExcessFromYear2Amt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>EJ NOBLE SMITH</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>5 SOUND VIEW COURT</AddressLine1Txt>
            <CityNm>GREENWICH</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06830</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>2036610281</RecipientPhoneNum>
          <RecipientEmailAddressTxt>ADMIN@EJNF.ORG</RecipientEmailAddressTxt>
          <FormAndInfoAndMaterialsTxt>APPLICATIONS SHOULD BE INITIATED BY LETTER, DESCRIBING THE PROJECT FOR WHICH SUPPORT IS REQUESTED. INCLUDED OR ATTACHED SHOULD BE: 1. A BRIEF DESCRIPTION OF THE NATURE AND PURPOSE OF THE ORGANIZATION. 2. A CONCISE STATEMENT OF THE NEED FOR AND OBJECTIVES OF THE PROJECT, THE METHODS BY WHICH IT WILL BE CARRIED OUT, AND ITS ANTICIPATED DURATION. 3. THE QUALIFICATIONS OF THE KEY PERSONNEL INVOLVED. 4. A PROGRAM BUDGET. 5. A LIST OF OTHER SOURCES OF SUPPORT ASSURED AND BEING SOUGHT. 6. A COPY OF THE ORGANIZATION'S MOST RECENT 501 (C)(3) AND 509 (A) RULINGS FROM THE IRS. 7. A COPY OF THE ORGANIZATION'S MOST RECENT ANNUAL AUDIT OR FINANCIAL STATEMENT. 8. A LIST OF OFFICERS AND DIRECTORS OR TRUSTEES. ALL REQUESTS WILL BE REVIEWED AND ANSWERED AS SOON AS POSSIBLE. IF THE FOUNDATION IS ABLE TO GIVE FURTHER CONSIDERATION TO A PROPOSAL, ADDITIONAL INFORMATION WILL BE REQUESTED AS NEEDED AND A MEETING ARRANGED BY THE FOUNDATION, IF APPROPRIATE. EXPERIENCE HAS SHOWN THAT MEETINGS ARE LIKELY TO BE P</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>NO DEADLINES</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>THE FOUNDATION'S PRINCIPAL INTERESTS LIE IN THE ARTS, EDUCATION, CONSERVATION AND HEALTH. OUR PRIORITIES CAN BE DESCRIBED BRIEFLY AS FOLLOWS: ARTS AND EDUCATION: TO ASSIST CULTURAL ORGANIZATIONS AND COMMUNITY ORGANIZATIONS WITH AN EMPHASIS ON EDUCATION PROGRAMS AND INTERNSHIPS PRIMARILY IN THE CT AND NY REGION. CONSERVATION: TO SUPPORT THE SEVERAL CONSERVATION PROJECTS ON ST. CATHERINE'S ISLAND, GA AND SELECTED OTHER ORGANIZATIONS WHICH HELP PRESERVE THE NATURAL ENVIRONMENT AND TO DEFRAY THE DEGRADATION OF THE PLANET. HEALTH: GENERAL SUPPORT IN THE CT AND NY REGION WITH AN EMPHASIS ON NORTHERN NY. APPLICANTS SHOULD NOTE THAT THE FOUNDATION GENERALLY DOES NOT CONSIDER SUPPORT FOR BUILDINGS OR EQUIPMENT, PUBLICATIONS, PERFORMANCES, FILMS OR TELEVISION PROJECTS, AND IT DOES NOT MAKE GRANTS TO INDIVIDUALS.</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>AMERICAN MUSEUM OF NATURAL HISTORY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>CENTRAL PARK WEST AT 79TH</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10024</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>509(A)(1)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>COLLECTIONS MANAGEMENT AND RESEARCH</GrantOrContributionPurposeTxt>
          <Amt>352425</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NATIONAL CENTER FOR FAMILY PHILANTH</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1667K ST NW 550</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20006</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>509(A)(1)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CLIMATE ADVOCATES VOCES UNIDAS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>518 OLD SANTA FE TRAIL S</AddressLine1Txt>
            <CityNm>SANTA FE</CityNm>
            <StateAbbreviationCd>NM</StateAbbreviationCd>
            <ZIPCd>87505</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>509 (A)(1)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>250000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>COMMUNITY FUNDS INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>909 THIRD AVENUE 22ND FL</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10022</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>509(A)(1)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>JTS FUND</GrantOrContributionPurposeTxt>
          <Amt>250000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>DEERFIELD ACADEMY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>P O BOX 306</AddressLine1Txt>
            <CityNm>DEERFIELD</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>01342</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>509(A)(1)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIP ENDOWMENT</GrantOrContributionPurposeTxt>
          <Amt>200000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>OCEAN CONSERVANCY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1300 19TH ST NW 8TH FL</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20036</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>509(A)(1)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>8000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>REACH PREP</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>ONE DOCK STREET SUITE 10</AddressLine1Txt>
