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        <TotalFMVOfUnusedAssetsAmt>26224100</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>26224100</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>393362</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>25830738</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>1291537</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>1291537</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>11130</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>11130</TotalTaxAmt>
        <DistributableBeforeAdjAmt>1280407</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>1280407</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>1280407</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>971543</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>971543</QualifyingDistributionsAmt>
        <AdjustedQualifyingDistriAmt>971543</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>1280407</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>786415</UndistributedIncomePYAmt>
        <QualifyingDistributionsAmt>971543</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>786415</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>185128</AppliedToCurrentYearAmt>
        <UndistributedIncomeCYAmt>1095279</UndistributedIncomeCYAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>DAVISON BRUCE FDN GRANTS ADMINISTRA</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>CO CUMBERLAND TRUST TRUSTEE</AddressLine1Txt>
            <AddressLine2Txt>40 BURTON HILLS BLVD STE 300</AddressLine2Txt>
            <CityNm>NASHVILLE</CityNm>
            <StateAbbreviationCd>TN</StateAbbreviationCd>
            <ZIPCd>37215</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>6157832540</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>APPLICATIONS CAN BE SUBMITTED VIA LETTER OR ONLINE AT WWW.DAVISONBRUCEFOUNDATION.ORG., SEE ATTACHED</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>FEBRUARY 1ST</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>N/A</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>808 MINISTIRES</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>808 MINISTRIES</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1137 JOHN LOVELACE ROAD</AddressLine1Txt>
            <AddressLine2Txt>1137 JOHN LOVELACE ROAD</AddressLine2Txt>
            <CityNm>LAGRANGE</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30241</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>EVANGALISM THROUGH WORSHIP</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ADVOCATES FOR FREEDOM</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>ADVOCATES FOR FREEDOM</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 2497</AddressLine1Txt>
            <AddressLine2Txt>PO BOX 2497</AddressLine2Txt>
            <CityNm>GULFPORT</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39505</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>HELPING VICTIMS OF HUMAN TRAFFICKING</GrantOrContributionPurposeTxt>
          <Amt>20000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ALABAMA CASA NETWORK</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>ALABAMA CASA NETWORK</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1919 OXMOOR RD</AddressLine1Txt>
            <AddressLine2Txt>381</AddressLine2Txt>
            <CityNm>BIRMINGHAM</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>35209</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE GIVING</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ALABAMA KIDNEY FOUNDATION</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>ALABAMA KIDNEY FOUNDATION</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2012 UNIVERSITY BLVD 164</AddressLine1Txt>
            <CityNm>BIRMINGHAM</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>35233</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>SERVING KIDNEY PATIENTS</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BELOVED ATLANTA</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>BELOVED ATLANTA</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1270 CAROLINE STREET</AddressLine1Txt>
            <CityNm>ATLANTA</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30307</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSES</GrantOrContributionPurposeTxt>
          <Amt>32000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BIGHOUSE INC</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>BIGHOUSE INC</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>637 S MCCLINTOCK DR</AddressLine1Txt>
            <CityNm>TEMPE</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85281</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSES</GrantOrContributionPurposeTxt>
          <Amt>7500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BOYS &amp; GIRLS CLUBS OF GREATER LEE C</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>BOYS &amp; GIRLS CLUBS OF GREATER LEE</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1610 TOOMER ST</AddressLine1Txt>
            <CityNm>OPELIKA</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>36801</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSES</GrantOrContributionPurposeTxt>
          <Amt>51689</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CHILDCARE RESOURCE CENTER</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>CHILDCARE RESOURCE CENTER</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>20001 PRAIRIE STREET</AddressLine1Txt>
