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          <USAddress>
            <AddressLine1>245 WEST 99TH STREET</AddressLine1>
            <AddressLine2>APT 30B</AddressLine2>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10025</ZIPCode>
          </USAddress>
          <Title>PRESIDENT</Title>
          <AvgHoursPerWkDevotedToPosition>0.50</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <CompOfHighestPaidEmplNONE>NONE</CompOfHighestPaidEmplNONE>
        <CompOfHghstPaidCntrctNONE>NONE</CompOfHghstPaidCntrctNONE>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <SumOfProgramRelatedInvestments>
        <Description1>N/A</Description1>
      </SumOfProgramRelatedInvestments>
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>1541273</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>138050</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>0</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>1679323</TotalFMVOfUnusedAssets>
        <AdjTotalFMVOfUnusedAssets>1679323</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable>25190</CashDeemedCharitable>
        <NetNoncharitableAssets>1654133</NetNoncharitableAssets>
        <MinimumInvestmentReturn>82707</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>82707</MinimumInvestmentReturn>
        <TaxBasedOnInvestmentIncome>2887</TaxBasedOnInvestmentIncome>
        <TotalTax>2887</TotalTax>
        <DistributableAmountBeforeAdj>79820</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>79820</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>79820</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
        <ExpensesAndContributions>60400</ExpensesAndContributions>
        <QualifyingDistributions>60400</QualifyingDistributions>
        <AdjQualifyingDistributions>60400</AdjQualifyingDistributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>79820</DistributableAmountAsAdjusted>
        <ExcessDistriCarryoverYear3>56532</ExcessDistriCarryoverYear3>
        <ExcessDistriCarryoverYear2>65242</ExcessDistriCarryoverYear2>
        <TotalExcessDistriCarryover>121774</TotalExcessDistriCarryover>
        <QualifyingDistributions>60400</QualifyingDistributions>
        <AppliedToCurrentYear>60400</AppliedToCurrentYear>
        <ExcessDistriCyovAppCYCorpus>19420</ExcessDistriCyovAppCYCorpus>
        <ExcessDistriCyovAppliedCY>19420</ExcessDistriCyovAppliedCY>
        <TotalCorpus>102354</TotalCorpus>
        <UndistributedIncomeCY>0</UndistributedIncomeCY>
        <ExcessDistriCyovToNextYear>102354</ExcessDistriCyovToNextYear>
        <ExcessFromYear3>37112</ExcessFromYear3>
        <ExcessFromYear2>65242</ExcessFromYear2>
      </UndistributedIncome>
      <SupplementaryInformation>
        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>TEACH FOR AMERICA</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>315 W 36TH STREET</AddressLine1>
            <AddressLine2>6TH FLOOR</AddressLine2>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10018</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>EDUCATION</PurposeOfGrantOrContribution>
          <Amount>10400</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>THE DAKSHANA FOUNDATION</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1220 ROOSEVELT</AddressLine1>
            <AddressLine2>SUITE 200</AddressLine2>
            <City>IRVINE</City>
            <State>CA</State>
            <ZIPCode>926205652</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>EDUCATION</PurposeOfGrantOrContribution>
          <Amount>25000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>BUILDING HOPE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>910 17TH STREET NW</AddressLine1>
            <AddressLine2>SUITE 1100</AddressLine2>
            <City>WASHINGTON</City>
            <State>DC</State>
            <ZIPCode>20006</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>EDUCATION</PurposeOfGrantOrContribution>
          <Amount>20000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>TEACH FOR AMERICA</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>315 W 36TH STREET</AddressLine1>
            <AddressLine2>6TH FLOOR</AddressLine2>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10018</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>EDUCATION</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>60400</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <DividendsAndIntFromSecPartVII>
          <RelatedOrExemptFunctionIncome>27880</RelatedOrExemptFunctionIncome>
        </DividendsAndIntFromSecPartVII>
        <GainSalesAssetsOthThanInvntry>
          <RelatedOrExemptFunctionIncome>120532</RelatedOrExemptFunctionIncome>
        </GainSalesAssetsOthThanInvntry>
        <SubtotalsPartXVIA>
          <RelatedOrExemptFunctionIncome>148412</RelatedOrExemptFunctionIncome>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>148412</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>
    <CompensationExplanation documentId="RetDoc3">
      <Compensation>
        <PersonName>GIRISH BHAKOO</PersonName>
      </Compensation>
    </CompensationExplanation>
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        <NameOfStock>692 SHS ADVANCE AUTO PTS INC.</NameOfStock>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>350 SHS ADVANCE AUTO PTS INC.</NameOfStock>
        <EOYBookValue>12778</EOYBookValue>
        <EOYFMV>24371</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>305 SHS AMERICAN PUB ED INC.</NameOfStock>
        <EOYBookValue>7604</EOYBookValue>
        <EOYFMV>13200</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>75 SHS AMOREPACIFIC NEW PFD</NameOfStock>
