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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>STANFORD UNIVERSITY GRADUATE SCHOOL OF BUSINESS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
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        <GrantOrContributionPdDurYrGrp>
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          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
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        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
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      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
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        <ContributorUSAddress>
          <AddressLine1Txt>c/o W K Hauser 336 BonAir Ctr 392</AddressLine1Txt>
          <CityNm>Greenbrae</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>94904</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>100000</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
      <ContributorInformationGrp>
        <ContributorNum>2</ContributorNum>
        <ContributorPersonNm>Hauser W Kurt</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>336 Bon Air Center 392</AddressLine1Txt>
          <CityNm>Greenbrae</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>94904</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>450000</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
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    <CompensationExplanation documentId="CompensationExpl">
      <CompensationExplanationGrp>
        <PersonNm>W Kurt Hauser</PersonNm>
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    </CompensationExplanation>
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        <EOYFMVAmt>102180</EOYFMVAmt>
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        <EOYFMVAmt>103594</EOYFMVAmt>
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      <InvestmentsCorporateBondsGrp>
        <BondNm>XEROX CORP SR NT - 6.400% - 03</BondNm>
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        <EOYFMVAmt>106129</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
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    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>ALIBABA GROUP HOLDING LIMITED</StockNm>
        <EOYBookValueAmt>3894</EOYBookValueAmt>
        <EOYFMVAmt>4158</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>AMBEV SA</StockNm>
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        <EOYFMVAmt>7620</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>BAIDU.COM - ADR</StockNm>
        <EOYBookValueAmt>10186</EOYBookValueAmt>
        <EOYFMVAmt>13678</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>BANCO ITAU HOLDING FINANCIERA</StockNm>
        <EOYBookValueAmt>12726</EOYBookValueAmt>
        <EOYFMVAmt>13127</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>BANK OF AMERICA CORP</StockNm>
        <EOYBookValueAmt>96977</EOYBookValueAmt>
        <EOYFMVAmt>41326</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BRASIL FOODS S.A.</StockNm>
        <EOYBookValueAmt>11096</EOYBookValueAmt>
        <EOYFMVAmt>12843</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BRITISH AMERICAN TOBACCO PLC</StockNm>
        <EOYBookValueAmt>5006</EOYBookValueAmt>
        <EOYFMVAmt>4852</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CNOOC LTD ADS</StockNm>
        <EOYBookValueAmt>18485</EOYBookValueAmt>
        <EOYFMVAmt>15576</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>COHEN AND STEERS REALTY SHARES</StockNm>
        <EOYBookValueAmt>127775</EOYBookValueAmt>
        <EOYFMVAmt>159042</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>COMML INTL BK S/ADR</StockNm>
        <EOYBookValueAmt>7089</EOYBookValueAmt>
        <EOYFMVAmt>7548</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>COMPANHIA SANEA ADS</StockNm>
        <EOYBookValueAmt>7185</EOYBookValueAmt>
        <EOYFMVAmt>4466</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>COPA HOLDINGS S.A.</StockNm>
        <EOYBookValueAmt>5533</EOYBookValueAmt>
        <EOYFMVAmt>3627</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CREDICORP LTD</StockNm>
        <EOYBookValueAmt>9771</EOYBookValueAmt>
        <EOYFMVAmt>12014</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CYPRESS SEMICONDUCTR</StockNm>
        <EOYBookValueAmt>19493</EOYBookValueAmt>