            <CityNm>CHATSWORTH</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>91311</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>WELLBEING OF THE CHILD</GrantOrContributionPurposeTxt>
          <Amt>13000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>COMMUNITY BIBLE STUDY</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>COMMUNITY BIBLE STUDY</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>790 STOUT ROAD</AddressLine1Txt>
            <CityNm>COLORADO</CityNm>
            <StateAbbreviationCd>CO</StateAbbreviationCd>
            <ZIPCd>80921</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>NONDENOMINATIONAL BIBLE STUDY</GrantOrContributionPurposeTxt>
          <Amt>2000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>EMMAUS HOUSE</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>EMMAUS HOUSE</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>321 B GREENVILLE ST</AddressLine1Txt>
            <CityNm>LAGRANGE</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30241</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ESPERANZA HOUSE INC</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>ESPERANZA HOUSE INC</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1103 MEMORIAL DR</AddressLine1Txt>
            <CityNm>ARTESIA</CityNm>
            <StateAbbreviationCd>NM</StateAbbreviationCd>
            <ZIPCd>88210</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>HELPING VICTIMS OF CHILD ABUSE</GrantOrContributionPurposeTxt>
          <Amt>4000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FAMILY WORSHIP CENTER</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>FAMILY WORSHIP CENTER</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 262550</AddressLine1Txt>
            <CityNm>BATON ROUGE</CityNm>
            <StateAbbreviationCd>LA</StateAbbreviationCd>
            <ZIPCd>70826</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>RELIGIOUS ORGANIZATION</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FELLOWSHIP OF CHRISTIAN ATHLETES</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>FELLOWSHIP OF CHRISTIAN ATHLETES</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>8701 LEEDS ROAD</AddressLine1Txt>
            <CityNm>KANSAS</CityNm>
            <StateAbbreviationCd>MO</StateAbbreviationCd>
            <ZIPCd>64129</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>FAITH AND ATHLETICS</GrantOrContributionPurposeTxt>
          <Amt>1925</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FOUNDRY MINISTRIES</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>FOUNDRY MINISTRIES</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 824</AddressLine1Txt>
            <CityNm>BESSEMER</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>35021</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>RECOVERY PROGRAMS FOR ADDICTS</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HADDIES HOME</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>HADDIES HOME</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX</AddressLine1Txt>
            <CityNm>OPELIKA</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>36803</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>HELPING GIRLS IN CRISIS</GrantOrContributionPurposeTxt>
          <Amt>7500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HARMONY HOUSE DOMESTIC VIOLENCE SHE</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>HARMONY HOUSE DOMESTIC VIOLENCE SHELTER</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>POX BOX 2925</AddressLine1Txt>
            <CityNm>LAGRANGE</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30241</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>DOMESTIC VIOLENCE SHELTER</GrantOrContributionPurposeTxt>
          <Amt>8450</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HILLSIDE FELLOWSHIP CHURCH</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>HILLSIDE FELLOWSHIP CHURCH</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>7055 HIGHWAY 281N</AddressLine1Txt>
            <CityNm>SPRING BRANCH</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78070</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSES</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HOMES OF HOPE FOR CHILDREN</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>HOMES OF HOPE FOR CHILDREN</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>344 HAROLD TUCKER RD</AddressLine1Txt>
            <CityNm>PURVIS</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39475</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE GIVING</GrantOrContributionPurposeTxt>
          <Amt>52250</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HUB CITY SERVICES</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>HUB CITY SERVICES</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>7 PUBLIC SQUARE</AddressLine1Txt>
            <CityNm>ELIZABTHTOWN</CityNm>
            <StateAbbreviationCd>KY</StateAbbreviationCd>
            <ZIPCd>42701</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>SERVING PEOPLE WITH SUBSTANCE ABUSE</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HUDSON FAMILY FOUNDATION</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>HUDSON FAMILY FOUNDATION</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>300 N DEAN ROAD</AddressLine1Txt>
            <CityNm>AUBURN</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>36830</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NINE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>HELPING CHILDREN WITH NEEDS</GrantOrContributionPurposeTxt>
