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          <PersonNm>CONCORD ADVISORY GROUP LTD</PersonNm>
          <USAddress>
            <AddressLine1Txt>700 ALEXANDER PARK SUITE 203</AddressLine1Txt>
            <CityNm>PRINCETON</CityNm>
            <StateAbbreviationCd>NJ</StateAbbreviationCd>
            <ZIPCd>08540</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVESTMENT FEES</ServiceTypeTxt>
          <CompensationAmt>153626</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <PersonNm>WILMINGTON TRUST COMPANY</PersonNm>
          <USAddress>
            <AddressLine1Txt>1100 NORTH MARKET STREET</AddressLine1Txt>
            <CityNm>WILMINGTON</CityNm>
            <StateAbbreviationCd>DE</StateAbbreviationCd>
            <ZIPCd>198900001</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVESTMENT FEES</ServiceTypeTxt>
          <CompensationAmt>102097</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <PersonNm>STATE STREET GLOBAL ADVISORS</PersonNm>
          <USAddress>
            <AddressLine1Txt>ONE IRON STREET C/O SSGA</AddressLine1Txt>
            <CityNm>BOSTON</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>02210</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVESTMENT FEES</ServiceTypeTxt>
          <CompensationAmt>92733</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <PersonNm>WESTERN ASSET MANAGEMENT COMPANY</PersonNm>
          <USAddress>
            <AddressLine1Txt>620 8TH AVENUE 50TH FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10018</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVESTMENT FEES</ServiceTypeTxt>
          <CompensationAmt>90400</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <ContractorPaidOver50kCnt>6</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>408824229</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>3376608</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>547000</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>412747837</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>412747837</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>6191218</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>406556619</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>20327831</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>20327831</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>196964</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>196964</TotalTaxAmt>
        <DistributableBeforeAdjAmt>20130867</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>20130867</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>20130867</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>159726636</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>159726636</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>20130867</DistributableAsAdjustedAmt>
        <ExcessDistributionCyovYr5Amt>2555251</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>4341205</ExcessDistributionCyovYr4Amt>
        <TotalExcessDistributionCyovAmt>6896456</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>159726636</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>20130867</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>139595769</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>146492225</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>2555251</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>143936974</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>4341205</ExcessFromYear4Amt>
        <ExcessFromCurrentYearAmt>139595769</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>NONE</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>LARRY A HARTMANEXECUTIVE DIRECTOR</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>213 MARKET STREET 12TH FLOOR</AddressLine1Txt>
            <CityNm>HARRISBURG</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>17101</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>7172316639</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>APPLICATION SHOULD BE MADE BY LETTER INDICATING ANTICIPATED USE OF FUNDS AND FINANCIAL INFORMATION OF REQUESTEE.</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>NONE</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>NONE</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SEE ATTACHED SCHEDULE OF GRANTS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>213 MARKET ST 12TH FL</AddressLine1Txt>
            <CityNm>HARRISBURG</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>17101</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>SEE ATTACHED</GrantOrContributionPurposeTxt>
          <Amt>18457425</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>DONOR ADVISED FUND</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>213 MARKET ST 12TH FL</AddressLine1Txt>
            <CityNm>HARRISBURG</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>17101</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>141052188</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>159509613</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>4044984</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>7798046</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>3151320</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>DEFERRED EXCISE TAX ASSET</Desc>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>612651</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>OTHER K-1 INCOME</Desc>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>388339</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>15995340</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>15995340</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>true</RelationshipsNonchrtblEOInd>
        <RelationshipScheduleDetail>
          <OrganizationBusinessName>
            <BusinessNameLine1Txt>DBS FOUNDATION</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>HOLDINGS</BusinessNameLine2Txt>
          </OrganizationBusinessName>
          <OrganizationTypeDesc>501(C)(2)</OrganizationTypeDesc>
