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        <MinimumInvestmentReturn>718929</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>718929</MinimumInvestmentReturn>
        <TaxBasedOnInvestmentIncome>7516</TaxBasedOnInvestmentIncome>
        <TotalTax>7516</TotalTax>
        <DistributableAmountBeforeAdj>711413</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>711413</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>711413</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
        <ExpensesAndContributions referenceDocumentId="990PF:178">715040</ExpensesAndContributions>
        <QualifyingDistributions>715040</QualifyingDistributions>
        <OnePctSect4940eOrgNetInvstIncm>7516</OnePctSect4940eOrgNetInvstIncm>
        <AdjQualifyingDistributions>707524</AdjQualifyingDistributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>711413</DistributableAmountAsAdjusted>
        <UndistributedIncomePriorYear>543473</UndistributedIncomePriorYear>
        <PriorYear1>2008</PriorYear1>
        <PriorYear2>2009</PriorYear2>
        <PriorYear3>2010</PriorYear3>
        <TotalForPriorYears>1623659</TotalForPriorYears>
        <QualifyingDistributions>715040</QualifyingDistributions>
        <AppliedToYear1>543473</AppliedToYear1>
        <AppliedToCurrentYear>171567</AppliedToCurrentYear>
        <PriorYearUndistributedIncome>1623659</PriorYearUndistributedIncome>
        <TaxableAmount1>1623659</TaxableAmount1>
        <UndistributedIncomeCY>539846</UndistributedIncomeCY>
      </UndistributedIncome>
      <SupplementaryInformation>
        <AppicationSubmissionInfo>
          <RecipientName>Ms Kim Harrison</RecipientName>
          <RecipientUSAddress>
            <AddressLine1>PO Box 227</AddressLine1>
            <City>Owings</City>
            <State>MD</State>
            <ZIPCode>20736</ZIPCode>
          </RecipientUSAddress>
          <RecipientPhoneNumber>4102575344</RecipientPhoneNumber>
          <FormAndInfoAndMaterials>All required forms on website www.jgmurrayfoundation.org</FormAndInfoAndMaterials>
          <SubmissionDeadlines>Refer to website for deadlines</SubmissionDeadlines>
          <RestrictionsOnAwards>Refer to websit for restrictions or limitations</RestrictionsOnAwards>
        </AppicationSubmissionInfo>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>See Attached Statement B</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO Box 227</AddressLine1>
            <City>Owings</City>
            <State>MD</State>
            <ZIPCode>20736</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>None</RecipientRelationship>
          <RecipientFoundationStatus>Exempt</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>General Exempt Purposes</PurposeOfGrantOrContribution>
          <Amount>715040</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>715040</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <IntOnSavingsAndTempCashInvst>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>1807</ExclusionAmount>
        </IntOnSavingsAndTempCashInvst>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>323880</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <OtherInvestmentIncomePartVII>
          <ExclusionCode>24</ExclusionCode>
          <ExclusionAmount>14917</ExclusionAmount>
        </OtherInvestmentIncomePartVII>
        <GainSalesAssetsOthThanInvntry>
          <ExclusionCode>18</ExclusionCode>
          <ExclusionAmount>612218</ExclusionAmount>
        </GainSalesAssetsOthThanInvntry>
        <SubtotalsPartXVIA>
          <ExclusionAmount>952822</ExclusionAmount>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>952822</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>false</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>false</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>false</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>false</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>false</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>false</ReimbursementArrangements>
        <LoansOrLoanGuarantees>false</LoansOrLoanGuarantees>
        <PerformanceOfServicesEtc>false</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>false</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>false</RelationshipsNoncharitableEOs>
      </TrnsfrTrRlnWithNoncharitableEO>
    </IRS990PF>
    <AccountingFeesSchedule documentId="990PF:73" softwareId="12000057" softwareVersion="12.19.1011.1">
      <AccountingFees>
        <Category>J.J. Maier, CPA</Category>
        <Amount>8500</Amount>
        <NetInvestmentIncome>8500</NetInvestmentIncome>
      </AccountingFees>
    </AccountingFeesSchedule>
    <GainLossSaleOtherAssetsSch documentId="990PF:69" softwareId="12000057" softwareVersion="12.19.1011.1">
      <GainLossSaleOtherAsset>
        <Name>ML 04001 LTCG</Name>
        <DateAcquired>2010-01</DateAcquired>
        <HowAcquired>P</HowAcquired>
        <DateSold>2012-12</DateSold>
