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        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>42447769</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>636717</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>41811052</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>2090553</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>2090553</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>54131</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>54131</TotalTaxAmt>
        <DistributableBeforeAdjAmt>2036422</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>2036422</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>2036422</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>1651720</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>1651720</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>2036422</DistributableAsAdjustedAmt>
        <PriorYear1Yr>2019</PriorYear1Yr>
        <PriorYear2Yr>2018</PriorYear2Yr>
        <PriorYear3Yr>2017</PriorYear3Yr>
        <ExcessDistributionCyovYr4Amt>495468</ExcessDistributionCyovYr4Amt>
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        <ExcessDistributionCyovYr2Amt>1694871</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>1056528</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>4367223</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>1651720</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>1651720</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>384702</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>384702</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>3982521</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>3982521</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>110766</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>1120356</ExcessFromYear3Amt>
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        <ExcessFromYear1Amt>1056528</ExcessFromYear1Amt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp></PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>ELBRIDGE H DEBRA E STUART</ContributingManagerNm>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>The Parasol Tahoe Community Foundation Inc</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>948 INCLINE WAY</AddressLine1Txt>
            <CityNm>INCLINE VILLAGE</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89451</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>1648126</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1648126</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp />
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>968970</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp>
          <ExclusionCd>16</ExclusionCd>
          <ExclusionAmt>63735</ExclusionAmt>
        </NetRntlIncmReNotDebtFincdProp>
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncomeGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>3372013</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>PARTNERSHIP INCOME</Desc>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>18934</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>OTHER INCOME</Desc>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>2277</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>4425929</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>4425929</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
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        <CategoryTxt>ACCOUNTING FEE</CategoryTxt>
        <Amt>24840</Amt>
        <NetInvestmentIncomeAmt>22356</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2484</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <ContractorCompensationExpln documentId="ContractCompenExpln">
      <ContractorCompExplnGrp>
        <ContractorPersonNm>HALL CAPITAL PARTNERS LLC</ContractorPersonNm>
        <ExplanationTxt>INVESTMENT MANAGEMENT SERVICES</ExplanationTxt>
      </ContractorCompExplnGrp>
      <ContractorCompExplnGrp>
        <ContractorPersonNm>ARCTIC INTERNATIONAL LLC</ContractorPersonNm>
        <ExplanationTxt>CONSULTING SERVICES</ExplanationTxt>
      </ContractorCompExplnGrp>
    </ContractorCompensationExpln>
    <DepreciationSchedule documentId="DepreciationSch">
      <DepreciationPropertyGrp>
        <PropertyDesc>LAND</PropertyDesc>
        <AcquiredDt>2000-01-01</AcquiredDt>
        <CostOrOtherBasisAmt>10408211</CostOrOtherBasisAmt>
        <ComputationMethodTxt>L</ComputationMethodTxt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BLDG IMPROVEMENTS</PropertyDesc>
        <AcquiredDt>2021-01-05</AcquiredDt>
        <CostOrOtherBasisAmt>40437</CostOrOtherBasisAmt>
        <ComputationMethodTxt>M39</ComputationMethodTxt>
        <CurrentYearExpenseAmt>995</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BLDG IMPROVEMENTS</PropertyDesc>
        <AcquiredDt>2021-01-26</AcquiredDt>
        <CostOrOtherBasisAmt>24001</CostOrOtherBasisAmt>
        <ComputationMethodTxt>M39</ComputationMethodTxt>
        <CurrentYearExpenseAmt>591</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BLDG IMPROVEMENTS</PropertyDesc>
        <AcquiredDt>2021-10-19</AcquiredDt>
        <CostOrOtherBasisAmt>20000</CostOrOtherBasisAmt>
        <ComputationMethodTxt>M39</ComputationMethodTxt>
        <CurrentYearExpenseAmt>107</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>BLDG IMPROVEMENTS</PropertyDesc>
