<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xsi:schemaLocation="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2020v4.1">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2021-11-11T13:32:22-06:00</ReturnTs>
    <TaxPeriodEndDt>2020-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>MARRS SEVIER &amp; COMPANY LLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>230 SOUTH HOLLAND STREET</AddressLine1Txt>
        <CityNm>LAKEWOOD</CityNm>
        <StateAbbreviationCd>CO</StateAbbreviationCd>
        <ZIPCd>80226</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2020-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>841408520</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>THE MALONE FAMILY FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <InCareOfNm>% MARRS SEVIER &amp; COMPANY LLC</InCareOfNm>
      <BusinessNameControlTxt>MALO</BusinessNameControlTxt>
      <PhoneNum>7208755201</PhoneNum>
      <USAddress>
        <AddressLine1Txt>440 SOUTH BEACH RD</AddressLine1Txt>
        <CityNm>HOBE SOUND</CityNm>
        <StateAbbreviationCd>FL</StateAbbreviationCd>
        <ZIPCd>33455</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>JOHN MALONE</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>7208755354</PhoneNum>
      <SignatureDt>2021-11-11</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <SigningOfficerGrp>
      <PersonFullName>
        <PersonFirstNm>JOHN</PersonFirstNm>
        <PersonLastNm>MALONE</PersonLastNm>
      </PersonFullName>
      <SSN>XXX-XX-XXXX</SSN>
    </SigningOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>GAIL W SEVIER</PreparerPersonNm>
      <PTIN>P00506787</PTIN>
      <PhoneNum>3039226654</PhoneNum>
    </PreparerPersonGrp>
    <AdditionalFilerInformation>
      <TrustedCustomerGrp>
        <TrustedCustomerCd>2</TrustedCustomerCd>
      </TrustedCustomerGrp>
    </AdditionalFilerInformation>
    <TaxYr>2020</TaxYr>
    <BuildTS>2022-09-23 18:48:47Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="11">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>141978076</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>0</ContriRcvdRevAndExpnssAmt>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <DividendsRevAndExpnssAmt>2565251</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>2565251</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>-1557094</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>30618391</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>0</CapGainNetIncmNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>1008157</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>2565251</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <OthEmplSlrsWgsRevAndExpnssAmt>105960</OthEmplSlrsWgsRevAndExpnssAmt>
        <OthEmplSlrsWgsNetInvstIncmAmt>105960</OthEmplSlrsWgsNetInvstIncmAmt>
        <PensionEmplBnftRevAndExpnssAmt>12281</PensionEmplBnftRevAndExpnssAmt>
        <PensionEmplBnftNetInvstIncmAmt>12281</PensionEmplBnftNetInvstIncmAmt>
        <LegalFeesRevAndExpnssAmt>6913</LegalFeesRevAndExpnssAmt>
        <LegalFeesNetInvstIncmAmt>5185</LegalFeesNetInvstIncmAmt>
        <LegalFeesDsbrsChrtblAmt>1728</LegalFeesDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt>21900</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>16425</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>5475</AccountingFeesChrtblPrpsAmt>
        <InterestRevAndExpnssAmt>371</InterestRevAndExpnssAmt>
        <InterestNetInvstIncmAmt>371</InterestNetInvstIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule">50000</TaxesRevAndExpnssAmt>
        <TravConfMeetingRevAndExpnssAmt>3368</TravConfMeetingRevAndExpnssAmt>
        <TravConfMeetingNetInvstIncmAmt>3368</TravConfMeetingNetInvstIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">1626426</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>1626426</OtherExpensesNetInvstIncmAmt>
        <TotOprExpensesRevAndExpnssAmt>1827219</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>1770016</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>7203</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>2208364</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>2208364</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>4035583</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>1770016</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>2215567</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-3027426</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>795235</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>1446821</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>3245246</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>3245248</SavAndTempCashInvstEOYFMVAmt>
        <USGovernmentObligationsBOYAmt>0</USGovernmentObligationsBOYAmt>
        <USGovernmentObligationsEOYAmt referenceDocumentId="InvGovtObligSch">4075810</USGovernmentObligationsEOYAmt>
        <USGovtObligationsEOYFMVAmt>4075870</USGovtObligationsEOYFMVAmt>
