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        <CapGainsLossTxInvstIncmGrp>
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        <CapGainsLossTxInvstIncmGrp>
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        <CapGainsLossTxInvstIncmGrp>
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        <CapGainsLossTxInvstIncmGrp>
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        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
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          <GrossSalesPriceAmt>179411</GrossSalesPriceAmt>
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        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
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        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>300SHS BROOKFIELD ASSET MGMT INC CL A</PropertyDesc>
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        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>450SHS BROOKFIELD ASSET MGMT INC CL A</PropertyDesc>
          <AcquiredDt>2013-06-10</AcquiredDt>
          <SoldDt>2020-03-17</SoldDt>
          <GrossSalesPriceAmt>20708</GrossSalesPriceAmt>
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        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>1,500SHS BROOKFIELD ASSET MGMT INC CL A</PropertyDesc>
          <AcquiredDt>2013-07-02</AcquiredDt>
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          <GrossSalesPriceAmt>69025</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>35893</CostOrOtherBasisAmt>
          <GainOrLossAmt>33132</GainOrLossAmt>
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        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>1,500SHS BROOKFIELD ASSET MGMT INC CL A</PropertyDesc>
          <AcquiredDt>2013-09-06</AcquiredDt>
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          <PropertyDesc>$200MMICROSOFT CORP 1.850% 02/12/2020</PropertyDesc>
          <AcquiredDt>2015-04-01</AcquiredDt>
          <SoldDt>2020-01-13</SoldDt>
          <GrossSalesPriceAmt>200000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>202970</CostOrOtherBasisAmt>
          <GainOrLossAmt>-2970</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-2970</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>$500M IBM CORP 2.90% 11/01/2021</PropertyDesc>
          <AcquiredDt>2018-05-15</AcquiredDt>
          <SoldDt>2020-03-06</SoldDt>
          <GrossSalesPriceAmt>513251</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>497098</CostOrOtherBasisAmt>
          <GainOrLossAmt>16153</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>16153</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>$500M IBM CORP 2.25% 02/19/2021</PropertyDesc>
          <AcquiredDt>2016-02-17</AcquiredDt>
          <SoldDt>2020-03-06</SoldDt>
          <GrossSalesPriceAmt>503963</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>501257</CostOrOtherBasisAmt>
          <GainOrLossAmt>2706</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>2706</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>$100M USTN 1.375% 04/30/2020</PropertyDesc>
          <AcquiredDt>2017-12-18</AcquiredDt>
          <SoldDt>2020-04-30</SoldDt>
          <GrossSalesPriceAmt>100000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>98998</CostOrOtherBasisAmt>
          <GainOrLossAmt>1002</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1002</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>$500M INTEL CORP 2.45% 07/29/20</PropertyDesc>
          <AcquiredDt>2017-12-20</AcquiredDt>
          <SoldDt>2020-07-29</SoldDt>
          <GrossSalesPriceAmt>500000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>505437</CostOrOtherBasisAmt>
          <GainOrLossAmt>-5437</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-5437</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>$500M JOHNSON &amp; JOHNSON 2.95% 09/01/20</PropertyDesc>
          <AcquiredDt>2014-12-15</AcquiredDt>
          <SoldDt>2020-09-01</SoldDt>
          <GrossSalesPriceAmt>500000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>526807</CostOrOtherBasisAmt>
          <GainOrLossAmt>-26807</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-26807</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>$500M JOHNSON &amp; JOHNSON 2.95% 09/01/20</PropertyDesc>
          <AcquiredDt>2015-12-14</AcquiredDt>
          <SoldDt>2020-09-01</SoldDt>
          <GrossSalesPriceAmt>500000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>528237</CostOrOtherBasisAmt>
          <GainOrLossAmt>-28237</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-28237</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>$500M COCA-COLA CO 1.55% 09/01/21</PropertyDesc>
          <AcquiredDt>2016-09-06</AcquiredDt>
          <SoldDt>2020-10-05</SoldDt>
          <GrossSalesPriceAmt>505973</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>503482</CostOrOtherBasisAmt>
          <GainOrLossAmt>2491</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>2491</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAINS DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>3189</GrossSalesPriceAmt>
          <GainOrLossAmt>3189</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>3189</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>1949769</CapitalGainNetIncomeAmt>
