﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2024v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2025-07-31T14:02:37-04:00</ReturnTs>
    <TaxPeriodEndDt>2025-06-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>592560177</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>NORMAN M KRONSTADT PA</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>1830 NORTH UNIVERSITY DRIVE 382</AddressLine1Txt>
        <CityNm>PLANTATION</CityNm>
        <StateAbbreviationCd>FL</StateAbbreviationCd>
        <ZIPCd>33322</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2024-07-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>651174489</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>NANCIS ANIMAL RIGHTS FOUNDATION INC</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>NANC</BusinessNameControlTxt>
      <PhoneNum>9544747600</PhoneNum>
      <USAddress>
        <AddressLine1Txt>2831 NORTH OCEAN BOULEVARD 1101N</AddressLine1Txt>
        <CityNm>FORT LAUDERDALE</CityNm>
        <StateAbbreviationCd>FL</StateAbbreviationCd>
        <ZIPCd>33308</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>NANCI ALEXANDER</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>9544747600</PhoneNum>
      <SignatureDt>2025-07-31</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>true</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>NORMAN M KRONSTADT CPA</PreparerPersonNm>
      <PTIN>P00083546</PTIN>
      <PhoneNum>9544747600</PhoneNum>
      <PreparationDt>2025-07-31</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2024</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="14">
    <IRS990PF documentId="RetDoc14">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>27550681</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>225744</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>225744</InterestOnSavNetInvstIncmAmt>
        <InterestOnSavingsAdjNetIncmAmt>225744</InterestOnSavingsAdjNetIncmAmt>
        <DividendsRevAndExpnssAmt>472623</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>472623</DividendsNetInvstIncmAmt>
        <DividendsAdjNetIncmAmt>472623</DividendsAdjNetIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt referenceDocumentId="RetDoc3">-125616</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>4078150</GrossSalesPriceAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc11">-1844</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeAdjNetIncmAmt>-1844</OtherIncomeAdjNetIncmAmt>
        <TotalRevAndExpnssAmt>570907</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>698367</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>696523</TotalAdjNetIncmAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc1">2000</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>2000</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>2000</AccountingFeesAdjNetIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc13">243</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>243</TaxesNetInvstIncmAmt>
        <TaxesAdjNetIncmAmt>243</TaxesAdjNetIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc9">216095</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>626</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesAdjNetIncmAmt>626</OtherExpensesAdjNetIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>215469</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>218338</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>2869</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>2869</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>215469</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>1746187</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>1746187</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>1964525</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>2869</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>2869</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>1961656</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-1393618</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>695498</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>693654</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>9539785</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>8603120</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>8603120</SavAndTempCashInvstEOYFMVAmt>
        <InvstLandCostOrOtherBasisAmt>66579</InvstLandCostOrOtherBasisAmt>
        <LandBldgInvestmentsBOYAmt>66579</LandBldgInvestmentsBOYAmt>
        <LandBldgInvestmentsEOYAmt referenceDocumentId="RetDoc4">66579</LandBldgInvestmentsEOYAmt>
        <LandBldgInvestmentsEOYFMVAmt>66579</LandBldgInvestmentsEOYFMVAmt>
        <OtherInvestmentsBOYAmt>15551189</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc5">18054151</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>18054151</OtherInvestmentsEOYFMVAmt>
        <LandBldgEquipCostOrOtherBssAmt>810898</LandBldgEquipCostOrOtherBssAmt>
        <LandBOYAmt>810898</LandBOYAmt>
        <LandEOYAmt referenceDocumentId="RetDoc6">810898</LandEOYAmt>
        <LandEOYFMVAmt>810898</LandEOYFMVAmt>
        <OtherAssetsEOYAmt referenceDocumentId="RetDoc7">15933</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="RetDoc7">15933</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>25968451</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>27550681</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>27550681</TotalAssetsEOYFMVAmt>
        <OtherLiabilitiesBOYAmt referenceDocumentId="RetDoc12">9452</OtherLiabilitiesBOYAmt>