        <CorporateStockBOYAmt>98740317</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestCorpStockSch">92025062</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>127550918</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>9262884</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="InvestCorpBondsSch">7147775</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>7151040</CorporateBondsEOYFMVAmt>
        <OtherInvestmentsBOYAmt>36655</OtherInvestmentsBOYAmt>
        <LandBldgEquipCostOrOtherBssAmt>34015</LandBldgEquipCostOrOtherBssAmt>
        <LandBldgEquipAccumDeprecAmt>34014</LandBldgEquipAccumDeprecAmt>
        <LandBOYAmt>1</LandBOYAmt>
        <LandEOYAmt referenceDocumentId="LandEtcSch2">1</LandEOYAmt>
        <OtherAssetsBOYAmt referenceDocumentId="OtherAssetsSch">-15325</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="OtherAssetsSch">-49968</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="OtherAssetsSch">-45000</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>109471353</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>106443926</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>141978076</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
        <NoDonorRstrNetAssestsBOYAmt>109471352</NoDonorRstrNetAssestsBOYAmt>
        <NoDonorRstrNetAssestsEOYAmt>106443926</NoDonorRstrNetAssestsEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>109471352</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>106443926</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>109471352</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>106443926</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>109471352</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-3027426</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>106443926</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>106443926</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES SHORT TERM COVERED #710</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2020-01-01</AcquiredDt>
          <SoldDt>2020-12-31</SoldDt>
          <GrossSalesPriceAmt>8338424</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>11211310</CostOrOtherBasisAmt>
          <GainOrLossAmt>-2872886</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-2872886</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES LONG TERM COVERED #710</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2019-01-01</AcquiredDt>
          <SoldDt>2020-12-31</SoldDt>
          <GrossSalesPriceAmt>18850031</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>18941101</CostOrOtherBasisAmt>
          <GainOrLossAmt>-91070</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-91070</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES SHORT TERM COVERED #711</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2020-01-01</AcquiredDt>
          <SoldDt>2020-12-31</SoldDt>
          <GrossSalesPriceAmt>141317</GrossSalesPriceAmt>
          <GainOrLossAmt>141317</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>141317</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES LONG TERM COVERED #711</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2019-01-01</AcquiredDt>
          <SoldDt>2020-12-31</SoldDt>
          <GrossSalesPriceAmt>3288599</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>3616727</CostOrOtherBasisAmt>
          <GainOrLossAmt>-328128</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-328128</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>41</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>41</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>41</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>41</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>-3150747</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>11054</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>11054</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>11054</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>94276</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <TotalPaymentsAndCreditsAmt>94276</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>83222</OverpaymentAmt>
        <AppliedToESTaxAmt>83222</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>CO</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>www.malonefamilyfoundation.org</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>MARRS SEVIER &amp; COMPANY LLC</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>3039226654</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>230 S HOLLAND STREET</AddressLine1Txt>
          <CityNm>Lakewood</CityNm>
          <StateAbbreviationCd>CO</StateAbbreviationCd>
          <ZIPCd>80226</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JOHN C MALONE</PersonNm>
          <USAddress>
            <AddressLine1Txt>440 SOUTH BEACH RD</AddressLine1Txt>
            <CityNm>HOBE SOUND</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33455</ZIPCd>
          </USAddress>
          <TitleTxt>CHAIRMAN AND TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.8</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>LESLIE A MALONE</PersonNm>
          <USAddress>
            <AddressLine1Txt>440 SOUTH BEACH RD</AddressLine1Txt>
            <CityNm>HOBE SOUND</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33455</ZIPCd>
