﻿<?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="2012v2.1">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2013-11-12T10:29:08-06:00</Timestamp>
    <TaxPeriodEndDate>2012-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>PRAGER AND FENTON LLP</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>675 THIRD AVENUE</AddressLine1>
        <City>NEW YORK</City>
        <State>NY</State>
        <ZIPCode>100175704</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990PF</ReturnType>
    <TaxPeriodBeginDate>2012-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>137297946</EIN>
      <Name>
        <BusinessNameLine1>GRANDVIEW - STEERS FOUNDATION</BusinessNameLine1>
      </Name>
      <InCareOfName>% ROBERT STEERS</InCareOfName>
      <NameControl>GRAN</NameControl>
      <USAddress>
        <AddressLine1>15 HILLTOP PLACE</AddressLine1>
        <AddressLine2>Suite</AddressLine2>
        <City>RYE</City>
        <State>NY</State>
        <ZIPCode>10580</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>ROBERT STEERS</Name>
      <Title>PRESIDENT</Title>
      <Phone>2129727555</Phone>
      <DateSigned>2013-10-31</DateSigned>
      <AuthorizeThirdParty>true</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Phone>2129727555</Phone>
    </Preparer>
    <TaxYear>2012</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="10">
    <IRS990PF documentId="IRS990PF">
      <ExemptPF>X</ExemptPF>
      <FMVAssetsEOY>12235505</FMVAssetsEOY>
      <MethodOfAccountingCash>X</MethodOfAccountingCash>
      <AnalysisOfRevenueAndExpenses>
        <ContriReceivedRevAndExpnss>5660000</ContriReceivedRevAndExpnss>
        <InterestOnSavingsRevAndExpnss>6199</InterestOnSavingsRevAndExpnss>
        <InterestOnSavingsNetInvstIncm>6199</InterestOnSavingsNetInvstIncm>
        <DividendsRevAndExpnss>154993</DividendsRevAndExpnss>
        <DividendsNetInvstIncm>154993</DividendsNetInvstIncm>
        <NetGainSaleAssetsRevAndExpnss>439321</NetGainSaleAssetsRevAndExpnss>
        <GrossSalesPrice>2608287</GrossSalesPrice>
        <CapitalGainNetIncmNetInvstIncm>439321</CapitalGainNetIncmNetInvstIncm>
        <OtherIncomeRevAndExpnss referenceDocumentId="OtherIncomeSch2">1640</OtherIncomeRevAndExpnss>
        <OtherIncomeNetInvstIncm>1640</OtherIncomeNetInvstIncm>
        <TotalRevenueAndExpenses>6262153</TotalRevenueAndExpenses>
        <TotalNetInvestmentIncome>602153</TotalNetInvestmentIncome>
        <AccountingFeesRevAndExpnss referenceDocumentId="AccountingFeesSch">3366</AccountingFeesRevAndExpnss>
        <AccountingFeesNetInvstIncm>3366</AccountingFeesNetInvstIncm>
        <AccountingFeesAdjNetIncm>0</AccountingFeesAdjNetIncm>
        <AccountingFeesDsbrsChrtblPrps>0</AccountingFeesDsbrsChrtblPrps>
        <TaxesRevAndExpnss referenceDocumentId="TaxesSchedule">3646</TaxesRevAndExpnss>
        <TaxesNetInvstIncm>3646</TaxesNetInvstIncm>
        <OtherExpensesRevAndExpnss referenceDocumentId="OtherExpensesSch">22875</OtherExpensesRevAndExpnss>
        <OtherExpensesNetInvstIncm>22875</OtherExpensesNetInvstIncm>
        <TotOprExpensesRevAndExpnss>29887</TotOprExpensesRevAndExpnss>
        <TotOprExpensesNetInvstIncm>29887</TotOprExpensesNetInvstIncm>
        <TotOprExpensesAdjNetIncm>0</TotOprExpensesAdjNetIncm>
        <TotOprExpensesDsbrsChrtblPrps>0</TotOprExpensesDsbrsChrtblPrps>
        <ContriGiftsPaidRevAndExpnss>253000</ContriGiftsPaidRevAndExpnss>
        <ContriGiftsPaidDsbrsChrtblPrps>253000</ContriGiftsPaidDsbrsChrtblPrps>
        <TotalExpensesRevAndExpnss>282887</TotalExpensesRevAndExpnss>
        <TotalExpensesNetInvstIncm>29887</TotalExpensesNetInvstIncm>
        <TotalExpensesAdjNetIncm>0</TotalExpensesAdjNetIncm>
        <TotalExpensesDsbrsChrtblPrps>253000</TotalExpensesDsbrsChrtblPrps>