        <TotalLiabilitiesBOYAmt>9452</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <RetainedEarningBOYAmt>25958999</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>27550681</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>25958999</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>27550681</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>25968451</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>27550681</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>25958999</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-1393618</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="RetDoc10">2995435</OtherIncreasesAmt>
        <SubtotalAmt>27560816</SubtotalAmt>
        <OtherDecreasesAmt referenceDocumentId="RetDoc8">10135</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>27550681</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>9667</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>9667</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>9667</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>25600</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>25600</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>15933</OverpaymentAmt>
        <AppliedToESTaxAmt>15933</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>FL</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>NORMAN M KRONSTADT PA</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>9544747600</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>1830 NORTH UNIVERSITY DRIVE 382</AddressLine1Txt>
          <CityNm>PLANTATION</CityNm>
          <StateAbbreviationCd>FL</StateAbbreviationCd>
          <ZIPCd>33322</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>NANCI ALEXANDER</PersonNm>
          <USAddress>
            <AddressLine1Txt>2831 NORTH OCEAN BLVD 1101N</AddressLine1Txt>
            <CityNm>FT LAUDERDALE</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33308</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>000.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JODI SMITH</PersonNm>
          <USAddress>
            <AddressLine1Txt>10903 EQUESTRIAN RIDGE COURT</AddressLine1Txt>
            <CityNm>SAN DIEGO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92130</ZIPCd>
          </USAddress>
          <TitleTxt>VP/SECRETARY</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>000.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>ANIMAL SANCTUARY</Description1Txt>
        <Expenses1Amt>212569</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>17926476</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>8617488</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>15933</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>26559897</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>26559897</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>398398</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>26161499</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>1308075</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>1308075</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>9667</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>9667</TotalTaxAmt>
        <DistributableBeforeAdjAmt>1298408</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>1298408</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>1298408</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>1961656</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>1961656</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>1298408</DistributableAsAdjustedAmt>
        <ExcessDistributionCyovYr5Amt>5561121</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>1247910</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>1495576</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>1719916</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>185604</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>10210127</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>1961656</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>1298408</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>663248</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>10873375</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>5561121</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>5312254</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>1247910</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>1495576</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>1719916</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>185604</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>663248</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ANIMAL RIGHTS FOUNDATION OF FLORIDA</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1431 N FEDERAL HIGHWAY</AddressLine1Txt>
            <CityNm>FT LAUDERDALE</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33304</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>ANIMAL RIGHTS</GrantOrContributionPurposeTxt>
          <Amt>450000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>PETA</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>501 FRONT STREET</AddressLine1Txt>
            <CityNm>NORFOLK</CityNm>
            <StateAbbreviationCd>VA</StateAbbreviationCd>
            <ZIPCd>23510</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>ANIMAL RIGHTS</GrantOrContributionPurposeTxt>
          <Amt>1050000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>PETA</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>501 FRONT STREET</AddressLine1Txt>