            <CityNm>STAMFORD</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06902</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>509(A)(1)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ST CATHERINES ISLAND FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>182 CAMELLIA ROAD</AddressLine1Txt>
            <CityNm>MIDWAY</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>31320</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>4942(J)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>HISTORICAL PRESERVATION - GWINETT</GrantOrContributionPurposeTxt>
          <Amt>250000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ST CATHERINES ISLAND FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>182 CAMELLIA ROAD</AddressLine1Txt>
            <CityNm>MIDWAY</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>31320</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>4942(J)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>2300000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FRIENDS OF GRACE CHURCH SCHOOL</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>254 HICKS ST</AddressLine1Txt>
            <CityNm>BROOKLYN</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11201</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>509(A)(1)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>WORLD WILDLIFE FUND INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1250 24TH ST NW</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20037</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>509(A)(1)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>7000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>YMCA CAMP MOHAWK</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>246 GREAT HILL RD</AddressLine1Txt>
            <CityNm>LITCHFIELD</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06759</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>509(A)(1)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>3682425</TotalGrantOrContriPdDurYrAmt>
        <GrantOrContriApprvForFutGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>DEERFIELD ACADEMY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>P O BOX 306</AddressLine1Txt>
            <CityNm>DEERFIELD</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>01342</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>509(A)(1)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIP ENDOWMENT</GrantOrContributionPurposeTxt>
          <Amt>700000</Amt>
        </GrantOrContriApprvForFutGrp>
        <GrantOrContriApprvForFutGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ST CATHERINE'S ISLAND FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>182 CAMELLIA ROAD</AddressLine1Txt>
            <CityNm>MIDWAY</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>31320</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>4942(J)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>2400000</Amt>
        </GrantOrContriApprvForFutGrp>
        <GrantOrContriApprvForFutGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>DORSET THEATRE FESTIVAL</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>104 CHENEY RD</AddressLine1Txt>
            <CityNm>DORSET</CityNm>
            <StateAbbreviationCd>VT</StateAbbreviationCd>
            <ZIPCd>05251</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>509(A)(1)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>2022 EVENT SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContriApprvForFutGrp>
        <GrantOrContriApprvForFutGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FAMILY CENTERS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>GREENWICH</AddressLine1Txt>
            <CityNm>GREENWICH</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06830</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>509(A)(1)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContriApprvForFutGrp>
        <TotalGrantOrContriApprvFutAmt>3135000</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>7438991</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>8193109</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>-570</RelatedOrExemptFunctionIncmAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>ROYALTIES</Desc>
          <ExclusionCd>15</ExclusionCd>
          <ExclusionAmt>232693</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>15864793</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>-570</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>15864223</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc2">
      <AccountingFeesDetail>
        <CategoryTxt>PARES &amp; COMPANY CPAS PC</CategoryTxt>
        <Amt>61500</Amt>
        <NetInvestmentIncomeAmt>46125</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>15375</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="RetDoc3">
      <DepreciationPropertyGrp>
        <PropertyDesc>FURNITURE &amp; FIXTURE 1983-1996</PropertyDesc>
