﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2017v2.2" xsi:schemaLocation="http://www.irs.gov/efile">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2018-11-26T16:18:31-08:00</ReturnTs>
    <TaxPeriodEndDt>2018-07-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>201939256</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>HAYASHI WAYLAND Accounting &amp; Consulting</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>26515 Carmel Rancho Blvd STE 100</AddressLine1Txt>
        <CityNm>Carmel</CityNm>
        <StateAbbreviationCd>CA</StateAbbreviationCd>
        <ZIPCd>93923</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2017-08-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>770356496</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>BUSCH FAMILY FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>BUSC</BusinessNameControlTxt>
      <PhoneNum>8319157289</PhoneNum>
      <USAddress>
        <AddressLine1Txt>PO BOX 221818</AddressLine1Txt>
        <CityNm>CARMEL</CityNm>
        <StateAbbreviationCd>CA</StateAbbreviationCd>
        <ZIPCd>93922</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>RALPH B BUSCH III</PersonNm>
      <PersonTitleTxt>President</PersonTitleTxt>
      <SignatureDt>2018-11-26</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>Robert Lee CPA</PreparerPersonNm>
      <PTIN>P01000223</PTIN>
      <PhoneNum>8316245333</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2017</TaxYr>
    <BuildTS>2019-02-21 02:37:17Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="9">
    <IRS990PF documentId="IRS990PF" referenceDocumentId="GeneralExplanation" softwareId="17005038" softwareVersionNum="2017v2.2">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>1687966</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <DividendsRevAndExpnssAmt>42292</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>42292</DividendsNetInvstIncmAmt>
        <DividendsAdjNetIncmAmt>42292</DividendsAdjNetIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>166962</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>991898</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>166962</CapGainNetIncmNetInvstIncmAmt>
        <NetSTCapitalGainAdjNetIncmAmt>166962</NetSTCapitalGainAdjNetIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="OtherIncomeSchedule2">929</OtherIncomeRevAndExpnssAmt>
        <TotalRevAndExpnssAmt>210183</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>209254</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>209254</TotalAdjNetIncmAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="AccountingFeesSchedule">4885</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>4885</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>4885</AccountingFeesAdjNetIncmAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="OtherProfessionalFeesSchedule">6000</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>6000</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesAdjNetIncmAmt>6000</OtherProfFeesAdjNetIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule">931</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>931</TaxesNetInvstIncmAmt>
        <TaxesAdjNetIncmAmt>931</TaxesAdjNetIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSchedule AmortizationSchedule">12059</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>12059</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesAdjNetIncmAmt>12059</OtherExpensesAdjNetIncmAmt>
        <TotOprExpensesRevAndExpnssAmt>23875</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>23875</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>23875</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>35000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>35000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>58875</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>23875</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>23875</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>35000</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>151308</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>185379</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>185379</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>5938</CashBOYAmt>
        <CashEOYAmt>39391</CashEOYAmt>
        <CashEOYFMVAmt>39391</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>20828</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>9759</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>9759</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>1091160</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestmentsCorpStockSchedule">896392</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>1143043</CorporateStockEOYFMVAmt>
        <OtherInvestmentsBOYAmt>185221</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="InvestmentsOtherSchedule2">508913</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>495518</OtherInvestmentsEOYFMVAmt>
        <OtherAssetsBOYAmt referenceDocumentId="OtherAssetsSchedule">255</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="OtherAssetsSchedule">255</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="OtherAssetsSchedule">255</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>1303402</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>1454710</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>1687966</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowSFAS117Ind>X</OrgDoesNotFollowSFAS117Ind>