            <CityNm>NORFOLK</CityNm>
            <StateAbbreviationCd>VA</StateAbbreviationCd>
            <ZIPCd>23510</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>ANIMAL RIGHTS</GrantOrContributionPurposeTxt>
          <Amt>245187</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ANIMAL AID</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>571 NE 44TH STREET</AddressLine1Txt>
            <CityNm>OAKLAND PARK</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33334</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>ANIMAL RIGHTS</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1746187</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <RelatedOrExemptFunctionIncmAmt>225744</RelatedOrExemptFunctionIncmAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <RelatedOrExemptFunctionIncmAmt>472623</RelatedOrExemptFunctionIncmAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <RelatedOrExemptFunctionIncmAmt>-125616</RelatedOrExemptFunctionIncmAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>ORDINARY BUSINESS INCOME</Desc>
          <RelatedOrExemptFunctionIncmAmt>-1392</RelatedOrExemptFunctionIncmAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>OTHER INCOME</Desc>
          <RelatedOrExemptFunctionIncmAmt>-452</RelatedOrExemptFunctionIncmAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <RelatedOrExemptFunctionIncmAmt>570907</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>570907</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>3</LineNumberTxt>
          <RelationshipStatementTxt>PRESERVATION OF ANIMAL RIGHTS</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
      </RlnOfActyToAccomOfExmptPrpsGrp>
      <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>INDIRECT ACCOUNTING FEES</CategoryTxt>
        <Amt>2000</Amt>
        <NetInvestmentIncomeAmt>2000</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>2000</AdjustedNetIncomeAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="RetDoc2">
      <DepreciationPropertyGrp>
        <PropertyDesc>ANIMAL SANCTUARY</PropertyDesc>
        <AcquiredDt>2020-04-09</AcquiredDt>
        <CostOrOtherBasisAmt>612268</CostOrOtherBasisAmt>
      </DepreciationPropertyGrp>
    </DepreciationSchedule>
    <GainLossSaleOtherAssetsSch documentId="RetDoc3">
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>TENNENBAUM K-1</AssetDesc>
        <AcquiredDt>2023-12</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2024-12</SoldDt>
        <GrossSalesPriceAmt>143019</GrossSalesPriceAmt>
        <TotalNetAmt>143019</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>NATURA &amp; CO HOLDING</AssetDesc>
        <AcquiredDt>2010-05</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2024-09</SoldDt>
        <GrossSalesPriceAmt>15131</GrossSalesPriceAmt>
        <BasisAmt>283766</BasisAmt>
        <TotalNetAmt>-268635</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>BANC OF CALIF CD</AssetDesc>
        <AcquiredDt>2024-02</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-02</SoldDt>
        <GrossSalesPriceAmt>245000</GrossSalesPriceAmt>
        <BasisAmt>245000</BasisAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>FLAGSTAR BANK NATIONAL</AssetDesc>
        <AcquiredDt>2024-02</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-02</SoldDt>
        <GrossSalesPriceAmt>245000</GrossSalesPriceAmt>
        <BasisAmt>245000</BasisAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>CITBANK</AssetDesc>
        <AcquiredDt>2024-08</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-02</SoldDt>
        <GrossSalesPriceAmt>245000</GrossSalesPriceAmt>
        <BasisAmt>245000</BasisAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>NORTHEAST BANK CD</AssetDesc>
        <AcquiredDt>2024-08</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-02</SoldDt>
        <GrossSalesPriceAmt>245000</GrossSalesPriceAmt>
        <BasisAmt>245000</BasisAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>ALLY BANK MIDVALE</AssetDesc>
        <AcquiredDt>2024-06</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-03</SoldDt>
        <GrossSalesPriceAmt>245000</GrossSalesPriceAmt>
        <BasisAmt>245000</BasisAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>ATLANTIC UNION</AssetDesc>
        <AcquiredDt>2024-06</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-03</SoldDt>
        <GrossSalesPriceAmt>245000</GrossSalesPriceAmt>
        <BasisAmt>245000</BasisAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>NORWAY SAVINGS BANK CD</AssetDesc>
        <AcquiredDt>2024-08</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-03</SoldDt>
        <GrossSalesPriceAmt>245000</GrossSalesPriceAmt>
        <BasisAmt>245000</BasisAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>VERITEX COMMUNITY BANK</AssetDesc>
        <AcquiredDt>2024-06</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-03</SoldDt>
        <GrossSalesPriceAmt>245000</GrossSalesPriceAmt>
        <BasisAmt>245000</BasisAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>CAMBRIDGE SAVINGS BANK</AssetDesc>
        <AcquiredDt>2024-06</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-04</SoldDt>
        <GrossSalesPriceAmt>245000</GrossSalesPriceAmt>
        <BasisAmt>245000</BasisAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>GOLDMAN SACHS CD</AssetDesc>
        <AcquiredDt>2024-05</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-05</SoldDt>
        <GrossSalesPriceAmt>245000</GrossSalesPriceAmt>