        <AcquiredDt>1996-01-01</AcquiredDt>
        <CostOrOtherBasisAmt>61773</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>61773</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>ARTWORK</PropertyDesc>
        <AcquiredDt>1996-01-01</AcquiredDt>
        <CostOrOtherBasisAmt>6900</CostOrOtherBasisAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>FURNITURE &amp; FIXTURE</PropertyDesc>
        <AcquiredDt>1997-01-01</AcquiredDt>
        <CostOrOtherBasisAmt>15437</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>15437</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>FURNITURE &amp; FIXTURE</PropertyDesc>
        <AcquiredDt>1998-01-01</AcquiredDt>
        <CostOrOtherBasisAmt>12697</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>12697</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>FURNITURE &amp; FIXTURE</PropertyDesc>
        <AcquiredDt>1999-01-01</AcquiredDt>
        <CostOrOtherBasisAmt>6295</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>6295</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>FURNITURE &amp; FIXTURE</PropertyDesc>
        <AcquiredDt>2000-01-01</AcquiredDt>
        <CostOrOtherBasisAmt>3571</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>3571</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>FURNITURE &amp; FIXTURES</PropertyDesc>
        <AcquiredDt>2001-01-01</AcquiredDt>
        <CostOrOtherBasisAmt>9872</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>9872</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>FURNITURE &amp; FIXTURE</PropertyDesc>
        <AcquiredDt>2002-01-01</AcquiredDt>
        <CostOrOtherBasisAmt>8024</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>8024</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
      </DepreciationPropertyGrp>
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        <PriorYearDepreciationAmt>10402</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>FURNITURE &amp; FIXTURE</PropertyDesc>
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        <PriorYearDepreciationAmt>2880</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>FURNITURE &amp; FIXTURE</PropertyDesc>
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        <CostOrOtherBasisAmt>37157</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>37157</PriorYearDepreciationAmt>
        <ComputationMethodTxt>200DB</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>FURNITURE &amp; FIXTURE</PropertyDesc>
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        <PriorYearDepreciationAmt>11444</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
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        <PriorYearDepreciationAmt>845</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
        <LifeRt>5.0000</LifeRt>
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      <DepreciationPropertyGrp>
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        <CostOrOtherBasisAmt>3625</CostOrOtherBasisAmt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>LEASEHOLD IMPROVEMENT</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>LEASEHOLD IMPROVEMENT</PropertyDesc>
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        <PriorYearDepreciationAmt>19980</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>LEASEHOLD IMPROVEMENT</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>LEASEHOLD IMPROVEMENT</PropertyDesc>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
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        <PriorYearDepreciationAmt>14187</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
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        <PriorYearDepreciationAmt>2650</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
        <PropertyDesc>FURNITURE &amp; FIXTURE NY</PropertyDesc>
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        <PriorYearDepreciationAmt>2752</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>FURNITURE &amp; FIXTURE</PropertyDesc>
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        <PriorYearDepreciationAmt>8280</PriorYearDepreciationAmt>
        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
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        <ComputationMethodTxt>S/L</ComputationMethodTxt>
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      <DepreciationPropertyGrp>
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      <DepreciationPropertyGrp>
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      <InvestmentsCorporateStockGrp>
        <StockNm>ELANCO ANIMAL HEALTH INC.</StockNm>
        <EOYBookValueAmt>326689</EOYBookValueAmt>
        <EOYFMVAmt>295180</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ELI LILLY &amp; CO.</StockNm>
        <EOYBookValueAmt>355454</EOYBookValueAmt>