          <Amt>4000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>IMMANUEL CHURCH</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>IMMANUEL CHURCH</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1115 11TH ST</AddressLine1Txt>
            <CityNm>BIRMINGHAM</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>35205</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>RELIGIOUS ORGANIZATION</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>IMMERSION OUTFITTERS</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>IMMERSION OUTFITTERS</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2510 W AMMANN</AddressLine1Txt>
            <CityNm>BULVERDE</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78163</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>13000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>JUST KEEP SMILING</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>JUST KEEP SMILING</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 1565</AddressLine1Txt>
            <CityNm>GARGARDENDALE</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>35071</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>HELPING FAMILIES OF SICK CHILDREN</GrantOrContributionPurposeTxt>
          <Amt>31500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>KERUSSO FOUNDATION</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>KERUSSO FOUNDATION</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 6871</AddressLine1Txt>
            <CityNm>MCKINNEY</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>75071</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSES</GrantOrContributionPurposeTxt>
          <Amt>20000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>KIDS HUB CHILD ADVOCACY CENTER</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>KIDS HUB CHILD ADVOCACY CENTER</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2052 OAK GROVE RD</AddressLine1Txt>
            <CityNm>HATTIESBURG</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39402</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>11981</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>LIFELINE CHILDRENS SERVICES</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>LIFELINE CHILDRENS SERVICES</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1922 GA-74</AddressLine1Txt>
            <CityNm>TYRONE</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30290</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSES</GrantOrContributionPurposeTxt>
          <Amt>27205</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>LIVING HOPE INTERNATIONAL</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>LIVING HOPE INTERNATIONAL</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>12700 HILLCREST RD</AddressLine1Txt>
            <AddressLine2Txt>SUITE 254</AddressLine2Txt>
            <CityNm>DALLAS</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>75230</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE GIVING</GrantOrContributionPurposeTxt>
          <Amt>54000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MISSION CROSS GRANT</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>MISSION CROSS GRANT</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>324 MAGNOLIA ST</AddressLine1Txt>
            <CityNm>LAUREL</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39440</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>HELPING HOMELESS PEOPLE</GrantOrContributionPurposeTxt>
          <Amt>4500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NAVIGATORS</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>NAVIGATORS</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 6000</AddressLine1Txt>
            <CityNm>COLORADO SPRINGS</CityNm>
            <StateAbbreviationCd>CO</StateAbbreviationCd>
            <ZIPCd>809346000</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>CHRISTIAN OUTREACH</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NEWBIRTH OUTREACH CENTER</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>NEWBIRTH OUTREACH CENTER</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>10107 VETERANS PARKWAY</AddressLine1Txt>
            <CityNm>MIDLAND</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>31820</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>CHRISTIAN ORGANIZATION</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>RAPE COUNSELORS OF EAST ALABAMA</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>RAPE COUNSELORS OF EAST ATLANTA</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>334-741-0707</AddressLine1Txt>
            <CityNm>AUBURN</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>36830</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSES</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SMILE A MILE</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>SMILE A MILE</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1600 2ND AVE S</AddressLine1Txt>
            <CityNm>BIRMINGHAM</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>35233</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>HELPING CHILDREN WITH CANCER</GrantOrContributionPurposeTxt>
          <Amt>27000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SOUTHEASTERN COUNCIL OF FOUNDATIONS</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>SOUTHEASTERN COUNCIL OF FOUNDATIONS</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>100 PEACHTREE ST NE</AddressLine1Txt>
            <AddressLine2Txt>2080</AddressLine2Txt>
            <CityNm>ATLANTA</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30303</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE GIVING</GrantOrContributionPurposeTxt>
