﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xsi:schemaLocation="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2016v3.1">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2017-11-13T15:37:31-06:00</ReturnTs>
    <TaxPeriodEndDt>2016-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>BKD LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>2800 Post Oak Blvd Ste 3200</AddressLine1Txt>
        <CityNm>HOUSTON</CityNm>
        <StateAbbreviationCd>TX</StateAbbreviationCd>
        <ZIPCd>77056</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2016-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>746065234</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>Sarah Campbell Blaffer Foundation</BusinessNameLine1Txt>
      </BusinessName>
      <InCareOfNm>% MARILYN STEINBERGER</InCareOfNm>
      <BusinessNameControlTxt>SARA</BusinessNameControlTxt>
      <PhoneNum>7136397741</PhoneNum>
      <USAddress>
        <AddressLine1Txt>PO Box 6826</AddressLine1Txt>
        <CityNm>Houston</CityNm>
        <StateAbbreviationCd>TX</StateAbbreviationCd>
        <ZIPCd>772656826</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>CHARLES W HALL</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>7136397741</PhoneNum>
      <SignatureDt>2017-11-15</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>M P Gerich</PreparerPersonNm>
      <PTIN>P00226776</PTIN>
      <PhoneNum>7134994600</PhoneNum>
    </PreparerPersonGrp>
    <FilingSecurityInformation>
      <IPAddress>
        <IPv4AddressTxt>167.68.126.162</IPv4AddressTxt>
      </IPAddress>
      <FederalOriginalSubmissionId>76915820173175000011</FederalOriginalSubmissionId>
      <FederalOriginalSubmissionIdDt>2017-11-13</FederalOriginalSubmissionIdDt>
      <FilingLicenseTypeCd>P</FilingLicenseTypeCd>
      <AtSubmissionCreationDeviceId>3C05F97901279AF0647DFC7D8771036E0E35E774</AtSubmissionCreationDeviceId>
      <AtSubmissionFilingDeviceId>3C05F97901279AF0647DFC7D8771036E0E35E774</AtSubmissionFilingDeviceId>
    </FilingSecurityInformation>
    <TaxYr>2016</TaxYr>
    <BuildTS>2017-02-10 21:41:12Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="13">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>182780565</FMVAssetsEOYAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>0</ContriRcvdRevAndExpnssAmt>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <DividendsRevAndExpnssAmt>1335662</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>1334591</DividendsNetInvstIncmAmt>
        <DividendsAdjNetIncmAmt>1334591</DividendsAdjNetIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>2676269</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>9094786</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>2676269</CapGainNetIncmNetInvstIncmAmt>
        <NetSTCapitalGainAdjNetIncmAmt>8855</NetSTCapitalGainAdjNetIncmAmt>
        <IncmModificationsAdjNetIncmAmt>2500000</IncmModificationsAdjNetIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="OtherIncomeSch2">-76205</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>-56349</OtherIncomeNetInvstIncmAmt>
        <OtherIncomeAdjNetIncmAmt>-56349</OtherIncomeAdjNetIncmAmt>
        <TotalRevAndExpnssAmt>3935726</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>3954511</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>3787097</TotalAdjNetIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>229469</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>22947</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstAdjNetIncmAmt>22947</CompOfcrDirTrstAdjNetIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>206522</CompOfcrDirTrstDsbrsChrtblAmt>
        <OthEmplSlrsWgsRevAndExpnssAmt>57407</OthEmplSlrsWgsRevAndExpnssAmt>
        <OthEmplSlrsWgsNetInvstIncmAmt>5741</OthEmplSlrsWgsNetInvstIncmAmt>
        <OthEmplSlrsWgsAdjNetIncmAmt>5741</OthEmplSlrsWgsAdjNetIncmAmt>
        <OthEmplSlrsWgsDsbrsChrtblAmt>51666</OthEmplSlrsWgsDsbrsChrtblAmt>
        <PensionEmplBnftRevAndExpnssAmt>18770</PensionEmplBnftRevAndExpnssAmt>
        <PensionEmplBnftNetInvstIncmAmt>1877</PensionEmplBnftNetInvstIncmAmt>
        <PensionEmplBnftAdjNetIncmAmt>1877</PensionEmplBnftAdjNetIncmAmt>
        <PensionEmplBnftDsbrsChrtblAmt>18320</PensionEmplBnftDsbrsChrtblAmt>
        <LegalFeesRevAndExpnssAmt>55803</LegalFeesRevAndExpnssAmt>
        <LegalFeesNetInvstIncmAmt>5580</LegalFeesNetInvstIncmAmt>
        <LegalFeesAdjNetIncmAmt>5580</LegalFeesAdjNetIncmAmt>
        <LegalFeesDsbrsChrtblAmt>58447</LegalFeesDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt>45760</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>4576</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>4576</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>26507</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="OthProfFeesSch">111756</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>111756</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesAdjNetIncmAmt>111756</OtherProfFeesAdjNetIncmAmt>
        <InterestRevAndExpnssAmt>37512</InterestRevAndExpnssAmt>
        <InterestNetInvstIncmAmt>37512</InterestNetInvstIncmAmt>