        <EOYFMVAmt>467088</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>FIDELITY NATIONAL INFORMATION SERVIC</StockNm>
        <EOYBookValueAmt>428525</EOYBookValueAmt>
        <EOYFMVAmt>366198</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>FIRST HORIZON NATIONAL CORPORATION</StockNm>
        <EOYBookValueAmt>442347</EOYBookValueAmt>
        <EOYFMVAmt>579372</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>FIRST SOLAR INC</StockNm>
        <EOYBookValueAmt>129043</EOYBookValueAmt>
        <EOYFMVAmt>141722</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GENERAL MOTORS CORP PREF CONV SER C</StockNm>
        <EOYBookValueAmt>356214</EOYBookValueAmt>
        <EOYFMVAmt>392586</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GLOBE LIFE INC.</StockNm>
        <EOYBookValueAmt>399022</EOYBookValueAmt>
        <EOYFMVAmt>420709</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HERC HOLDINGS INC.</StockNm>
        <EOYBookValueAmt>65999</EOYBookValueAmt>
        <EOYFMVAmt>117726</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>II-VI INC.</StockNm>
        <EOYBookValueAmt>278346</EOYBookValueAmt>
        <EOYFMVAmt>267102</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>KEYSIGHT TECHNOLOGIES INC</StockNm>
        <EOYBookValueAmt>109990</EOYBookValueAmt>
        <EOYFMVAmt>230259</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MARTIN MARIETTA MATERIALS INC.</StockNm>
        <EOYBookValueAmt>228902</EOYBookValueAmt>
        <EOYFMVAmt>424221</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MEDICAL PROPERTIES TRUST INC</StockNm>
        <EOYBookValueAmt>75925</EOYBookValueAmt>
        <EOYFMVAmt>87762</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>META PLATFORMS (SPUN OFF FROM FACEBO</StockNm>
        <EOYBookValueAmt>470038</EOYBookValueAmt>
        <EOYFMVAmt>823385</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MICRON TECHNOLOGY INC. - COM</StockNm>
        <EOYBookValueAmt>295933</EOYBookValueAmt>
        <EOYFMVAmt>301154</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MICROSOFT CORP. - COM</StockNm>
        <EOYBookValueAmt>255084</EOYBookValueAmt>
        <EOYFMVAmt>968602</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NEW RELIC INC.</StockNm>
        <EOYBookValueAmt>109673</EOYBookValueAmt>
        <EOYFMVAmt>149106</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ONE MAIN HOLDING INC.</StockNm>
        <EOYBookValueAmt>253863</EOYBookValueAmt>
        <EOYFMVAmt>227832</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>OTIS WORLDWIDE CORPORATION - WI</StockNm>
        <EOYBookValueAmt>214666</EOYBookValueAmt>
        <EOYFMVAmt>262777</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>RALPH LAUREN CORPORATION</StockNm>
        <EOYBookValueAmt>178822</EOYBookValueAmt>
        <EOYFMVAmt>202775</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>REINSURANCE GROUP OF AMERICA INC.</StockNm>
        <EOYBookValueAmt>681976</EOYBookValueAmt>
        <EOYFMVAmt>708948</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>STERICYCLE INC.</StockNm>
        <EOYBookValueAmt>117359</EOYBookValueAmt>
        <EOYFMVAmt>107889</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>TETRA TECH INC NEW COM</StockNm>
        <EOYBookValueAmt>171585</EOYBookValueAmt>
        <EOYFMVAmt>210552</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>TIMKEN CO</StockNm>
        <EOYBookValueAmt>221491</EOYBookValueAmt>
        <EOYFMVAmt>203782</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>TRIMBLE INC.</StockNm>
        <EOYBookValueAmt>87639</EOYBookValueAmt>
        <EOYFMVAmt>103059</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>UNITED PARCEL SERVICE CL B</StockNm>
        <EOYBookValueAmt>203765</EOYBookValueAmt>
        <EOYFMVAmt>276713</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>UNITED RENTALS INC.</StockNm>
        <EOYBookValueAmt>215917</EOYBookValueAmt>
        <EOYFMVAmt>228616</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>VISA INC - CLASS A</StockNm>
        <EOYBookValueAmt>114299</EOYBookValueAmt>
        <EOYFMVAmt>350853</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WEX INC.</StockNm>
        <EOYBookValueAmt>460502</EOYBookValueAmt>
        <EOYFMVAmt>346623</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>XYLEM INC.</StockNm>
        <EOYBookValueAmt>128538</EOYBookValueAmt>
        <EOYFMVAmt>154817</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ARCH CAPITAL GROUP LTD</StockNm>
        <EOYBookValueAmt>360831</EOYBookValueAmt>
        <EOYFMVAmt>446278</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LINDE PLC</StockNm>
        <EOYBookValueAmt>268947</EOYBookValueAmt>
        <EOYFMVAmt>381419</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MEDTRONIC PLC</StockNm>
        <EOYBookValueAmt>387184</EOYBookValueAmt>
        <EOYFMVAmt>444421</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PENTAIR INC</StockNm>