          <Amt>1200</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>STEGALL SEMINARY SCHOLARSHIP ENDOWM</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>STEGALL SEMINARY SCHOLARHSIP</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 241661</AddressLine1Txt>
            <CityNm>MONTGOMERY</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>36124</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSES</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>STORYBROOK FARM</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>STORYBROOK FARM</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>300 CUSSETA RD</AddressLine1Txt>
            <CityNm>OPELIKA</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>36801</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TROUP CARES INC</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>TROUP CARES INC</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>301 MEDICAL DR</AddressLine1Txt>
            <AddressLine2Txt>SUITE 501</AddressLine2Txt>
            <CityNm>LAGRANGE</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30240</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>7500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TRUTH IN NATURE</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>TRUTH IN NATURE</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 1340</AddressLine1Txt>
            <CityNm>DOUGLASVILLE</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30133</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>MINISTRY FOR SINGLE PARENT BOYS</GrantOrContributionPurposeTxt>
          <Amt>12000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TWIN CEDARS YOUTH SERVICES</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>TWIN CEDARS YOUTH SERVICES</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1234 COMMERCE DR</AddressLine1Txt>
            <AddressLine2Txt>SUITE B</AddressLine2Txt>
            <CityNm>AUBURN</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>36830</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE GIVING</GrantOrContributionPurposeTxt>
          <Amt>20000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>WAY 2 SERVE</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>WAY 2 SERVE</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1310 MCCOY ST</AddressLine1Txt>
            <CityNm>OPLIKA</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>36801</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>HELPING REBUILDING HOMES</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>YOUNG LIFE EAST ALABAMA</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>YOUNG LIFE EAST ALABAMA</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>154 N DONAHUE DR</AddressLine1Txt>
            <CityNm>AUBURN</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>36832</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSES</GrantOrContributionPurposeTxt>
          <Amt>69500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>758700</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <RelatedOrExemptFunctionIncmAmt>192952</RelatedOrExemptFunctionIncmAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>399509</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <OtherInvestmentIncmPartVIIGrp>
          <RelatedOrExemptFunctionIncmAmt>1109</RelatedOrExemptFunctionIncmAmt>
        </OtherInvestmentIncmPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <UnrelatedBusinessTaxblIncmAmt>9801</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionCd>1</ExclusionCd>
          <ExclusionAmt>120101</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>1214</RelatedOrExemptFunctionIncmAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>PERENNIAL REAL ESTATE FUND</Desc>
          <RelatedOrExemptFunctionIncmAmt>-1199</RelatedOrExemptFunctionIncmAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>PERENNIAL REAL ESTATE FUND</Desc>
          <RelatedOrExemptFunctionIncmAmt>-846</RelatedOrExemptFunctionIncmAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>OTHER INCOME</Desc>
          <RelatedOrExemptFunctionIncmAmt>732</RelatedOrExemptFunctionIncmAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>9801</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>519610</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>193962</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>723373</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="RetDoc1">
      <AccountingFeesDetail>
        <CategoryTxt>TAX CONSULTING PLANNING</CategoryTxt>
        <Amt>4500</Amt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <ContractorCompensationExpln documentId="RetDoc2">
      <ContractorCompExplnGrp>
        <ContractorBusinessName>
          <BusinessNameLine1Txt>UBS</BusinessNameLine1Txt>
          <BusinessNameLine2Txt>UBS</BusinessNameLine2Txt>
        </ContractorBusinessName>
        <ExplanationTxt>INVESTMENT MANAGEMENT</ExplanationTxt>
      </ContractorCompExplnGrp>
      <ContractorCompExplnGrp>
        <ContractorBusinessName>
          <BusinessNameLine1Txt>MORGAN STANLEY</BusinessNameLine1Txt>
          <BusinessNameLine2Txt>MORGAN STANLEY</BusinessNameLine2Txt>
        </ContractorBusinessName>
        <ExplanationTxt>INVESTMENT MANAGEMENT</ExplanationTxt>
      </ContractorCompExplnGrp>
    </ContractorCompensationExpln>
    <GainLossSaleOtherAssetsSch documentId="RetDoc3">
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>LONG-TERM GAIN/LOSS FROM PASS-THROUGH ENTITY</AssetDesc>
