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          <TitleTxt>PRESIDENT</TitleTxt>
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          <CompensationAmt>30000</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>PORTER A</PersonNm>
          <USAddress>
            <AddressLine1Txt>136 E MICHIGAN AVE STE 900</AddressLine1Txt>
            <CityNm>KALAMAZOO</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>49007</ZIPCd>
          </USAddress>
          <TitleTxt>EXECUTIVE AS</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
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          <EmployeeBenefitsAmt>19210</EmployeeBenefitsAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>DRENTH-THURMAN F</PersonNm>
          <USAddress>
            <AddressLine1Txt>136 E MICHIGAN AVE STE 900</AddressLine1Txt>
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            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>49007</ZIPCd>
          </USAddress>
          <TitleTxt>GRANTS MGMT</TitleTxt>
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          <EmployeeBenefitsAmt>10202</EmployeeBenefitsAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>BURGUNDY ASSET MANAGEMENT LTD</BusinessNameLine1Txt>
          </BusinessName>
          <ForeignAddress>
            <AddressLine1Txt>181 BAY ST STE 4510</AddressLine1Txt>
            <AddressLine2Txt>BAY WELLINGTON TOWER BCE PLACE</AddressLine2Txt>
            <CityNm>TORONTO</CityNm>
            <ProvinceOrStateNm>ONTARIO</ProvinceOrStateNm>
            <CountryCd>CA</CountryCd>
          </ForeignAddress>
          <ServiceTypeTxt>INVEST MGMT</ServiceTypeTxt>
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        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>RIVERBRIDGE PARTNERS LLC</BusinessNameLine1Txt>
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          <USAddress>
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            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>55402</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVEST MGMT</ServiceTypeTxt>
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        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>SANDS CAPITAL MANAGEMENT</BusinessNameLine1Txt>
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          <USAddress>
            <AddressLine1Txt>1001 19TH ST N STE 1450</AddressLine1Txt>
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            <StateAbbreviationCd>VA</StateAbbreviationCd>
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          </USAddress>
          <ServiceTypeTxt>INVEST MGMT</ServiceTypeTxt>
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        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>PZENA INVESTMENT MANAGEMENT LLC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>320 PARK AVE</AddressLine1Txt>
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            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10022</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVEST MGMT</ServiceTypeTxt>
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        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>LSV ASSET MANAGEMENT</BusinessNameLine1Txt>
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          <USAddress>
            <AddressLine1Txt>8545 SOLUTION CENTER</AddressLine1Txt>
            <CityNm>CHICAGO</CityNm>
            <StateAbbreviationCd>IL</StateAbbreviationCd>
            <ZIPCd>60677</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVEST MGMT</ServiceTypeTxt>
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        </CompensationOfHghstPdCntrctGrp>
        <ContractorPaidOver50kCnt>3</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>360680470</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>21755017</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>25594</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>382461081</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>382461081</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>5736916</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>376724165</NetVlNoncharitableAssetsAmt>
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      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>18836208</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>542500</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>542500</TotalTaxAmt>
        <DistributableBeforeAdjAmt>18293708</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>18293708</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>18293708</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>14549193</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>14549193</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>18293708</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>14107990</UndistributedIncomePYAmt>
        <QualifyingDistributionsAmt>14549193</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>14107990</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>441203</AppliedToCurrentYearAmt>
        <UndistributedIncomeCYAmt>17852505</UndistributedIncomeCYAmt>
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      <SupplementaryInformationGrp>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>SEE STATEMENT</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>136 E MICHIGAN AVE</AddressLine1Txt>
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            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>49007</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>2693426411</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>SEE STATEMENT</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>SEE STATEMENT</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>SEE STATEMENT</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>GRANTS PAID</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>136 E MICHIGAN AVE</AddressLine1Txt>
            <CityNm>KALAMAZOO</CityNm>
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            <ZIPCd>49007</ZIPCd>
          </RecipientUSAddress>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>GRANTS PAID</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>136 E MICHIGAN AVE</AddressLine1Txt>
            <CityNm>KALAMAZOO</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>49007</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>COMMUNITY DEVELOPMENT</GrantOrContributionPurposeTxt>
          <Amt>2082370</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>GRANTS PAID</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>136 E MICHIGAN AVE</AddressLine1Txt>