        <ExcessOfRevenueOverExpenses>5979266</ExcessOfRevenueOverExpenses>
        <NetInvestmentIncome>572266</NetInvestmentIncome>
      </AnalysisOfRevenueAndExpenses>
      <BalanceSheets>
        <SavingsAndTempCashInvstBOY>221967</SavingsAndTempCashInvstBOY>
        <SavingsAndTempCashInvstEOY>4232961</SavingsAndTempCashInvstEOY>
        <SavingsAndTempCashInvstEOYFMV>4232961</SavingsAndTempCashInvstEOYFMV>
        <InvestmentsCorpStockBOY>1415400</InvestmentsCorpStockBOY>
        <InvestmentsCorpStockEOY referenceDocumentId="InvestCorpStockSch">1324116</InvestmentsCorpStockEOY>
        <InvestmentsCorpStockEOYFMV>1483990</InvestmentsCorpStockEOYFMV>
        <InvestmentsOtherBOY>3717416</InvestmentsOtherBOY>
        <InvestmentsOtherEOY referenceDocumentId="InvOtherSch2">5776972</InvestmentsOtherEOY>
        <InvestmentsOtherEOYFMV>6518554</InvestmentsOtherEOYFMV>
        <TotalAssetsBOY>5354783</TotalAssetsBOY>
        <TotalAssetsEOY>11334049</TotalAssetsEOY>
        <TotalAssetsEOYFMV>12235505</TotalAssetsEOYFMV>
        <TotalLiabilitiesEOY>0</TotalLiabilitiesEOY>
        <OrgThatDoNotFollowSFAS117>X</OrgThatDoNotFollowSFAS117>
        <CapitalStockBOY>5354783</CapitalStockBOY>
        <CapitalStockEOY>11334049</CapitalStockEOY>
        <TotalNetAssetsBOY>5354783</TotalNetAssetsBOY>
        <TotalNetAssetsEOY>11334049</TotalNetAssetsEOY>
        <TotalLiabilitiesNetAssetsBOY>5354783</TotalLiabilitiesNetAssetsBOY>
        <TotalLiabilitiesNetAssetsEOY>11334049</TotalLiabilitiesNetAssetsEOY>
      </BalanceSheets>
      <ChangesInNetAssetsFundBalances>
        <TotalNetAssetsFundBalancesBOY>5354783</TotalNetAssetsFundBalancesBOY>
        <ExcessOfRevenueOverExpenses>5979266</ExcessOfRevenueOverExpenses>
        <Subtotal>11334049</Subtotal>
        <TotalNetAssetsFundBalancesEOY>11334049</TotalNetAssetsFundBalancesEOY>
      </ChangesInNetAssetsFundBalances>
      <CapitalGainsAndLosses>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>1,409.023 SHS L SAYLES STRT INC CL Y</DescriptionOfAsset>
          <HowAcquired>D</HowAcquired>
          <GrossSalesPrice>21741</GrossSalesPrice>
          <CostOrOtherBasis>21081</CostOrOtherBasis>
          <GainOrLoss>660</GainOrLoss>
          <GainsMinusExcessOrLosses>660</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>10,000 SHS ALPS ALERIAN MLP ETF</DescriptionOfAsset>
          <HowAcquired>D</HowAcquired>
          <DateAcquired>2011-02-23</DateAcquired>
          <DateSold>2012-02-01</DateSold>
          <GrossSalesPrice>169110</GrossSalesPrice>
          <CostOrOtherBasis>163230</CostOrOtherBasis>
          <GainOrLoss>5880</GainOrLoss>
          <GainsMinusExcessOrLosses>5880</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>371 SHS L SAYLES STRT INC CL</DescriptionOfAsset>
          <HowAcquired>D</HowAcquired>
          <DateAcquired>2011-12-20</DateAcquired>
          <DateSold>2012-12-10</DateSold>
          <GrossSalesPrice>5725</GrossSalesPrice>
          <CostOrOtherBasis>5279</CostOrOtherBasis>
          <GainOrLoss>446</GainOrLoss>
          <GainsMinusExcessOrLosses>446</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>1,266 SHS COHEN &amp; STEERS REIT &amp; PFD</DescriptionOfAsset>
          <HowAcquired>D</HowAcquired>
          <DateAcquired>2004-01-28</DateAcquired>
          <DateSold>2012-01-20</DateSold>
          <GrossSalesPrice>18791</GrossSalesPrice>
          <CostOrOtherBasis>32154</CostOrOtherBasis>
          <GainOrLoss>-13363</GainOrLoss>
          <GainsMinusExcessOrLosses>-13363</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>42,734 SHS COHEN &amp; STEERS REIT &amp; PFD</DescriptionOfAsset>
          <HowAcquired>D</HowAcquired>
          <GrossSalesPrice>647010</GrossSalesPrice>
          <CostOrOtherBasis>250241</CostOrOtherBasis>
