﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2025v4.2">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2026-09-04T11:50:01-05:00</ReturnTs>
    <TaxPeriodEndDt>2025-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>930900579</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>MCDONALD JACOBS PC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>121 SW SALMON ST STE 1100</AddressLine1Txt>
        <CityNm>PORTLAND</CityNm>
        <StateAbbreviationCd>OR</StateAbbreviationCd>
        <ZIPCd>97204</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2025-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>876167851</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>VAL A BROWNING CHARITABLE FOUNDATION</BusinessNameLine1Txt>
        <BusinessNameLine2Txt>C/O WHITTIER TRUST COMPANY OF NEVADA</BusinessNameLine2Txt>
      </BusinessName>
      <BusinessNameControlTxt>VALA</BusinessNameControlTxt>
      <PhoneNum>7756865400</PhoneNum>
      <USAddress>
        <AddressLine1Txt>100 WEST LIBERTY STREET 890</AddressLine1Txt>
        <CityNm>RENO</CityNm>
        <StateAbbreviationCd>NV</StateAbbreviationCd>
        <ZIPCd>895011954</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>ANDREW R HALL</PersonNm>
      <PersonTitleTxt>TRUSTEE, WHITTIER TRUST</PersonTitleTxt>
      <PhoneNum>7756865400</PhoneNum>
      <SignatureDt>2026-09-03</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>SANG AHN</PreparerPersonNm>
      <PTIN>P00540880</PTIN>
      <PhoneNum>5032270581</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2025</TaxYr>
  </ReturnHeader>
  <ReturnData documentCnt="7">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>34826205</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <DividendsRevAndExpnssAmt>416474</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>416474</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>2131116</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>3499614</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>2131116</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc2001500001">3031</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>3031</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>2550621</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>2550621</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>36000</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>5400</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>30600</CompOfcrDirTrstDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002200001">4450</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>2225</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>2225</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002300001">386471</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>341471</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>45000</OtherProfFeesDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">62158</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>52563</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>489079</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>401659</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>77825</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>1500875</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>1500875</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>1989954</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>401659</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>1578700</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>560667</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>2148962</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>849</CashBOYAmt>
        <SavAndTempCashInvstBOYAmt>684025</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>560585</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>560585</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>16512772</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2018900001">17271384</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>34265620</CorporateStockEOYFMVAmt>
        <TotalAssetsBOYAmt>17197646</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>17831969</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>34826205</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>15723618</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>15723618</CapitalStockEOYAmt>
        <AdditionalPaidInCapitalBOYAmt>0</AdditionalPaidInCapitalBOYAmt>
        <AdditionalPaidInCapitalEOYAmt>0</AdditionalPaidInCapitalEOYAmt>
        <RetainedEarningBOYAmt>1474028</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>2108351</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>17197646</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>17831969</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>17197646</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>17831969</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>17197646</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>560667</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="RetDoc2049700001">73656</OtherIncreasesAmt>
        <SubtotalAmt>17831969</SubtotalAmt>
        <OtherDecreasesAmt>0</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>17831969</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>3208655</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1368498</CostOrOtherBasisAmt>
          <GainOrLossAmt>1840157</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1840157</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAINS DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>290959</GrossSalesPriceAmt>
          <GainOrLossAmt>290959</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>290959</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>2131116</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>29871</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>29871</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>29871</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>23686</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>11000</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>34686</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="RetDoc1192000001">X</Form2220AttachedInd>