        <InterestAdjNetIncmAmt>37512</InterestAdjNetIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule">90900</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>13</TaxesNetInvstIncmAmt>
        <TaxesAdjNetIncmAmt>13</TaxesAdjNetIncmAmt>
        <TaxesDsbrsChrtblAmt>45000</TaxesDsbrsChrtblAmt>
        <DeprecAndDpltnRevAndExpnssAmt referenceDocumentId="DepreciationSch">15054</DeprecAndDpltnRevAndExpnssAmt>
        <OccupancyRevAndExpnssAmt>341500</OccupancyRevAndExpnssAmt>
        <OccupancyDsbrsChrtblAmt>2000000</OccupancyDsbrsChrtblAmt>
        <TravConfMeetingRevAndExpnssAmt>33014</TravConfMeetingRevAndExpnssAmt>
        <TravConfMeetingNetInvstIncmAmt>3301</TravConfMeetingNetInvstIncmAmt>
        <TravConfMeetingAdjNetIncmAmt>3301</TravConfMeetingAdjNetIncmAmt>
        <TravConfMeetingDsbrsChrtblAmt>29004</TravConfMeetingDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">474726</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>83826</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesAdjNetIncmAmt>83826</OtherExpensesAdjNetIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>389653</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>1511671</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>277129</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>277129</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>2825119</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>0</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>0</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>1511671</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>277129</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>277129</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>2825119</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>2424055</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>3677382</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>3509968</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>221751</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>400620</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>400620</SavAndTempCashInvstEOYFMVAmt>
        <PrepaidExpensesBOYAmt>6716500</PrepaidExpensesBOYAmt>
        <PrepaidExpensesEOYAmt>8375000</PrepaidExpensesEOYAmt>
        <PrepaidExpensesEOYFMVAmt>8375000</PrepaidExpensesEOYFMVAmt>
        <CorporateStockBOYAmt>34167212</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestCorpStockSch">38609703</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>38609703</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>5340834</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="InvestCorpBondsSch">5558151</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>5558151</CorporateBondsEOYFMVAmt>
        <LandBldgEquipCostOrOtherBssAmt>112844</LandBldgEquipCostOrOtherBssAmt>
        <LandBldgEquipAccumDeprecAmt>87151</LandBldgEquipAccumDeprecAmt>
        <LandBOYAmt>35863</LandBOYAmt>
        <LandEOYAmt>25693</LandEOYAmt>
        <LandEOYFMVAmt>25693</LandEOYFMVAmt>
        <OtherAssetsBOYAmt referenceDocumentId="OtherAssetsSch">40235125</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="OtherAssetsSch">38232410</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="OtherAssetsSch">129811398</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>86717285</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>91201577</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>182780565</TotalAssetsEOYFMVAmt>
        <AccountsPayableBOYAmt>52643</AccountsPayableBOYAmt>
        <AccountsPayableEOYAmt>349250</AccountsPayableEOYAmt>
        <MortgagesAndNotesPayableBOYAmt>1900000</MortgagesAndNotesPayableBOYAmt>
        <MortgagesAndNotesPayableEOYAmt referenceDocumentId="MortAndNotesPayblSch">1700000</MortgagesAndNotesPayableEOYAmt>
        <OtherLiabilitiesBOYAmt referenceDocumentId="OtherLiabSch">182444</OtherLiabilitiesBOYAmt>
        <OtherLiabilitiesEOYAmt referenceDocumentId="OtherLiabSch">237996</OtherLiabilitiesEOYAmt>
        <TotalLiabilitiesBOYAmt>2135087</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>2287246</TotalLiabilitiesEOYAmt>
        <OrganizationFollowsSFAS117Ind>X</OrganizationFollowsSFAS117Ind>
        <UnrestrictedBOYAmt>84582198</UnrestrictedBOYAmt>
        <UnrestrictedEOYAmt>88914331</UnrestrictedEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>84582198</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>88914331</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>86717285</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>91201577</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>84582198</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>2424055</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="OtherIncreasesSch">4440064</OtherIncreasesAmt>
        <SubtotalAmt>91446317</SubtotalAmt>
        <OtherDecreasesAmt referenceDocumentId="OtherDecreasesSch">2531986</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>88914331</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PAINTING INSTALLMENT SALE</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>2500000</GrossSalesPriceAmt>