        <BasisAmt>245000</BasisAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>KEY BANK CD</AssetDesc>
        <AcquiredDt>2024-05</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-05</SoldDt>
        <GrossSalesPriceAmt>245000</GrossSalesPriceAmt>
        <BasisAmt>245000</BasisAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>TEXAS CAP BANK CD</AssetDesc>
        <AcquiredDt>2024-05</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-05</SoldDt>
        <GrossSalesPriceAmt>245000</GrossSalesPriceAmt>
        <BasisAmt>245000</BasisAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>BEAL BANK USA</AssetDesc>
        <AcquiredDt>2024-08</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-05</SoldDt>
        <GrossSalesPriceAmt>245000</GrossSalesPriceAmt>
        <BasisAmt>245000</BasisAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>COMERICA BANK CD</AssetDesc>
        <AcquiredDt>2024-06</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-06</SoldDt>
        <GrossSalesPriceAmt>245000</GrossSalesPriceAmt>
        <BasisAmt>245000</BasisAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>SAFRA NATIONAL</AssetDesc>
        <AcquiredDt>2024-06</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-06</SoldDt>
        <GrossSalesPriceAmt>245000</GrossSalesPriceAmt>
        <BasisAmt>245000</BasisAmt>
      </GainLossSaleOtherAssetGrp>
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>LIVE OAK BKG CD</AssetDesc>
        <AcquiredDt>2024-08</AcquiredDt>
        <HowAcquiredTxt>PURCHASE</HowAcquiredTxt>
        <SoldDt>2025-06</SoldDt>
        <GrossSalesPriceAmt>245000</GrossSalesPriceAmt>
        <BasisAmt>245000</BasisAmt>
      </GainLossSaleOtherAssetGrp>
    </GainLossSaleOtherAssetsSch>
    <InvestmentsLandSchedule2 documentId="RetDoc4">
      <InvestmentLandGrp>
        <CategoryOrItemTxt>EQUIPMENT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>6550</CostOrOtherBasisAmt>
        <BookValueAmt>6550</BookValueAmt>
        <EOYFMVAmt>6550</EOYFMVAmt>
      </InvestmentLandGrp>
      <InvestmentLandGrp>
        <CategoryOrItemTxt>AUTOMOBILE</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>60029</CostOrOtherBasisAmt>
        <BookValueAmt>60029</BookValueAmt>
        <EOYFMVAmt>60029</EOYFMVAmt>
      </InvestmentLandGrp>
    </InvestmentsLandSchedule2>
    <InvestmentsOtherSchedule2 documentId="RetDoc5">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>INVESTMENT IN LLC - TENNENBAUM</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>298252</BookValueAmt>
        <EOYFMVAmt>298252</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MORGAN STANLEY SECURITIES</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>17755899</BookValueAmt>
        <EOYFMVAmt>17755899</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LandEtcSchedule2 documentId="RetDoc6">
      <LandEtcGrp>
        <CategoryOrItemTxt>ANIMAL SANCTUARY</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>810898</CostOrOtherBasisAmt>
        <BookValueAmt>810898</BookValueAmt>
        <EOYFMVAmt>810898</EOYFMVAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <OtherAssetsSchedule documentId="RetDoc7">
      <OtherAssetsScheduleGrp>
        <Desc>PREPAID INCOME TAXES</Desc>
        <EOYBookValueAmt>15933</EOYBookValueAmt>
        <EOYFMVAmt>15933</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherDecreasesSchedule documentId="RetDoc8">
      <OtherDecreasesDetail>
        <Desc>FEDERAL INCOME TAXES</Desc>
        <Amt>9667</Amt>
      </OtherDecreasesDetail>
      <OtherDecreasesDetail>
        <Desc>PENALTY</Desc>
        <Amt>468</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="RetDoc9">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SANCTUARY EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>215469</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>215469</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OTHER DEDUCTIONS FROM K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>26</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>26</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>26</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PORTFOLIO DEDUCTIONS FROM K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>600</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>600</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>600</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc11">
      <OtherIncomeDetail>
        <Desc>ORDINARY BUSINESS INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>-1392</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>-1392</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>OTHER INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>-452</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>-452</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="RetDoc10">
      <OtherIncreasesDetail>
        <Desc>UNREALIZED GAIN</Desc>
        <Amt>2995435</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherLiabilitiesSchedule documentId="RetDoc12">
      <OtherLiabilitiesDetail>
        <Desc>INCOME TAX PAYABLE</Desc>
        <BOYBookValueAmt>9452</BOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <TaxesSchedule documentId="RetDoc13">
      <TaxesDetail>
        <CategoryTxt>INDIRECT TAXES/LICENSES</CategoryTxt>
        <Amt>243</Amt>
        <NetInvestmentIncomeAmt>243</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>243</AdjustedNetIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>