          <GainOrLoss>396769</GainOrLoss>
          <GainsMinusExcessOrLosses>396769</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>825 SHS PROSHARES ULTRA SHORT</DescriptionOfAsset>
          <HowAcquired>D</HowAcquired>
          <DateAcquired>2011-01-05</DateAcquired>
          <DateSold>2012-12-07</DateSold>
          <GrossSalesPrice>49862</GrossSalesPrice>
          <CostOrOtherBasis>127578</CostOrOtherBasis>
          <GainOrLoss>-77716</GainOrLoss>
          <GainsMinusExcessOrLosses>-77716</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>30,162 SHS L SAYLES STRT INC CL</DescriptionOfAsset>
          <HowAcquired>D</HowAcquired>
          <GrossSalesPrice>465708</GrossSalesPrice>
          <CostOrOtherBasis>317506</CostOrOtherBasis>
          <GainOrLoss>148202</GainOrLoss>
          <GainsMinusExcessOrLosses>148202</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>37,200 SHS FORTRESS INVT GROUP LLC</DescriptionOfAsset>
          <HowAcquired>D</HowAcquired>
          <GrossSalesPrice>133477</GrossSalesPrice>
          <CostOrOtherBasis>159291</CostOrOtherBasis>
          <GainOrLoss>-25814</GainOrLoss>
          <GainsMinusExcessOrLosses>-25814</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>13,400 SHS POWERSHARES DB MULTI</DescriptionOfAsset>
          <HowAcquired>D</HowAcquired>
          <GrossSalesPrice>378899</GrossSalesPrice>
          <CostOrOtherBasis>320735</CostOrOtherBasis>
          <GainOrLoss>58164</GainOrLoss>
          <GainsMinusExcessOrLosses>58164</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>24,500 SHS POWERSHARES DB OIL FD</DescriptionOfAsset>
          <HowAcquired>D</HowAcquired>
          <GrossSalesPrice>700378</GrossSalesPrice>
          <CostOrOtherBasis>621347</CostOrOtherBasis>
          <GainOrLoss>79031</GainOrLoss>
          <GainsMinusExcessOrLosses>79031</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>POWERSHARES DB OIL FUND DISPOSITION</DescriptionOfAsset>
          <CostOrOtherBasis>90375</CostOrOtherBasis>
          <GainOrLoss>-90375</GainOrLoss>
          <GainsMinusExcessOrLosses>-90375</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>POWERSHARES DB ENERGY FUND DISPOSITION</DescriptionOfAsset>
          <DateSold>2012-02-01</DateSold>
          <CostOrOtherBasis>47885</CostOrOtherBasis>
          <GainOrLoss>-47885</GainOrLoss>
          <GainsMinusExcessOrLosses>-47885</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>FORTRESS INVESTMENT GROUP LLC DISPOSITION</DescriptionOfAsset>
          <HowAcquired>D</HowAcquired>
          <DateAcquired>2010-07-27</DateAcquired>
          <CostOrOtherBasis>12264</CostOrOtherBasis>
          <GainOrLoss>-12264</GainOrLoss>
          <GainsMinusExcessOrLosses>-12264</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>CAPITAL GAIN DIVIDENDS</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <GainOrLoss>4473</GainOrLoss>
        </CapitalGainsAndLossesInfo>
        <CapitalGainNetIncome>439321</CapitalGainNetIncome>
      </CapitalGainsAndLosses>
      <QlfyUndSect4940eForReducedTax>
        <LiableFor4942Tax>false</LiableFor4942Tax>
        <QualifyingDistributionsYear1>324223</QualifyingDistributionsYear1>
        <NoncharitableAssetsYear1>6073214</NoncharitableAssetsYear1>
        <DistributionRatioYear1>0.053386</DistributionRatioYear1>
        <QualifyingDistributionsYear2>275250</QualifyingDistributionsYear2>
        <NoncharitableAssetsYear2>5780389</NoncharitableAssetsYear2>
        <DistributionRatioYear2>0.047618</DistributionRatioYear2>
        <QualifyingDistributionsYear3>271336</QualifyingDistributionsYear3>
        <NoncharitableAssetsYear3>5398907</NoncharitableAssetsYear3>
        <DistributionRatioYear3>0.050258</DistributionRatioYear3>
        <QualifyingDistributionsYear4>259306</QualifyingDistributionsYear4>
