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    <Timestamp>2012-11-05T11:20:03-00:00</Timestamp>
    <TaxPeriodEndDate>2011-12-31</TaxPeriodEndDate>
    <PreparerFirm>
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      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
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        <City>Douglasville</City>
        <State>GA</State>
        <ZIPCode>30135</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990PF</ReturnType>
    <TaxPeriodBeginDate>2011-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>521805567</EIN>
      <Name>
        <BusinessNameLine1>Jerome S &amp; Grace H Murray Foundation</BusinessNameLine1>
      </Name>
      <NameControl>JERO</NameControl>
      <Phone>4102575344</Phone>
      <USAddress>
        <AddressLine1>c/o Eileen M Dillon P O Box 227</AddressLine1>
        <City>Owings</City>
        <State>MD</State>
        <ZIPCode>20736</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>Eileen M Dillon</Name>
      <Title>Chairman</Title>
      <DateSigned>2012-11-05</DateSigned>
      <AuthorizeThirdParty>true</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>JJ Maier</Name>
      <Phone>7709424163</Phone>
      <DatePrepared>2012-11-05</DatePrepared>
      <SelfEmployed>X</SelfEmployed>
    </Preparer>
    <TaxYear>2011</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
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      <MethodOfAccountingCash>X</MethodOfAccountingCash>
      <AnalysisOfRevenueAndExpenses>
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        <InterestOnSavingsNetInvstIncm>4055</InterestOnSavingsNetInvstIncm>
        <DividendsRevAndExpnss>278291</DividendsRevAndExpnss>
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        <ContriGiftsPaidDsbrsChrtblPrps>691364</ContriGiftsPaidDsbrsChrtblPrps>
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        <TotalNetAssetsEOY>13977309</TotalNetAssetsEOY>
        <TotalLiabilitiesNetAssetsBOY>13381849</TotalLiabilitiesNetAssetsBOY>
        <TotalLiabilitiesNetAssetsEOY>13977309</TotalLiabilitiesNetAssetsEOY>
      </BalanceSheets>
      <ChangesInNetAssetsFundBalances>
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        <Subtotal>13977309</Subtotal>
        <TotalNetAssetsFundBalancesEOY>13977309</TotalNetAssetsFundBalancesEOY>
      </ChangesInNetAssetsFundBalances>
      <CapitalGainsAndLosses>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>See attached LT gain statement</DescriptionOfAsset>
          <GrossSalesPrice>757849</GrossSalesPrice>
          <GainOrLoss>757849</GainOrLoss>
          <GainsMinusExcessOrLosses>757849</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>See attached ST loss statement</DescriptionOfAsset>
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          <GainOrLoss>-11327</GainOrLoss>
          <GainsMinusExcessOrLosses>-11327</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>TIFF ST Fund 1099</DescriptionOfAsset>
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          <CostOrOtherBasis>121641</CostOrOtherBasis>
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          <GainsMinusExcessOrLosses>56359</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>TIFF Secondary Partners II</DescriptionOfAsset>
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          <GainOrLoss>13173</GainOrLoss>
          <GainsMinusExcessOrLosses>13173</GainsMinusExcessOrLosses>
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        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>TIFF Secondary Partners II</DescriptionOfAsset>
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          <GainOrLoss>156682</GainOrLoss>
          <GainsMinusExcessOrLosses>156682</GainsMinusExcessOrLosses>
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        <TaxBasedOnInvestmentIncome>21895</TaxBasedOnInvestmentIncome>
        <EstTaxPaymentsAndOverpayment>16852</EstTaxPaymentsAndOverpayment>
        <TaxPaidWithExtension>6171</TaxPaidWithExtension>
        <TotalCreditsAndPayments>23023</TotalCreditsAndPayments>
        <TaxPaidOriginalReturn>23023</TaxPaidOriginalReturn>
        <PenaltyForUnderpayment>5</PenaltyForUnderpayment>
        <Overpayment>1123</Overpayment>
        <AmountCreditedToNextYear>1123</AmountCreditedToNextYear>
      </ExciseTaxBasedOnInvestmentIncm>
      <StatementsRegardingActivities>
        <ActivitiesNotPrevReported>false</ActivitiesNotPrevReported>
        <ChangesToArticlesOrBylaws>false</ChangesToArticlesOrBylaws>
        <UnrelatedBusIncomeOver1000>false</UnrelatedBusIncomeOver1000>
        <RequirementsOfSect508e>true</RequirementsOfSect508e>
        <AtLeast5000InAssets>true</AtLeast5000InAssets>