        <AcquiredDt>2021-11-01</AcquiredDt>
        <CostOrOtherBasisAmt>31663</CostOrOtherBasisAmt>
        <ComputationMethodTxt>M39</ComputationMethodTxt>
        <CurrentYearExpenseAmt>102</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>EQUIPMENT</PropertyDesc>
        <AcquiredDt>2021-01-19</AcquiredDt>
        <CostOrOtherBasisAmt>7020</CostOrOtherBasisAmt>
        <ComputationMethodTxt>M7</ComputationMethodTxt>
        <CurrentYearExpenseAmt>1755</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>EQUIPMENT</PropertyDesc>
        <AcquiredDt>2021-02-22</AcquiredDt>
        <CostOrOtherBasisAmt>9105</CostOrOtherBasisAmt>
        <ComputationMethodTxt>M7</ComputationMethodTxt>
        <CurrentYearExpenseAmt>2276</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>EQUIPMENT</PropertyDesc>
        <AcquiredDt>2021-04-12</AcquiredDt>
        <CostOrOtherBasisAmt>2202</CostOrOtherBasisAmt>
        <ComputationMethodTxt>M7</ComputationMethodTxt>
        <CurrentYearExpenseAmt>393</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>EQUIPMENT</PropertyDesc>
        <AcquiredDt>2021-04-19</AcquiredDt>
        <CostOrOtherBasisAmt>3859</CostOrOtherBasisAmt>
        <ComputationMethodTxt>M7</ComputationMethodTxt>
        <CurrentYearExpenseAmt>689</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>EQUIPMENT</PropertyDesc>
        <AcquiredDt>2021-05-21</AcquiredDt>
        <CostOrOtherBasisAmt>31185</CostOrOtherBasisAmt>
        <ComputationMethodTxt>M7</ComputationMethodTxt>
        <CurrentYearExpenseAmt>5567</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>EQUIPMENT</PropertyDesc>
        <AcquiredDt>2021-07-21</AcquiredDt>
        <CostOrOtherBasisAmt>802</CostOrOtherBasisAmt>
        <ComputationMethodTxt>M7</ComputationMethodTxt>
        <CurrentYearExpenseAmt>86</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>EQUIPMENT</PropertyDesc>
        <AcquiredDt>2021-08-19</AcquiredDt>
        <CostOrOtherBasisAmt>1805</CostOrOtherBasisAmt>
        <ComputationMethodTxt>M7</ComputationMethodTxt>
        <CurrentYearExpenseAmt>193</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>EQUIPMENT</PropertyDesc>
        <AcquiredDt>2021-09-03</AcquiredDt>
        <CostOrOtherBasisAmt>123879</CostOrOtherBasisAmt>
        <ComputationMethodTxt>M7</ComputationMethodTxt>
        <CurrentYearExpenseAmt>13267</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>EQUIPMENT</PropertyDesc>
        <AcquiredDt>2021-10-07</AcquiredDt>
        <CostOrOtherBasisAmt>42158</CostOrOtherBasisAmt>
        <ComputationMethodTxt>M7</ComputationMethodTxt>
        <CurrentYearExpenseAmt>1505</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
      <DepreciationPropertyGrp>
        <PropertyDesc>EQUIPMENT</PropertyDesc>
        <AcquiredDt>2021-12-16</AcquiredDt>
        <CostOrOtherBasisAmt>81964</CostOrOtherBasisAmt>
        <ComputationMethodTxt>M7</ComputationMethodTxt>
        <CurrentYearExpenseAmt>2926</CurrentYearExpenseAmt>
      </DepreciationPropertyGrp>
    </DepreciationSchedule>
    <ExplnOfNonFilingWithAGStmt documentId="ExplnOfNonFilingAGSt">
      <ExplanationTxt>The Foundation is a Delaware (DE) exempt corporation and conducts all its activities outside of DE. According to Delaware's Attorney General Office, private foundations are not required to submit a copy of the federal Form 990-PF to DE if they not conduct any activity in DE. Therefore, the foundation is not required to furnish a copy to DE.</ExplanationTxt>
    </ExplnOfNonFilingWithAGStmt>
    <InvestmentsCorpBondsSchedule documentId="InvestCorpBondsSch">
      <InvestmentsCorporateBondsGrp>
        <BondNm>160,022 SH MFO DODGE &amp; COX INC</BondNm>
        <EOYBookValueAmt>2256750</EOYBookValueAmt>
        <EOYFMVAmt>2249902</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>2,184 SH ADR PROSUS N.V. ADR</StockNm>
        <EOYBookValueAmt>39191</EOYBookValueAmt>
        <EOYFMVAmt>36276</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,804 SH ADR SAFRAN ADR</StockNm>
        <EOYBookValueAmt>59161</EOYBookValueAmt>
        <EOYFMVAmt>55184</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>713 SH AERCAP HOLDINGS N.V.</StockNm>
        <EOYBookValueAmt>36997</EOYBookValueAmt>
        <EOYFMVAmt>46644</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>488 SH NASPERS SPON ADR EACH</StockNm>
        <EOYBookValueAmt>19843</EOYBookValueAmt>
        <EOYFMVAmt>15128</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>162 SH ADR EVOLUTION AB ADR UN</StockNm>
        <EOYBookValueAmt>21614</EOYBookValueAmt>
        <EOYFMVAmt>23160</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>138 SH ALPHABET INC</StockNm>
        <EOYBookValueAmt>150549</EOYBookValueAmt>
        <EOYFMVAmt>399315</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>76 SH AMAZON COM INC</StockNm>
        <EOYBookValueAmt>158317</EOYBookValueAmt>
        <EOYFMVAmt>253410</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>278 SH ANTHEM INC</StockNm>
        <EOYBookValueAmt>82595</EOYBookValueAmt>
        <EOYFMVAmt>128864</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>519 SH AON PLC</StockNm>
        <EOYBookValueAmt>88132</EOYBookValueAmt>
        <EOYFMVAmt>155991</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>401 SH CAPITAL ONE FINL CORP</StockNm>
