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        <ExcessDistributionCyovAppCYAmt>151272</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>8340</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>8340</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear1Amt>8340</ExcessFromYear1Amt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp />
      <SupplementaryInformationGrp>
        <ContributingManagerNm>JOHN E URBAN</ContributingManagerNm>
        <ContributingManagerNm>6812 DUPONT DRIVE</ContributingManagerNm>
        <ContributingManagerNm>PLANO TX 75024</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SEE LIST ATTACHED</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>SEE LIST ATTACHED</AddressLine1Txt>
            <AddressLine2Txt>SEE LIST ATTACHED</AddressLine2Txt>
            <CityNm>SEE LIST ATTACHED</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>00000</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>270000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>270000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>10993</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>6995</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp />
        <GainSalesAstOthThanInvntryGrp>
          <UnrelatedBusinessTaxblIncmAmt>5073</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>123582</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>ORDINARY INCOME THRU PARTNERSHIPS</Desc>
          <BusinessCd>523000</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>592</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>-47</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>RRE LOSS THRU PARTNERSHIPS</Desc>
          <BusinessCd>523000</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>-112186</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>-82344</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>-106521</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>59179</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>-47342</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="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>ERNST &amp; YOUNG, LLP</CategoryTxt>
        <Amt>5700</Amt>
        <NetInvestmentIncomeAmt>2850</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2850</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <AllOthProgRltdInvestmentsSch documentId="AllOthProgInvSch">
      <AllOtherProgramRelatedInvstGrp>
        <Desc>N/A</Desc>
      </AllOtherProgramRelatedInvstGrp>
    </AllOthProgRltdInvestmentsSch>
    <DepreciationSchedule documentId="DepreciationSch" />
    <GainLossSaleOtherAssetsSch documentId="GnLsSaleOthAssetsSch">
      <GainLossSaleOtherAssetGrp>
        <AssetDesc>SEC. 1231 GAIN THRU PTRSHIPS UBTI</AssetDesc>
        <HowAcquiredTxt>P</HowAcquiredTxt>
        <GrossSalesPriceAmt>5073</GrossSalesPriceAmt>
        <BasisAmt>0</BasisAmt>
        <TotalNetAmt>5073</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
    </GainLossSaleOtherAssetsSch>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>SEE LONG POSITION ATTACHED</StockNm>
        <EOYBookValueAmt>73024</EOYBookValueAmt>
        <EOYFMVAmt>26306</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SUPERMEDIA INC NOTE DUE</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1856812</BookValueAmt>
        <EOYFMVAmt>200000</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>12/31/15 (LIBOR + 800 PTS)</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GLOBAL LONG SHORT PARTNERS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>61361</BookValueAmt>
        <EOYFMVAmt>41769</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>BROADACRE AGRICULTURE INC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1760645</BookValueAmt>
        <EOYFMVAmt>1760645</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ADMIRAL BRYANT PARK LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>0</BookValueAmt>
        <EOYFMVAmt>1046</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ADMIRAL SPORTS VENTURES LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>36272</BookValueAmt>
        <EOYFMVAmt>36272</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ADMIRAL OLIVEIRA PLAZA LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>15724</BookValueAmt>
        <EOYFMVAmt>12406</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ADMIRAL II FAMILY LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>24572</BookValueAmt>
        <EOYFMVAmt>30779</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ADMIRAL ST. PETERSBURG, LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>17086</BookValueAmt>
        <EOYFMVAmt>15979</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ADMIRAL MCM, LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>73229</BookValueAmt>
        <EOYFMVAmt>72929</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ADMIRAL COLUMBUS, LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>57397</BookValueAmt>
        <EOYFMVAmt>59211</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>A2R FOUNDERS PORTFOLIO LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>248698</BookValueAmt>