        <EOYBookValueAmt>147948</EOYBookValueAmt>
        <EOYFMVAmt>193164</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>TE CONNECTIVITY LTD</StockNm>
        <EOYBookValueAmt>266086</EOYBookValueAmt>
        <EOYFMVAmt>471113</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WILLIS TOWERS WATSON PLC</StockNm>
        <EOYBookValueAmt>380771</EOYBookValueAmt>
        <EOYFMVAmt>431757</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ABBOTT LABS - COM</StockNm>
        <EOYBookValueAmt>98614</EOYBookValueAmt>
        <EOYFMVAmt>112592</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ALCON INC</StockNm>
        <EOYBookValueAmt>266260</EOYBookValueAmt>
        <EOYFMVAmt>437778</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ALPHABET INC.</StockNm>
        <EOYBookValueAmt>134814</EOYBookValueAmt>
        <EOYFMVAmt>329869</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>AMAZON.COM</StockNm>
        <EOYBookValueAmt>473684</EOYBookValueAmt>
        <EOYFMVAmt>500151</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>AO SMITH CORP</StockNm>
        <EOYBookValueAmt>65583</EOYBookValueAmt>
        <EOYFMVAmt>120190</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ARTHUR J GALLAGHER</StockNm>
        <EOYBookValueAmt>293519</EOYBookValueAmt>
        <EOYFMVAmt>542944</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BAXTER INTL INC. - COM</StockNm>
        <EOYBookValueAmt>224769</EOYBookValueAmt>
        <EOYFMVAmt>248936</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BERKSHIRE HATHAWAY</StockNm>
        <EOYBookValueAmt>117807</EOYBookValueAmt>
        <EOYFMVAmt>255645</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BOOKINGS HOLDINGS</StockNm>
        <EOYBookValueAmt>200582</EOYBookValueAmt>
        <EOYFMVAmt>256718</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BROWN-FORMAN CORP CLASS B</StockNm>
        <EOYBookValueAmt>173032</EOYBookValueAmt>
        <EOYFMVAmt>252678</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CELANESE CORP SERIES A</StockNm>
        <EOYBookValueAmt>67678</EOYBookValueAmt>
        <EOYFMVAmt>130246</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CLARKSTON FOUNDERS FUND</StockNm>
        <EOYBookValueAmt>1600000</EOYBookValueAmt>
        <EOYFMVAmt>1586641</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>COLGATE-PALMOLIVE CO</StockNm>
        <EOYBookValueAmt>173361</EOYBookValueAmt>
        <EOYFMVAmt>225298</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>COPART INC</StockNm>
        <EOYBookValueAmt>167032</EOYBookValueAmt>
        <EOYFMVAmt>485184</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>COSTCO COS INC. - COM</StockNm>
        <EOYBookValueAmt>113855</EOYBookValueAmt>
        <EOYFMVAmt>256600</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DIAGEO PLC-SPONSORED</StockNm>
        <EOYBookValueAmt>51294</EOYBookValueAmt>
        <EOYFMVAmt>89377</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DOLLAR GEN CORP. - COM.</StockNm>
        <EOYBookValueAmt>99210</EOYBookValueAmt>
        <EOYFMVAmt>223331</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GRACO INC COM</StockNm>
        <EOYBookValueAmt>82353</EOYBookValueAmt>
        <EOYFMVAmt>96744</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>KLA-TENCOR CORP</StockNm>
        <EOYBookValueAmt>23567</EOYBookValueAmt>
        <EOYFMVAmt>90323</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MASTERCARD INC. - A</StockNm>
        <EOYBookValueAmt>313790</EOYBookValueAmt>
        <EOYFMVAmt>420045</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NESTLE SA-REG</StockNm>
        <EOYBookValueAmt>106960</EOYBookValueAmt>
        <EOYFMVAmt>204940</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NIKE INC CLASS B</StockNm>
        <EOYBookValueAmt>153056</EOYBookValueAmt>
        <EOYFMVAmt>333340</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ORACLE CORP.</StockNm>
        <EOYBookValueAmt>44488</EOYBookValueAmt>
        <EOYFMVAmt>107704</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PROGRESSIVE CORP OHIO</StockNm>
        <EOYBookValueAmt>185603</EOYBookValueAmt>
        <EOYFMVAmt>256625</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>S&amp;P GLOBAL INC</StockNm>
        <EOYBookValueAmt>85053</EOYBookValueAmt>
        <EOYFMVAmt>116095</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>SHERWIN WILLIAMS CO - COM</StockNm>
        <EOYBookValueAmt>79533</EOYBookValueAmt>
        <EOYFMVAmt>117269</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>STARBUCKS CORP COM</StockNm>
        <EOYBookValueAmt>211015</EOYBookValueAmt>
        <EOYFMVAmt>270669</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>THERMO ELECTRON CORP</StockNm>
        <EOYBookValueAmt>217838</EOYBookValueAmt>
        <EOYFMVAmt>333620</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WASTE MGMT INC</StockNm>