        <GrossSalesPrice>27812</GrossSalesPrice>
        <TotalNet>27812</TotalNet>
      </GainLossSaleOtherAsset>
      <GainLossSaleOtherAsset>
        <Name>ML 04026 LTCG</Name>
        <DateAcquired>2010-01</DateAcquired>
        <HowAcquired>P</HowAcquired>
        <DateSold>2012-12</DateSold>
        <GrossSalesPrice>118822</GrossSalesPrice>
        <TotalNet>118822</TotalNet>
      </GainLossSaleOtherAsset>
      <GainLossSaleOtherAsset>
        <Name>ML 04045 LTCG</Name>
        <DateAcquired>2010-01</DateAcquired>
        <HowAcquired>P</HowAcquired>
        <DateSold>2012-12</DateSold>
        <GrossSalesPrice>18673</GrossSalesPrice>
        <TotalNet>18673</TotalNet>
      </GainLossSaleOtherAsset>
      <GainLossSaleOtherAsset>
        <Name>ML 04046 LTCG</Name>
        <DateAcquired>2010-01</DateAcquired>
        <HowAcquired>P</HowAcquired>
        <DateSold>2012-12</DateSold>
        <GrossSalesPrice>27617</GrossSalesPrice>
        <TotalNet>27617</TotalNet>
      </GainLossSaleOtherAsset>
      <GainLossSaleOtherAsset>
        <Name>ML 04047 LTCG</Name>
        <DateAcquired>2010-01</DateAcquired>
        <HowAcquired>P</HowAcquired>
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        <GrossSalesPrice>8442</GrossSalesPrice>
        <TotalNet>8442</TotalNet>
      </GainLossSaleOtherAsset>
      <GainLossSaleOtherAsset>
        <Name>ML 04072 LTCG</Name>
        <DateAcquired>2010-01</DateAcquired>
        <HowAcquired>P</HowAcquired>
        <DateSold>2012-12</DateSold>
        <GrossSalesPrice>71388</GrossSalesPrice>
        <TotalNet>71388</TotalNet>
      </GainLossSaleOtherAsset>
      <GainLossSaleOtherAsset>
        <Name>ML 04076 LTCG</Name>
        <DateAcquired>2010-01</DateAcquired>
        <HowAcquired>P</HowAcquired>
        <DateSold>2012-12</DateSold>
        <GrossSalesPrice>11730</GrossSalesPrice>
        <TotalNet>11730</TotalNet>
      </GainLossSaleOtherAsset>
      <GainLossSaleOtherAsset>
        <Name>TIFF Mutual Fund LTCG</Name>
        <DateAcquired>2010-01</DateAcquired>
        <HowAcquired>P</HowAcquired>
        <DateSold>2012-12</DateSold>
        <GrossSalesPrice>121750</GrossSalesPrice>
        <TotalNet>121750</TotalNet>
      </GainLossSaleOtherAsset>
      <GainLossSaleOtherAsset>
        <Name>TIFF Secondary Partners K-1</Name>
        <DateAcquired>2010-01</DateAcquired>
        <HowAcquired>P</HowAcquired>
        <DateSold>2012-12</DateSold>
        <GrossSalesPrice>124562</GrossSalesPrice>
        <TotalNet>124562</TotalNet>
      </GainLossSaleOtherAsset>
      <GainLossSaleOtherAsset>
        <Name>ML 04001 STCG</Name>
        <DateAcquired>2012-01</DateAcquired>
        <HowAcquired>P</HowAcquired>
        <DateSold>2012-12</DateSold>
        <GrossSalesPrice>23150</GrossSalesPrice>
        <TotalNet>23150</TotalNet>
      </GainLossSaleOtherAsset>
      <GainLossSaleOtherAsset>
        <Name>ML04026 STCG</Name>
        <DateAcquired>2012-01</DateAcquired>
        <HowAcquired>P</HowAcquired>
        <DateSold>2012-12</DateSold>
        <GrossSalesPrice>13608</GrossSalesPrice>
        <TotalNet>13608</TotalNet>
      </GainLossSaleOtherAsset>
      <GainLossSaleOtherAsset>
        <Name>ML04045 STCG</Name>
        <DateAcquired>2012-01</DateAcquired>
        <HowAcquired>P</HowAcquired>
        <DateSold>2012-12</DateSold>
        <GrossSalesPrice>4663</GrossSalesPrice>
        <TotalNet>4663</TotalNet>
      </GainLossSaleOtherAsset>
      <GainLossSaleOtherAsset>
        <Name>ML04046 STCG</Name>
        <DateAcquired>2012-01</DateAcquired>
        <HowAcquired>P</HowAcquired>
        <DateSold>2012-12</DateSold>
        <GrossSalesPrice>4250</GrossSalesPrice>
        <TotalNet>4250</TotalNet>
      </GainLossSaleOtherAsset>
      <GainLossSaleOtherAsset>
        <Name>ML04072 STCG</Name>
        <DateAcquired>2012-01</DateAcquired>
        <HowAcquired>P</HowAcquired>
        <DateSold>2012-12</DateSold>
        <GrossSalesPrice>1957</GrossSalesPrice>
        <TotalNet>1957</TotalNet>
      </GainLossSaleOtherAsset>
      <GainLossSaleOtherAsset>
        <Name>ML04076 STCG</Name>
        <DateAcquired>2012-01</DateAcquired>
        <HowAcquired>P</HowAcquired>
        <DateSold>2012-12</DateSold>
        <GrossSalesPrice>33794</GrossSalesPrice>
        <TotalNet>33794</TotalNet>
      </GainLossSaleOtherAsset>
      <GainLossSaleOtherAsset>
        <Name>TIFF Secondary Partners K-1</Name>
        <DateAcquired>2012-01</DateAcquired>
        <HowAcquired>P</HowAcquired>
        <DateSold>2012-12</DateSold>
        <GrossSalesPrice>80310</GrossSalesPrice>
        <TotalNet>80310</TotalNet>
      </GainLossSaleOtherAsset>
    </GainLossSaleOtherAssetsSch>
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    <InvestmentsCorpStockSchedule documentId="990PF:86" softwareId="12000057" softwareVersion="12.19.1011.1">
      <InvestmentsCorpStock>
        <NameOfStock>ML 2BL-04001 Stmt A</NameOfStock>
        <EOYBookValue>7991632</EOYBookValue>