        <EsPenaltyAmt>172</EsPenaltyAmt>
        <OverpaymentAmt>4643</OverpaymentAmt>
        <AppliedToESTaxAmt>4643</AppliedToESTaxAmt>
        <RefundAmt>0</RefundAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>0</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>0</MoreThan100SpentInd>
        <Form1120POLFiledInd>0</Form1120POLFiledInd>
        <Section4955OrganizationTaxAmt>0</Section4955OrganizationTaxAmt>
        <Section4955ManagersTaxAmt>0</Section4955ManagersTaxAmt>
        <TaxReimbursedAmt>0</TaxReimbursedAmt>
        <ActivitiesNotPreviouslyRptInd>0</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>0</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>0</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>0</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>1</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>1</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>NV</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>0</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd referenceDocumentId="RetDoc2330900001">1</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>WHITTIER TRUST COMPANY OF NEVADA</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>7756865400</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>100 WEST LIBERTY STREET 890</AddressLine1Txt>
          <CityNm>RENO</CityNm>
          <StateAbbreviationCd>NV</StateAbbreviationCd>
          <ZIPCd>895011954</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>0</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>0</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>0</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>0</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>1</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>0</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>0</PaymentToGovernmentOfficialInd>
        <ActsFailToQlfyAsExceptionsInd>0</ActsFailToQlfyAsExceptionsInd>
        <UncorrectedPriorActsInd>0</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>0</UndistributedIncomePYInd>
        <BusinessHoldingsInd>0</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>0</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>0</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>0</InfluenceLegislationInd>
        <InfluenceElectionInd>0</InfluenceElectionInd>
        <GrantsToIndividualsInd>0</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>0</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>0</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>0</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>0</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>0</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>CHRISTOPHER BROWNING</PersonNm>
          <USAddress>
            <AddressLine1Txt>100 WEST LIBERTY STREET STE 890</AddressLine1Txt>
            <CityNm>RENO</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89501</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>6000</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JOHN BROWNING</PersonNm>
          <USAddress>
            <AddressLine1Txt>100 WEST LIBERTY STREET STE 890</AddressLine1Txt>
            <CityNm>RENO</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89501</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>6000</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>EDMUND DUMKE JR</PersonNm>
          <USAddress>
            <AddressLine1Txt>100 WEST LIBERTY STREET STE 890</AddressLine1Txt>
            <CityNm>RENO</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89501</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>6000</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JUDITH ANN BROWNING JONES</PersonNm>
          <USAddress>
            <AddressLine1Txt>100 WEST LIBERTY STREET STE 890</AddressLine1Txt>
            <CityNm>RENO</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89501</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>6000</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>AMELIA JONES</PersonNm>
          <USAddress>
            <AddressLine1Txt>100 WEST LIBERTY STREET STE 890</AddressLine1Txt>
            <CityNm>RENO</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89501</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>6000</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ANN HOLLINGSWORTH</PersonNm>
          <USAddress>
            <AddressLine1Txt>100 WEST LIBERTY STREET STE 890</AddressLine1Txt>
            <CityNm>RENO</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89501</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>6000</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>AMANDA M BUNTMANN</PersonNm>
          <USAddress>
            <AddressLine1Txt>100 WEST LIBERTY STREET STE 890</AddressLine1Txt>
            <CityNm>RENO</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89501</ZIPCd>
          </USAddress>
          <TitleTxt>FOUNDATION ADMINISTRATOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>2.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>GARDNER RUSSO &amp; GARDNER</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>223 EAST CHESTNUT STREET</AddressLine1Txt>
            <CityNm>LANCESTER</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>17602</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVESTMENT ADVISORY</ServiceTypeTxt>
          <CompensationAmt>169096</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>SEMPER AUGUSTUS INVESTMENTS</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>200 PLAZA DR STE 240</AddressLine1Txt>
            <CityNm>HIGHLANDS RANCH</CityNm>
            <StateAbbreviationCd>CO</StateAbbreviationCd>