          <GainOrLossAmt>2500000</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>2500000</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>JP MORGAN #8005 - SEE ATTACHMENT D-1</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>3729512</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>3708306</CostOrOtherBasisAmt>
          <GainOrLossAmt>21206</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>21206</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>JP MORGAN #8005 - SEE ATTACHMENT D-1</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>1437303</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1438547</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1244</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1244</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>2,343 SHS T ROWE PRICE BLUE CHIP</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>151798</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>164149</CostOrOtherBasisAmt>
          <GainOrLossAmt>-12351</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-12351</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>74,389 SHS PIMCO INCOME FD</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>886755</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>900101</CostOrOtherBasisAmt>
          <GainOrLossAmt>-13346</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-13346</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>14,033 SHS VULCAN VALUE PARTNERS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>248500</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>207414</CostOrOtherBasisAmt>
          <GainOrLossAmt>41086</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>41086</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>ESTANCIA CAPITAL PARTNERS LP</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>2</GrossSalesPriceAmt>
          <GainOrLossAmt>2</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>2</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>ESTANCIA CAPITAL PARTNERS LP</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>11</GrossSalesPriceAmt>
          <GainOrLossAmt>11</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>11</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>HARBERT MEZZANINE PARTNERS III, LP</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>88929</GrossSalesPriceAmt>
          <GainOrLossAmt>88929</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>88929</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MONTAUK TRIGUARD FUND VII LP</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>1142</GrossSalesPriceAmt>
          <GainOrLossAmt>1142</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1142</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MONTAUK TRIGUARD FUND VII LP</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>1388</GrossSalesPriceAmt>
          <GainOrLossAmt>1388</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1388</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDENDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GainOrLossAmt>49446</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>2676269</CapitalGainNetIncomeAmt>
        <NetShortTermCapitalGainLossAmt>8855</NetShortTermCapitalGainLossAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>false</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>5189366</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>40437888</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.128329</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>4294181</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>42979706</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.099912</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>1488245</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>41120912</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.036192</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>1277845</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>39602090</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.032267</DistributionYr4Rt>
        <AdjustedQlfyDistriYr5Amt>1138711</AdjustedQlfyDistriYr5Amt>
        <NetVlNoncharitableAssetsYr5Amt>38057055</NetVlNoncharitableAssetsYr5Amt>
        <DistributionYr5Rt>0.029921</DistributionYr5Rt>
        <TotalDistributionRt>0.326621</TotalDistributionRt>
        <AverageDistributionRt>0.065324</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>41305117</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>2698215</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>36774</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>2734989</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>3048069</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <DomesticOrgMeetingSect4940eInd>X</DomesticOrgMeetingSect4940eInd>
        <InvestmentIncomeExciseTaxAmt>36774</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>36774</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>36774</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>45000</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>45000</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>8226</OverpaymentAmt>