        <NoncharitableAssetsYear4>6776581</NoncharitableAssetsYear4>
        <DistributionRatioYear4>0.038265</DistributionRatioYear4>
        <QualifyingDistributionsYear5>12500</QualifyingDistributionsYear5>
        <NoncharitableAssetsYear5>6750409</NoncharitableAssetsYear5>
        <DistributionRatioYear5>0.001852</DistributionRatioYear5>
        <TotalDistributionRatio>0.191379</TotalDistributionRatio>
        <AverageDistributionRatio>0.038276</AverageDistributionRatio>
        <NetNoncharitableAssets>6437550</NetNoncharitableAssets>
        <AdjustedNoncharitableAssets>246404</AdjustedNoncharitableAssets>
        <OnePercentNetInvestmentIncome>5723</OnePercentNetInvestmentIncome>
        <AdjNonchrtblAssetsAndOnePct>252127</AdjNonchrtblAssetsAndOnePct>
        <QualifyingDistributions>253000</QualifyingDistributions>
      </QlfyUndSect4940eForReducedTax>
      <ExciseTaxBasedOnInvestmentIncm>
        <DomesticOrgMeetingSect4940e>X</DomesticOrgMeetingSect4940e>
        <InvestmentIncomeExciseTax>5723</InvestmentIncomeExciseTax>
        <Subtotal>5723</Subtotal>
        <TaxBasedOnInvestmentIncome>5723</TaxBasedOnInvestmentIncome>
        <EstTaxPaymentsAndOverpayment>1247</EstTaxPaymentsAndOverpayment>
        <TaxPaidWithExtension>12500</TaxPaidWithExtension>
        <TotalCreditsAndPayments>13747</TotalCreditsAndPayments>
        <Overpayment>8024</Overpayment>
        <AmountCreditedToNextYear>8024</AmountCreditedToNextYear>
      </ExciseTaxBasedOnInvestmentIncm>
      <StatementsRegardingActivities>
        <LegislativePoliticalActivities referenceDocumentId="BinaryAttach BinaryAttachN1">false</LegislativePoliticalActivities>
        <MoreThan100Spent>false</MoreThan100Spent>
        <Form1120POLFiled>false</Form1120POLFiled>
        <ActivitiesNotPrevReported>false</ActivitiesNotPrevReported>
        <ChangesToArticlesOrBylaws referenceDocumentId="BinaryAttach BinaryAttachN1">false</ChangesToArticlesOrBylaws>
        <UnrelatedBusIncomeOver1000>false</UnrelatedBusIncomeOver1000>
        <TerminationEtc referenceDocumentId="BinaryAttach BinaryAttachN1">false</TerminationEtc>
        <RequirementsOfSect508e>true</RequirementsOfSect508e>
        <AtLeast5000InAssets>true</AtLeast5000InAssets>
        <StatesFiledWith>NY</StatesFiledWith>
        <Form990PFFiledWithAG>true</Form990PFFiledWithAG>
        <PrivateOperatingFoundation>false</PrivateOperatingFoundation>
        <NewSubstantialContributors>false</NewSubstantialContributors>
        <InterestInControlledEntity>false</InterestInControlledEntity>
        <ApplicableInsuranceContract>false</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>true</ComplyWithPublicInspectionRqr>
        <WebsiteAddress>N/A</WebsiteAddress>
        <BooksInCareOfBusinessName>
          <BusinessNameLine1>ROBERT STEERS</BusinessNameLine1>
        </BooksInCareOfBusinessName>
        <BooksInCareOfPhoneNumber>2129727555</BooksInCareOfPhoneNumber>
        <BooksInCareOfUSAddress>
          <AddressLine1>15 HILLTOP PLACE RYE NY</AddressLine1>
          <City>RYE</City>
          <State>NY</State>
          <ZIPCode>105801805</ZIPCode>
        </BooksInCareOfUSAddress>
        <ForeignBank>false</ForeignBank>
      </StatementsRegardingActivities>
      <StatementsRegardingActy4720>
        <SaleOrExchangeWithDsqflyPerson>false</SaleOrExchangeWithDsqflyPerson>
        <BorrowOrLendWithDsqflyPerson>false</BorrowOrLendWithDsqflyPerson>
        <FurnishedGoodsWithDsqflyPerson>false</FurnishedGoodsWithDsqflyPerson>
        <PayCompensationToDsqflyPerson>false</PayCompensationToDsqflyPerson>
        <TransferAssetsToDsqflyPerson>false</TransferAssetsToDsqflyPerson>
        <PaymentToGovernmentOffical>false</PaymentToGovernmentOffical>
        <UncorrectedPriorActs>false</UncorrectedPriorActs>