        <EOYFMV>8384282</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>ML 2BL-04026 Stmt A</NameOfStock>
        <EOYBookValue>1301700</EOYBookValue>
        <EOYFMV>1361078</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>ML 2BL-04047 Stmt A</NameOfStock>
        <EOYBookValue>144869</EOYBookValue>
        <EOYFMV>166054</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>ML 2BL-04072 Stmt A</NameOfStock>
        <EOYBookValue>2973835</EOYBookValue>
        <EOYFMV>3476538</EOYFMV>
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      <InvestmentsCorpStock>
        <NameOfStock>ML 2BL-04076 Stmt A</NameOfStock>
        <EOYBookValue>576359</EOYBookValue>
        <EOYFMV>619386</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>TIFF Mutual Fund</NameOfStock>
        <EOYBookValue>36444</EOYBookValue>
        <EOYFMV>99680</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>TIFF Secondary Partners 1 Partnership</NameOfStock>
        <EOYBookValue>310215</EOYBookValue>
        <EOYFMV>310215</EOYFMV>
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    </InvestmentsCorpStockSchedule>
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    <OtherDecreasesSchedule documentId="990PF:133" softwareId="12000057" softwareVersion="12.19.1011.1">
      <OtherDecreases>
        <Description>Return of Capital</Description>
        <Amount>513017</Amount>
      </OtherDecreases>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="990PF:76" softwareId="12000057" softwareVersion="12.19.1011.1">
      <OtherExpenses>
        <Description>Dues and Subscriptions</Description>
        <RevenueAndExpensesPerBooks>79</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>79</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Certified Fees Merrill Lynch</Description>
        <RevenueAndExpensesPerBooks>132</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>132</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Miscellaneous Expenses</Description>
        <RevenueAndExpensesPerBooks>325</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>325</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Office Expense Furniture, Maintenance Supplies</Description>
        <RevenueAndExpensesPerBooks>634</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>634</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Office Expense - Computer Software Repairs</Description>
        <RevenueAndExpensesPerBooks>2084</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>2084</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Postage</Description>
        <RevenueAndExpensesPerBooks>236</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>236</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Telephone</Description>
        <RevenueAndExpensesPerBooks>1525</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>1525</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Bank Service Charges</Description>
        <RevenueAndExpensesPerBooks>36</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>36</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Portfolio Expense From TIFF K-1</Description>
        <RevenueAndExpensesPerBooks>8100</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>8100</NetInvestmentIncome>
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    </OtherExpensesSchedule>
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      <OtherIncome>
        <Description>Nontaxable Distributions</Description>
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        <NetInvestmentIncome>14631</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>Cancellation of debt income from TIFF Partnership</Description>
        <RevenueAndExpensesPerBooks>349</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>349</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>Ordinary Income from TIFF Partnership</Description>
        <RevenueAndExpensesPerBooks>-63</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>-63</NetInvestmentIncome>
      </OtherIncome>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="990PF:74" softwareId="12000057" softwareVersion="12.19.1011.1">
      <OtherProfessionalFees>
        <Category>Merrill Lynch Management Fees</Category>
        <Amount>60139</Amount>
        <NetInvestmentIncome>60139</NetInvestmentIncome>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="990PF:75" softwareId="12000057" softwareVersion="12.19.1011.1">
      <Taxes>
        <Category>Foreign taxes</Category>
        <Amount>407</Amount>
        <NetInvestmentIncome>407</NetInvestmentIncome>
      </Taxes>
      <Taxes>
        <Category>Excise taxes net</Category>
        <Amount>39655</Amount>
        <NetInvestmentIncome>39655</NetInvestmentIncome>
      </Taxes>
      <Taxes>
        <Category>Payroll taxes</Category>
        <Amount>4777</Amount>
        <NetInvestmentIncome>4777</NetInvestmentIncome>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>