        <EOYBookValue>10573</EOYBookValue>
        <EOYFMV>18261</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>433 SHS APOLLO GROUP INC.</NameOfStock>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>345 SHS ATLAS ENERGY INC</NameOfStock>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>928 SHS ATLAS ENERGY LP COM</NameOfStock>
        <EOYBookValue>13827</EOYBookValue>
        <EOYFMV>22550</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>2050 SHS BAJAJ HLDGS &amp; INVT LTD</NameOfStock>
        <EOYBookValue>33305</EOYBookValue>
        <EOYFMV>26650</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>168000 SHS BERGER INTL LTD</NameOfStock>
        <EOYBookValue>12100</EOYBookValue>
        <EOYFMV>2592</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>65000 SHS BERGER INTL LTD</NameOfStock>
        <EOYBookValue>4763</EOYBookValue>
        <EOYFMV>1003</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>100777 SHS BERGER INTL LTD</NameOfStock>
        <EOYBookValue>7297</EOYBookValue>
        <EOYFMV>1555</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>30000 SHS BERGER INTL LTD</NameOfStock>
        <EOYBookValue>2168</EOYBookValue>
        <EOYFMV>463</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>50000 SHS BERGER INTL LTD</NameOfStock>
        <EOYBookValue>3605</EOYBookValue>
        <EOYFMV>771</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>43000 SHS BERGER INTL LTD</NameOfStock>
        <EOYBookValue>3136</EOYBookValue>
        <EOYFMV>663</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>44000 SHS BERGER INTL LTD</NameOfStock>
        <EOYBookValue>3143</EOYBookValue>
        <EOYFMV>679</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>76723 SHS BERGER INTL LTD</NameOfStock>
        <EOYBookValue>5444</EOYBookValue>
        <EOYFMV>1184</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>692 SHS BERKLEY WR CORP</NameOfStock>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>2000 SHS BOOKOOK SECURITY CO LTD PFD</NameOfStock>
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        <EOYFMV>18575</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>595 SHS CABOT OIL &amp; GAS CORP</NameOfStock>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>755 SHS CAPELLA ED CO.</NameOfStock>
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        <EOYFMV>27218</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>15000 SHS CHARLEMAGNE CAPITAL LTD.</NameOfStock>
        <EOYBookValue>11916</EOYBookValue>
        <EOYFMV>2622</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>210 SHS CHARLEMAGNE CAPITAL LTD.</NameOfStock>
        <EOYBookValue>59</EOYBookValue>
        <EOYFMV>37</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>760 SHS CHARLEMAGNE CAPITAL LTD</NameOfStock>
        <EOYBookValue>211</EOYBookValue>
        <EOYFMV>133</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1025 SHS CHESAPEAKE ENERGY CORP</NameOfStock>
        <EOYBookValue>20326</EOYBookValue>
        <EOYFMV>22847</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>620 SHS CONCUR TECHNOLOGIES</NameOfStock>
        <EOYBookValue>22847</EOYBookValue>
        <EOYFMV>31490</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>98900 SHS CONVENIENCE RETAIL ASIA</NameOfStock>
        <EOYBookValue>27551</EOYBookValue>
        <EOYFMV>41004</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>20000 SHS CONVENIENCE RETAIL ASIA</NameOfStock>
        <EOYBookValue>9353</EOYBookValue>
        <EOYFMV>8292</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>5,250 SHS COOKSON GROUP PLC</NameOfStock>
        <EOYBookValue>38591</EOYBookValue>
        <EOYFMV>41524</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>250 SHS EBAY INC.</NameOfStock>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>202 SHS EXXON MOBILE CORP.</NameOfStock>
        <EOYBookValue>14098</EOYBookValue>
        <EOYFMV>17122</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>250 SHS 51JOB INC SPONS ADR RESTG</NameOfStock>
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        <EOYFMV>10485</EOYFMV>
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      <InvestmentsCorpStock>
        <NameOfStock>1620 SHS GAZPROM OAO SPON ADR REG S</NameOfStock>
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        <EOYFMV>17277</EOYFMV>
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      <InvestmentsCorpStock>
        <NameOfStock>25 SHS GOOGLE INC. CLA</NameOfStock>
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        <EOYFMV>16148</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
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        <EOYBookValue>24145</EOYBookValue>
        <EOYFMV>32295</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>15 SHS GOOGLE INC.</NameOfStock>
        <EOYBookValue>7430</EOYBookValue>
        <EOYFMV>9688</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>5612 SHS HAYS PLC</NameOfStock>
        <EOYBookValue>8373</EOYBookValue>
        <EOYFMV>5590</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1800 SHS HAYS PLC</NameOfStock>
        <EOYBookValue>3574</EOYBookValue>
        <EOYFMV>1793</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>406 SHS HAYS PLC</NameOfStock>
        <EOYBookValue>686</EOYBookValue>
        <EOYFMV>405</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>182 SHS HAYS PLC</NameOfStock>
        <EOYBookValue>311</EOYBookValue>
        <EOYFMV>181</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>20,000 SHS HAYS PLC</NameOfStock>
        <EOYBookValue>23476</EOYBookValue>