        <EOYFMVAmt>248698</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ADMIRAL NASHVILLE WOODLAND LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>93493</BookValueAmt>
        <EOYFMVAmt>93493</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ADMIRAL FUND 2 SECONDARY LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>82259</BookValueAmt>
        <EOYFMVAmt>82259</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ADMIRAL UNITED TALENT AGEN LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>100264</BookValueAmt>
        <EOYFMVAmt>100264</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ADMIRAL HOUWZER LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>25000</BookValueAmt>
        <EOYFMVAmt>25000</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ADMIRAL TECMOTIV LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>50000</BookValueAmt>
        <EOYFMVAmt>50000</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ADMIRAL CHARLESTON GARCO LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>187853</BookValueAmt>
        <EOYFMVAmt>187853</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ZERO TRAFFICING, LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>35000</BookValueAmt>
        <EOYFMVAmt>35000</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>NON-DEDUCTIBLE EXP THRU PTRSHP</Desc>
        <RevenueAndExpensesPerBooksAmt>12618</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OTHER EXP THRU PTRSHP</Desc>
        <RevenueAndExpensesPerBooksAmt>3098</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>3098</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>ORDINARY INC - THRU PARTNERSHIPS</Desc>
        <RevenueAndExpensesPerBooksAmt>-47</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-47</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>ORDINARY INC - THRU PARTNERSHIPS UBTI</Desc>
        <RevenueAndExpensesPerBooksAmt>592</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>RRE LOSS - THRU PARTNERSHIPS</Desc>
        <RevenueAndExpensesPerBooksAmt>-82344</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-82344</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>RRE LOSS - THRU PARTNERSHIPS UBTI</Desc>
        <RevenueAndExpensesPerBooksAmt>-112186</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>UTILIZE P/Y SUSPENDED PAL:</Desc>
        <NetInvestmentIncomeAmt>-23629</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Desc>RECOVERY OF FUNDS OF AMOUNTS INCLUDED AS</Desc>
        <Amt>150000</Amt>
      </OtherIncreasesDetail>
      <OtherIncreasesDetail>
        <Desc>QUALIFYING CHARIBLE CONTRIBUTION IN</Desc>
        <Amt>0</Amt>
      </OtherIncreasesDetail>
      <OtherIncreasesDetail>
        <Desc>PRIOR YEAR</Desc>
        <Amt>0</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherNotesLoansRcvblLongSch documentId="OthNoteLoanRcvblLong">
      <OtherNotesLoansRcvblLongGrp>
        <BorrowerNameGrp>
          <BusinessName>
            <BusinessNameLine1Txt>TCS REAL ESTATE HOLDING CORP (TRUSTEE</BusinessNameLine1Txt>
          </BusinessName>
        </BorrowerNameGrp>
        <InsiderRelationshipTxt>N/A- BORROWER IS THE TRUSTEE TO TRINITY SCHOOL</InsiderRelationshipTxt>
        <LoanOriginalAmt>0</LoanOriginalAmt>
        <BalanceDueAmt>1481731</BalanceDueAmt>
        <NoteDt>2010-08</NoteDt>
        <LoanMaturityDt>2022-08</LoanMaturityDt>
        <RepaymentTermsTxt>MONTHLY IN ARREARS - COMMENCING SEPTEMBER, 2010</RepaymentTermsTxt>
        <InterestRt>5.</InterestRt>
        <SecurityProvidedBorrowerTxt>REAL ESTATE</SecurityProvidedBorrowerTxt>
        <LoanPurposeTxt>F/B/O "TRINITY CHRISTIAN SCHOOL" MORGANVILLE, WV</LoanPurposeTxt>
        <LenderConsiderationDesc>CASH - TO SUPPORT THE TRINITY CHRISTIAN SCHOOL NONE</LenderConsiderationDesc>
        <ConsiderationFMVAmt>2750000</ConsiderationFMVAmt>
      </OtherNotesLoansRcvblLongGrp>
      <OtherNotesLoansRcvblLongGrp>
        <BorrowerNameGrp>
          <BusinessName>
            <BusinessNameLine1Txt>LIVING WATER FELLOWSHIP</BusinessNameLine1Txt>
          </BusinessName>
        </BorrowerNameGrp>
        <InsiderRelationshipTxt>N/A - BORROWER IS CHARITABLE ORGANIZATION</InsiderRelationshipTxt>
        <LoanOriginalAmt>150000</LoanOriginalAmt>
        <BalanceDueAmt>141250</BalanceDueAmt>
        <NoteDt>2018-09</NoteDt>
        <LoanMaturityDt>2019-09</LoanMaturityDt>
        <RepaymentTermsTxt>$1,250 P.M., THE REMAINDER OF PRINCIPAL AT MATURIT</RepaymentTermsTxt>
        <InterestRt>0.</InterestRt>
        <SecurityProvidedBorrowerTxt>REAL ESTATE</SecurityProvidedBorrowerTxt>
        <LoanPurposeTxt>RESTORATION OF PARSONAGE</LoanPurposeTxt>
        <LenderConsiderationDesc>CASH - TO SUPPORT THE TRINITY CHRISTIAN SCHOOL NONE</LenderConsiderationDesc>
        <ConsiderationFMVAmt>150000</ConsiderationFMVAmt>
      </OtherNotesLoansRcvblLongGrp>
    </OtherNotesLoansRcvblLongSch>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>URBAN CAPITAL LLC - MGMT FEES</CategoryTxt>
        <Amt>50000</Amt>
        <NetInvestmentIncomeAmt>50000</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FEDERAL TAX PAID: BALANCE DUE</CategoryTxt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>W/ EXTENSION FYE 8/31/2017</CategoryTxt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>