            <ZIPCd>80129</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVESTMENT ADVISORY</ServiceTypeTxt>
          <CompensationAmt>77825</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>WHITTIER TRUST COMPANY OF NEVADA</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>100 WEST LIBERTY STREET STE 890</AddressLine1Txt>
            <CityNm>RENO</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89501</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>FOUNDATION ADMINISTRATION</ServiceTypeTxt>
          <CompensationAmt>50000</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>32787389</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>537024</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>33324413</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>33324413</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>499866</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>32824547</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>1641227</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>1641227</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>29871</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>29871</TotalTaxAmt>
        <DistributableBeforeAdjAmt>1611356</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>1611356</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>1611356</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>1578700</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>1578700</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>1611356</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>181493</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>23904</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>75231</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>75152</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>43904</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>399684</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>1578700</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>1578700</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>32656</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>32656</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>367028</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>148837</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>218191</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>23904</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>75231</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>75152</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>43904</ExcessFromYear1Amt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>GREATER HORIZONS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1055 BROADWAY BLVD STE 130</AddressLine1Txt>
            <CityNm>KANSAS CITY</CityNm>
            <StateAbbreviationCd>MO</StateAbbreviationCd>
            <ZIPCd>64105</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>PC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>GENERAL OPERATING SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>1500875</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1500875</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>416474</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <OtherInvestmentIncomeGrp>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>3031</ExclusionAmt>
        </OtherInvestmentIncomeGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>2131116</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>2550621</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>2550621</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>0</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>0</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>0</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>0</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>0</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>0</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>0</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>0</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>0</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>0</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc2002200001">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>4450</Amt>
        <NetInvestmentIncomeAmt>2225</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2225</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>ALASKA AIR GROUP INC COM</StockNm>
        <EOYBookValueAmt>140818</EOYBookValueAmt>
        <EOYFMVAmt>145719</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ALPHABET INC CL C</StockNm>
        <EOYBookValueAmt>527252</EOYBookValueAmt>
        <EOYFMVAmt>2529228</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ASHTEAD GROUP PLC SHS</StockNm>
        <EOYBookValueAmt>751354</EOYBookValueAmt>
        <EOYFMVAmt>936554</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BERKSHIRE HATHAWAY INC DEL CL A</StockNm>
        <EOYBookValueAmt>258750</EOYBookValueAmt>
        <EOYFMVAmt>2264400</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BERKSHIREHATHAWAY INC DEL CL B NEW</StockNm>
        <EOYBookValueAmt>1016452</EOYBookValueAmt>
        <EOYFMVAmt>2772115</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BROWN FORMAN CORP CL A</StockNm>
        <EOYBookValueAmt>42850</EOYBookValueAmt>
        <EOYFMVAmt>120394</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CIE FINANCIERE RICHEMONT AG SHS</StockNm>
        <EOYBookValueAmt>171271</EOYBookValueAmt>
        <EOYFMVAmt>1622533</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>COMCAST CORP</StockNm>
        <EOYBookValueAmt>50392</EOYBookValueAmt>
        <EOYFMVAmt>115226</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CUMMINS INC COM</StockNm>
        <EOYBookValueAmt>44980</EOYBookValueAmt>
        <EOYFMVAmt>138332</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DISNEY WALT CO COM DISNEY</StockNm>
        <EOYBookValueAmt>100288</EOYBookValueAmt>