          </USAddress>
          <TitleTxt>SECRETARY</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.1</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>EVAN MALONE</PersonNm>
          <USAddress>
            <AddressLine1Txt>440 SOUTH BEACH RD</AddressLine1Txt>
            <CityNm>HOBE SOUND</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33455</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0.1</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>CATHIE WLASCHIN</PersonNm>
          <USAddress>
            <AddressLine1Txt>440 SOUTH BEACH RD</AddressLine1Txt>
            <CityNm>HOBE SOUND</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33455</ZIPCd>
          </USAddress>
          <TitleTxt>EXECUTIVE DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>32.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>105960</CompensationAmt>
          <EmployeeBenefitsAmt>13022</EmployeeBenefitsAmt>
        </CompensationHighestPaidEmplGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>NONE</Description1Txt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>120423540</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>6213793</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>126637333</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>126637333</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>1899560</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>124737773</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>6236889</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>6236889</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>11054</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>11054</TotalTaxAmt>
        <DistributableBeforeAdjAmt>6225835</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>6225835</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>6225835</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>2215567</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>2215567</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>0</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>2215567</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>6225835</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <PriorYear1Yr>2018</PriorYear1Yr>
        <PriorYear2Yr>2017</PriorYear2Yr>
        <PriorYear3Yr>2016</PriorYear3Yr>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>32548653</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>6848515</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr1Amt>861477</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>40258645</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>2215567</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>2215567</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>4010268</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>4010268</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>36248377</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>28538385</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>7709992</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>6848515</ExcessFromYear4Amt>
        <ExcessFromYear1Amt>861477</ExcessFromYear1Amt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp></PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>JOHN C MALONE</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>COLORADO STATE UNIVERSITY FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>410 UNIVERSITY SERVICES CTR</AddressLine1Txt>
            <AddressLine2Txt>601 S HOWES STREET</AddressLine2Txt>
            <CityNm>FORT COLLINS</CityNm>
            <StateAbbreviationCd>CO</StateAbbreviationCd>
            <ZIPCd>805239100</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL GRANT</GrantOrContributionPurposeTxt>
          <Amt>2007764</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIVERSITY OF CALIFORNIA SAN DIEGO</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>9500 GILMAN DR 0940</AddressLine1Txt>
            <CityNm>LA JOLLA</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>920930940</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL GRANT</GrantOrContributionPurposeTxt>
          <Amt>200000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CREATIVE THERAPHY CARE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>8249 WILLIAMSON RD</AddressLine1Txt>
            <CityNm>ROANOKE</CityNm>
            <StateAbbreviationCd>VA</StateAbbreviationCd>
            <ZIPCd>24019</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL GRANT</GrantOrContributionPurposeTxt>
          <Amt>600</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>2208364</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp />
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>2565251</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>-1557094</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>1008157</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>1008157</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>
    <DepreciationSchedule documentId="DepreciationSch">
      <DepreciationPropertyGrp>
        <PropertyDesc>COMPUTERS</PropertyDesc>
