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            <AddressLine1>711 WEST 17TH STREET STE</AddressLine1>
            <City>COSTA MESA</City>
            <State>CA</State>
            <ZIPCode>92627</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>N/A</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>129324</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <IntOnSavingsAndTempCashInvst>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>26560</ExclusionAmount>
        </IntOnSavingsAndTempCashInvst>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>15680</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <GainSalesAssetsOthThanInvntry>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>5929</ExclusionAmount>
        </GainSalesAssetsOthThanInvntry>
        <SubtotalsPartXVIA>
          <ExclusionAmount>48169</ExclusionAmount>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>48169</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="RetDoc3">
      <AccountingFees>
        <Category>ACCOUNTING FEES</Category>
        <Amount>988</Amount>
        <NetInvestmentIncome>988</NetInvestmentIncome>
      </AccountingFees>
    </AccountingFeesSchedule>
    <CompensationExplanation documentId="RetDoc4">
      <Compensation>
        <PersonName>GARY A FUDGE</PersonName>
      </Compensation>
      <Compensation>
        <PersonName>AUSTYN R FUDGE</PersonName>
      </Compensation>
    </CompensationExplanation>
    <InvestmentsCorpStockSchedule documentId="RetDoc5">
      <InvestmentsCorpStock>
        <NameOfStock>BEAZER HOMES USA INC. (400 SHS)</NameOfStock>
        <EOYBookValue>21574</EOYBookValue>
        <EOYFMV>6468</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>DEVELOPERS DIVERSIFIED (1200 SHS)</NameOfStock>
        <EOYBookValue>18487</EOYBookValue>
        <EOYFMV>18712</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="RetDoc6">
      <InvestmentsOther>
        <CategoryOrItem>S&amp;P MID CAP 400 (800 SHS)</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>76503</BookValue>
        <EOYFMV>131744</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>POLARIS GLOBAL (11,991.643 SHS)</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>225702</BookValue>
        <EOYFMV>167883</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>HENNESSY CORNERSTONE (13017.406 SHS)</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>240762</BookValue>
        <EOYFMV>140067</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>MANNING &amp; NAPIER (24,445.194 SHS)</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>231651</BookValue>
        <EOYFMV>210473</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>T ROWE PRICE EMRG (7,353.679 SHS)</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>229671</BookValue>
        <EOYFMV>259438</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>MUHLENKAMP FUND (7,293.364 SHS)</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>558962</BookValue>
        <EOYFMV>392382</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>FAIRHOLME FUND (2,389.117 SHS)</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>79595</BookValue>
        <EOYFMV>85005</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>SPDR BIOTECH ETF (800 SHS)</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>48336</BookValue>
        <EOYFMV>50464</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>SPDR TR BEN INT ENERGY (1,000 SHS)</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>58346</BookValue>
        <EOYFMV>68250</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>WF &amp; CO NEW PERP PFD CONV (50 SHS)</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>45758</BookValue>
        <EOYFMV>50028</EOYFMV>
      </InvestmentsOther>
    </InvestmentsOtherSchedule2>
    <OtherAssetsSchedule documentId="RetDoc7">
      <OtherAssets>
        <Description>KINGMAN 10, LLC TRUST DEED</Description>
        <BOYBookValue>750000</BOYBookValue>
        <EOYBookValue>750000</EOYBookValue>
        <EOYFMV>750000</EOYFMV>
      </OtherAssets>
      <OtherAssets>
        <Description>BAKERSFIELD-TAFT TRUST DEED</Description>
        <BOYBookValue>2000000</BOYBookValue>
        <EOYBookValue>2000000</EOYBookValue>
        <EOYFMV>1000000</EOYFMV>
      </OtherAssets>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="RetDoc8">
      <OtherExpenses>
        <Description>EXPENSES</Description>
      </OtherExpenses>
      <OtherExpenses>
        <Description>OTHER EXPENSES</Description>
        <RevenueAndExpensesPerBooks>1843</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>1843</NetInvestmentIncome>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherNotesLoansRcvblShortSch2 documentId="RetDoc9">
      <OtherNotesLoansRcvblShort>
        <NameOf501c3Organization>
          <BusinessNameLine1>BAKERSFIELD LAND NOTE</BusinessNameLine1>
        </NameOf501c3Organization>
        <BalanceDue>300000</BalanceDue>
      </OtherNotesLoansRcvblShort>
      <OtherNotesLoansRcvblShort>
        <NameOf501c3Organization>
          <BusinessNameLine1>KINGMAN 10 LLC</BusinessNameLine1>
        </NameOf501c3Organization>
      </OtherNotesLoansRcvblShort>
    </OtherNotesLoansRcvblShortSch2>
    <TaxesSchedule documentId="RetDoc10">
      <Taxes>
        <Category>FOUNDATION EXCISE TAX</Category>
        <Amount>531</Amount>
        <NetInvestmentIncome>531</NetInvestmentIncome>
      </Taxes>
      <Taxes>
        <Category>CALIFORNIA ANNUAL REGISTRATION</Category>
        <Amount>35</Amount>
        <NetInvestmentIncome>35</NetInvestmentIncome>
      </Taxes>
      <Taxes>
        <Category>FOREIGN TAX PAID - DIVIDENDS</Category>
        <Amount>696</Amount>
        <NetInvestmentIncome>696</NetInvestmentIncome>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>