        <EOYBookValueAmt>27807</EOYBookValueAmt>
        <EOYFMVAmt>58181</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>112 SH CHARTER COMMUNICATIONS</StockNm>
        <EOYBookValueAmt>33168</EOYBookValueAmt>
        <EOYFMVAmt>73020</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2,462 SH CITIGROUP INC COM</StockNm>
        <EOYBookValueAmt>145018</EOYBookValueAmt>
        <EOYFMVAmt>148680</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>3,184 SH COMCAST CORP</StockNm>
        <EOYBookValueAmt>123101</EOYBookValueAmt>
        <EOYFMVAmt>160251</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2,025 SH DISH NETWORK CORP CL</StockNm>
        <EOYBookValueAmt>69544</EOYBookValueAmt>
        <EOYFMVAmt>65691</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,262 SH GEN MTRS CO COM</StockNm>
        <EOYBookValueAmt>39372</EOYBookValueAmt>
        <EOYFMVAmt>73991</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,585 SH GENERAL ELECTRIC CO</StockNm>
        <EOYBookValueAmt>104205</EOYBookValueAmt>
        <EOYFMVAmt>149735</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>428 SH GOLDMAN SACHS GROUP INC</StockNm>
        <EOYBookValueAmt>81458</EOYBookValueAmt>
        <EOYFMVAmt>163731</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>825 SH HILTON WORLDWIDE HLDGS</StockNm>
        <EOYBookValueAmt>60048</EOYBookValueAmt>
        <EOYFMVAmt>128692</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>238 SH IAC/INTERACTIVECORP</StockNm>
        <EOYBookValueAmt>30023</EOYBookValueAmt>
        <EOYFMVAmt>31109</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>337 SH LIBERTY BROADBAND CORP</StockNm>
        <EOYBookValueAmt>29764</EOYBookValueAmt>
        <EOYFMVAmt>54223</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>418 SH LIBERTY BROADBAND CORP</StockNm>
        <EOYBookValueAmt>57165</EOYBookValueAmt>
        <EOYFMVAmt>67340</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>343 SH LYONDELLBASELL IND</StockNm>
        <EOYBookValueAmt>16410</EOYBookValueAmt>
        <EOYFMVAmt>31635</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,047 SH MARRIOTT INTL INC</StockNm>
        <EOYBookValueAmt>99279</EOYBookValueAmt>
        <EOYFMVAmt>173006</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>800 SH META PLATFORMS INC</StockNm>
        <EOYBookValueAmt>175165</EOYBookValueAmt>
        <EOYFMVAmt>269080</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,109 SH MICROSOFT CORP COM</StockNm>
        <EOYBookValueAmt>118157</EOYBookValueAmt>
        <EOYFMVAmt>372979</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,619 SH MORGAN STANLEY COM</StockNm>
        <EOYBookValueAmt>91085</EOYBookValueAmt>
        <EOYFMVAmt>158921</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>302 SH NETFLIX INC COM</StockNm>
        <EOYBookValueAmt>122860</EOYBookValueAmt>
        <EOYFMVAmt>181937</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>339 SH UNITEDHEALTH GROUP INC</StockNm>
        <EOYBookValueAmt>88903</EOYBookValueAmt>
        <EOYFMVAmt>170225</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>202 SH VISA INC COM</StockNm>
        <EOYBookValueAmt>40198</EOYBookValueAmt>
        <EOYFMVAmt>43775</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>459 SH WALT DISNEY CO</StockNm>
        <EOYBookValueAmt>49621</EOYBookValueAmt>
        <EOYFMVAmt>71095</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2,231 SH WELLS FARGO &amp; CO</StockNm>
        <EOYBookValueAmt>57820</EOYBookValueAmt>
        <EOYFMVAmt>107043</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>230 SH WILLIS TOWERS WATSON</StockNm>
        <EOYBookValueAmt>51023</EOYBookValueAmt>
        <EOYFMVAmt>54623</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>211 SH WOODWARD INC</StockNm>
        <EOYBookValueAmt>22409</EOYBookValueAmt>
        <EOYFMVAmt>23097</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>156,432 SH MFO SANDS CAP GLBL</StockNm>
        <EOYBookValueAmt>3444258</EOYBookValueAmt>
        <EOYFMVAmt>5956948</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>900 SH REORG/FEDERAL RLTY INVT</StockNm>
        <EOYBookValueAmt>108691</EOYBookValueAmt>
        <EOYFMVAmt>122688</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>330 SH ALEXANDRIA REAL ESTATE</StockNm>
        <EOYBookValueAmt>54186</EOYBookValueAmt>
        <EOYFMVAmt>73577</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,965 SH AMERICAN HOMES 4 RENT</StockNm>
        <EOYBookValueAmt>55497</EOYBookValueAmt>
        <EOYFMVAmt>85694</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>470 SH AVALONBAY CMNTYS REIT</StockNm>
        <EOYBookValueAmt>81234</EOYBookValueAmt>
        <EOYFMVAmt>118717</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>570 SH BSTN PPTYS INC</StockNm>
        <EOYBookValueAmt>55971</EOYBookValueAmt>
        <EOYFMVAmt>65653</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>350 SH CAMDEN PPTY TR SH BEN</StockNm>
        <EOYBookValueAmt>34159</EOYBookValueAmt>
        <EOYFMVAmt>62538</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,250 SH EQTY RESDNTL EFF 5/1/</StockNm>
        <EOYBookValueAmt>84787</EOYBookValueAmt>
        <EOYFMVAmt>113125</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>160 SH EQUINIX INC COM</StockNm>
        <EOYBookValueAmt>98115</EOYBookValueAmt>
