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            <AddressLine1Txt>425 THIRD ST SW</AddressLine1Txt>
            <AddressLine2Txt>SUITE 800</AddressLine2Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20024</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>GENERAL FUNDING 501(C)3</GrantOrContributionPurposeTxt>
          <Amt>70000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>LIBERTY JUSTICE CENTER</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>190 S LASALLE STREET</AddressLine1Txt>
            <AddressLine2Txt>NO 1500</AddressLine2Txt>
            <CityNm>CHICAGO</CityNm>
            <StateAbbreviationCd>IL</StateAbbreviationCd>
            <ZIPCd>60603</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>GENERAL FUNDING 501(C)3</GrantOrContributionPurposeTxt>
          <Amt>200000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>LUDWIG VON MISES</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>518 W MAGNOLIA AVENUE</AddressLine1Txt>
            <CityNm>AUBURN</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>36832</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>GENERAL FUNDING 501(C)3</GrantOrContributionPurposeTxt>
          <Amt>70000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MACKINAC CENTER FOR PUBLIC POLICY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>140 W MAIN STREET</AddressLine1Txt>
            <CityNm>MIDLAND</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>48640</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>GENERAL FUNDING 501(C)3</GrantOrContributionPurposeTxt>
          <Amt>200000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NRW LEGAL DEFENSE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>8001 BRADDOCK ROAD</AddressLine1Txt>
            <CityNm>SPRINGFIELD</CityNm>
            <StateAbbreviationCd>VA</StateAbbreviationCd>
            <ZIPCd>22160</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>GENERAL FUNDING 501(C)3</GrantOrContributionPurposeTxt>
          <Amt>80000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>PAC LEGAL FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>930 G STREET</AddressLine1Txt>
            <CityNm>SARAMENTO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>95814</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>GENERAL FUNDING 501C(3)</GrantOrContributionPurposeTxt>
          <Amt>190000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>STUDENTS FOR LIBERTY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2221 S CLARK ST</AddressLine1Txt>
            <AddressLine2Txt>12TH FLOOR</AddressLine2Txt>
            <CityNm>ARLINGTON</CityNm>
            <StateAbbreviationCd>VA</StateAbbreviationCd>
            <ZIPCd>22202</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>GENERAL FUNDING 501(C)3</GrantOrContributionPurposeTxt>
          <Amt>35000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE AYN RAND INSTITUTE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>6 HUTTON CENTER DRIVE</AddressLine1Txt>
            <AddressLine2Txt>SUITE 600</AddressLine2Txt>
            <CityNm>SANTA ANA</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92707</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>GENERAL FUNDING 501(C)3</GrantOrContributionPurposeTxt>
          <Amt>80000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>YOUNG AMERICANS FOR LIBERTY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1320 N COURTHOUSE ROAD</AddressLine1Txt>
            <CityNm>ARLINGTON</CityNm>
            <StateAbbreviationCd>VA</StateAbbreviationCd>
            <ZIPCd>22201</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>GENERAL FUNDING 501(C)3</GrantOrContributionPurposeTxt>
          <Amt>150000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>XPRIZE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1660 N ICERNON WAY</AddressLine1Txt>
            <CityNm>TUCSON</CityNm>
            <StateAbbreviationCd>AZ</StateAbbreviationCd>
            <ZIPCd>85712</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>GENERAL FUNDING 501 (C)3</GrantOrContributionPurposeTxt>
          <Amt>30000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NATIONAL CENTER FOR PUBLIC POLICY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2005 MASSACHUSETTS AVE</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20036</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>GENERAL FUNDING 501(C)3</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1610000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <RelatedOrExemptFunctionIncmAmt>10249</RelatedOrExemptFunctionIncmAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <RelatedOrExemptFunctionIncmAmt>679296</RelatedOrExemptFunctionIncmAmt>
        </DividendsAndInterestFromSecDtl>
        <OtherInvestmentIncomeGrp>