            <CityNm>KALAMAZOO</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>49007</ZIPCd>
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          <GrantOrContributionPurposeTxt>EDUCATION</GrantOrContributionPurposeTxt>
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        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>GRANTS PAID</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>136 E MICHIGAN AVE</AddressLine1Txt>
            <CityNm>KALAMAZOO</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>49007</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>HEALTH &amp; WELL-BEING</GrantOrContributionPurposeTxt>
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        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>GRANTS PAID</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>136 E MICHIGAN AVE</AddressLine1Txt>
            <CityNm>KALAMAZOO</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>49007</ZIPCd>
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          <GrantOrContributionPurposeTxt>HUMAN SERVICES</GrantOrContributionPurposeTxt>
          <Amt>3552374</Amt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>GRANTS MATCHING</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>136 E MICHIGAN AVE</AddressLine1Txt>
            <CityNm>KALAMAZOO</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>49007</ZIPCd>
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          <GrantOrContributionPurposeTxt>GRANTS MATCHING</GrantOrContributionPurposeTxt>
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        </GrantOrContributionPdDurYrGrp>
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        <GrantOrContriApprvForFutGrp>
          <RecipientPersonNm>GRANTS PAYABLE</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>136 E MICHIGAN AVE</AddressLine1Txt>
            <CityNm>KALAMAZOO</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>49007</ZIPCd>
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          <GrantOrContributionPurposeTxt>GRANTS PAYABLE</GrantOrContributionPurposeTxt>
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        <TotalGrantOrContriApprvFutAmt>859000</TotalGrantOrContriApprvFutAmt>
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        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
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        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
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        <BondNm>CORPORATE OBLIGATIONS</BondNm>
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        <EOYFMVAmt>29185978</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
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    <InvestmentsCorpStockSchedule documentId="RetDoc5">
      <InvestmentsCorporateStockGrp>
        <StockNm>CORPORATE STOCK</StockNm>
        <EOYBookValueAmt>195459490</EOYBookValueAmt>
        <EOYFMVAmt>195459490</EOYFMVAmt>
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    <InvestmentsGovtObligationsSch documentId="RetDoc6">
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        <CategoryOrItemTxt>MUTUAL FUNDS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
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        <EOYFMVAmt>80160697</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SECURITIZED DEBT INSTRUMENTS</CategoryOrItemTxt>
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        <EOYFMVAmt>8417791</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>LIMITED PARTNERSHIP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
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        <EOYFMVAmt>30723551</EOYFMVAmt>
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      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
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      <OtherExpensesScheduleGrp>
        <Desc>MEMBERSHIPS</Desc>
        <RevenueAndExpensesPerBooksAmt>5369</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>5369</DisbursementsCharitablePrpsAmt>
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      <OtherExpensesScheduleGrp>
        <Desc>MISCELLANEOUS</Desc>
        <RevenueAndExpensesPerBooksAmt>121</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>122</DisbursementsCharitablePrpsAmt>
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      <OtherExpensesScheduleGrp>
        <Desc>OFFICE SUPPLIES</Desc>
        <RevenueAndExpensesPerBooksAmt>3467</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>208</NetInvestmentIncomeAmt>
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      <OtherExpensesScheduleGrp>
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        <DisbursementsCharitablePrpsAmt>720</DisbursementsCharitablePrpsAmt>
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      <OtherExpensesScheduleGrp>
        <Desc>SOFTWARE &amp; EQUIPMENT</Desc>
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        <DisbursementsCharitablePrpsAmt>32367</DisbursementsCharitablePrpsAmt>
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      <OtherExpensesScheduleGrp>
        <Desc>TELEPHONE</Desc>
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      <OtherExpensesScheduleGrp>
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      <OtherExpensesScheduleGrp>
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      <OtherIncomeDetail>
        <Desc>SPRUCEGROVE K-1 OTHER LOSS</Desc>
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      <OtherLiabilitiesDetail>
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        <EOYBookValueAmt>5063</EOYBookValueAmt>
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      <OtherLiabilitiesDetail>
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      <OtherProfessionalFeesDetail>
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      <OtherProfessionalFeesDetail>
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        <CategoryTxt>PAYROLL PROVIDER</CategoryTxt>
        <Amt>1704</Amt>
        <NetInvestmentIncomeAmt>102</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1524</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc16">
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAX</CategoryTxt>
        <Amt>544348</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>SPRUCEGROVE K-1 FOREIGN TAXES PD</CategoryTxt>
        <NetInvestmentIncomeAmt>114040</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES</CategoryTxt>
        <Amt>191</Amt>
        <NetInvestmentIncomeAmt>191</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>