        <NetShortTermCapitalGainLossAmt>-1838924</NetShortTermCapitalGainLossAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>37169</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>37169</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>37169</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>26467</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>30000</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>56467</TotalPaymentsAndCreditsAmt>
        <EsPenaltyAmt>0</EsPenaltyAmt>
        <OverpaymentAmt>19298</OverpaymentAmt>
        <AppliedToESTaxAmt>19298</AppliedToESTaxAmt>
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        <LegislativePoliticalActyInd>0</LegislativePoliticalActyInd>
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        <LocationOfBooksUSAddress>
          <AddressLine1Txt>192 LEXINGTON AVENUE SUITE 1100</AddressLine1Txt>
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          <StateAbbreviationCd>NY</StateAbbreviationCd>
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        <ForeignAccountsQuestionInd>0</ForeignAccountsQuestionInd>
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        <OfficerDirTrstKeyEmplGrp>
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            <StateAbbreviationCd>NY</StateAbbreviationCd>
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        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ADA KATZ</PersonNm>
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            <AddressLine1Txt>C/O A KOZAK 192 LEXINGTON AVE 1100</AddressLine1Txt>
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          <PersonNm>VINCENT KATZ</PersonNm>
          <USAddress>
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            <StateAbbreviationCd>NY</StateAbbreviationCd>
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        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>VIVIEN BITTENCOURT KATZ</PersonNm>
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            <AddressLine1Txt>211 WEST 19TH STREET 5TH FL</AddressLine1Txt>
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            <StateAbbreviationCd>NY</StateAbbreviationCd>
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          <TitleTxt>SECRETARY &amp; DIRECTOR</TitleTxt>
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          <BusinessName>
            <BusinessNameLine1Txt>KLINGENSTEIN FIELDS &amp; CO LLC</BusinessNameLine1Txt>
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          <RecipientBusinessName>
            <BusinessNameLine1Txt>ART INSTITUTE OF CHICAGO</BusinessNameLine1Txt>
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          <RecipientBusinessName>
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            <AddressLine1Txt>111 SOUTH MICHIGAN AVENUE</AddressLine1Txt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BALTIMORE MUSEUM OF ART</BusinessNameLine1Txt>
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          <RecipientUSAddress>
            <AddressLine1Txt>10 ART MUSEUM DRIVE</AddressLine1Txt>
            <CityNm>BALTIMORE</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21218</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CONTRIBUTION OF ARTWORK - TRACY MILLER, CARTWHEEL, 2017</GrantOrContributionPurposeTxt>
          <Amt>14400</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BOWDOIN COLLEGE MUSEUM OF ART</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>255 MAINE STREET</AddressLine1Txt>
            <CityNm>BRUNSWICK</CityNm>
            <StateAbbreviationCd>ME</StateAbbreviationCd>
            <ZIPCd>04011</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CONTRIBUTION OF ARTWORK - NEIL BLAINE, ANEMONES IN BLUE POT, 1973</GrantOrContributionPurposeTxt>
          <Amt>25600</Amt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BOWDOIN COLLEGE MUSEUM OF ART</BusinessNameLine1Txt>
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            <AddressLine1Txt>255 MAINE STREET</AddressLine1Txt>
            <CityNm>BRUNSWICK</CityNm>
            <StateAbbreviationCd>ME</StateAbbreviationCd>
            <ZIPCd>04011</ZIPCd>
          </RecipientUSAddress>
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        <AdjustedNetIncomeAmt>281</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OUTSIDE SERVICES</Desc>
        <RevenueAndExpensesPerBooksAmt>7078</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>7078</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SHIPPING &amp; FREIGHT</Desc>
        <RevenueAndExpensesPerBooksAmt>809</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>809</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc2002300001">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT ADVISORY FEES</CategoryTxt>
        <Amt>166135</Amt>
        <NetInvestmentIncomeAmt>166135</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>166135</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <SubstantialContributorsSch documentId="RetDoc2089200001">
      <SubstantialContributorDetail>
        <PersonNm>ALEX KATZ</PersonNm>
        <USAddress>
          <AddressLine1Txt>AKOZAK CO 192 LEXINGTON AVE 1100</AddressLine1Txt>
          <CityNm>NEW YORK</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>10016</ZIPCd>
        </USAddress>
      </SubstantialContributorDetail>
    </SubstantialContributorsSch>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX PAID</CategoryTxt>
        <Amt>1402</Amt>
        <NetInvestmentIncomeAmt>1402</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>1402</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>