        <UndistributedIncomePriorYears>false</UndistributedIncomePriorYears>
        <BusinessHoldings>false</BusinessHoldings>
        <JeopardyInvestments>false</JeopardyInvestments>
        <UncorrectedJeopardyInvestments>false</UncorrectedJeopardyInvestments>
        <InfluenceLegislation>false</InfluenceLegislation>
        <InfluenceElection>false</InfluenceElection>
        <GrantsToIndividuals>false</GrantsToIndividuals>
        <GrantsToOrganizations>false</GrantsToOrganizations>
        <NoncharitablePurpose>false</NoncharitablePurpose>
        <RcvFundsToPayPrsnlBnftContract>false</RcvFundsToPayPrsnlBnftContract>
        <PayPremiumsPrsnlBnftContract>false</PayPremiumsPrsnlBnftContract>
        <ProhibitedTaxShelterTransactn>false</ProhibitedTaxShelterTransactn>
      </StatementsRegardingActy4720>
      <OfcrDirTrusteesKeyEmployeeInfo>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>ROBERT H STEERS</PersonName>
          <USAddress>
            <AddressLine1>15 HILLTOP PLACE</AddressLine1>
            <City>RYE</City>
            <State>NY</State>
            <ZIPCode>10580</ZIPCode>
          </USAddress>
          <Title>TRUSTEE</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>LAUREN J STEERS</PersonName>
          <USAddress>
            <AddressLine1>15 HILLTOP PLACE</AddressLine1>
            <City>RYE</City>
            <State>NY</State>
            <ZIPCode>10580</ZIPCode>
          </USAddress>
          <Title>TRUSTEE</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <SummaryOfDirectCharitableActy />
      <SumOfProgramRelatedInvestments />
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>5974226</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>561358</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>0</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>6535584</TotalFMVOfUnusedAssets>
        <AcquisitionIndebtedness>0</AcquisitionIndebtedness>
        <AdjTotalFMVOfUnusedAssets>6535584</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable>98034</CashDeemedCharitable>
        <NetNoncharitableAssets>6437550</NetNoncharitableAssets>
        <MinimumInvestmentReturn>321878</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>321878</MinimumInvestmentReturn>
        <TaxBasedOnInvestmentIncome>5723</TaxBasedOnInvestmentIncome>
        <TotalTax>5723</TotalTax>
        <DistributableAmountBeforeAdj>316155</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>316155</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>316155</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
        <ExpensesAndContributions>253000</ExpensesAndContributions>
        <ProgramRelatedInvestmentsTotal>0</ProgramRelatedInvestmentsTotal>
        <AmountsPaidAcqCharitableAssets>0</AmountsPaidAcqCharitableAssets>
        <AmountsSetAsideSuitabilityTest>0</AmountsSetAsideSuitabilityTest>
        <AmountsSetAsideCashDistriTest>0</AmountsSetAsideCashDistriTest>
        <QualifyingDistributions>253000</QualifyingDistributions>
        <OnePctSect4940eOrgNetInvstIncm>5723</OnePctSect4940eOrgNetInvstIncm>
        <AdjQualifyingDistributions>247277</AdjQualifyingDistributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>316155</DistributableAmountAsAdjusted>
        <UndistributedIncomePriorYear>0</UndistributedIncomePriorYear>
        <PriorYear1>2010</PriorYear1>
        <PriorYear2>2009</PriorYear2>
        <PriorYear3>2008</PriorYear3>
        <ExcessDistriCarryoverYear3>4119</ExcessDistriCarryoverYear3>
        <ExcessDistriCarryoverYear1>23116</ExcessDistriCarryoverYear1>
        <TotalExcessDistriCarryover>27235</TotalExcessDistriCarryover>
        <QualifyingDistributions>253000</QualifyingDistributions>
        <AppliedToYear1>0</AppliedToYear1>