        <EOYBookValueAmt>186243</EOYBookValueAmt>
        <EOYFMVAmt>300420</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ZOETIS INC.</StockNm>
        <EOYBookValueAmt>96060</EOYBookValueAmt>
        <EOYFMVAmt>646680</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BBH INTERNATIONAL EQUITY FUND CL</StockNm>
        <EOYBookValueAmt>1634247</EOYBookValueAmt>
        <EOYFMVAmt>1865922</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LINDE PLC</StockNm>
        <EOYBookValueAmt>291500</EOYBookValueAmt>
        <EOYFMVAmt>548399</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ALPHABET INC. CLASS A</StockNm>
        <EOYBookValueAmt>254077</EOYBookValueAmt>
        <EOYFMVAmt>657628</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ALPHABET INC. CLASS C</StockNm>
        <EOYBookValueAmt>283149</EOYBookValueAmt>
        <EOYFMVAmt>732078</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ANTHEM INC</StockNm>
        <EOYBookValueAmt>797088</EOYBookValueAmt>
        <EOYFMVAmt>1025350</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BERKSHIE HATHAWAY CLASS B</StockNm>
        <EOYBookValueAmt>316895</EOYBookValueAmt>
        <EOYFMVAmt>456872</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CARMAX INC.</StockNm>
        <EOYBookValueAmt>768585</EOYBookValueAmt>
        <EOYFMVAmt>1131829</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CREDIT ACCEPTANCE</StockNm>
        <EOYBookValueAmt>423487</EOYBookValueAmt>
        <EOYFMVAmt>759199</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DISNEY (WALT) HOLDING CO.</StockNm>
        <EOYBookValueAmt>438175</EOYBookValueAmt>
        <EOYFMVAmt>538553</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>INTERCONTINENTAL EXCHANGE INC.</StockNm>
        <EOYBookValueAmt>423465</EOYBookValueAmt>
        <EOYFMVAmt>588795</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>JACOBS ENGINEERING GROUP</StockNm>
        <EOYBookValueAmt>295380</EOYBookValueAmt>
        <EOYFMVAmt>500950</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LIBERTY BROADBAND CORP SERIES A</StockNm>
        <EOYBookValueAmt>217170</EOYBookValueAmt>
        <EOYFMVAmt>339982</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LIBERTY BROADBAND SERIES C</StockNm>
        <EOYBookValueAmt>284344</EOYBookValueAmt>
        <EOYFMVAmt>370047</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LIBERTY MEDIA CORP SERIES C</StockNm>
        <EOYBookValueAmt>223589</EOYBookValueAmt>
        <EOYFMVAmt>383551</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LIBERTY MEDIA SERIES A</StockNm>
        <EOYBookValueAmt>302955</EOYBookValueAmt>
        <EOYFMVAmt>476916</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>META PLATFORMS INC</StockNm>
        <EOYBookValueAmt>739710</EOYBookValueAmt>
        <EOYFMVAmt>1127445</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MICRON TECHNOLOGY INC</StockNm>
        <EOYBookValueAmt>800021</EOYBookValueAmt>
        <EOYFMVAmt>905418</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NETFLIX</StockNm>
        <EOYBookValueAmt>465188</EOYBookValueAmt>
        <EOYFMVAmt>571716</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SCHWAB CHARLES CORP NEW</StockNm>
        <EOYBookValueAmt>388623</EOYBookValueAmt>
        <EOYFMVAmt>873378</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>TAIWAN SEMICONDUCTOR MFG CO LTD ADR</StockNm>
        <EOYBookValueAmt>551604</EOYBookValueAmt>
        <EOYFMVAmt>1036711</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>UNITEDHEALTH GROUP INC.</StockNm>
        <EOYBookValueAmt>654476</EOYBookValueAmt>
        <EOYFMVAmt>1156931</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WAYFAIR</StockNm>
        <EOYBookValueAmt>683656</EOYBookValueAmt>
        <EOYFMVAmt>753611</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CONSTELLATION SOFTWARE</StockNm>
        <EOYBookValueAmt>399452</EOYBookValueAmt>
        <EOYFMVAmt>812044</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>EUROFINS SCIENTIFIC</StockNm>
        <EOYBookValueAmt>233413</EOYBookValueAmt>
        <EOYFMVAmt>658790</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PROSUS NV</StockNm>
        <EOYBookValueAmt>561115</EOYBookValueAmt>
        <EOYFMVAmt>581514</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ROLLS ROYCE HOLDINGS PLC</StockNm>
        <EOYBookValueAmt>814786</EOYBookValueAmt>
        <EOYFMVAmt>434597</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>UNIVERSAL MUSIC GROUP</StockNm>
        <EOYBookValueAmt>704346</EOYBookValueAmt>
        <EOYFMVAmt>722439</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DREYFUS TREASURY MM</StockNm>
        <EOYBookValueAmt>426216</EOYBookValueAmt>
        <EOYFMVAmt>426216</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
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</Return>