        <StatesFiledWith>MD</StatesFiledWith>
        <PrivateOperatingFoundation>false</PrivateOperatingFoundation>
        <NewSubstantialContributors>false</NewSubstantialContributors>
        <InterestInControlledEntity>false</InterestInControlledEntity>
        <ComplyWithPublicInspectionRqr>true</ComplyWithPublicInspectionRqr>
        <WebsiteAddress>jgmurrayfoundation.org</WebsiteAddress>
        <BooksInCareOfPersonName>Eileen M Dillon Trustee</BooksInCareOfPersonName>
        <BooksInCareOfPhoneNumber>4102575344</BooksInCareOfPhoneNumber>
        <BooksInCareOfUSAddress>
          <AddressLine1>PO Box 227</AddressLine1>
          <City>Owings</City>
          <State>MD</State>
          <ZIPCode>20736</ZIPCode>
        </BooksInCareOfUSAddress>
        <ForeignBank>false</ForeignBank>
      </StatementsRegardingActivities>
      <StatementsRegardingActy4720>
        <SaleOrExchangeWithDsqflyPerson>false</SaleOrExchangeWithDsqflyPerson>
        <BorrowOrLendWithDsqflyPerson>false</BorrowOrLendWithDsqflyPerson>
        <FurnishedGoodsWithDsqflyPerson>false</FurnishedGoodsWithDsqflyPerson>
        <PayCompensationToDsqflyPerson>false</PayCompensationToDsqflyPerson>
        <TransferAssetsToDsqflyPerson>false</TransferAssetsToDsqflyPerson>
        <PaymentToGovernmentOffical>false</PaymentToGovernmentOffical>
        <UncorrectedPriorActs>false</UncorrectedPriorActs>
        <UndistributedIncomePriorYears>true</UndistributedIncomePriorYears>
        <UndistributedIncomePriorYear1>2010</UndistributedIncomePriorYear1>
        <BusinessHoldings>false</BusinessHoldings>
        <JeopardyInvestments>false</JeopardyInvestments>
        <UncorrectedJeopardyInvestments>false</UncorrectedJeopardyInvestments>
        <InfluenceLegislation>false</InfluenceLegislation>
        <InfluenceElection>false</InfluenceElection>
        <GrantsToIndividuals>false</GrantsToIndividuals>
        <GrantsToOrganizations>false</GrantsToOrganizations>
        <NoncharitablePurpose>false</NoncharitablePurpose>
        <MaintExpendResponsibility>false</MaintExpendResponsibility>
        <PayPremiumsPrsnlBnftContract>false</PayPremiumsPrsnlBnftContract>
        <ProhibitedTaxShelterTransactn>false</ProhibitedTaxShelterTransactn>
        <ProceedsOrNetIncome>false</ProceedsOrNetIncome>
      </StatementsRegardingActy4720>
      <OfcrDirTrusteesKeyEmployeeInfo>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>Eileen M Dillon</PersonName>
          <USAddress>
            <AddressLine1>PO Box 227</AddressLine1>
            <City>Owings</City>
            <State>MD</State>
            <ZIPCode>20736</ZIPCode>
          </USAddress>
          <Title>Director</Title>
          <AvgHoursPerWkDevotedToPosition>002.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>Stanton Murray</PersonName>
          <USAddress>
            <AddressLine1>PO Box 227</AddressLine1>
            <City>Owings</City>
            <State>MD</State>
            <ZIPCode>20736</ZIPCode>
          </USAddress>
          <Title>Director</Title>
          <AvgHoursPerWkDevotedToPosition>001.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>Leo K Murray</PersonName>
          <USAddress>
            <AddressLine1>PO Box 227</AddressLine1>
            <City>Owings</City>
            <State>MD</State>
            <ZIPCode>20736</ZIPCode>
          </USAddress>
          <Title>Director</Title>
          <AvgHoursPerWkDevotedToPosition>001.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>David Althoff</PersonName>
          <USAddress>
            <AddressLine1>PO Box 227</AddressLine1>
            <City>Owings</City>
            <State>MD</State>
            <ZIPCode>20736</ZIPCode>
          </USAddress>
          <Title>Director</Title>
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          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>Cris White</PersonName>
          <USAddress>
            <AddressLine1>PO Box 227</AddressLine1>
            <City>Owings</City>
            <State>MD</State>
            <ZIPCode>20736</ZIPCode>
          </USAddress>
          <Title>Director</Title>
          <AvgHoursPerWkDevotedToPosition>001.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <CompensationOfHighestPaidEmpl>
          <Name>Kim Harrison</Name>
          <USAddress>
            <AddressLine1>2976 Penwick Ln</AddressLine1>
            <City>Dunkirk</City>
            <State>MD</State>
            <ZIPCode>20754</ZIPCode>
          </USAddress>
          <Title>Administrator</Title>
          <AverageHoursPerWeek>040.00</AverageHoursPerWeek>
          <Compensation>58487</Compensation>
          <EmployeeBenefits>4500</EmployeeBenefits>
        </CompensationOfHighestPaidEmpl>
        <CompensationOfHghstPaidCntrct>