        <RetainedEarningBOYAmt>1303402</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>1454710</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>1303402</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>1454710</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>1303402</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>1454710</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>1303402</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>151308</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>1454710</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>1454710</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICALLY TRADED SECURITIES</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>562747</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>483499</CostOrOtherBasisAmt>
          <GainOrLossAmt>79248</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>79248</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICALLY TRADED SECURITIES</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>429151</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>341437</CostOrOtherBasisAmt>
          <GainOrLossAmt>87714</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>87714</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>166962</CapitalGainNetIncomeAmt>
        <NetShortTermCapitalGainLossAmt>166962</NetShortTermCapitalGainLossAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>3708</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>3708</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>3708</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>32</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>32</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="IRS2220">X</Form2220AttachedInd>
        <EsPenaltyAmt>45</EsPenaltyAmt>
        <TaxDueAmt>3721</TaxDueAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <Form990TFiledInd>false</Form990TFiledInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>CA</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>MICHAEL GREEN &amp; ASSOCIATES</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>8319157289</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>PO BOX 221818</AddressLine1Txt>
          <CityNm>CARMEL</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>93922</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>
        <ActsFailToQlfyAsExceptionsInd>false</ActsFailToQlfyAsExceptionsInd>
        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <UndistrIncmSect4942a2NotAppInd>false</UndistrIncmSect4942a2NotAppInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <ExcessBusinessHoldingsInd>false</ExcessBusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <TransactionsFailToQlfyAsExcInd>false</TransactionsFailToQlfyAsExcInd>
        <MaintainedExpenditureRspnsInd>false</MaintainedExpenditureRspnsInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <ProceedsOrNetIncomeInd>false</ProceedsOrNetIncomeInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>RALPH B BUSCH III</PersonNm>
          <USAddress>
            <AddressLine1Txt>93 CORRAL DE TIERRA TERRACE</AddressLine1Txt>
            <CityNm>SALINAS</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>939089146</ZIPCd>
          </USAddress>
          <TitleTxt>President</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>GREGORY J BUSCH</PersonNm>
          <USAddress>
            <AddressLine1Txt>93 CORRAL DE TIERRA TERRACE</AddressLine1Txt>
            <CityNm>SALINAS</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>939089146</ZIPCd>
          </USAddress>
          <TitleTxt>Vice President</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>FRANK B BUSCH</PersonNm>
          <USAddress>
            <AddressLine1Txt>150 SAN BENANCIO RD</AddressLine1Txt>
            <CityNm>SALINAS</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>939089146</ZIPCd>
          </USAddress>
          <TitleTxt>Vice President</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>PETER S BUSCH</PersonNm>
          <USAddress>
            <AddressLine1Txt>93 CORRAL DE TIERRA TERRACE</AddressLine1Txt>
            <CityNm>SALINAS</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>939089146</ZIPCd>
          </USAddress>
          <TitleTxt>CFO</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ELLYN D BUSCH ESSIG</PersonNm>
          <USAddress>
            <AddressLine1Txt>93 CORRAL DE TIERRA TERRACE</AddressLine1Txt>
            <CityNm>SALINAS</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>939089146</ZIPCd>
          </USAddress>
          <TitleTxt>Secretary</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JEFFREY D BUSCH</PersonNm>
          <USAddress>
            <AddressLine1Txt>93 CORRAL DE TIERRA TERRACE</AddressLine1Txt>
            <CityNm>SALINAS</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>939089146</ZIPCd>
          </USAddress>
          <TitleTxt>Director</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>1700907</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>55510</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>1756417</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>1756417</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>26346</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>1730071</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>86504</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>86504</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>3708</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>3708</TotalTaxAmt>
        <DistributableBeforeAdjAmt>82796</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>82796</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>82796</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>35000</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>35000</QualifyingDistributionsAmt>
        <AdjustedQualifyingDistriAmt>35000</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>82796</DistributableAsAdjustedAmt>