        <AcquiredDt>2000-02-29</AcquiredDt>
        <CostOrOtherBasisAmt>5040</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>5040</PriorYearDepreciationAmt>
        <ComputationMethodTxt>M5</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>SOFTWARE</PropertyDesc>
        <AcquiredDt>2000-02-29</AcquiredDt>
        <CostOrOtherBasisAmt>11200</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>11199</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>3</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>SOFTWARE</PropertyDesc>
        <AcquiredDt>2001-03-15</AcquiredDt>
        <CostOrOtherBasisAmt>1377</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1377</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>3</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>WEB DESIGN</PropertyDesc>
        <AcquiredDt>2001-03-15</AcquiredDt>
        <CostOrOtherBasisAmt>12000</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>12000</PriorYearDepreciationAmt>
        <ComputationMethodTxt>SL</ComputationMethodTxt>
        <LifeRt>3</LifeRt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>DELL LP/MONITOR</PropertyDesc>
        <AcquiredDt>2002-06-30</AcquiredDt>
        <CostOrOtherBasisAmt>2152</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>2152</PriorYearDepreciationAmt>
        <ComputationMethodTxt>M5</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>PRINT COPY SCAN FX</PropertyDesc>
        <AcquiredDt>2005-04-30</AcquiredDt>
        <CostOrOtherBasisAmt>393</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>393</PriorYearDepreciationAmt>
        <ComputationMethodTxt>M5</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>DELL COMPUTER</PropertyDesc>
        <AcquiredDt>2008-10-01</AcquiredDt>
        <CostOrOtherBasisAmt>1853</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>1853</PriorYearDepreciationAmt>
        <ComputationMethodTxt>M5</ComputationMethodTxt>
        <LifeRt>5</LifeRt>
      </DepreciationPropertyGrp>
    </DepreciationSchedule>
    <InvestmentsCorpBondsSchedule documentId="InvestCorpBondsSch">
      <InvestmentsCorporateBondsGrp>
        <BondNm>AMERICAN HONDA FIN CORP</BondNm>
        <EOYBookValueAmt>1856714</EOYBookValueAmt>
        <EOYFMVAmt>1857870</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>ALBEMARLE CORP C/P</BondNm>
        <EOYBookValueAmt>2523261</EOYBookValueAmt>
        <EOYFMVAmt>2524419</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>CLOROX COMPANY</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>COCOA COLA</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>FMC TECHNOLOGIES</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>GENERAL ELECTRIC</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>GLENCORE FDG LLC</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>SINOPEC CENTURY AMERICA</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>TOYOTA CRED PUERTO RICO CORP</BondNm>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>VW CREDIT INC C/P</BondNm>
        <EOYBookValueAmt>2767800</EOYBookValueAmt>
        <EOYFMVAmt>2768751</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>ADVANCE AUTO PARTS</StockNm>
        <EOYBookValueAmt>2255838</EOYBookValueAmt>
        <EOYFMVAmt>2520160</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ALIBABA GROUP HLDG</StockNm>
        <EOYBookValueAmt>317133</EOYBookValueAmt>
        <EOYFMVAmt>783136</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ALLY FINANCIAL INC</StockNm>
        <EOYBookValueAmt>2043109</EOYBookValueAmt>
        <EOYFMVAmt>2627144</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ALPHABET INC</StockNm>
        <EOYBookValueAmt>769897</EOYBookValueAmt>
        <EOYFMVAmt>2979488</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>AMAZON</StockNm>
        <EOYBookValueAmt>558236</EOYBookValueAmt>
        <EOYFMVAmt>6106744</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>AMERICAN ELEC PWR</StockNm>
        <EOYBookValueAmt>1682955</EOYBookValueAmt>
        <EOYFMVAmt>2078419</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ANTHEM INC</StockNm>
        <EOYBookValueAmt>3114252</EOYBookValueAmt>
        <EOYFMVAmt>3596208</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>APPLE</StockNm>
        <EOYBookValueAmt>527412</EOYBookValueAmt>
        <EOYFMVAmt>3497708</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ARCHER DANIELS MIDLAND</StockNm>
        <EOYBookValueAmt>2193243</EOYBookValueAmt>
        <EOYFMVAmt>2955538</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>AT&amp;T</StockNm>
        <EOYBookValueAmt>2767464</EOYBookValueAmt>
        <EOYFMVAmt>2501401</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BANK OF AMERICA</StockNm>
        <EOYBookValueAmt>503070</EOYBookValueAmt>
        <EOYFMVAmt>646361</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BANK OF NEW YORK MELLON</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BATRA</StockNm>
        <EOYBookValueAmt>302504</EOYBookValueAmt>
        <EOYFMVAmt>504960</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BATRK</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BERKSHIRE HATHAWAY</StockNm>