        <AppliedToCurrentYear>253000</AppliedToCurrentYear>
        <RemainingDistriFromCorpus>0</RemainingDistriFromCorpus>
        <ExcessDistriCyovAppCYCorpus>27235</ExcessDistriCyovAppCYCorpus>
        <ExcessDistriCyovAppliedCY>27235</ExcessDistriCyovAppliedCY>
        <TaxableAmount2>0</TaxableAmount2>
        <UndistributedIncomeCY>35920</UndistributedIncomeCY>
      </UndistributedIncome>
      <PrivateOperatingFoundations />
      <SupplementaryInformation>
        <ContributingManager>ROBERT LAUREN STEERS</ContributingManager>
        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>San Miguel Academy of Newburgh</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>241 Liberty Street</AddressLine1>
            <City>Newburgh</City>
            <State>NY</State>
            <ZIPCode>12550</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>201000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>ELON UNIVERSITY</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>100 CAMPUS DRIVE</AddressLine1>
            <City>ELON</City>
            <State>NC</State>
            <ZIPCode>27244</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>40000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>Hunter Foundation</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>5980 MAIN STREET</AddressLine1>
            <City>TANNERSVILLE</City>
            <State>NY</State>
            <ZIPCode>12485</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>2000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>FOTO</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>134 NORTH LA SALLE STREET</AddressLine1>
            <City>CHICAGO</City>
            <State>IL</State>
            <ZIPCode>60602</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>PUBLIC CHARITY</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>253000</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <FeesContractsFromGovtAgencies />
        <MembershipDuesAndAssessments />
        <IntOnSavingsAndTempCashInvst>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>6199</ExclusionAmount>
        </IntOnSavingsAndTempCashInvst>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>154993</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <NetRentalIncmReDebtFincdProp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncmPersonalProperty />
        <OtherInvestmentIncomePartVII />
        <GainSalesAssetsOthThanInvntry>
          <ExclusionCode>18</ExclusionCode>
          <ExclusionAmount>439321</ExclusionAmount>
        </GainSalesAssetsOthThanInvntry>
        <NetIncomeLossFromSpecialEvents />
        <GrossProfitLossSalesOfInvntry />
        <OtherRevenueDescribed>
          <Description>MISC. PASSTHROUGH INCOME</Description>
          <ExclusionCode>18</ExclusionCode>
          <ExclusionAmount>1640</ExclusionAmount>
        </OtherRevenueDescribed>
        <SubtotalsPartXVIA>
          <ExclusionAmount>602153</ExclusionAmount>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>602153</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>false</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>false</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>false</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>false</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>false</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>false</ReimbursementArrangements>
        <LoansOrLoanGuarantees>false</LoansOrLoanGuarantees>
        <PerformanceOfServicesEtc>false</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>false</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>false</RelationshipsNoncharitableEOs>
      </TrnsfrTrRlnWithNoncharitableEO>
    </IRS990PF>
    <IRS990ScheduleB documentId="IRS990ScheduleB">