        <EOYFMVAmt>135334</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,805 SH HEALTHPEAK PROPERTIES</StockNm>
        <EOYBookValueAmt>54928</EOYBookValueAmt>
        <EOYFMVAmt>65142</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2,445 SH HUDSON PACIFIC PROPER</StockNm>
        <EOYBookValueAmt>63242</EOYBookValueAmt>
        <EOYFMVAmt>60416</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,635 SH INVITATION HOMES INC</StockNm>
        <EOYBookValueAmt>46314</EOYBookValueAmt>
        <EOYFMVAmt>74131</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>810 SH KILROY RLTY CORP COM</StockNm>
        <EOYBookValueAmt>55637</EOYBookValueAmt>
        <EOYFMVAmt>53833</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>900 SH PROLOGIS INC COM</StockNm>
        <EOYBookValueAmt>90744</EOYBookValueAmt>
        <EOYFMVAmt>151524</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>340 SH PUB STORAGE COM</StockNm>
        <EOYBookValueAmt>77725</EOYBookValueAmt>
        <EOYFMVAmt>127350</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,020 SH REGENCY CTRS CORP</StockNm>
        <EOYBookValueAmt>49557</EOYBookValueAmt>
        <EOYFMVAmt>76857</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,775 SH VICI PPTYS INC COM</StockNm>
        <EOYBookValueAmt>53285</EOYBookValueAmt>
        <EOYFMVAmt>53446</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>AMANSA FEEDER LTD CLASS G</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>550000</BookValueAmt>
        <EOYFMVAmt>860266</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CF CANYON BALANCED FUND KY LTD</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>2000000</BookValueAmt>
        <EOYFMVAmt>2435987</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CEVIAN CAPITAL II LLP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1500000</BookValueAmt>
        <EOYFMVAmt>2172877</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FARALLON CAPITAL INSTITUTIONAL</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>2650564</BookValueAmt>
        <EOYFMVAmt>2758732</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FORTRESS CREDIT OPP FD V EXPAN</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>141307</BookValueAmt>
        <EOYFMVAmt>129888</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CF GOLDENTREE SELECT OFFSHORE</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>2000000</BookValueAmt>
        <EOYFMVAmt>2816903</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>HCP CHINA CAPITAL APPRECIATION</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>858710</BookValueAmt>
        <EOYFMVAmt>1066997</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>HCP PRIVATE EQUITY FUND X-A LP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>79135</BookValueAmt>
        <EOYFMVAmt>80000</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>HCP REAL ESTATE FUND III-A, LP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>517990</BookValueAmt>
        <EOYFMVAmt>537063</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>OCTAGON INVESTMENTS OFFSHORE F</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1000000</BookValueAmt>
        <EOYFMVAmt>1000000</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>PRIME FINANCE LONG DURATION (B</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>70328</BookValueAmt>
        <EOYFMVAmt>71222</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SSC MCH LONE CASCADE, LP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>5092997</BookValueAmt>
        <EOYFMVAmt>6538171</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CF STEADFAST INTERNATIONAL LTD</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1500000</BookValueAmt>
        <EOYFMVAmt>1518235</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>TYBOURNE EQUITY OFFSHORE FD</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1000000</BookValueAmt>
        <EOYFMVAmt>783907</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>INCLUSIVE CAPITAL PARTNERS SPR</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>2000000</BookValueAmt>
        <EOYFMVAmt>1829017</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LandEtcSchedule2 documentId="LandEtcSch2">
      <LandEtcGrp>
        <CategoryOrItemTxt>LAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>10408211</CostOrOtherBasisAmt>
        <BookValueAmt>10408211</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>BLDG IMPROVEMENTS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>40437</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>995</AccumulatedDepreciationAmt>
        <BookValueAmt>39442</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>BLDG IMPROVEMENTS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>24001</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>591</AccumulatedDepreciationAmt>
        <BookValueAmt>23410</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>BLDG IMPROVEMENTS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>20000</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>107</AccumulatedDepreciationAmt>
        <BookValueAmt>19893</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>BLDG IMPROVEMENTS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>31663</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>102</AccumulatedDepreciationAmt>