        <AppliedToESTaxAmt>8226</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd referenceDocumentId="BinaryAttach BinaryAttachN1">false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd referenceDocumentId="BinaryAttach BinaryAttachN1">false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd referenceDocumentId="BinaryAttach BinaryAttachN1">false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>TX</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>true</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>MARILYN STEINBERGER</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>7136397741</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>PO BOX 6826</AddressLine1Txt>
          <CityNm>HOUSTON</CityNm>
          <StateAbbreviationCd>TX</StateAbbreviationCd>
          <ZIPCd>772656826</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>true</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <ActsFailToQlfyAsExceptionsInd>false</ActsFailToQlfyAsExceptionsInd>
        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>CHARLES W HALL</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO Box 6826</AddressLine1Txt>
            <CityNm>Houston</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>772656826</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>EDWARD JOSEPH HUDSON JR</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO Box 6826</AddressLine1Txt>
            <CityNm>Houston</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>772656826</ZIPCd>
          </USAddress>
          <TitleTxt>VICE PRES./SECRETARY</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>RONALD W ADZGERY</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO Box 6826</AddressLine1Txt>
            <CityNm>Houston</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>772656826</ZIPCd>
          </USAddress>
          <TitleTxt>ASSISTANT SECRETARY</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>MARILYN STEINBERGER</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO Box 6826</AddressLine1Txt>
            <CityNm>Houston</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>772656826</ZIPCd>
          </USAddress>
          <TitleTxt>ADMINISTRATOR/ASST TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>67469</CompensationAmt>
          <EmployeeBenefitProgramAmt>6350</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ANNE D OWEN</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO Box 6826</AddressLine1Txt>
            <CityNm>Houston</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>772656826</ZIPCd>
          </USAddress>
          <TitleTxt>VICE PRES./TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ROBERT LEE HUDSON</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO Box 6826</AddressLine1Txt>
            <CityNm>Houston</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>772656826</ZIPCd>
          </USAddress>
          <TitleTxt>VICE PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>DR JAMES CLIFTON</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO Box 6826</AddressLine1Txt>
            <CityNm>Houston</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>772656826</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>102000</CompensationAmt>
          <EmployeeBenefitProgramAmt>9600</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>69250</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JAMES OWEN COLEMAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO Box 6826</AddressLine1Txt>
            <CityNm>Houston</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>772656826</ZIPCd>
          </USAddress>
          <TitleTxt>VICE PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>NORTON ROSE FULBRIGHT US LLP</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>1301 MCKINNEY SUITE 5100</AddressLine1Txt>
            <CityNm>HOUSTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77010</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>LEGAL</ServiceTypeTxt>
          <CompensationAmt>55803</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>OPERATE MUSEUM GALLERY</Description1Txt>
        <Expenses1Amt>0</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>39263160</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>212824</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>2458145</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>41934129</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>41934129</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>629012</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>41305117</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>2065256</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <Sect4942j3j5FndtnAndFrgnOrgInd>X</Sect4942j3j5FndtnAndFrgnOrgInd>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>2825119</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>222950</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>3048069</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>36774</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>3011295</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>0</DistributableAsAdjustedAmt>