        <EOYFMVAmt>72757</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DYNEX CAPITAL INC REIT</StockNm>
        <EOYBookValueAmt>211220</EOYBookValueAmt>
        <EOYFMVAmt>181500</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>EMBRAER EMPRESA BR</StockNm>
        <EOYBookValueAmt>8386</EOYBookValueAmt>
        <EOYFMVAmt>9584</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>EMC CORP-MASS</StockNm>
        <EOYBookValueAmt>30640</EOYBookValueAmt>
        <EOYFMVAmt>59480</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>FOMENTO ECONOMICO MEXICANO</StockNm>
        <EOYBookValueAmt>10894</EOYBookValueAmt>
        <EOYFMVAmt>10123</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GALAXY ENTERTAINMENT GROUP LIM</StockNm>
        <EOYBookValueAmt>18384</EOYBookValueAmt>
        <EOYFMVAmt>11513</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GENERAL ELECTRIC CO</StockNm>
        <EOYBookValueAmt>59083</EOYBookValueAmt>
        <EOYFMVAmt>75810</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GRUMA SAB</StockNm>
        <EOYBookValueAmt>3984</EOYBookValueAmt>
        <EOYFMVAmt>3954</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GRUPO AEROPORTUARIO DEL CENTRO</StockNm>
        <EOYBookValueAmt>5848</EOYBookValueAmt>
        <EOYFMVAmt>6905</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GRUPO FIN ADR</StockNm>
        <EOYBookValueAmt>8370</EOYBookValueAmt>
        <EOYFMVAmt>6629</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GRUPO TELEVISA (ADR)</StockNm>
        <EOYBookValueAmt>12466</EOYBookValueAmt>
        <EOYFMVAmt>12262</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HDFC BANK LTD ADR</StockNm>
        <EOYBookValueAmt>10259</EOYBookValueAmt>
        <EOYFMVAmt>15479</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HENGAN INTL GRP ADR</StockNm>
        <EOYBookValueAmt>13714</EOYBookValueAmt>
        <EOYFMVAmt>12245</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HOLLYSYS AUTOMATION TECHNOLOGI</StockNm>
        <EOYBookValueAmt>6137</EOYBookValueAmt>
        <EOYFMVAmt>6230</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ICICI BK LTD ADS</StockNm>
        <EOYBookValueAmt>13700</EOYBookValueAmt>
        <EOYFMVAmt>21945</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>INTEL CORP</StockNm>
        <EOYBookValueAmt>43040</EOYBookValueAmt>
        <EOYFMVAmt>72580</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ISHARES BARCLAYS TIPS BOND FUN</StockNm>
        <EOYBookValueAmt>495943</EOYBookValueAmt>
        <EOYFMVAmt>560049</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ISHARES HIGH DIVIDEND EQUITY F</StockNm>
        <EOYBookValueAmt>111304</EOYBookValueAmt>
        <EOYFMVAmt>114810</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ISHARES MSCI EMERGING MARKETS</StockNm>
        <EOYBookValueAmt>218304</EOYBookValueAmt>
        <EOYFMVAmt>196449</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ISHARES MSCI PHILIPPINES INV</StockNm>
        <EOYBookValueAmt>12557</EOYBookValueAmt>
        <EOYFMVAmt>12797</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ISHARES RUSSELL 2000</StockNm>
        <EOYBookValueAmt>174358</EOYBookValueAmt>
        <EOYFMVAmt>180657</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>KASIKORNBANK PUB CO LTD ADR CM</StockNm>
        <EOYBookValueAmt>5815</EOYBookValueAmt>
        <EOYFMVAmt>5765</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MEAD JOHNSON NUTRITI</StockNm>
        <EOYBookValueAmt>12264</EOYBookValueAmt>
        <EOYFMVAmt>13070</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NASPERS LTD N SPONS ADR</StockNm>
        <EOYBookValueAmt>3747</EOYBookValueAmt>
        <EOYFMVAmt>4550</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NIKE INC-CL B</StockNm>
        <EOYBookValueAmt>21568</EOYBookValueAmt>
        <EOYFMVAmt>76920</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PFIZER INC.</StockNm>
        <EOYBookValueAmt>15260</EOYBookValueAmt>
        <EOYFMVAmt>24546</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PHILIP MORRIS INTL</StockNm>
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        <EOYFMVAmt>162900</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SABMILLER PLC S/ADR</StockNm>
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        <EOYFMVAmt>4640</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SASOL LTD</StockNm>
        <EOYBookValueAmt>8876</EOYBookValueAmt>