        <EOYBookValueAmt>5430921</EOYBookValueAmt>
        <EOYFMVAmt>5893904</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BLOOM EVERGY CORP CL A</StockNm>
        <EOYBookValueAmt>35200</EOYBookValueAmt>
        <EOYFMVAmt>251320</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BROADCOM INC</StockNm>
        <EOYBookValueAmt>2238227</EOYBookValueAmt>
        <EOYFMVAmt>3108735</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CHEVRON</StockNm>
        <EOYBookValueAmt>6248623</EOYBookValueAmt>
        <EOYFMVAmt>4370288</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CITIGROUP</StockNm>
        <EOYBookValueAmt>3508464</EOYBookValueAmt>
        <EOYFMVAmt>3551614</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CONOCOPHILLIPS</StockNm>
        <EOYBookValueAmt>2555511</EOYBookValueAmt>
        <EOYFMVAmt>1525619</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CORNING INC</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CVS HEALTH CORP</StockNm>
        <EOYBookValueAmt>2564923</EOYBookValueAmt>
        <EOYFMVAmt>2800300</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>EMERSON ELEC CO</StockNm>
        <EOYBookValueAmt>1884960</EOYBookValueAmt>
        <EOYFMVAmt>2314656</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>E TRADE FINL</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>EXELON</StockNm>
        <EOYBookValueAmt>1826051</EOYBookValueAmt>
        <EOYFMVAmt>2180030</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>FWONA</StockNm>
        <EOYBookValueAmt>965643</EOYBookValueAmt>
        <EOYFMVAmt>1928372</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GAMING AND LEISURE</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HDFC BANK</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HONEYWELL</StockNm>
        <EOYBookValueAmt>988626</EOYBookValueAmt>
        <EOYFMVAmt>2520495</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>IBM - ACCT 710</StockNm>
        <EOYBookValueAmt>2090132</EOYBookValueAmt>
        <EOYFMVAmt>1509301</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>INTEL</StockNm>
        <EOYBookValueAmt>2134325</EOYBookValueAmt>
        <EOYFMVAmt>1793520</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>IQVIA</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ISHARES MSCI JAPAN</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>JOHNSON &amp; JOHNSON</StockNm>
        <EOYBookValueAmt>5017947</EOYBookValueAmt>
        <EOYFMVAmt>5980440</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>JP MORGAN</StockNm>
        <EOYBookValueAmt>2029766</EOYBookValueAmt>
        <EOYFMVAmt>3929640</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>KNIGHT-SWIFT</StockNm>
        <EOYBookValueAmt>3251110</EOYBookValueAmt>
        <EOYFMVAmt>3220140</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LABORATORY CP AMER HLDGS NEW</StockNm>
        <EOYBookValueAmt>2149290</EOYBookValueAmt>
        <EOYFMVAmt>2646150</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LBRD RIGHTS</StockNm>
        <EOYBookValueAmt>127100</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LBRDA</StockNm>
        <EOYBookValueAmt>1040606</EOYBookValueAmt>
        <EOYFMVAmt>4350784</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LOWE'S</StockNm>
        <EOYBookValueAmt>989407</EOYBookValueAmt>
        <EOYFMVAmt>2295293</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LSXMA</StockNm>
        <EOYBookValueAmt>3657707</EOYBookValueAmt>
        <EOYFMVAmt>8769427</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LSXMK</StockNm>
        <EOYBookValueAmt>485611</EOYBookValueAmt>
        <EOYFMVAmt>829562</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MCDONALDS CORP</StockNm>
        <EOYBookValueAmt>1886600</EOYBookValueAmt>
        <EOYFMVAmt>2145800</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MERCK</StockNm>
        <EOYBookValueAmt>2139250</EOYBookValueAmt>
        <EOYFMVAmt>2337435</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NUANCE COMMUNICATION</StockNm>
        <EOYBookValueAmt>1819382</EOYBookValueAmt>
        <EOYFMVAmt>4514816</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>OSHKOSH CORP</StockNm>
        <EOYBookValueAmt>1552434</EOYBookValueAmt>
        <EOYFMVAmt>1936575</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PFIZER</StockNm>
        <EOYBookValueAmt>2688537</EOYBookValueAmt>
        <EOYFMVAmt>3047868</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PHILIP MORRIS INT'L</StockNm>
        <EOYBookValueAmt>2386631</EOYBookValueAmt>
        <EOYFMVAmt>2434026</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PROCTOR &amp; GAMBLE</StockNm>
        <EOYBookValueAmt>1821240</EOYBookValueAmt>
        <EOYFMVAmt>2504520</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SCNC APP INT</StockNm>
        <EOYBookValueAmt>2286103</EOYBookValueAmt>
        <EOYFMVAmt>2602600</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SENSATA TECHNOLOGIES HLDG PLC</StockNm>
        <EOYBookValueAmt>1827193</EOYBookValueAmt>
