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          <PropertyDesc>BLACKROCK LTD DURATION INC 500SH</PropertyDesc>
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            <BusinessNameLine1Txt>PRIVATE SCHOLARSHIPS</BusinessNameLine1Txt>
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            <AddressLine1Txt>VARIOUS</AddressLine1Txt>
            <CityNm>BISHOP</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93514</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>EDUCATIONAL</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIP</GrantOrContributionPurposeTxt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIVERSITY OF NEVADA RENO</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>UNIVERSITY OF NEVADA RENO</BusinessNameLine2Txt>
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            <AddressLine1Txt>MAILSTOP 0076</AddressLine1Txt>
            <CityNm>RENO</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89557</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>EDUCATIONAL</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIP</GrantOrContributionPurposeTxt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CENTRALIA COLLEGE</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>CENTRALIA COLLEGE</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>600 CENTRALIA COLLEGE BLV</AddressLine1Txt>
            <CityNm>CENTRALIA</CityNm>
            <StateAbbreviationCd>WA</StateAbbreviationCd>
            <ZIPCd>98531</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>EDUCATIONAL</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIP</GrantOrContributionPurposeTxt>
          <Amt>2000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>DUKE UNIVERSITY</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>DUKE UNIVERSITY</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>8 SEARLE CENTER DRIVE</AddressLine1Txt>
            <CityNm>DURHAM</CityNm>
            <StateAbbreviationCd>NC</StateAbbreviationCd>
            <ZIPCd>27710</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>EDUCATIONAL</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIP</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>GRAND CANYON UNIVERSITY</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>GRAND CANYON UNIVERSITY</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>3300 WEST CAMELBACK ROAD</AddressLine1Txt>
            <CityNm>PHOENIX</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85017</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>EDUCATIONAL</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIP</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>GREAT BASIN COLLEGE</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>GREAT BASIN COLLEGE</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1500 COLLEGE PARKWAY</AddressLine1Txt>
            <CityNm>ELKO</CityNm>
            <StateAbbreviationCd>NV</StateAbbreviationCd>
            <ZIPCd>89801</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>EDUCATIONAL</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIP</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HASTINGS COLLEGE</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>HASTINGS COLLEGE</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>701 N TURNER AVENUE</AddressLine1Txt>
            <CityNm>HASTINGS</CityNm>
            <StateAbbreviationCd>NE</StateAbbreviationCd>
            <ZIPCd>68901</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>EDUCATIONAL</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIP</GrantOrContributionPurposeTxt>
          <Amt>2000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>LASSEN COMMUNITY COLLEGE</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>LASSEN COMMUNITY COLLEGE</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>478-200 CA 139</AddressLine1Txt>
            <CityNm>SUSANVILLE</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>96130</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>EDUCATIONAL</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIP</GrantOrContributionPurposeTxt>
          <Amt>2000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SOUTHERN NEW HAMPSHIRE UNIVERSITY</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>SOUTHERN NEW HAMPSHIRE UNIVERSITY</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 55008</AddressLine1Txt>
            <CityNm>BOSTON</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>02205</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>EDUCATIONAL</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIP</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>STANFORD UNIVERSITY</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>STANFORD UNIVERSITY</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>355 GALVEZ STREET</AddressLine1Txt>
            <CityNm>STANFORD</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94305</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>EDUCATIONAL</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIP</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIV OF CA DAVIS</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>UNIV OF CA DAVIS</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 989062</AddressLine1Txt>
            <CityNm>W SACRAMENTO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>95798</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>EDUCATIONAL</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIP</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIV OF CA SANTA CRUZ</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>UNIV OF CA SANTA CRUZ</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1156 HIGH STREET</AddressLine1Txt>
            <CityNm>SANTA CRUZ</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>95064</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>EDUCATIONAL</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIP</GrantOrContributionPurposeTxt>
          <Amt>2000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIVERSITY OF MONTANA</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>UNIVERSITY OF MONTANA</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>32 CAMPUS DRIVE</AddressLine1Txt>
            <CityNm>MISSOULA</CityNm>
            <StateAbbreviationCd>MT</StateAbbreviationCd>
            <ZIPCd>59812</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>EDUCATIONAL</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIP</GrantOrContributionPurposeTxt>
          <Amt>8000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIVERSITY OF SOUTHERN CALIFORNIA</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>UNIVERSITY OF SOUTHERN CALIFORNIA</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>700 CHILDS WAY JHH</AddressLine1Txt>
            <CityNm>LOS ANGELES</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90089</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>EDUCATIONAL</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SCHOLARSHIP</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>78000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>4811</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>16089</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>37008</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>INVESTMENT ADJUSTMENTS</Desc>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>-175</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>57733</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>57733</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>SHALLCROSS &amp; ASSOCIATES</CategoryTxt>
        <Amt>938</Amt>
        <DisbursementsCharitablePrpsAmt>29</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2">
      <InvestmentsCorporateStockGrp>
        <StockNm>MORGAN STANLEY SMITH BARNEY</StockNm>
        <EOYBookValueAmt>371377</EOYBookValueAmt>
        <EOYFMVAmt>679501</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <OtherAssetsSchedule documentId="RetDoc3">
      <OtherAssetsScheduleGrp>
        <Desc>LOAN RECEIVABLE</Desc>
        <BOYBookValueAmt>67393</BOYBookValueAmt>
        <EOYBookValueAmt>56803</EOYBookValueAmt>
        <EOYFMVAmt>56803</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc4">
      <OtherIncomeDetail>
        <Desc>INVESTMENT ADJUSTMENTS</Desc>
        <RevenueAndExpensesPerBooksAmt>-175</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-175</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="RetDoc5">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>MORGAN STANLEY</CategoryTxt>
        <Amt>150</Amt>
        <NetInvestmentIncomeAmt>150</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>SCHOLARSHIP ADMINISTRATION</CategoryTxt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc6">
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAXES PAID</CategoryTxt>
        <Amt>253</Amt>
        <NetInvestmentIncomeAmt>253</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>STATE FILING FEES</CategoryTxt>
        <Amt>25</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES PAID</CategoryTxt>
        <Amt>196</Amt>
        <NetInvestmentIncomeAmt>196</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>
