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    <Timestamp>2012-04-17T12:02:34-04:00</Timestamp>
    <TaxPeriodEndDate>2011-11-30</TaxPeriodEndDate>
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        <City>New York</City>
        <State>NY</State>
        <ZIPCode>10019</ZIPCode>
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      <Name>
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      <NameControl>PERR</NameControl>
      <USAddress>
        <AddressLine1>C/O KKR FINANCIAL SERVICES COMPANY</AddressLine1>
        <AddressLine2>730 FIFTH AVENUE</AddressLine2>
        <City>NEW YORK</City>
        <State>NY</State>
        <ZIPCode>10019</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>DONNA GOLKIN</Name>
      <Title>PRESIDENT</Title>
      <DateSigned>2012-04-17</DateSigned>
      <AuthorizeThirdParty>true</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Phone>2122719933</Phone>
    </Preparer>
    <TaxYear>2010</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
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      </ChangesInNetAssetsFundBalances>
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        <BooksInCareOfBusinessName>
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          <USAddress>
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            <City>NEW YORK</City>
            <State>NY</State>
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          </USAddress>
          <Title>TRUSTEE</Title>
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        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
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          <USAddress>
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            <City>NEW YORK</City>
            <State>NY</State>
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          </USAddress>
          <Title>TRUSTEE</Title>
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        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>Gregory W Golkin</PersonName>
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          </USAddress>
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        <OfcrDirTrusteesOrKeyEmployee>
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        <OfcrDirTrusteesOrKeyEmployee>
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          <USAddress>
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            <City>NEW YORK</City>
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      <AccountingFees>
        <Category>ACCOUNTING FEES</Category>
        <Amount>6125</Amount>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>6125</DisbursementsCharitablePrps>
      </AccountingFees>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorpStock>
        <NameOfStock>14,000 SHS OF AMPHENOL CORP.</NameOfStock>
        <EOYBookValue>739855</EOYBookValue>
        <EOYFMV>634620</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>11,000 SHS BANK OF AMERICA</NameOfStock>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>CORP.</NameOfStock>
        <EOYBookValue>147015</EOYBookValue>
        <EOYFMV>59840</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>2,500 SHS OF IDEX CORPORATION</NameOfStock>
        <EOYBookValue>0</EOYBookValue>
        <EOYFMV>0</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>11,000 SHS IDEX CORPORATION</NameOfStock>
        <EOYBookValue>388960</EOYBookValue>
        <EOYFMV>401060</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>16,000 SHS OF ITC HLDGS CORP.</NameOfStock>
        <EOYBookValue>0</EOYBookValue>
        <EOYFMV>0</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>5,000 SHS OF ITC HLDGS CORP.</NameOfStock>
        <EOYBookValue>370200</EOYBookValue>
        <EOYFMV>369600</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>12,000 SHS OF ITC HLDGS CORP.</NameOfStock>
        <EOYBookValue>604975</EOYBookValue>
        <EOYFMV>887040</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>7,625 SHS OF PROCTER &amp; GAMBLE</NameOfStock>
        <EOYBookValue>456839</EOYBookValue>
        <EOYFMV>492346</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>25,000 SHS OF ROCKWOOD</NameOfStock>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>HOLDINGS INC.</NameOfStock>
        <EOYBookValue>1150425</EOYBookValue>
        <EOYFMV>1114000</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>10,000 SHS OF SAFEWAY, INC.</NameOfStock>
        <EOYBookValue>0</EOYBookValue>
        <EOYFMV>0</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>21,000 SHS OF SAFEWAY, INC.</NameOfStock>
        <EOYBookValue>474690</EOYBookValue>
        <EOYFMV>420000</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>2,000 SHS OF WILLIS GROUP HLDG</NameOfStock>
        <EOYBookValue>0</EOYBookValue>
        <EOYFMV>0</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>12,000 SHS OF WILLIS GROUP</NameOfStock>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>HLDG</NameOfStock>
        <EOYBookValue>473730</EOYBookValue>
        <EOYFMV>423120</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>3,351 SHS OF WILLIS GROUP HLDG</NameOfStock>
        <EOYBookValue>122680</EOYBookValue>
        <EOYFMV>118156</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <LandEtcSchedule2 documentId="LandEtcSch2" />
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpenses>
        <Description>BANK FEES</Description>
        <RevenueAndExpensesPerBooks>238</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>238</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>FILING FEES</Description>
        <RevenueAndExpensesPerBooks>250</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>250</DisbursementsCharitablePrps>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <Taxes>
        <Category>FEDERAL EXCISE TAX EXPENSE</Category>
        <Amount>7500</Amount>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>