        <EOYFMVAmt>1845900</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SUMITOMO MITSUI</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>THERMO FISHER - ACCT 710</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>VALERO ENERGY CP</StockNm>
        <EOYBookValueAmt>882995</EOYBookValueAmt>
        <EOYFMVAmt>905120</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>VERIZON</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>VIACOM CBS INC</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WALMART</StockNm>
        <EOYBookValueAmt>1528270</EOYBookValueAmt>
        <EOYFMVAmt>2493795</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WALT DISNEY</StockNm>
        <EOYBookValueAmt>836369</EOYBookValueAmt>
        <EOYFMVAmt>1430416</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WILLIS GROUP</StockNm>
        <EOYBookValueAmt>2114795</EOYBookValueAmt>
        <EOYFMVAmt>2785190</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="InvGovtObligSch">
      <USGovtObligationsBookVlEOYAmt>1080810</USGovtObligationsBookVlEOYAmt>
      <USGovtObligationsEOYFMVAmt>1080810</USGovtObligationsEOYFMVAmt>
      <StateLocalSecBookVlEOYAmt>2995000</StateLocalSecBookVlEOYAmt>
      <StateLocalSecEOYFMVAmt>2995060</StateLocalSecEOYFMVAmt>
    </InvestmentsGovtObligationsSch>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>KLEINER PERKINS CAUFIELD</CategoryOrItemTxt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LandEtcSchedule2 documentId="LandEtcSch2">
      <LandEtcGrp>
        <CategoryOrItemTxt>COMPUTERS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>5040</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>5040</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>SOFTWARE</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>11200</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>11199</AccumulatedDepreciationAmt>
        <BookValueAmt>1</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>SOFTWARE</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1377</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1377</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>WEB DESIGN</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>12000</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>12000</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>DELL LP/MONITOR</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>2152</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>2152</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>PRINT COPY SCAN FX</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>393</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>393</AccumulatedDepreciationAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>DELL COMPUTER</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1853</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1853</AccumulatedDepreciationAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>UNRECONCILED DIFFERENCE</Desc>
        <BOYBookValueAmt>0</BOYBookValueAmt>
        <EOYBookValueAmt>11961</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>VARIOUS STOCK OPTIONS</Desc>
        <BOYBookValueAmt>-15325</BOYBookValueAmt>
        <EOYBookValueAmt>-61929</EOYBookValueAmt>
        <EOYFMVAmt>-45000</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>ACCOUNT MANAGEMENT FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>1604482</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1604482</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>DUES &amp; SUBSCRIPTIONS</Desc>
        <RevenueAndExpensesPerBooksAmt>765</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>765</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE - LIABILITY</Desc>
        <RevenueAndExpensesPerBooksAmt>2574</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>2574</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INTERNET</Desc>
        <RevenueAndExpensesPerBooksAmt>1456</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1456</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>LICENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>20</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>20</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE SUPPLIES</Desc>
        <RevenueAndExpensesPerBooksAmt>140</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>140</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OVERHEAD FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>15837</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>15837</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>POSTAGE</Desc>
        <RevenueAndExpensesPerBooksAmt>150</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>150</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>TELEPHONE</Desc>
        <RevenueAndExpensesPerBooksAmt>1002</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1002</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MEALS &amp; ENTERTAINMENT</Desc>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>KKR &amp; CO LP-PASS THRU</Desc>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FEDERAL TAXES</CategoryTxt>
        <Amt>50000</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>