      <Organization501c3ExemptPF>X</Organization501c3ExemptPF>
      <GeneralRule>X</GeneralRule>
      <ContributorInfo>
        <ContributorNumber>1</ContributorNumber>
        <ContributorNameIndividual>ROBERT LAUREN STEERS</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>15 HILLTOP PLACE</AddressLine1>
          <City>RYE</City>
          <State>NY</State>
          <ZIPCode>10580</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>3800000</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
      </ContributorInfo>
      <ContributorInfo>
        <ContributorNumber>2</ContributorNumber>
        <ContributorNameIndividual>ROBERT LAUREN STEERS</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>15 HILLTOP PLACE</AddressLine1>
          <City>RYE</City>
          <State>NY</State>
          <ZIPCode>10580</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>1860000</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
        <NoncashContributionType>X</NoncashContributionType>
      </ContributorInfo>
      <NoncashProperty>
        <ContributorNumberFromPartI>2</ContributorNumberFromPartI>
        <NoncashPropertyDescription>2,000,000 JP MORGAN CO NOTES</NoncashPropertyDescription>
        <FairMarketValue>2266020</FairMarketValue>
        <DateReceived>2012-12-21</DateReceived>
      </NoncashProperty>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFees>
        <Category>PRAGER &amp; FENTON LLP</Category>
        <Amount>3366</Amount>
        <NetInvestmentIncome>3366</NetInvestmentIncome>
      </AccountingFees>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorpStock>
        <NameOfStock>ML AC 04163 - SEE STMT A-1</NameOfStock>
        <EOYBookValue>1324116</EOYBookValue>
        <EOYFMV>1483990</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOther>
        <CategoryOrItem>ML AC 04163 - SEE STMT A-1</CategoryOrItem>
        <BookValue>3916972</BookValue>
        <EOYFMV>4252534</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>ML AC 04163 - SEE STMT A-1</CategoryOrItem>
        <BookValue>1860000</BookValue>
        <EOYFMV>2266020</EOYFMV>
      </InvestmentsOther>
    </InvestmentsOtherSchedule2>
    <LandEtcSchedule2 documentId="LandEtcSch2" />
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpenses>
        <Description>INVESTMENT FEES - ML AC 04163</Description>
        <RevenueAndExpensesPerBooks>20703</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>20703</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>BLACKSTONE GROUP - DEDUCTIONS</Description>
        <RevenueAndExpensesPerBooks>767</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>767</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>POWERSHARES DB OIL- DEDUCTIONS</Description>
        <RevenueAndExpensesPerBooks>918</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>918</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>POWERSHARES DB ENERGY - DEDUCT</Description>
        <RevenueAndExpensesPerBooks>476</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>476</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>LAZARD LIMITED - DEDUCTIONS</Description>
        <RevenueAndExpensesPerBooks>11</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>11</NetInvestmentIncome>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncome>
        <Description>Blackstone Group LP - Misc. Income</Description>
        <RevenueAndExpensesPerBooks>1640</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>1640</NetInvestmentIncome>
      </OtherIncome>
    </OtherIncomeSchedule2>
    <TaxesSchedule documentId="TaxesSchedule">
      <Taxes>
        <Category>FOREIGN TAXES - MERRILL LYNCH</Category>
        <Amount>3646</Amount>
        <NetInvestmentIncome>3646</NetInvestmentIncome>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>