        <PriorYear1Yr>2014</PriorYear1Yr>
        <PriorYear2Yr>2013</PriorYear2Yr>
        <PriorYear3Yr>2012</PriorYear3Yr>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>0</TotalCorpusAmt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>0</ExcessDistriCyovToNextYrAmt>
        <ExcessFromCurrentYearAmt>0</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp>
        <Section4942j3Ind>X</Section4942j3Ind>
        <LessorAdjNetIncmMinInvstRetGrp>
          <CurrentYearAmt>2065256</CurrentYearAmt>
          <Year1Amt>2021894</Year1Amt>
          <Year2Amt>2148985</Year2Amt>
          <Year3Amt>1345842</Year3Amt>
          <TotalAmt>7581977</TotalAmt>
        </LessorAdjNetIncmMinInvstRetGrp>
        <Pct85LessorAdjIncmOrMinRetGrp>
          <CurrentYearAmt>1755468</CurrentYearAmt>
          <Year1Amt>1718610</Year1Amt>
          <Year2Amt>1826637</Year2Amt>
          <Year3Amt>1143966</Year3Amt>
          <TotalAmt>6444681</TotalAmt>
        </Pct85LessorAdjIncmOrMinRetGrp>
        <QualifyingDistributionsGrp>
          <CurrentYearAmt>3048069</CurrentYearAmt>
          <Year1Amt>5238437</Year1Amt>
          <Year2Amt>4331056</Year2Amt>
          <Year3Amt>1488245</Year3Amt>
          <TotalAmt>14105807</TotalAmt>
        </QualifyingDistributionsGrp>
        <QualifyingDistriNotUsedDrtGrp>
          <Year2Amt>0</Year2Amt>
          <Year3Amt>0</Year3Amt>
          <TotalAmt>0</TotalAmt>
        </QualifyingDistriNotUsedDrtGrp>
        <QualifyingDistriMadeDrtGrp>
          <CurrentYearAmt>3048069</CurrentYearAmt>
          <Year1Amt>5238437</Year1Amt>
          <Year2Amt>4331056</Year2Amt>
          <Year3Amt>1488245</Year3Amt>
          <TotalAmt>14105807</TotalAmt>
        </QualifyingDistriMadeDrtGrp>
        <TotalAssetsGrp>
          <CurrentYearAmt>0</CurrentYearAmt>
          <Year2Amt>0</Year2Amt>
          <Year3Amt>0</Year3Amt>
          <TotalAmt>0</TotalAmt>
        </TotalAssetsGrp>
        <TotalAssetsSect4942j3BiGrp>
          <Year2Amt>0</Year2Amt>
          <Year3Amt>0</Year3Amt>
          <TotalAmt>0</TotalAmt>
        </TotalAssetsSect4942j3BiGrp>
        <TwoThirdsMinimumInvstRetGrp>
          <CurrentYearAmt>1376837</CurrentYearAmt>
          <Year1Amt>1347930</Year1Amt>
          <Year2Amt>1432657</Year2Amt>
          <Year3Amt>1370697</Year3Amt>
          <TotalAmt>5528121</TotalAmt>
        </TwoThirdsMinimumInvstRetGrp>
        <TotalSupportGrp>
          <TotalAmt>0</TotalAmt>
        </TotalSupportGrp>
        <PublicSupportType>
          <TotalAmt>0</TotalAmt>
        </PublicSupportType>
        <LargestSupportFromEOGrp>
          <TotalAmt>0</TotalAmt>
        </LargestSupportFromEOGrp>
        <GrossInvestmentIncomeGrp>
          <TotalAmt>0</TotalAmt>
        </GrossInvestmentIncomeGrp>
      </PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>NOT APPLICABLE</ContributingManagerNm>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>SBFC ATTN MR EJ HUDSON JR</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 6826</AddressLine1Txt>
            <CityNm>HOUSTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>772656826</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>7136397741</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>LETTER IN THE FORM OF A PROPOSAL EXPLAINING THE PROGRAM OR PROJECT THEY ARE SEEKING FUNDS FOR AND THE AMOUNT THEY ARE REQUESTING.</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>AUGUST 31 OF EACH YEAR</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>MUST BE A PUBLIC CHARITY, LISTED IN THE IRS PUBLICATION 78, MUST BE IN USA OR HAVE A USA AFFILIATE. WE CONTRIBUTE PREDOMINANTLY TO THE ARTS, EDUCATION, RELIGIOUS INTERESTS AND MEDICAL RESEARCH.</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp />
        <DivAndIntFromSecPartVIIGrp>
          <BusinessCd>900099</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>1071</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>1334591</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>2676269</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>OTHER INCOME</Desc>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>103</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>ESTANCIA CAPITAL PARTNERS, LP (27-0665503)</Desc>
          <BusinessCd>900099</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>-16288</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>-50122</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>MONTAUK TRIGUARD FUND VII LP (74-6065234)</Desc>
          <BusinessCd>900099</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>-3671</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>-6227</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>-18888</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>3954614</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>3935726</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>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpBondsSchedule documentId="InvestCorpBondsSch">