          <RelationshipDescriptionTxt>DBS FOUNDATION HOLDINGS IS ORGANIZED AS A 501(C)(2) TITLE HOLDING CORPORATION. ANY INCOME FROM HOLDINGS WOULD FLOW TO THE DONALD B. AND DOROTHY L. STABLER FOUNDATION.</RelationshipDescriptionTxt>
        </RelationshipScheduleDetail>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc2">
      <AccountingFeesDetail>
        <CategoryTxt>BROWN SCHULTZ SHERIDAN FRITZ</CategoryTxt>
        <Amt>32600</Amt>
        <NetInvestmentIncomeAmt>16300</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>16300</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpBondsSchedule documentId="RetDoc3">
      <InvestmentsCorporateBondsGrp>
        <BondNm>CORPORATE BONDS</BondNm>
        <EOYBookValueAmt>15961043</EOYBookValueAmt>
        <EOYFMVAmt>15961043</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc4">
      <InvestmentsCorporateStockGrp>
        <StockNm>EQUITY SECURITIES</StockNm>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="RetDoc5">
      <USGovtObligationsBookVlEOYAmt>17560858</USGovtObligationsBookVlEOYAmt>
      <USGovtObligationsEOYFMVAmt>17560858</USGovtObligationsEOYFMVAmt>
    </InvestmentsGovtObligationsSch>
    <InvestmentsLandSchedule2 documentId="RetDoc6">
      <InvestmentLandGrp>
        <CategoryOrItemTxt>LAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>547000</CostOrOtherBasisAmt>
        <BookValueAmt>547000</BookValueAmt>
        <EOYFMVAmt>547000</EOYFMVAmt>
      </InvestmentLandGrp>
    </InvestmentsLandSchedule2>
    <InvestmentsOtherSchedule2 documentId="RetDoc7">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MUTUAL FUNDS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>98334739</BookValueAmt>
        <EOYFMVAmt>98334739</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ALTERNATIVE INVESTMENTS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>160225188</BookValueAmt>
        <EOYFMVAmt>160225188</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LegalFeesSchedule documentId="RetDoc8">
      <LegalFeesGrp>
        <CategoryTxt>BARLEY SNYDER</CategoryTxt>
        <LegalFeesAmt>55679</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>55679</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherExpensesSchedule documentId="RetDoc9">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MISCELLANEOUS</Desc>
        <RevenueAndExpensesPerBooksAmt>1870</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>935</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>935</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>57173</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>28587</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>28586</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT EXPENSES FROM</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PASS-THROUGH ENTITIES</Desc>
        <RevenueAndExpensesPerBooksAmt>23865</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>23865</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>20117</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>10058</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>10059</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PORTFOLIO DEDUCTIONS (K-1)</Desc>
        <RevenueAndExpensesPerBooksAmt>53422</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>53422</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>COMPUTER SERVICES</Desc>
        <RevenueAndExpensesPerBooksAmt>191</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>96</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>95</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc11">
      <OtherIncomeDetail>
        <Desc>DEFERRED EXCISE TAX ASSET</Desc>
        <RevenueAndExpensesPerBooksAmt>612651</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>OTHER K-1 INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>388339</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>388339</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="RetDoc10">
      <OtherIncreasesDetail>
        <Desc>UNREALIZED GAIN</Desc>
        <Amt>35369318</Amt>
      </OtherIncreasesDetail>
      <OtherIncreasesDetail>
        <Desc>DIFFERENCE IN CHARITABLE CONT TIMING</Desc>
        <Amt>30000</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherLiabilitiesSchedule documentId="RetDoc12">
      <OtherLiabilitiesDetail>
        <Desc>DEFERRED FEDERAL EXCISE TAX</Desc>
        <BOYBookValueAmt>1094434</BOYBookValueAmt>
        <EOYBookValueAmt>504180</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc13">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>MONDRIAN INVESTMENT PARTNERS</CategoryTxt>
        <Amt>243403</Amt>
        <NetInvestmentIncomeAmt>243403</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CEREDEX VALUE ADVISORS</CategoryTxt>
        <Amt>48448</Amt>
        <NetInvestmentIncomeAmt>48448</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CONCORD ADVISORY GROUP LTD.</CategoryTxt>
        <Amt>153625</Amt>
        <NetInvestmentIncomeAmt>153625</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>WESTERN ASSET MANAGEMENT CO.</CategoryTxt>
        <Amt>90400</Amt>
        <NetInvestmentIncomeAmt>90400</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>AGINCOURT CAPITAL MGMT LLC</CategoryTxt>
        <Amt>76939</Amt>
        <NetInvestmentIncomeAmt>76939</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>STATE STREET GLOBAL ADVISORS</CategoryTxt>
        <Amt>92733</Amt>
        <NetInvestmentIncomeAmt>92733</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>WILMINGTON TRUST COMPANY</CategoryTxt>
        <Amt>102097</Amt>
        <NetInvestmentIncomeAmt>102097</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc14">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES PAID/WITHHELD</CategoryTxt>
        <Amt>166313</Amt>
        <NetInvestmentIncomeAmt>166313</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>PAYROLL TAXES</CategoryTxt>
        <Amt>5525</Amt>
        <NetInvestmentIncomeAmt>2763</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2762</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAXES</CategoryTxt>
        <Amt>275000</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>