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          <EmployeeBenefitsAmt>26506</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>INVESTMENT IN ARENI HOLDINGS LLC AND LOAN TO HISTORIC HOTEL LLC TO SUPPORT ECONOMIC DEVELOPMENT IN THE SURROUNDING CITIES BY PROVIDING TOURISM RELATED JOBS.</Description1Txt>
        <Expenses1Amt>8000000</Expenses1Amt>
        <Description2Txt>PURCHASE OF LAND IN YEREVAN ARMENIA TO BE LEASED BELOW MARKET RATE FOR USE AS A SCHOOL.</Description2Txt>
        <Expenses2Amt>142800</Expenses2Amt>
        <TotalAmt>8142800</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>90873054</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>6424289</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>27765632</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>125062975</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>125062975</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>1875945</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>123187030</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>6159352</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>6159352</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>288963</TaxBasedOnInvestmentIncomeAmt>
        <IncomeTaxAmt>968302</IncomeTaxAmt>
        <TotalTaxAmt>1257265</TotalTaxAmt>
        <DistributableBeforeAdjAmt>4902087</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>4902087</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>4902087</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>3482028</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>8142800</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>11624828</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>0</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>11624828</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>4902087</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>259398</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>424558</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>140524</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>3186923</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>2343244</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>6354647</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>11624828</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>4902087</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>6722741</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>13077388</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>259398</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>12817990</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>424558</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>140524</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>3186923</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>2343244</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>6722741</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ARMENIAN CENTER FOR CONTEMPORARY EXPERIMENTAL ART INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>81 MURRAY STREET SUITE 1</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10007</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>12300</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ARARAT HOME OF LOS ANGELES INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>15105 MISSION HILLS ROAD</AddressLine1Txt>
            <CityNm>MISSION HILLS</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>91345</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>188333</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ARARAT ESKIJIAN MUSEUM</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>15105 MISSION HILLS ROAD</AddressLine1Txt>
            <CityNm>MISSION HILLS</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>91345</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>AREKUNI FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1100 WILSHIRE BOULEVARD SUITE 3305</AddressLine1Txt>
            <CityNm>LOS ANGELES</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90017</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>45000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ARMENIA ARTSAKH FUND INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>17200 BALLINGER ST</AddressLine1Txt>
            <CityNm>NORTHRIDGE</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>91325</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>200000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ARMENIAN EYE CARE PROJECT</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 5630</AddressLine1Txt>
            <CityNm>NEWPORT BEACH</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92662</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>110000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ARMENIAN WOMEN'S ARCHIVES</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 9267 NORTH BERKELEY STATION</AddressLine1Txt>
            <CityNm>BERKELEY</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94709</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BOYS AND GIRLS CLUB - SAN JUAN CAPISTRANO</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>ONE VIA POSITIVA</AddressLine1Txt>
            <CityNm>SAN JUAN CAPISTRANO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92675</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CATALINA ISLAND MUSEUM</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>217 METROPOLE AVENUE</AddressLine1Txt>
            <CityNm>AVALON</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90704</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CHARLIE KEYAN ARMENIAN COMMUNITY SCHOOL</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>108 N VILLA AVENUE</AddressLine1Txt>
            <CityNm>CLOVIS</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93612</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CITY OF MANHATTAN BEACH</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1400 HIGHLAND AVENUE</AddressLine1Txt>
            <CityNm>MANHATTAN BEACH</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90266</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>19847</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CIVILITAS FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>315 ARDEN AVENUE NO 1</AddressLine1Txt>