      <InvestmentsCorporateBondsGrp>
        <BondNm>75,656.56 SHS FNMA 6% 12/1/20</BondNm>
        <EOYBookValueAmt>78264</EOYBookValueAmt>
        <EOYFMVAmt>78264</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>219,888.24 SHS FNMA 5.5% 2/28</BondNm>
        <EOYBookValueAmt>244423</EOYBookValueAmt>
        <EOYFMVAmt>244423</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>177,023.58 SHS FNMA 5% 7/1/30</BondNm>
        <EOYBookValueAmt>192872</EOYBookValueAmt>
        <EOYFMVAmt>192872</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>50,000.00 SHS GOLDMAN SACHS</BondNm>
        <EOYBookValueAmt>51049</EOYBookValueAmt>
        <EOYFMVAmt>51049</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>130,000.00 SHS CITIGROUP INC</BondNm>
        <EOYBookValueAmt>131645</EOYBookValueAmt>
        <EOYFMVAmt>131645</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>116,488.87 SHS FHLMC</BondNm>
        <EOYBookValueAmt>121404</EOYBookValueAmt>
        <EOYFMVAmt>121404</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>109,393.25 SHS FNMA 4.5% 5/34</BondNm>
        <EOYBookValueAmt>118146</EOYBookValueAmt>
        <EOYFMVAmt>118146</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>385,000.00 SHS FNMA 3/21/18</BondNm>
        <EOYBookValueAmt>385689</EOYBookValueAmt>
        <EOYFMVAmt>385689</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>305,000.00 SHS FFCB 5/17/18</BondNm>
        <EOYBookValueAmt>304979</EOYBookValueAmt>
        <EOYFMVAmt>304979</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>200,000.00 SHS FFCB 5/25/18</BondNm>
        <EOYBookValueAmt>200238</EOYBookValueAmt>
        <EOYFMVAmt>200238</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>115,000.00 SHS BERKSHIRE HATHA</BondNm>
        <EOYBookValueAmt>116239</EOYBookValueAmt>
        <EOYFMVAmt>116239</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>115,000.00 SHS MERCK &amp; CO INC</BondNm>
        <EOYBookValueAmt>115358</EOYBookValueAmt>
        <EOYFMVAmt>115358</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>125,000.00 SHS GENERAL ELEC CA</BondNm>
        <EOYBookValueAmt>126466</EOYBookValueAmt>
        <EOYFMVAmt>126466</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>170,000.00 SHS AMERICAN EXPRES</BondNm>
        <EOYBookValueAmt>170539</EOYBookValueAmt>
        <EOYFMVAmt>170539</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>180,000.00 SHS GOLDAMN SACHS</BondNm>
        <EOYBookValueAmt>182070</EOYBookValueAmt>
        <EOYFMVAmt>182070</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>135,000.00 SHS WELLS FARGO</BondNm>
        <EOYBookValueAmt>136272</EOYBookValueAmt>
        <EOYFMVAmt>136272</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>148,271.03 SHS FNMA 5.5% 2/23</BondNm>
        <EOYBookValueAmt>153649</EOYBookValueAmt>
        <EOYFMVAmt>153649</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>50,000.00 SHS CITIGROUP INC</BondNm>
        <EOYBookValueAmt>51017</EOYBookValueAmt>
        <EOYFMVAmt>51017</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>165,000.000 SHS JPMORGAN CHASE</BondNm>
        <EOYBookValueAmt>167901</EOYBookValueAmt>
        <EOYFMVAmt>167901</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>185,000.00 SHS MORGAN STANLEY</BondNm>
        <EOYBookValueAmt>187608</EOYBookValueAmt>
        <EOYFMVAmt>187608</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>95,000.00 SHS BANK OF NY</BondNm>
        <EOYBookValueAmt>96360</EOYBookValueAmt>
        <EOYFMVAmt>96360</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>57,955.18 SHS FNMA 6% 5/1/24</BondNm>
        <EOYBookValueAmt>62448</EOYBookValueAmt>
        <EOYFMVAmt>62448</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>65,000.00 SHS PACIFIC BELL</BondNm>
        <EOYBookValueAmt>78781</EOYBookValueAmt>
        <EOYFMVAmt>78781</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>120,000.00 SHS WELLS FARGO</BondNm>
        <EOYBookValueAmt>121402</EOYBookValueAmt>
        <EOYFMVAmt>121402</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>65,000.00 SHS CITIGROUP INC</BondNm>
        <EOYBookValueAmt>65828</EOYBookValueAmt>
        <EOYFMVAmt>65828</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>208,955.28 SHS FHLMC GOLD 4.5%</BondNm>
        <EOYBookValueAmt>225199</EOYBookValueAmt>
        <EOYFMVAmt>225199</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>115,000.00 SHS FHLB VAR RATE</BondNm>
        <EOYBookValueAmt>115188</EOYBookValueAmt>
        <EOYFMVAmt>115188</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>985,000.00 SHS US TREAS 2.75%</BondNm>
        <EOYBookValueAmt>928520</EOYBookValueAmt>
        <EOYFMVAmt>928520</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>655,000.00 SHS US TREAS 2.875%</BondNm>
        <EOYBookValueAmt>628597</EOYBookValueAmt>
        <EOYFMVAmt>628597</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>48,260 SHS CHEVRON CORP</StockNm>