        <EOYFMVAmt>7024</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SELECT SECTOR SPDR UTILITIES</StockNm>
        <EOYBookValueAmt>210454</EOYBookValueAmt>
        <EOYFMVAmt>236099</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SESA STERLITE LIMITED</StockNm>
        <EOYBookValueAmt>10973</EOYBookValueAmt>
        <EOYFMVAmt>11136</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SINA CORPORATION</StockNm>
        <EOYBookValueAmt>9328</EOYBookValueAmt>
        <EOYFMVAmt>4115</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SOCIEDAD QUIMICA Y MINERA DE C</StockNm>
        <EOYBookValueAmt>11636</EOYBookValueAmt>
        <EOYFMVAmt>10985</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SOUTHERN COPPER CORP</StockNm>
        <EOYBookValueAmt>11100</EOYBookValueAmt>
        <EOYFMVAmt>10716</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SPDR BARCLAYS CAPITAL HYB ETF</StockNm>
        <EOYBookValueAmt>678233</EOYBookValueAmt>
        <EOYFMVAmt>694979</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SUNPOWER CORP</StockNm>
        <EOYBookValueAmt>28585</EOYBookValueAmt>
        <EOYFMVAmt>12579</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>TAIWAN SEMICONDUCTOR MFG CO LT</StockNm>
        <EOYBookValueAmt>9362</EOYBookValueAmt>
        <EOYFMVAmt>12197</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>TATA MOTORS LTD ADS</StockNm>
        <EOYBookValueAmt>11960</EOYBookValueAmt>
        <EOYFMVAmt>17123</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>TENARIS SA-ADR</StockNm>
        <EOYBookValueAmt>13725</EOYBookValueAmt>
        <EOYFMVAmt>9516</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>TENCENT HOLDINGS LIMITED</StockNm>
        <EOYBookValueAmt>11011</EOYBookValueAmt>
        <EOYFMVAmt>12334</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>TURKCELL ILETISIM HIZMETLERI A</StockNm>
        <EOYBookValueAmt>3834</EOYBookValueAmt>
        <EOYFMVAmt>4460</EOYFMVAmt>
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      <InvestmentsCorporateStockGrp>
        <StockNm>WHV INTERNATIONAL EQUITY FUND</StockNm>
        <EOYBookValueAmt>113742</EOYBookValueAmt>
        <EOYFMVAmt>102427</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WUXI PHARMATECH CAYMAN INC</StockNm>
        <EOYBookValueAmt>8002</EOYBookValueAmt>
        <EOYFMVAmt>7744</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>RUBICON MORTGAGE FUND LLC MORT</CategoryOrItemTxt>
        <BookValueAmt>397901</BookValueAmt>
        <EOYFMVAmt>403123</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
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        <RevenueAndExpensesPerBooksAmt>24660</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>24660</DisbursementsCharitablePrpsAmt>
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      <OtherExpensesScheduleGrp>
        <Desc>Bank Charges</Desc>
        <RevenueAndExpensesPerBooksAmt>264</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>264</NetInvestmentIncomeAmt>
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      <OtherExpensesScheduleGrp>
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        <RevenueAndExpensesPerBooksAmt>12648</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>12648</NetInvestmentIncomeAmt>
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      <OtherExpensesScheduleGrp>
        <Desc>State or Local Filing Fees</Desc>
        <RevenueAndExpensesPerBooksAmt>25</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>25</DisbursementsCharitablePrpsAmt>
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    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
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        <Desc>K-1 Inc/Loss RUBICON MORTGAGE FUND LLC MORTGAGE PO</Desc>
        <RevenueAndExpensesPerBooksAmt>36090</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>36090</NetInvestmentIncomeAmt>
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        <Amt>2036</Amt>
        <NetInvestmentIncomeAmt>2036</NetInvestmentIncomeAmt>
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    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>990-PF Estimated Tax for 2014</CategoryTxt>
        <Amt>1800</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>Foreign Tax Paid</CategoryTxt>
        <Amt>608</Amt>
        <NetInvestmentIncomeAmt>608</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>