          <BusinessName>
            <BusinessNameLine1>Merrill Lynch</BusinessNameLine1>
          </BusinessName>
          <USAddress>
            <AddressLine1>One North Wacker Dr Ste 1950</AddressLine1>
            <City>Chicago</City>
            <State>IL</State>
            <ZIPCode>60606</ZIPCode>
          </USAddress>
          <TypeOfService>Investments/Investment Advisory</TypeOfService>
          <Compensation>58085</Compensation>
        </CompensationOfHghstPaidCntrct>
        <CompensationOfHghstPaidCntrct>
          <BusinessName>
            <BusinessNameLine1>JJ Maier CPA</BusinessNameLine1>
          </BusinessName>
          <USAddress>
            <AddressLine1>5385 Kilroy Lane</AddressLine1>
            <City>Douglasville</City>
            <State>GA</State>
            <ZIPCode>30135</ZIPCode>
          </USAddress>
          <TypeOfService>Tax Preparation</TypeOfService>
          <Compensation>7900</Compensation>
        </CompensationOfHghstPaidCntrct>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <SummaryOfDirectCharitableActy>
        <Description1>N/A</Description1>
        <Expenses1>0</Expenses1>
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        <AvgMonthlyCashBalances>237890</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>0</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>15001987</TotalFMVOfUnusedAssets>
        <AdjTotalFMVOfUnusedAssets>15001987</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable referenceDocumentId="990PF:241">225030</CashDeemedCharitable>
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        <MinimumInvestmentReturn>738848</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>738848</MinimumInvestmentReturn>
        <TaxBasedOnInvestmentIncome>21895</TaxBasedOnInvestmentIncome>
        <TotalTax>21895</TotalTax>
        <DistributableAmountBeforeAdj>716953</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>716953</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>716953</DistributableAmountAsAdjusted>
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        <AdjQualifyingDistributions>691364</AdjQualifyingDistributions>
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        <PriorYear1>2007</PriorYear1>
        <PriorYear2>2008</PriorYear2>
        <PriorYear3>2009</PriorYear3>
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      <SupplementaryInformation>
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          <RecipientUSAddress>
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            <City>Owings</City>
            <State>MD</State>
            <ZIPCode>20736</ZIPCode>
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          <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>
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            <City>Owings</City>
            <State>MD</State>
            <ZIPCode>20736</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>None</RecipientRelationship>
          <RecipientFoundationStatus>Exempt</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>General charitable purposes</PurposeOfGrantOrContribution>
          <Amount>691364</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>691364</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
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        <OtherInvestmentIncomePartVII>
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        </OtherInvestmentIncomePartVII>
        <GainSalesAssetsOthThanInvntry>
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          <ExclusionAmount>972736</ExclusionAmount>
        </GainSalesAssetsOthThanInvntry>
        <SubtotalsPartXVIA>
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        </SubtotalsPartXVIA>
        <TotalPartXVIA>1255731</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:76" softwareId="11000218" softwareVersion="2011.0.0">
      <AccountingFees>
        <Category>J.J. Maier, CPA</Category>
        <Amount>7900</Amount>
        <NetInvestmentIncome>7900</NetInvestmentIncome>
      </AccountingFees>
    </AccountingFeesSchedule>
    <GeneralExplanationAttachment documentId="990PF:151" softwareId="11000218" softwareVersion="2011.0.0"></GeneralExplanationAttachment>
    <InvestmentsCorpStockSchedule documentId="990PF:89" softwareId="11000218" softwareVersion="2011.0.0">
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      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
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        <EOYFMV>1218738</EOYFMV>
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      <InvestmentsCorpStock>
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        <EOYFMV>164040</EOYFMV>