        <EOYBookValueAmt>5680202</EOYBookValueAmt>
        <EOYFMVAmt>5680202</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>135,072 SHS EXXON MOBIL CORP</StockNm>
        <EOYBookValueAmt>12191599</EOYBookValueAmt>
        <EOYFMVAmt>12191599</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ESTANCIA CAPITAL</StockNm>
        <EOYBookValueAmt>1672316</EOYBookValueAmt>
        <EOYFMVAmt>1672316</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>106,406.675 SHS VULCAN VAL PTR</StockNm>
        <EOYBookValueAmt>1995125</EOYBookValueAmt>
        <EOYFMVAmt>1995125</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>56,971.294 SHS DODGE &amp; COX FD</StockNm>
        <EOYBookValueAmt>2170606</EOYBookValueAmt>
        <EOYFMVAmt>2170606</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>425,320.84 SHS PIMCO FDS</StockNm>
        <EOYBookValueAmt>5129369</EOYBookValueAmt>
        <EOYFMVAmt>5129369</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>84,638.100 SHS EMERALD GROWTH</StockNm>
        <EOYBookValueAmt>1809562</EOYBookValueAmt>
        <EOYFMVAmt>1809562</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>44,721.146 SHS T ROWE PRICE BL</StockNm>
        <EOYBookValueAmt>3247202</EOYBookValueAmt>
        <EOYFMVAmt>3247202</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>185,054.090 SHS VULCAN VAL PTR</StockNm>
        <EOYBookValueAmt>3303215</EOYBookValueAmt>
        <EOYFMVAmt>3303215</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HARBERT MEZZANINE PARTNERS III</StockNm>
        <EOYBookValueAmt>1344356</EOYBookValueAmt>
        <EOYFMVAmt>1344356</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MONTAUK TRIGUARD FUND VII LP</StockNm>
        <EOYBookValueAmt>66151</EOYBookValueAmt>
        <EOYFMVAmt>66151</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <MortgagesAndNotesPayableSch documentId="MortAndNotesPayblSch">
      <MortgageAmt>1700000</MortgageAmt>
      <NotePayableGrp>
        <LenderNameGrp>
          <PersonNm>JPMORGAN CHASE BANK N A</PersonNm>
        </LenderNameGrp>
        <LoanOriginalAmt>1900000</LoanOriginalAmt>
        <BalanceDueAmt>1700000</BalanceDueAmt>
        <LoanMaturityDt>2016-12</LoanMaturityDt>
        <InterestRt>1.9375</InterestRt>
      </NotePayableGrp>
    </MortgagesAndNotesPayableSch>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>MISCELLANEOUS PRINTS</Desc>
        <BOYBookValueAmt>909852</BOYBookValueAmt>
        <EOYBookValueAmt>934852</EOYBookValueAmt>
        <EOYFMVAmt>1098895</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>A GOLDEN AGE OF PAINTING</Desc>
        <BOYBookValueAmt>11229673</BOYBookValueAmt>
        <EOYBookValueAmt>11629673</EOYBookValueAmt>
        <EOYFMVAmt>23820000</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>GOYA COLLECTION</Desc>
        <BOYBookValueAmt>68059</BOYBookValueAmt>
        <EOYBookValueAmt>68059</EOYBookValueAmt>
        <EOYFMVAmt>233500</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>SPANISH COLLECTION</Desc>
        <BOYBookValueAmt>308000</BOYBookValueAmt>
        <EOYBookValueAmt>308000</EOYBookValueAmt>
        <EOYFMVAmt>1800000</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>BRITISH PAINTINGS</Desc>
        <BOYBookValueAmt>2152727</BOYBookValueAmt>
        <EOYBookValueAmt>2152727</EOYBookValueAmt>
        <EOYFMVAmt>17516000</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>FRENCH PAINTINGS</Desc>
        <BOYBookValueAmt>7788974</BOYBookValueAmt>
        <EOYBookValueAmt>7788974</EOYBookValueAmt>
        <EOYFMVAmt>11600000</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>MODERN PAINTINGS</Desc>
        <BOYBookValueAmt>795341</BOYBookValueAmt>
        <EOYBookValueAmt>795341</EOYBookValueAmt>
        <EOYFMVAmt>28000000</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>MISCELLANEOUS PAINTINGS</Desc>
        <BOYBookValueAmt>20853</BOYBookValueAmt>
        <EOYBookValueAmt>20853</EOYBookValueAmt>
        <EOYFMVAmt>20953</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>HOGARTH PRINTS</Desc>
        <BOYBookValueAmt>14065</BOYBookValueAmt>
        <EOYBookValueAmt>14065</EOYBookValueAmt>
        <EOYFMVAmt>143500</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>ITALIAN COLLECTION</Desc>
        <BOYBookValueAmt>6627419</BOYBookValueAmt>
        <EOYBookValueAmt>6627419</EOYBookValueAmt>
        <EOYFMVAmt>37645000</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>ACCRUED INTEREST RECEIVABLE</Desc>
        <BOYBookValueAmt>60088</BOYBookValueAmt>
        <EOYBookValueAmt>56198</EOYBookValueAmt>
        <EOYFMVAmt>56198</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>MISCELLANEOUS ART OBJECTS</Desc>
        <BOYBookValueAmt>750818</BOYBookValueAmt>
        <EOYBookValueAmt>818767</EOYBookValueAmt>
        <EOYFMVAmt>859870</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>DUE FROM OTHERS</Desc>
        <BOYBookValueAmt>9500000</BOYBookValueAmt>
        <EOYBookValueAmt>7000000</EOYBookValueAmt>
        <EOYFMVAmt>7000000</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>PREPAID INSURANCE</Desc>