            <CityNm>GLENDALE</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>91203</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CONVALESENT AID SOCIETY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>3255 EAST FOOTHILL BOULEVARD</AddressLine1Txt>
            <CityNm>PASADENA</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>91107</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CREATIVE ARMENIA</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2355 WESTWOOD BOULEVARD 333</AddressLine1Txt>
            <CityNm>LOS ANGELES</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90064</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>250000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>EXCEPTIONAL CHILDREN'S FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>5350 MACHADO ROAD</AddressLine1Txt>
            <CityNm>CULVER CITY</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90230</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FAMILY PROMISE OF SAN GABRIEL VALLEY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1005 E LAS TUNAS DRIVE 525</AddressLine1Txt>
            <CityNm>SAN GABRIEL</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>91776</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>JUNIOR ACHIEVEMENT WORLDWIDE INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>177 MILK STREET SUITE 100</AddressLine1Txt>
            <CityNm>BOSTON</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>02109</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>225000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>LA FAMILY HOUSING</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>7843 LANKERSHIM BOULEVARD</AddressLine1Txt>
            <CityNm>NORTH HOLLYWOOD</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>91605</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>LES AMIESCHILDREN'S INSTITUTE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>10880 WILSHIRE BOULEVARD SUITE 800</AddressLine1Txt>
            <CityNm>LOS ANGELES</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90024</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>LITTLE FREE LIBRARY ARMENIA</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>573 CO ROAD A SUITE 106</AddressLine1Txt>
            <CityNm>HUDSON</CityNm>
            <StateAbbreviationCd>WI</StateAbbreviationCd>
            <ZIPCd>54016</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>LOS ANGELES REGIONAL FOOD BANK</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1734 E 41ST STREET</AddressLine1Txt>
            <CityNm>LOS ANGELES</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90058</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MASHDOTS COLLEGE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 250063</AddressLine1Txt>
            <CityNm>GLENDALE</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>91225</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>13260</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MANHATTAN BEACH POLICE OFFICERS' ASSOCIATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 3542</AddressLine1Txt>
            <CityNm>MANHATTAN BEACH</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90266</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PUBLIC SUPPORT OF ORGANIZATION MISSION</GrantOrContributionPurposeTxt>
          <Amt>200</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MIDNIGHT MISSION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>601 SOUTH SAN PEDRO STREET</AddressLine1Txt>
            <CityNm>LOS ANGELES</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90014</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
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        <CategoryOrItemTxt>333 21ST STREET - LAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1400000</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>0</AccumulatedDepreciationAmt>
        <BookValueAmt>1400000</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>333 21ST STREET - BUILDING</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>465902</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>22589</AccumulatedDepreciationAmt>
        <BookValueAmt>443313</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>2717 &amp; 2821 CREST DRIVE - LAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>4741972</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>0</AccumulatedDepreciationAmt>
        <BookValueAmt>4741972</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>2717 &amp; 2821 CREST DRIVE - BUILDING</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>149752</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>6807</AccumulatedDepreciationAmt>
        <BookValueAmt>142945</BookValueAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CostOrOtherBasisAmt>2595600</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>0</AccumulatedDepreciationAmt>
        <BookValueAmt>2595600</BookValueAmt>
      </InvestmentLandGrp>
    </InvestmentsLandSchedule2>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ALTERNATIVE INVESTMENTS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>47370417</BookValueAmt>
        <EOYFMVAmt>47374858</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CERTIFICATES OF DEPOSIT</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1203464</BookValueAmt>
        <EOYFMVAmt>1220484</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LandEtcSchedule2 documentId="RetDoc2059000001">
      <LandEtcGrp>
        <CategoryOrItemTxt>1300 HIGHLAND LAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>600000</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>0</AccumulatedDepreciationAmt>
        <BookValueAmt>600000</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>1300 HIGHLAND BUILDING</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>657467</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>42145</AccumulatedDepreciationAmt>
        <BookValueAmt>615322</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>FURNITURE - 1300 HIGHLAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>45357</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>16200</AccumulatedDepreciationAmt>
        <BookValueAmt>29157</BookValueAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <LegalFeesSchedule documentId="RetDoc2002100001">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL FEES</CategoryTxt>