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        <EOYBookValue>134656</EOYBookValue>
        <EOYFMV>141048</EOYFMV>
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      <InvestmentsCorpStock>
        <NameOfStock>ML 2BL-04072 Stmt A</NameOfStock>
        <EOYBookValue>2851503</EOYBookValue>
        <EOYFMV>2986281</EOYFMV>
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      <InvestmentsCorpStock>
        <NameOfStock>ML 2BL-04076 Stmt A</NameOfStock>
        <EOYBookValue>790488</EOYBookValue>
        <EOYFMV>766487</EOYFMV>
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      <InvestmentsCorpStock>
        <NameOfStock>TIFF Mutual Fund</NameOfStock>
        <EOYBookValue>121694</EOYBookValue>
        <EOYFMV>121694</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>TIFF Secondary Partners 1 Partnership</NameOfStock>
        <EOYBookValue>643630</EOYBookValue>
        <EOYFMV>643630</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <OtherExpensesSchedule documentId="990PF:79" softwareId="11000218" softwareVersion="2011.0.0">
      <OtherExpenses>
        <Description>Dues and Subscriptions</Description>
        <RevenueAndExpensesPerBooks>72</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>72</NetInvestmentIncome>
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      <OtherExpenses>
        <Description>Certified Fees Merrill Lynch</Description>
        <RevenueAndExpensesPerBooks>220</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>220</NetInvestmentIncome>
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      <OtherExpenses>
        <Description>Miscellaneous Expenses</Description>
        <RevenueAndExpensesPerBooks>1525</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>1525</NetInvestmentIncome>
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      <OtherExpenses>
        <Description>Office Expense Furniture Maintenance Supplies</Description>
        <RevenueAndExpensesPerBooks>560</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>560</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Office Expense Computer Software Repairs</Description>
        <RevenueAndExpensesPerBooks>1219</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>1219</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Postage</Description>
        <RevenueAndExpensesPerBooks>262</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>262</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Telephone</Description>
        <RevenueAndExpensesPerBooks>1473</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>1473</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Bank Service Charges</Description>
        <RevenueAndExpensesPerBooks>92</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>92</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Wire Transfer Fees</Description>
        <RevenueAndExpensesPerBooks>5520</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>5520</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>Portfolio Expense From TIFF K1</Description>
        <RevenueAndExpensesPerBooks>8623</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>8623</NetInvestmentIncome>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="990PF:74" softwareId="11000218" softwareVersion="2011.0.0">
      <OtherIncome>
        <Description>Refund of Excise Taxes Overpaid</Description>
        <RevenueAndExpensesPerBooks>649</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>649</NetInvestmentIncome>
      </OtherIncome>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="990PF:160" softwareId="11000218" softwareVersion="2011.0.0">
      <OtherIncreases>
        <Description>Return of capital - Non-taxable income</Description>
        <Amount>192096</Amount>
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    <OtherProfessionalFeesSchedule documentId="990PF:77" softwareId="11000218" softwareVersion="2011.0.0">
      <OtherProfessionalFees>
        <Category>Merrill Lynch Management Fees</Category>
        <Amount>58085</Amount>
        <NetInvestmentIncome>58085</NetInvestmentIncome>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="990PF:78" softwareId="11000218" softwareVersion="2011.0.0">
      <Taxes>
        <Category>Foreign taxes</Category>
        <Amount>2208</Amount>
        <NetInvestmentIncome>2208</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </Taxes>
      <Taxes>
        <Category>Excise taxes net</Category>
        <Amount>4731</Amount>
        <NetInvestmentIncome>4731</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </Taxes>
      <Taxes>
        <Category>Payroll taxes</Category>
        <Amount>4661</Amount>
        <NetInvestmentIncome>4661</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>