        <ExcessDistributionCyovYr2Amt>25298</ExcessDistributionCyovYr2Amt>
        <TotalExcessDistributionCyovAmt>25298</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>35000</QualifyingDistributionsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>35000</AppliedToCurrentYearAmt>
        <ExcessDistriCyovAppCYCorpusAmt>25298</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>25298</ExcessDistributionCyovAppCYAmt>
        <UndistributedIncomeCYAmt>22498</UndistributedIncomeCYAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>RALPH B BUSCH III</ContributingManagerNm>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>RALPH B BUSCH III</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 221818</AddressLine1Txt>
            <CityNm>CARMEL</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93922</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>8319157289</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>LETTER</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>NO DEADLINE</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>NO RESTRICTIONS OR LIMITATIONS ON AWARDS.</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>ST JOSEPH'S CATHOLIC CHURCH</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>1 RAILROAD AVE</AddressLine1Txt>
            <CityNm>SPRECKELS</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93962</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>COMMUNITY MEMORIAL HEALTH SYSTEM</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2674 EAST MAIN STREET STE E 210</AddressLine1Txt>
            <CityNm>VENTURA</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93003</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>DOS PUEBLOS HIGH SCHOOL</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>7266 ALAMEDA AVENUE</AddressLine1Txt>
            <CityNm>GOLETA</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93117</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>35000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>42292</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <RelatedOrExemptFunctionIncmAmt>166962</RelatedOrExemptFunctionIncmAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>TAX REFUNDS</Desc>
          <RelatedOrExemptFunctionIncmAmt>929</RelatedOrExemptFunctionIncmAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>42292</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>167891</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>210183</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="AccountingFeesSchedule" softwareId="17005038" softwareVersionNum="2017v2.2">
      <AccountingFeesDetail>
        <CategoryTxt>TAX PREPARATION</CategoryTxt>
        <Amt>4885</Amt>
        <NetInvestmentIncomeAmt>4885</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>4885</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestmentsCorpStockSchedule" softwareId="17005038" softwareVersionNum="2017v2.2">
      <InvestmentsCorporateStockGrp>
        <StockNm>1500 VECTOR GROUP LTD COM</StockNm>
        <EOYBookValueAmt>8964</EOYBookValueAmt>
        <EOYFMVAmt>27675</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1200 B&amp;G FOODS INC NEW COM</StockNm>
        <EOYBookValueAmt>11826</EOYBookValueAmt>
        <EOYFMVAmt>37680</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>400 PHILIP MORRIS INTL INC COM</StockNm>
        <EOYBookValueAmt>27470</EOYBookValueAmt>
        <EOYFMVAmt>34520</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 DOMINION ENERGY CORP</StockNm>
        <EOYBookValueAmt>19463</EOYBookValueAmt>
        <EOYFMVAmt>35855</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>600 DUKE ENERGY CORP NEW COM</StockNm>
        <EOYBookValueAmt>32269</EOYBookValueAmt>
        <EOYFMVAmt>48972</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 ALTRIA GROUP INC COM</StockNm>
        <EOYBookValueAmt>16379</EOYBookValueAmt>
        <EOYFMVAmt>29340</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1000 AT&amp;T INC COM</StockNm>
        <EOYBookValueAmt>29036</EOYBookValueAmt>
        <EOYFMVAmt>31970</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 PAYCHEX INC COM</StockNm>
        <EOYBookValueAmt>15935</EOYBookValueAmt>
        <EOYFMVAmt>34510</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>800 VERIZON COMMUNICATIONS COM</StockNm>
        <EOYBookValueAmt>27293</EOYBookValueAmt>
        <EOYFMVAmt>41312</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>800 XCEL ENERGY INC COM</StockNm>
        <EOYBookValueAmt>22238</EOYBookValueAmt>
        <EOYFMVAmt>37488</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1500 HEALTHCARE TR AMER INC CL A</StockNm>
        <EOYBookValueAmt>32530</EOYBookValueAmt>
        <EOYFMVAmt>40980</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 WELLTOWER INC COM</StockNm>
        <EOYBookValueAmt>20053</EOYBookValueAmt>
        <EOYFMVAmt>31300</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>690 NATIONAL RETAIL PPTYS INC COM</StockNm>
        <EOYBookValueAmt>20907</EOYBookValueAmt>
        <EOYFMVAmt>35688</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 AMERICAN ELECTRIC POWER</StockNm>
        <EOYBookValueAmt>29842</EOYBookValueAmt>
        <EOYFMVAmt>35570</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 CINCINNATI FINANCIAL</StockNm>
        <EOYBookValueAmt>27424</EOYBookValueAmt>
        <EOYFMVAmt>37815</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>700 LIBERTY PPTY TR SHS BEN INT</StockNm>
        <EOYBookValueAmt>25693</EOYBookValueAmt>
        <EOYFMVAmt>30002</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>600 AVANGRID INC</StockNm>
