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      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>APPLE INC. (2000 SHS)</StockNm>
        <EOYBookValueAmt>94184</EOYBookValueAmt>
        <EOYFMVAmt>500840</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="RetDoc4">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FAIRHOLME FUND (5541.955 SHS)</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>150031</BookValueAmt>
        <EOYFMVAmt>165453</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>HENNESSY CORNERSTONE (2398.309 SHS)</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>62600</BookValueAmt>
        <EOYFMVAmt>86287</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MANNING &amp; NAPIER</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>POLARIS GLOBAL (6082.105 SHS)</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>140445</BookValueAmt>
        <EOYFMVAmt>197705</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SPDR BIOTECH ETF (2400 SHS)</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>48336</BookValueAmt>
        <EOYFMVAmt>216144</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SPDR S&amp;P MID CAP 400 (800 SHS)</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>76503</BookValueAmt>
        <EOYFMVAmt>455664</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>T ROWE PRICE EMRG (5700.686 SHS)</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>118951</BookValueAmt>
        <EOYFMVAmt>120097</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>WF &amp; CO NEW PERP PFD CONV (50 SHS)</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>45758</BookValueAmt>
        <EOYFMVAmt>59716</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherNotesLoansRcvblShortSch2 documentId="RetDoc5">
      <OtherNotesLoansRcvblShortGrp>
        <Organization501c3Name>
          <BusinessNameLine1Txt>RTG STEEL INVESTMENT</BusinessNameLine1Txt>
        </Organization501c3Name>
        <BalanceDueAmt>150000</BalanceDueAmt>
      </OtherNotesLoansRcvblShortGrp>
      <OtherNotesLoansRcvblShortGrp>
        <Organization501c3Name>
          <BusinessNameLine1Txt>NEWPORT CARE NOTE</BusinessNameLine1Txt>
        </Organization501c3Name>
        <BalanceDueAmt>150000</BalanceDueAmt>
      </OtherNotesLoansRcvblShortGrp>
      <OtherNotesLoansRcvblShortGrp>
        <Organization501c3Name>
          <BusinessNameLine1Txt>KINGMAN-STOCKMAN LLC NOTE</BusinessNameLine1Txt>
        </Organization501c3Name>
        <BalanceDueAmt>238000</BalanceDueAmt>
      </OtherNotesLoansRcvblShortGrp>
    </OtherNotesLoansRcvblShortSch2>
    <TaxesSchedule documentId="RetDoc6">
      <TaxesDetail>
        <CategoryTxt>FOUNDATION EXCISE TAX</CategoryTxt>
        <Amt>409</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>CALIFORNIA ANNUAL REGISTRATION</CategoryTxt>
        <Amt>75</Amt>
        <NetInvestmentIncomeAmt>75</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX PAID - DIVIDENDS</CategoryTxt>
        <Amt>583</Amt>
        <NetInvestmentIncomeAmt>583</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>