        <BOYBookValueAmt>9256</BOYBookValueAmt>
        <EOYBookValueAmt>9256</EOYBookValueAmt>
        <EOYFMVAmt>9256</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>FIT RECEIVABLE</Desc>
        <BOYBookValueAmt>0</BOYBookValueAmt>
        <EOYBookValueAmt>8226</EOYBookValueAmt>
        <EOYFMVAmt>8226</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherDecreasesSchedule documentId="OtherDecreasesSch">
      <OtherDecreasesDetail>
        <Desc>BOOK/TAX DIFFERENCES ON PAINTING SALES</Desc>
        <Amt>2500000</Amt>
      </OtherDecreasesDetail>
      <OtherDecreasesDetail>
        <Desc>HARBERT MEZZ K-1 INCOME</Desc>
        <Amt>30547</Amt>
      </OtherDecreasesDetail>
      <OtherDecreasesDetail>
        <Desc>COST ADJUSTMENTS - GARCIA</Desc>
        <Amt>1439</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>ART HANDLING</Desc>
        <RevenueAndExpensesPerBooksAmt>4191</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>4239</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE &amp; MISCELLANEOUS</Desc>
        <RevenueAndExpensesPerBooksAmt>22321</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>2232</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>2232</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>18932</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>95739</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>95781</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>WAREHOUSE</Desc>
        <RevenueAndExpensesPerBooksAmt>22754</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>22754</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FREIGHT AND DELIVERY SERVICES</Desc>
        <RevenueAndExpensesPerBooksAmt>707</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>619</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CAR LEASE</Desc>
        <RevenueAndExpensesPerBooksAmt>5675</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>5383</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>EXHIBITIONS/OTHER EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>241745</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>241945</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVSMT EXP - ESTANCIA CAPITAL</Desc>
        <RevenueAndExpensesPerBooksAmt>55429</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>55429</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>55429</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVSMT EXP - HARBERT MEZZAINE</Desc>
        <RevenueAndExpensesPerBooksAmt>25638</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>25638</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>25638</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVSMT EXP - MONTAUK TRIGUARD</Desc>
        <RevenueAndExpensesPerBooksAmt>527</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>527</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>527</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>ESTANCIA CAPITAL PARTNERS LP K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>-66410</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-50122</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>-50122</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>MONTAUK TRIGUARD FUND VII LP K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>-9898</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-6227</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>-6227</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>other income</Desc>
        <RevenueAndExpensesPerBooksAmt>103</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Desc>ESTANCIA CAPITAL PARTNERS LP K-1 INCOME</Desc>
        <Amt>400587</Amt>
      </OtherIncreasesDetail>
      <OtherIncreasesDetail>
        <Desc>MONTAUK TRIGUARD FUND VII LP K-1 INCOME</Desc>
        <Amt>22270</Amt>
      </OtherIncreasesDetail>
      <OtherIncreasesDetail>
        <Desc>CHANGE IN UNREALIZED GAIN ON SECURITIES</Desc>
        <Amt>4017207</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherLiabilitiesSchedule documentId="OtherLiabSch">
      <OtherLiabilitiesDetail>
        <Desc>DEFERRED TAXES</Desc>
        <BOYBookValueAmt>182420</BOYBookValueAmt>
        <EOYBookValueAmt>237996</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT ADVISORY &amp; MANAGEME</CategoryTxt>
        <Amt>111756</Amt>
        <NetInvestmentIncomeAmt>111756</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>111756</AdjustedNetIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>EXCISE TAXES</CategoryTxt>
        <Amt>90887</Amt>
        <DisbursementsCharitablePrpsAmt>45000</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX FROM ESTANCIA K-1</CategoryTxt>
        <Amt>1</Amt>
        <NetInvestmentIncomeAmt>1</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>1</AdjustedNetIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX FROM MONTAUK K-1</CategoryTxt>
        <Amt>12</Amt>
        <NetInvestmentIncomeAmt>12</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>12</AdjustedNetIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>