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          <GainsMinusExcessOrLossesAmt>2634250</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SALE OF NEVADA LAND INVESTMT PROPERTY/</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <AcquiredDt>2013-07-01</AcquiredDt>
          <SoldDt>2014-11-06</SoldDt>
          <GrossSalesPriceAmt>1770141</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1750000</CostOrOtherBasisAmt>
          <GainOrLossAmt>20141</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>20141</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>LOSS ON SALE OF BILLBOARD PARCEL</PropertyDesc>
          <HowAcquiredCd>D</HowAcquiredCd>
          <AcquiredDt>2013-07-01</AcquiredDt>
          <SoldDt>2014-11-06</SoldDt>
          <CostOrOtherBasisAmt>7800</CostOrOtherBasisAmt>
          <GainOrLossAmt>-7800</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-7800</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>AUTOHOME INC ADR SHARES</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2014-06-30</AcquiredDt>
          <SoldDt>2014-11-19</SoldDt>
          <GrossSalesPriceAmt>9073744</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>93640</CostOrOtherBasisAmt>
          <GainOrLossAmt>8980104</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>8980104</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CHINA DISTANCE ED HLDGS LTD SHARES</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2014-06-30</AcquiredDt>
          <SoldDt>2014-11-21</SoldDt>
          <GrossSalesPriceAmt>2477089</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>543645</CostOrOtherBasisAmt>
          <GainOrLossAmt>1933444</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1933444</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAINS DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>3369215</GrossSalesPriceAmt>
          <GainOrLossAmt>3369215</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>3369215</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>39966371</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>0</LiableSection4942TaxInd>
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        <NetVlNoncharitableAssetsYr1Amt>185110543</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.045922</DistributionYr1Rt>
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        <DistributionYr2Rt>0.058756</DistributionYr2Rt>
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        <NetInvestmentIncomePctAmt>432868</NetInvestmentIncomePctAmt>
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        <QualifyingDistributionsAmt>12726863</QualifyingDistributionsAmt>
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      <ExciseTaxBasedOnInvstIncmGrp>
        <DomesticOrgMeetingSect4940eInd>X</DomesticOrgMeetingSect4940eInd>
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        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>432868</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>432868</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>442640</EstimatedPlusOvpmtIncmTxAmt>
        <AppliedToEsTaxAmt>200000</AppliedToEsTaxAmt>
        <TotalPaymentsAndCreditsAmt>642640</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="RetDoc1192000001">X</Form2220AttachedInd>
        <EsPenaltyAmt>585</EsPenaltyAmt>
        <OverpaymentAmt>209187</OverpaymentAmt>
        <AppliedToESTaxAmt>209187</AppliedToESTaxAmt>
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      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>0</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>0</MoreThan100SpentInd>
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        <ActivitiesNotPreviouslyRptInd>0</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>0</ChangesToArticlesOrBylawsInd>
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        <Section508eRqrSatisfiedInd>1</Section508eRqrSatisfiedInd>
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        <OrgReportOrRegisterStateCd>CA</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>0</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>KAVLIFOUNDATION.ORG</WebsiteAddressTxt>
        <IndividualWithBooksNm>ROBERT CONN</IndividualWithBooksNm>
        <PhoneNum>8059836000</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>1801 SOLAR DR SUITE 250</AddressLine1Txt>
          <CityNm>OXNARD</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>93030</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>0</ForeignAccountsQuestionInd>
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        <SaleOrExchDisqualifiedPrsnInd>0</SaleOrExchDisqualifiedPrsnInd>
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        <PayCompDisqualifiedPrsnInd>1</PayCompDisqualifiedPrsnInd>
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        <UncorrectedPriorActsInd>0</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>0</UndistributedIncomePYInd>
        <BusinessHoldingsInd>0</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>0</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>0</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>0</InfluenceLegislationInd>
        <InfluenceElectionInd>0</InfluenceElectionInd>
        <GrantsToIndividualsInd>0</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>1</GrantsToOrganizationsInd>
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        <RcvFndsToPayPrsnlBnftCntrctInd>0</RcvFndsToPayPrsnlBnftCntrctInd>
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        <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
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      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ROBERT CONN</PersonNm>
          <USAddress>
            <AddressLine1Txt>1801 SOLAR DRIVE SUITE 250</AddressLine1Txt>
            <CityNm>OXNARD</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93030</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT AND CEO</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
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          <EmployeeBenefitProgramAmt>2308</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>1040</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>THOMAS E EVERHART</PersonNm>
          <USAddress>
            <AddressLine1Txt>1801 SOLAR DRIVE SUITE 250</AddressLine1Txt>
            <CityNm>OXNARD</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93030</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>3.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>31000</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>8139</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>DOUGLAS K FREEMAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>1801 SOLAR DRIVE SUITE 250</AddressLine1Txt>
            <CityNm>OXNARD</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93030</ZIPCd>
          </USAddress>
          <TitleTxt>SECRETARY</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>3.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>38500</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>3476</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ROCKELL N HANKIN</PersonNm>
          <USAddress>
            <AddressLine1Txt>1801 SOLAR DRIVE SUITE 250</AddressLine1Txt>
            <CityNm>OXNARD</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93030</ZIPCd>
          </USAddress>
          <TitleTxt>CHAIRMAN</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>3.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>68500</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>4332</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>HENRY YANG</PersonNm>
