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        <TotalExcessDistributionCyovAmt>1573211</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>206801</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <RemainingDistriFromCorpusAmt>206801</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>1780012</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>426909</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>1353103</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>315827</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>266391</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>281343</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>282741</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>206801</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp>
        <PrivateOperatingFndtnRulingDt>1990-10-30</PrivateOperatingFndtnRulingDt>
        <Section4942j3Ind>X</Section4942j3Ind>
        <LessorAdjNetIncmMinInvstRetGrp>
          <CurrentYearAmt>137921</CurrentYearAmt>
          <Year1Amt>122838</Year1Amt>
          <Year2Amt>126419</Year2Amt>
          <Year3Amt>106999</Year3Amt>
          <TotalAmt>494177</TotalAmt>
        </LessorAdjNetIncmMinInvstRetGrp>
        <Pct85LessorAdjIncmOrMinRetGrp>
          <CurrentYearAmt>117233</CurrentYearAmt>
          <Year1Amt>104412</Year1Amt>
          <Year2Amt>107456</Year2Amt>
          <Year3Amt>90949</Year3Amt>
          <TotalAmt>420050</TotalAmt>
        </Pct85LessorAdjIncmOrMinRetGrp>
        <QualifyingDistributionsGrp>
          <CurrentYearAmt>206801</CurrentYearAmt>
          <Year1Amt>282741</Year1Amt>
          <Year2Amt>281343</Year2Amt>
          <Year3Amt>266391</Year3Amt>
          <TotalAmt>1037276</TotalAmt>
        </QualifyingDistributionsGrp>
        <QualifyingDistriNotUsedDrtGrp />
        <QualifyingDistriMadeDrtGrp>
          <CurrentYearAmt>206801</CurrentYearAmt>
          <Year1Amt>282741</Year1Amt>
          <Year2Amt>281343</Year2Amt>
          <Year3Amt>266391</Year3Amt>
          <TotalAmt>1037276</TotalAmt>
        </QualifyingDistriMadeDrtGrp>
        <TotalAssetsGrp>
          <CurrentYearAmt>14262373</CurrentYearAmt>
          <Year1Amt>13464892</Year1Amt>
          <Year2Amt>12492828</Year2Amt>
          <Year3Amt>12856578</Year3Amt>
          <TotalAmt>53076671</TotalAmt>
        </TotalAssetsGrp>
        <TotalAssetsSect4942j3BiGrp>
          <TotalAmt>0</TotalAmt>
        </TotalAssetsSect4942j3BiGrp>
        <TwoThirdsMinimumInvstRetGrp>
          <CurrentYearAmt>202948</CurrentYearAmt>
          <Year1Amt>200208</Year1Amt>
          <Year2Amt>197341</Year2Amt>
          <Year3Amt>193035</Year3Amt>
          <TotalAmt>793532</TotalAmt>
        </TwoThirdsMinimumInvstRetGrp>
        <TotalSupportGrp>
          <TotalAmt>0</TotalAmt>
        </TotalSupportGrp>
        <PublicSupportType>
          <TotalAmt>0</TotalAmt>
        </PublicSupportType>
        <LargestSupportFromEOGrp>
          <TotalAmt>0</TotalAmt>
        </LargestSupportFromEOGrp>
        <GrossInvestmentIncomeGrp>
          <TotalAmt>0</TotalAmt>
        </GrossInvestmentIncomeGrp>
      </PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>DENNIS KELLER</ContributingManagerNm>
        <ContributingManagerNm>WILLIAM WALTON III</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MPALA RESEARCH CENTRE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>PO BOX 555</AddressLine1Txt>
            <CityNm>NANYUKI</CityNm>
            <CountryCd>KE</CountryCd>
          </RecipientForeignAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>NC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>BULDING &amp; OPERATING EXPENSES FOR MPALA RESEARCH CENTER</GrantOrContributionPurposeTxt>
          <Amt>30000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>30000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>47</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>138006</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>172562</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>310615</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>310615</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>
    <IRS990ScheduleB documentId="IRS990ScheduleB">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorPersonNm>DIRECT PUBLIC SUPPORT 5000 EACH</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>C/O Princeton Univ 322 Nassau Hall</AddressLine1Txt>
          <CityNm>Princeton</CityNm>
          <StateAbbreviationCd>NJ</StateAbbreviationCd>
          <ZIPCd>08544</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>19556</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
      <ContributorInformationGrp>
        <ContributorNum>2</ContributorNum>
        <ContributorPersonNm>Princeton University</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>po box 430</AddressLine1Txt>
          <CityNm>PRinceton</CityNm>
          <StateAbbreviationCd>NJ</StateAbbreviationCd>
          <ZIPCd>085441019</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>112394</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>10185</Amt>
        <NetInvestmentIncomeAmt>5093</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>5092</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="DepreciationSch">
      <DepreciationPropertyGrp>
        <PropertyDesc>BUILDING</PropertyDesc>
        <AcquiredDt>2012-01-01</AcquiredDt>
        <CostOrOtherBasisAmt>1551012</CostOrOtherBasisAmt>
        <PriorYearDepreciationAmt>238616</PriorYearDepreciationAmt>
        <ComputationMethodTxt>M39</ComputationMethodTxt>
        <CurrentYearExpenseAmt>39768</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>LAND</PropertyDesc>
        <AcquiredDt>2011-12-31</AcquiredDt>
        <CostOrOtherBasisAmt>320629</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
    </DepreciationSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>RBC CAPITAL MARKETS LLC</StockNm>
        <EOYBookValueAmt>3242991</EOYBookValueAmt>
        <EOYFMVAmt>4440743</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>RBC CAPITAL MARKETS LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>2214254</BookValueAmt>
        <EOYFMVAmt>2337258</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LandEtcSchedule2 documentId="LandEtcSch2">
      <LandEtcGrp>
        <CategoryOrItemTxt>BUILDING</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1551012</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>278384</AccumulatedDepreciationAmt>
        <BookValueAmt>1272628</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>LAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>320629</CostOrOtherBasisAmt>
        <BookValueAmt>320629</BookValueAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL FEES</CategoryTxt>
        <LegalFeesAmt>1395</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>1395</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>MPALA RANCH, LTD</Desc>
        <BOYBookValueAmt>5986228</BOYBookValueAmt>
        <EOYBookValueAmt>6143622</EOYBookValueAmt>
        <EOYFMVAmt>6143622</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>12252</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>12252</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>120</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>120</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>POSTAGE &amp; DELIVERY</Desc>
        <RevenueAndExpensesPerBooksAmt>106</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>106</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>22</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>22</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>REGISTRATION FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>442</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>442</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Desc>UNREALIZED GAINS/LOSSES &amp; TIMIMG DIFF</Desc>
        <Amt>2908</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT MANAGEMENT FEES</CategoryTxt>
        <Amt>32819</Amt>
        <NetInvestmentIncomeAmt>32819</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES</CategoryTxt>
        <Amt>1661</Amt>
        <NetInvestmentIncomeAmt>1661</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>EXCISE TAX</CategoryTxt>
        <Amt>1200</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>