        <LegalFeesAmt>125495</LegalFeesAmt>
        <NetInvestmentIncomeAmt>20187</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="RetDoc2046600001">
      <OtherAssetsScheduleGrp>
        <Desc>HISTORIC HOTEL - PROGRAM RELATED INVESTMENT</Desc>
        <EOYBookValueAmt>8015556</EOYBookValueAmt>
        <EOYFMVAmt>8015556</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>YEREVAN LAND - PROGRAM RELATED INVESTMENT</Desc>
        <EOYBookValueAmt>142800</EOYBookValueAmt>
        <EOYFMVAmt>142800</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherDecreasesSchedule documentId="RetDoc2049800001">
      <OtherDecreasesDetail>
        <Desc>BASIS ADJUSTMENT</Desc>
        <Amt>29548</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>14852</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>17039</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>1228</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1228</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PAYROLL PROCESSING</Desc>
        <RevenueAndExpensesPerBooksAmt>1825</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1825</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>LICENSE FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>1500</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>10648</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>10648</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>COMMISSION</Desc>
        <RevenueAndExpensesPerBooksAmt>12113</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>12113</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>1094</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1094</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>1413</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1413</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>COMMISSIONS</Desc>
        <RevenueAndExpensesPerBooksAmt>1185</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1185</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>625</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>625</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>0</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>JASMINE MGRDICHIAN TRUST K-1 INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>11076657</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>11076657</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>11076657</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>CALIFORNIA COMMERCE CLUB K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>5047808</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>5047808</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>SAN CANYON PLAZA LLC</Desc>
        <RevenueAndExpensesPerBooksAmt>17473</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>28198</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>17473</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>HISTORIC HOTEL INTEREST (PRI)</Desc>
        <RevenueAndExpensesPerBooksAmt>15556</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>15556</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>15556</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>OLD WEST INCOME FUND</Desc>
        <RevenueAndExpensesPerBooksAmt>-251751</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-243084</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>-251751</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>SACRAMENTO FBI LLC</Desc>
        <RevenueAndExpensesPerBooksAmt>-10315</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>59354</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>-10315</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>PSH HOLDEN LLC</Desc>
        <RevenueAndExpensesPerBooksAmt>-8249</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-8249</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>-8249</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>MISC. INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>455</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>455</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>455</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherLiabilitiesSchedule documentId="RetDoc2065700001">
      <OtherLiabilitiesDetail>
        <Desc>TENNANT SECURITY DEPOSITS</Desc>
        <BOYBookValueAmt>69200</BOYBookValueAmt>
        <EOYBookValueAmt>87450</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc2002300001">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT MANAGEMENT FEES</CategoryTxt>
        <Amt>112328</Amt>
        <NetInvestmentIncomeAmt>112328</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CONSULTANTS</CategoryTxt>
        <Amt>50000</Amt>
        <NetInvestmentIncomeAmt>50000</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>TRANSLATORS</CategoryTxt>
        <Amt>4113</Amt>
        <NetInvestmentIncomeAmt>4113</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>FEDERAL TAXES</CategoryTxt>
        <Amt>1400000</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>STATE TAXES</CategoryTxt>
        <Amt>250000</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FILING FEES</CategoryTxt>
        <Amt>235</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>235</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES</CategoryTxt>
        <Amt>4413</Amt>
        <NetInvestmentIncomeAmt>4413</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>REAL ESTATE TAXES</CategoryTxt>
        <Amt>242233</Amt>
        <NetInvestmentIncomeAmt>242233</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>REAL ESTATE TAXES</CategoryTxt>
        <Amt>25759</Amt>
        <NetInvestmentIncomeAmt>25759</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>REAL ESTATE TAXES</CategoryTxt>
        <Amt>20310</Amt>
        <NetInvestmentIncomeAmt>20310</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>REAL ESTATE TAXES</CategoryTxt>
        <Amt>84504</Amt>
        <NetInvestmentIncomeAmt>84504</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>REAL ESTATE TAXES</CategoryTxt>
        <Amt>28845</Amt>
        <NetInvestmentIncomeAmt>28845</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>TAXES</CategoryTxt>
        <Amt>0</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>