          <USAddress>
            <AddressLine1Txt>1801 SOLAR DRIVE SUITE 250</AddressLine1Txt>
            <CityNm>OXNARD</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93030</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>3.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
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        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>RICHARD MESERVE</PersonNm>
          <USAddress>
            <AddressLine1Txt>1801 SOLAR DRIVE SUITE 250</AddressLine1Txt>
            <CityNm>OXNARD</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93030</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
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          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
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        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>CORWIN CORPUZ</PersonNm>
          <USAddress>
            <AddressLine1Txt>1801 SOLAR DRIVE SUITE 250</AddressLine1Txt>
            <CityNm>OXNARD</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93030</ZIPCd>
          </USAddress>
          <TitleTxt>INVESTMENT COMMITTEE</TitleTxt>
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          <CompensationAmt>11000</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>MARY SUE COLEMAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>1801 SOLAR DRIVE SUITE 250</AddressLine1Txt>
            <CityNm>OXNARD</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93030</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>3.00</AverageHrsPerWkDevotedToPosRt>
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          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>547</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>GUNNAR NILSEN</PersonNm>
          <USAddress>
            <AddressLine1Txt>1801 SOLAR DRIVE SUITE 250</AddressLine1Txt>
            <CityNm>OXNARD</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93030</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>3.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>38500</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>4848</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>MIYOUNG CHUN</PersonNm>
          <USAddress>
            <AddressLine1Txt>1801 SOLAR DRIVE SUITE 250</AddressLine1Txt>
            <CityNm>OXNARD</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93030</ZIPCd>
          </USAddress>
          <TitleTxt>VP SCIENCE PROGRAMS</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>268750</CompensationAmt>
          <EmployeeBenefitsAmt>14269</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>2544</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>JAMES COHEN</PersonNm>
          <USAddress>
            <AddressLine1Txt>1801 SOLAR DRIVE SUITE 250</AddressLine1Txt>
            <CityNm>OXNARD</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93030</ZIPCd>
          </USAddress>
          <TitleTxt>COMMUNICATIONS DIREC</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>169841</CompensationAmt>
          <EmployeeBenefitsAmt>18866</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>450</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>CHRISTOPHER L MARTIN</PersonNm>
          <USAddress>
            <AddressLine1Txt>1801 SOLAR DRIVE SUITE 250</AddressLine1Txt>
            <CityNm>OXNARD</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93030</ZIPCd>
          </USAddress>
          <TitleTxt>SCIENCE PROGRAM OFF</TitleTxt>
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          <CompensationAmt>144510</CompensationAmt>
          <EmployeeBenefitsAmt>13201</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>2988</ExpenseAccountAmt>
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        <CompensationHighestPaidEmplGrp>
          <PersonNm>NADINE STERN</PersonNm>
          <USAddress>
            <AddressLine1Txt>1801 SOLAR DRIVE SUITE 250</AddressLine1Txt>
            <CityNm>OXNARD</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93030</ZIPCd>
          </USAddress>
          <TitleTxt>EXECUTIVE ASSISTANT</TitleTxt>
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          <PersonNm>ROSENDO MARTIN</PersonNm>
          <USAddress>
            <AddressLine1Txt>1801 SOLAR DRIVE SUITE 250</AddressLine1Txt>
            <CityNm>OXNARD</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93030</ZIPCd>
          </USAddress>
          <TitleTxt>PROPERTY MAINTENANCE</TitleTxt>
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          <ExpenseAccountAmt>113</ExpenseAccountAmt>
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        <OtherEmployeePaidOver50kCnt>1</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
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      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
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      <InvestmentsCorporateStockGrp>
        <StockNm>NORTHERN TRUST-NEW SOUTH CAP MGMT</StockNm>
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      <InvestmentsCorporateStockGrp>
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        <BookValueAmt>1762000</BookValueAmt>
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      <InvestmentLandGrp>
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        <BookValueAmt>14464943</BookValueAmt>
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      <InvestmentLandGrp>
        <CategoryOrItemTxt>MACHINERY &amp; EQUIPMENT - PACKING HOUSE SQUARE</CategoryOrItemTxt>
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        <BookValueAmt>133756</BookValueAmt>
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      <InvestmentLandGrp>
        <CategoryOrItemTxt>BUILDING AND IMPROVEMENTS - VENTURA BOULEVARD</CategoryOrItemTxt>
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      <InvestmentLandGrp>
        <CategoryOrItemTxt>LAND - VENTURA BOULEVARD</CategoryOrItemTxt>
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      <InvestmentLandGrp>
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      <InvestmentLandGrp>
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      <InvestmentLandGrp>
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      <InvestmentsOtherGrp>
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      <InvestmentsOtherGrp>
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      <InvestmentsOtherGrp>
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      <InvestmentsOtherGrp>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>KAYNE ANDERSON MIDSTREAM INST FUND LP</CategoryOrItemTxt>
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      <InvestmentsOtherGrp>
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      <InvestmentsOtherGrp>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SUNBELT VINEYARD LLC</CategoryOrItemTxt>
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      <InvestmentsOtherGrp>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GIF PRIVATE INVESTORS LLC</CategoryOrItemTxt>
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      <InvestmentsOtherGrp>
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      <InvestmentsOtherGrp>
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      <InvestmentsOtherGrp>
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        <Amt>8913</Amt>
        <NetInvestmentIncomeAmt>8913</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>