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        <ExcessFromYear1Amt>259672</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>516559</ExcessFromCurrentYearAmt>
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      <SupplementaryInformationGrp>
        <ContributingManagerNm>PEI-YUAN CHIA</ContributingManagerNm>
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            <BusinessNameLine1Txt>AMHERST COLLEGE</BusinessNameLine1Txt>
          </RecipientBusinessName>
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            <StateAbbreviationCd>MA</StateAbbreviationCd>
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        <GrantOrContributionPdDurYrGrp>
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            <BusinessNameLine1Txt>APEX FOR YOUTH INC</BusinessNameLine1Txt>
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            <StateAbbreviationCd>NY</StateAbbreviationCd>
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        <GrantOrContributionPdDurYrGrp>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
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          <GrantOrContributionPurposeTxt>HOUSING PROGRAM</GrantOrContributionPurposeTxt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
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            <StateAbbreviationCd>NJ</StateAbbreviationCd>
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          <GrantOrContributionPurposeTxt>HEALTH</GrantOrContributionPurposeTxt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HOAG HOSPITAL FOUNDATION</BusinessNameLine1Txt>
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            <CityNm>NEWPORT BEACH</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92663</ZIPCd>
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          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>HEALTH</GrantOrContributionPurposeTxt>
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        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SCHOLARSHIP AMERICA</BusinessNameLine1Txt>
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          <RecipientUSAddress>
            <AddressLine1Txt>1550 AMERICAN BLVD E STE155</AddressLine1Txt>
            <CityNm>MINNEAPOLIS</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>55425</ZIPCd>
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          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATION</GrantOrContributionPurposeTxt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>YALE CHINA ASSOCIATION</BusinessNameLine1Txt>
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            <AddressLine1Txt>442 TEMPLE STREET PO BOX 208223</AddressLine1Txt>
            <CityNm>NEW HAVEN</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06520</ZIPCd>
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          <RecipientFoundationStatusTxt>PUBLIC CHARITY</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>EDUCATION</GrantOrContributionPurposeTxt>
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        <DividendsAndInterestFromSecDtl>
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        <OtherInvestmentIncomeGrp>
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        </GainSalesAstOthThanInvntryGrp>
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        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>631259</TotalIncomeProducingActyAmt>
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      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>0</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>0</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>0</SalesOrExchangesOfAssetsInd>
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        <ReimbursementArrangementsInd>0</ReimbursementArrangementsInd>
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        <PerformanceOfServicesEtcInd>0</PerformanceOfServicesEtcInd>
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        <RelationshipsNonchrtblEOInd>0</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
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    <AccountingFeesSchedule documentId="RetDoc2002200001">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
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        <NetInvestmentIncomeAmt>2450</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2450</DisbursementsCharitablePrpsAmt>
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    </AccountingFeesSchedule>
    <InvestmentsCorpBondsSchedule documentId="RetDoc2044400001">
      <InvestmentsCorporateBondsGrp>
        <BondNm>MS A/C #052726 - CORPORATE BONDS</BondNm>
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        <EOYFMVAmt>1167534</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>MS A/C #053348- CORPORATE STOCKS</StockNm>
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        <EOYFMVAmt>14397481</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
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      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>97425</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>97425</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
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      <OtherExpensesScheduleGrp>
        <Desc>NY CHAR500</Desc>
        <RevenueAndExpensesPerBooksAmt>750</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>375</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>375</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>OTHER INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>5068</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>5068</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>5068</AdjustedNetIncomeAmt>
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    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="RetDoc2049700001">
      <OtherIncreasesDetail>
        <Desc>P/Y INCOME/BALANCES INCLUDED IN P/Y REPORTING</Desc>
        <Amt>78190</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
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      <TaxesDetail>
        <CategoryTxt>EXCISE TAXES</CategoryTxt>
        <Amt>35000</Amt>
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        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
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    </TaxesSchedule>
  </ReturnData>
</Return>