        <EOYFMVAmt>126171</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DOLLAR GEN CORP NEW COM</StockNm>
        <EOYBookValueAmt>1280695</EOYBookValueAmt>
        <EOYFMVAmt>1453964</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DOLLAR TREE INC COM</StockNm>
        <EOYBookValueAmt>472615</EOYBookValueAmt>
        <EOYFMVAmt>801287</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DOORDASH INC CL A</StockNm>
        <EOYBookValueAmt>322305</EOYBookValueAmt>
        <EOYFMVAmt>528151</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>EQUINOR ASA SPONSORED ADR</StockNm>
        <EOYBookValueAmt>101871</EOYBookValueAmt>
        <EOYFMVAmt>148420</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>FIVE BELOW INC COM</StockNm>
        <EOYBookValueAmt>281919</EOYBookValueAmt>
        <EOYFMVAmt>736111</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HEINEKEN HOLDINGS SHS</StockNm>
        <EOYBookValueAmt>860143</EOYBookValueAmt>
        <EOYFMVAmt>1281880</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HEINEKEN NV SPONSORED ADR L1</StockNm>
        <EOYBookValueAmt>159230</EOYBookValueAmt>
        <EOYFMVAmt>148782</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HF SINCLAIRCORP COM</StockNm>
        <EOYBookValueAmt>155665</EOYBookValueAmt>
        <EOYFMVAmt>323712</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HUSQVARNA AB SPON ADR</StockNm>
        <EOYBookValueAmt>294205</EOYBookValueAmt>
        <EOYFMVAmt>225491</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>JP MORGAN CHASE &amp; CO COM</StockNm>
        <EOYBookValueAmt>144981</EOYBookValueAmt>
        <EOYFMVAmt>490097</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>KINROSS GOLD CORP COM NO PAR</StockNm>
        <EOYBookValueAmt>75073</EOYBookValueAmt>
        <EOYFMVAmt>505754</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MARTIN MARIETTA MATLS INC COM</StockNm>
        <EOYBookValueAmt>378182</EOYBookValueAmt>
        <EOYFMVAmt>811326</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MASTERCARD INC CL A</StockNm>
        <EOYBookValueAmt>254431</EOYBookValueAmt>
        <EOYFMVAmt>1313024</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NESTLE S A SPONSORED ADR</StockNm>
        <EOYBookValueAmt>338088</EOYBookValueAmt>
        <EOYFMVAmt>1108673</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NETFLIX INC COM</StockNm>
        <EOYBookValueAmt>222509</EOYBookValueAmt>
        <EOYFMVAmt>1004170</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NEWMONT MINING CORP COM</StockNm>
        <EOYBookValueAmt>317904</EOYBookValueAmt>
        <EOYFMVAmt>708735</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NXP SEMICONDUCTORS NV COM</StockNm>
        <EOYBookValueAmt>17265</EOYBookValueAmt>
        <EOYFMVAmt>33644</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>OLIN CORP COM PAR $1</StockNm>
        <EOYBookValueAmt>434616</EOYBookValueAmt>
        <EOYFMVAmt>523583</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ORKLA AS SPON ADR A</StockNm>
        <EOYBookValueAmt>68402</EOYBookValueAmt>
        <EOYFMVAmt>85399</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PARAMOUNT GLOBAL CLASS B COM</StockNm>
        <EOYBookValueAmt>125182</EOYBookValueAmt>
        <EOYFMVAmt>114155</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PERNOD RICARD ACT ORD</StockNm>
        <EOYBookValueAmt>583777</EOYBookValueAmt>
        <EOYFMVAmt>576500</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PHILIP MORRIS INTL INC COM</StockNm>
        <EOYBookValueAmt>457788</EOYBookValueAmt>
        <EOYFMVAmt>1288814</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SEACOR MARINE HLDGS INC COM</StockNm>
        <EOYBookValueAmt>105360</EOYBookValueAmt>
        <EOYFMVAmt>58412</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>STARBUCKS CORP COM</StockNm>
        <EOYBookValueAmt>253627</EOYBookValueAmt>
        <EOYFMVAmt>277219</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SUBSEA 7 SA SPONSORED ADR</StockNm>
        <EOYBookValueAmt>91653</EOYBookValueAmt>
        <EOYFMVAmt>206809</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>UBER TECHNOLOGIES INC COM</StockNm>
        <EOYBookValueAmt>611092</EOYBookValueAmt>
        <EOYFMVAmt>890639</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>VALERO ENERGY CORP NEW COM</StockNm>
        <EOYBookValueAmt>126800</EOYBookValueAmt>
        <EOYFMVAmt>383045</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PROFESSIONALLY MANAGED PORTFOLIOS AKRE FOCUS</StockNm>
        <EOYBookValueAmt>4755103</EOYBookValueAmt>
        <EOYFMVAmt>6310840</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DECKERS OUTDOOR</StockNm>
        <EOYBookValueAmt>775609</EOYBookValueAmt>
        <EOYFMVAmt>817853</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CIE FINANCIERE RICHE</StockNm>
        <EOYBookValueAmt>100887</EOYBookValueAmt>
        <EOYFMVAmt>338459</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>WIRE FEE REIMBURSEMENTS</Desc>
        <RevenueAndExpensesPerBooksAmt>3031</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>3031</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>3031</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="RetDoc2049700001">
      <OtherIncreasesDetail>
        <Desc>UNREALIZED GAINS AND LOSSES</Desc>
        <Amt>73656</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc2002300001">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>MANAGEMENT FEES</CategoryTxt>
        <Amt>50000</Amt>
        <NetInvestmentIncomeAmt>5000</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>45000</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT ADVISORY</CategoryTxt>
        <Amt>336471</Amt>
        <NetInvestmentIncomeAmt>336471</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAX</CategoryTxt>
        <Amt>9595</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX PAID</CategoryTxt>
        <Amt>52563</Amt>
        <NetInvestmentIncomeAmt>52563</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>