        <BookValueAmt>31561</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>EQUIPMENT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>7020</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1755</AccumulatedDepreciationAmt>
        <BookValueAmt>5265</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>EQUIPMENT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>9105</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>2276</AccumulatedDepreciationAmt>
        <BookValueAmt>6829</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>EQUIPMENT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>2202</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>393</AccumulatedDepreciationAmt>
        <BookValueAmt>1809</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>EQUIPMENT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>3859</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>689</AccumulatedDepreciationAmt>
        <BookValueAmt>3170</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>EQUIPMENT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>31185</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>5567</AccumulatedDepreciationAmt>
        <BookValueAmt>25618</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>EQUIPMENT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>802</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>86</AccumulatedDepreciationAmt>
        <BookValueAmt>716</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>EQUIPMENT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1805</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>193</AccumulatedDepreciationAmt>
        <BookValueAmt>1612</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>EQUIPMENT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>123879</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>13267</AccumulatedDepreciationAmt>
        <BookValueAmt>110612</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>EQUIPMENT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>42158</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1505</AccumulatedDepreciationAmt>
        <BookValueAmt>40653</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>EQUIPMENT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>81964</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>2926</AccumulatedDepreciationAmt>
        <BookValueAmt>79038</BookValueAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL FEE</CategoryTxt>
        <LegalFeesAmt>310</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>310</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>DUE FROM BROKER</Desc>
        <EOYBookValueAmt>5703</EOYBookValueAmt>
        <EOYFMVAmt>5703</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>DUE FROM KABOUTER</Desc>
        <EOYBookValueAmt>65432</EOYBookValueAmt>
        <EOYFMVAmt>65432</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherDecreasesSchedule documentId="OtherDecreasesSch">
      <OtherDecreasesDetail>
        <Desc>COST BASIS ADJUSTMENT</Desc>
        <Amt>465076</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>PARTNERSHIP INVESTMENT EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>142776</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>142393</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>LICENSE FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>675</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>675</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>125</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>125</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>REPAIR &amp; MAINTANENCE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>4421</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>4421</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>LANDSCAPING EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>196</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>196</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>PARTNERSHIP INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>18934</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>18934</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>OTHER INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>2277</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>2255</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherLiabilitiesSchedule documentId="OtherLiabSch">
      <OtherLiabilitiesDetail>
        <Desc>GOLDENTREE SELECT OFFSHORE FUND</Desc>
        <BOYBookValueAmt>0</BOYBookValueAmt>
        <EOYBookValueAmt>2000000</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT MANAGEMENT FEE</CategoryTxt>
        <Amt>190718</Amt>
        <NetInvestmentIncomeAmt>190718</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CUSTODIAN FEE</CategoryTxt>
        <Amt>6651</Amt>
        <NetInvestmentIncomeAmt>6651</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CONSULTING FEE</CategoryTxt>
        <Amt>160000</Amt>
        <NetInvestmentIncomeAmt>160000</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX</CategoryTxt>
        <Amt>4881</Amt>
        <NetInvestmentIncomeAmt>4881</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>EXCISE TAX</CategoryTxt>
        <Amt>63898</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>