        <GrossSalesPriceAmt>9801</GrossSalesPriceAmt>
        <TotalNetAmt>9801</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
    </GainLossSaleOtherAssetsSch>
    <InvestmentsCorpStockSchedule documentId="RetDoc4">
      <InvestmentsCorporateStockGrp>
        <StockNm>UBS FINANCIAL SERVICES 85604</StockNm>
        <EOYBookValueAmt>7416011</EOYBookValueAmt>
        <EOYFMVAmt>8288970</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>UBS FINANCIAL SERVICES 85889 7N</StockNm>
        <EOYFMVAmt>571473</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>UBS FINANCIAL SERVICES 85888</StockNm>
        <EOYBookValueAmt>2882317</EOYBookValueAmt>
        <EOYFMVAmt>3588634</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MORGAN STANLEY 767</StockNm>
        <EOYBookValueAmt>10332042</EOYBookValueAmt>
        <EOYFMVAmt>13381377</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PERENIAL REAL ESTATE FUND</StockNm>
        <EOYBookValueAmt>71243</EOYBookValueAmt>
        <EOYFMVAmt>50734</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MORGAN STANLEY 41016</StockNm>
        <EOYBookValueAmt>377720</EOYBookValueAmt>
        <EOYFMVAmt>377365</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <LegalFeesSchedule documentId="RetDoc5">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL AND CONSULTING</CategoryTxt>
        <LegalFeesAmt>37628</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>18814</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherDecreasesSchedule documentId="RetDoc6">
      <OtherDecreasesDetail>
        <Desc>NON DEDUCTIBLE FED TAXES</Desc>
        <Amt>10500</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="RetDoc7">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PERENNIAL REAL ESTATE</Desc>
        <RevenueAndExpensesPerBooksAmt>1</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PERENNIAL REAL ESTATE FD LP P</Desc>
        <RevenueAndExpensesPerBooksAmt>2041</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>2041</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PERENNIAL REAL ESTATE FD LP P</Desc>
        <RevenueAndExpensesPerBooksAmt>106</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>106</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ADMINISTRATIVE EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>2866</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>2866</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>WEBSITE</Desc>
        <RevenueAndExpensesPerBooksAmt>785</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>785</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE SUPPLIES</Desc>
        <RevenueAndExpensesPerBooksAmt>42</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>42</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CREDIT CARD FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>35</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>35</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>COMPUTER EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>4248</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>4248</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc9">
      <OtherIncomeDetail>
        <Desc>PERENNIAL REAL ESTATE FD LP</Desc>
        <RevenueAndExpensesPerBooksAmt>-65</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-65</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>PERENNIAL REAL ESTATE FD LP</Desc>
        <RevenueAndExpensesPerBooksAmt>11</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>11</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>PERENNIAL REAL ESTATE FD LP</Desc>
        <RevenueAndExpensesPerBooksAmt>1163</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1163</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>PERENNIAL REAL ESTATE FUND</Desc>
        <RevenueAndExpensesPerBooksAmt>-1199</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>PERENNIAL REAL ESTATE FUND</Desc>
        <RevenueAndExpensesPerBooksAmt>-846</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>OTHER INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>732</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="RetDoc8">
      <OtherIncreasesDetail>
        <Desc>ROUNDING</Desc>
        <Amt>2</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc10">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>MORGAN STANLEY 7767016</CategoryTxt>
        <Amt>68275</Amt>
        <NetInvestmentIncomeAmt>68275</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>UBS 85604</CategoryTxt>
        <Amt>64151</Amt>
        <NetInvestmentIncomeAmt>64151</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>UBS 85888</CategoryTxt>
        <Amt>20724</Amt>
        <NetInvestmentIncomeAmt>20724</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc11">
      <TaxesDetail>
        <CategoryTxt>PERENNIAL REAL ESTATE FD - STATE</CategoryTxt>
        <Amt>45</Amt>
        <NetInvestmentIncomeAmt>45</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>PERENNIAL REAL ESTATE FD - FOR T</CategoryTxt>
        <Amt>3</Amt>
        <NetInvestmentIncomeAmt>3</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>PERENNIAL REAL ESTATE FD - STATE</CategoryTxt>
        <Amt>10</Amt>
        <NetInvestmentIncomeAmt>10</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>UBS - 604</CategoryTxt>
        <Amt>1846</Amt>
        <NetInvestmentIncomeAmt>1846</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>MORGAN STANLEY - 817027767016</CategoryTxt>
        <Amt>925</Amt>
        <NetInvestmentIncomeAmt>925</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>