          <RelatedOrExemptFunctionIncmAmt>47728</RelatedOrExemptFunctionIncmAmt>
        </OtherInvestmentIncomeGrp>
        <GainSalesAstOthThanInvntryGrp>
          <RelatedOrExemptFunctionIncmAmt>-616085</RelatedOrExemptFunctionIncmAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <RelatedOrExemptFunctionIncmAmt>121188</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>121188</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>
    <GainLossSaleOtherAssetsSch documentId="RetDoc1">
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>MS422</AssetDesc>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2023-12</SoldDt>
        <GrossSalesPriceAmt>814114</GrossSalesPriceAmt>
        <BasisAmt>822612</BasisAmt>
        <TotalNetAmt>-8498</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>MS422</AssetDesc>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2023-12</SoldDt>
        <GrossSalesPriceAmt>1379758</GrossSalesPriceAmt>
        <BasisAmt>1572690</BasisAmt>
        <TotalNetAmt>-192932</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>MS422</AssetDesc>
        <AcquiredDt>2023-10</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2023-12</SoldDt>
        <GrossSalesPriceAmt>49</GrossSalesPriceAmt>
        <TotalNetAmt>49</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>FAMIGLIA 8051</AssetDesc>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2023-12</SoldDt>
        <GrossSalesPriceAmt>1242515</GrossSalesPriceAmt>
        <BasisAmt>1454483</BasisAmt>
        <TotalNetAmt>-211968</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>FAMIGLIA 8051</AssetDesc>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2023-12</SoldDt>
        <GrossSalesPriceAmt>4006477</GrossSalesPriceAmt>
        <BasisAmt>4378102</BasisAmt>
        <TotalNetAmt>-371625</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>MS412</AssetDesc>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2023-12</SoldDt>
        <GrossSalesPriceAmt>450050</GrossSalesPriceAmt>
        <BasisAmt>410728</BasisAmt>
        <TotalNetAmt>39322</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>MS412</AssetDesc>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2023-12</SoldDt>
        <GrossSalesPriceAmt>291229</GrossSalesPriceAmt>
        <BasisAmt>206368</BasisAmt>
        <TotalNetAmt>84861</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>MS412-MAGELLAN MIDSTREAM PTNRS</AssetDesc>
        <AcquiredDt>2020-08</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2023-09</SoldDt>
        <GrossSalesPriceAmt>607707</GrossSalesPriceAmt>
        <BasisAmt>450270</BasisAmt>
        <TotalNetAmt>157437</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>MS8051</AssetDesc>
        <AcquiredDt>2023-12</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2023-12</SoldDt>
        <BasisAmt>113927</BasisAmt>
        <TotalNetAmt>-113927</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
    </GainLossSaleOtherAssetsSch>
    <InvestmentsCorpStockSchedule documentId="RetDoc2">
      <InvestmentsCorporateStockGrp>
        <StockNm>MARKETABLE SECURITIES - 8051</StockNm>
        <EOYBookValueAmt>15311672</EOYBookValueAmt>
        <EOYFMVAmt>17503</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MARKETABLE SECURITIES - 412</StockNm>
        <EOYBookValueAmt>4525993</EOYBookValueAmt>
        <EOYFMVAmt>5347225</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MARKETABLE SECURITIES - 422</StockNm>
        <EOYBookValueAmt>11120327</EOYBookValueAmt>
        <EOYFMVAmt>11099597</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MARKETABLE SECURITIES - 751</StockNm>
        <EOYBookValueAmt>112633</EOYBookValueAmt>
        <EOYFMVAmt>112633</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <OtherDecreasesSchedule documentId="RetDoc3">
      <OtherDecreasesDetail>
        <Desc>FOREIGN TAX ADJUSTMENT</Desc>
        <Amt>4077</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="RetDoc4">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FEES - 412</Desc>
        <RevenueAndExpensesPerBooksAmt>25473</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FEES - 422</Desc>
        <RevenueAndExpensesPerBooksAmt>94562</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FEES - 8051</Desc>
        <RevenueAndExpensesPerBooksAmt>91914</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc6">
      <OtherIncomeDetail>
        <Desc>OTHER REVENUE</Desc>
        <RevenueAndExpensesPerBooksAmt>47728</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>47728</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>47728</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="RetDoc5">
      <OtherIncreasesDetail>
        <Desc>NON TAXABLE DISTRIBUTIONS DIVIDENDS</Desc>
        <Amt>32879</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
  </ReturnData>
</Return>