        <EOYBookValueAmt>25376</EOYBookValueAmt>
        <EOYFMVAmt>30036</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1000 COCA COLA</StockNm>
        <EOYBookValueAmt>43421</EOYBookValueAmt>
        <EOYFMVAmt>46630</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>100 LOCKHEED MARTIN CORP</StockNm>
        <EOYBookValueAmt>21653</EOYBookValueAmt>
        <EOYFMVAmt>32610</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 PROCTOR &amp; GAMBLE CO</StockNm>
        <EOYBookValueAmt>38655</EOYBookValueAmt>
        <EOYFMVAmt>40440</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 MID-AMER APT CMNTYS INC COM</StockNm>
        <EOYBookValueAmt>38357</EOYBookValueAmt>
        <EOYFMVAmt>50390</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>600 W P CAREY INC COM</StockNm>
        <EOYBookValueAmt>32773</EOYBookValueAmt>
        <EOYFMVAmt>39228</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2000 ARES CAPITAL CORP</StockNm>
        <EOYBookValueAmt>32854</EOYBookValueAmt>
        <EOYFMVAmt>33700</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 BB&amp;T CORP</StockNm>
        <EOYBookValueAmt>27313</EOYBookValueAmt>
        <EOYFMVAmt>25405</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>300 CROWN CASTLE INTL CORP</StockNm>
        <EOYBookValueAmt>31941</EOYBookValueAmt>
        <EOYFMVAmt>33249</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1000 GENERAL MILLS</StockNm>
        <EOYBookValueAmt>44456</EOYBookValueAmt>
        <EOYFMVAmt>46060</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 MERCK</StockNm>
        <EOYBookValueAmt>27944</EOYBookValueAmt>
        <EOYFMVAmt>32935</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>800 PFIZER INC</StockNm>
        <EOYBookValueAmt>29517</EOYBookValueAmt>
        <EOYFMVAmt>31944</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>400 PRUDENTIAL FINANCIAL</StockNm>
        <EOYBookValueAmt>41816</EOYBookValueAmt>
        <EOYFMVAmt>40364</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 SIX FLAGS ENTERTAINMENT</StockNm>
        <EOYBookValueAmt>34029</EOYBookValueAmt>
        <EOYFMVAmt>32475</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 SONOCO PRODUCTS</StockNm>
        <EOYBookValueAmt>25797</EOYBookValueAmt>
        <EOYFMVAmt>27910</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 WESTROCK</StockNm>
        <EOYBookValueAmt>33168</EOYBookValueAmt>
        <EOYFMVAmt>28990</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvestmentsOtherSchedule2" softwareId="17005038" softwareVersionNum="2017v2.2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>10235.506 FIDELITY ADVISORY INCOME</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>125179</BookValueAmt>
        <EOYFMVAmt>125078</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>15540.264 LORD ABBETT BOND DEBENTURE</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>125251</BookValueAmt>
        <EOYFMVAmt>123234</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>11605.968 MORGAN STANLEY INSTL</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>125807</BookValueAmt>
        <EOYFMVAmt>125925</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>13197.099 STONE RIDGE TR II</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>132676</BookValueAmt>
        <EOYFMVAmt>121281</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherAssetsSchedule documentId="OtherAssetsSchedule" softwareId="17005038" softwareVersionNum="2017v2.2">
      <OtherAssetsScheduleGrp>
        <Desc>ORGANIZATIONAL COSTS</Desc>
        <BOYBookValueAmt>255</BOYBookValueAmt>
        <EOYBookValueAmt>255</EOYBookValueAmt>
        <EOYFMVAmt>255</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSchedule" softwareId="17005038" softwareVersionNum="2017v2.2">
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>33</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>33</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>33</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT MANAGEMENT FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>11396</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>11396</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>11396</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>600</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>600</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>600</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>STATE FILING FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>30</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>30</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>30</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSchedule2" softwareId="17005038" softwareVersionNum="2017v2.2">
      <OtherIncomeDetail>
        <Desc>TAX REFUNDS</Desc>
        <RevenueAndExpensesPerBooksAmt>929</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="OtherProfessionalFeesSchedule" softwareId="17005038" softwareVersionNum="2017v2.2">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>LEGAL &amp; PROFESSIONAL FEES</CategoryTxt>
        <Amt>6000</Amt>
        <NetInvestmentIncomeAmt>6000</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>6000</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule" softwareId="17005038" softwareVersionNum="2017v2.2">
      <TaxesDetail>
        <CategoryTxt>FEDERAL</CategoryTxt>
        <Amt>928</Amt>
        <NetInvestmentIncomeAmt>928</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>928</AdjustedNetIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN</CategoryTxt>
        <Amt>3</Amt>
        <NetInvestmentIncomeAmt>3</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>3</AdjustedNetIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>