        <EOYFMV>19920</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
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        <EOYBookValue>36400</EOYBookValue>
        <EOYFMV>65700</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>2,365 SHS HDFC BK LTD ADR REPSTG</NameOfStock>
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        <EOYFMV>62152</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>350 SHS HYUNDAI MOTOR CO. LTD PFD</NameOfStock>
        <EOYBookValue>20178</EOYBookValue>
        <EOYFMV>14993</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>19483 SHS INTERNATIONAL GENERAL INS</NameOfStock>
        <EOYBookValue>11675</EOYBookValue>
        <EOYFMV>9442</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>19406 SHS INTERNATIONAL GENERAL INS</NameOfStock>
        <EOYBookValue>12441</EOYBookValue>
        <EOYFMV>9404</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>26 SHS JAC JAPAN CO. LTD</NameOfStock>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>400 SHS JSE LTD JOHANNESBURG</NameOfStock>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>2000 SHS JUMBO SA REG</NameOfStock>
        <EOYBookValue>12240</EOYBookValue>
        <EOYFMV>9865</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>3000 SHS JUNEX INC.</NameOfStock>
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        <EOYFMV>2167</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>745 SHS KABEL DEUTSCHLAND HOLDING AG</NameOfStock>
        <EOYBookValue>34737</EOYBookValue>
        <EOYFMV>37921</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>507.211 SHS MATTHEWS INDIA FUND</NameOfStock>
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        <EOYFMV>6893</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>3016.591 SHS MATTHEWS INDIA FUND</NameOfStock>
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      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
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      </InvestmentsCorpStock>
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      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
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        <EOYFMV>21864</EOYFMV>
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      <InvestmentsCorpStock>
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      <InvestmentsCorpStock>
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      <InvestmentsCorpStock>
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      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>100 SHS PIONEER NAT RES CO.</NameOfStock>
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      <InvestmentsCorpStock>
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      <InvestmentsCorpStock>
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      <InvestmentsCorpStock>
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      <InvestmentsCorpStock>
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        <EOYFMV>20020</EOYFMV>
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      <InvestmentsCorpStock>
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      <InvestmentsCorpStock>
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      <InvestmentsCorpStock>
        <NameOfStock>2430 SHS QUESTERRE ENERGY CORP</NameOfStock>
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      <InvestmentsCorpStock>
        <NameOfStock>550 SHS SELOGER COM PARIS</NameOfStock>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>150 SHS STRAYER ED INC.</NameOfStock>
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      <InvestmentsCorpStock>
        <NameOfStock>500 SHS ULTRA PETE CORP. COM</NameOfStock>
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      <InvestmentsCorpStock>
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      <InvestmentsCorpStock>
        <NameOfStock>2,540 SHS UNITED SPIRITS LTD.</NameOfStock>
        <EOYBookValue>26819</EOYBookValue>
        <EOYFMV>11763</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1795 SHS EDUCATION MGMT CORP</NameOfStock>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>283 SHS EXXON MOBIL</NameOfStock>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1230 SHS AMERICAN PUB ED</NameOfStock>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1440 SHS ATLAS ENERGY INC</NameOfStock>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>650 SHS APOLLO GROUP INC.</NameOfStock>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <LegalFeesSchedule documentId="RetDoc5">
      <LegalFees>
        <Category>WEBSTER CHAMBERLAIN &amp; BEAN</Category>
        <Amount>207</Amount>
      </LegalFees>
      <LegalFees>
        <Category>MISCELLANEOUS</Category>
        <Amount>16</Amount>
      </LegalFees>
    </LegalFeesSchedule>
    <OtherExpensesSchedule documentId="RetDoc6">
      <OtherExpenses>
        <Description>EXPENSES</Description>
      </OtherExpenses>
      <OtherExpenses>
        <Description>BANK FEES</Description>
      </OtherExpenses>
      <OtherExpenses>
        <Description>CUSTODY FEES</Description>
        <RevenueAndExpensesPerBooks>916</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>916</NetInvestmentIncome>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <TaxesSchedule documentId="RetDoc7">
      <Taxes>
        <Category>FOREIGN TAX</Category>
        <Amount>2819</Amount>
        <NetInvestmentIncome>2819</NetInvestmentIncome>
      </Taxes>
      <Taxes>
        <Category>DELAWARE DIV OF CORP</Category>
        <Amount>110</Amount>
        <NetInvestmentIncome>110</NetInvestmentIncome>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>