﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2011v1.2" xsi:schemaLocation="http://www.irs.gov/efile">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2012-11-02T14:44:44-07:00</Timestamp>
    <TaxPeriodEndDate>2011-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>JAIN &amp; JAIN PC CPAS</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>77 SUGAR CREEK CENTER BLVD SUITE 41</AddressLine1>
        <City>SUGAR LAND</City>
        <State>TX</State>
        <ZIPCode>77478</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990PF</ReturnType>
    <TaxPeriodBeginDate>2011-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>201947794</EIN>
      <Name>
        <BusinessNameLine1>DESHPANDE FAMILY FOUNDATION INC</BusinessNameLine1>
      </Name>
      <NameControl>DESH</NameControl>
      <Phone>4074818191</Phone>
      <USAddress>
        <AddressLine1>8839 SOUTHERN BREEZE DRIVE</AddressLine1>
        <City>ORLANDO</City>
        <State>FL</State>
        <ZIPCode>32836</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>ANIL DESHPANDE</Name>
      <Title>PRESIDENT</Title>
      <Phone>4074818191</Phone>
      <DateSigned>2012-10-22</DateSigned>
      <AuthorizeThirdParty>true</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>UMESH JAIN CPA</Name>
      <Phone>2812422420</Phone>
      <DatePrepared>2012-11-02</DatePrepared>
    </Preparer>
    <TaxYear>2011</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="8">
    <IRS990PF documentId="00000001" referenceDocumentName="ReasonableCauseExplanation GeneralExplanationAttachment">
      <ExemptPF>X</ExemptPF>
      <FMVAssetsEOY>2144193</FMVAssetsEOY>
      <MethodOfAccountingCash>X</MethodOfAccountingCash>
      <AnalysisOfRevenueAndExpenses>
        <ContriReceivedRevAndExpnss>10000</ContriReceivedRevAndExpnss>
        <NotRequiredToAttachScheduleB>X</NotRequiredToAttachScheduleB>
        <DividendsRevAndExpnss>58555</DividendsRevAndExpnss>
        <DividendsNetInvstIncm>44105</DividendsNetInvstIncm>
        <CapitalGainNetIncmNetInvstIncm>138</CapitalGainNetIncmNetInvstIncm>
        <OtherIncomeRevAndExpnss referenceDocumentId="00000005" referenceDocumentName="OtherIncomeSchedule2">-8597</OtherIncomeRevAndExpnss>
        <OtherIncomeNetInvstIncm>-8597</OtherIncomeNetInvstIncm>
        <TotalRevenueAndExpenses>59958</TotalRevenueAndExpenses>
        <TotalNetInvestmentIncome>35646</TotalNetInvestmentIncome>
        <OtherExpensesRevAndExpnss referenceDocumentId="00000004" referenceDocumentName="AmortizationSchedule OtherExpensesSchedule">10151</OtherExpensesRevAndExpnss>
        <OtherExpensesNetInvstIncm>10151</OtherExpensesNetInvstIncm>
        <TotOprExpensesRevAndExpnss>10151</TotOprExpensesRevAndExpnss>
        <TotOprExpensesNetInvstIncm>10151</TotOprExpensesNetInvstIncm>
        <TotOprExpensesDsbrsChrtblPrps>0</TotOprExpensesDsbrsChrtblPrps>
        <ContriGiftsPaidRevAndExpnss>62550</ContriGiftsPaidRevAndExpnss>
        <ContriGiftsPaidDsbrsChrtblPrps>62550</ContriGiftsPaidDsbrsChrtblPrps>
        <TotalExpensesRevAndExpnss>72701</TotalExpensesRevAndExpnss>
        <TotalExpensesNetInvstIncm>10151</TotalExpensesNetInvstIncm>
        <TotalExpensesDsbrsChrtblPrps>62550</TotalExpensesDsbrsChrtblPrps>
        <ExcessOfRevenueOverExpenses>-12743</ExcessOfRevenueOverExpenses>
        <NetInvestmentIncome>25495</NetInvestmentIncome>
      </AnalysisOfRevenueAndExpenses>
      <BalanceSheets>
        <CashBOY>704970</CashBOY>
        <CashEOY>704926</CashEOY>
        <CashEOYFMV>704926</CashEOYFMV>
        <ReceivablesFromOfficersBOY>5500</ReceivablesFromOfficersBOY>
        <ReceivablesFromOfficersEOY>5500</ReceivablesFromOfficersEOY>
        <ReceivablesFromOfficersEOYFMV>5500</ReceivablesFromOfficersEOYFMV>
        <PrepaidExpensesBOY>566</PrepaidExpensesBOY>
        <PrepaidExpensesEOY>640</PrepaidExpensesEOY>
        <PrepaidExpensesEOYFMV>640</PrepaidExpensesEOYFMV>
        <InvestmentsCorpStockBOY>225228</InvestmentsCorpStockBOY>
        <InvestmentsCorpStockEOY referenceDocumentId="00000002" referenceDocumentName="InvestmentsCorpStockSchedule">174787</InvestmentsCorpStockEOY>
        <InvestmentsCorpStockEOYFMV>174787</InvestmentsCorpStockEOYFMV>
        <InvestmentsOtherBOY>1071050</InvestmentsOtherBOY>
        <InvestmentsOtherEOY referenceDocumentId="00000003" referenceDocumentName="InvestmentsOtherSchedule2">1154953</InvestmentsOtherEOY>
        <InvestmentsOtherEOYFMV>1258340</InvestmentsOtherEOYFMV>
        <TotalAssetsBOY>2007314</TotalAssetsBOY>
        <TotalAssetsEOY>2040806</TotalAssetsEOY>
        <TotalAssetsEOYFMV>2144193</TotalAssetsEOYFMV>
        <OtherLiabilitiesBOY referenceDocumentId="00000007" referenceDocumentName="OtherLiabilitiesSchedule">77291</OtherLiabilitiesBOY>
        <OtherLiabilitiesEOY referenceDocumentId="00000008" referenceDocumentName="OtherLiabilitiesSchedule">123387</OtherLiabilitiesEOY>
        <TotalLiabilitiesBOY>77291</TotalLiabilitiesBOY>
        <TotalLiabilitiesEOY>123387</TotalLiabilitiesEOY>
        <OrgThatDoNotFollowSFAS117>X</OrgThatDoNotFollowSFAS117>
        <CapitalStockBOY>1924940</CapitalStockBOY>
        <CapitalStockEOY>1930023</CapitalStockEOY>
        <RetainedEarningsBOY>5083</RetainedEarningsBOY>
        <RetainedEarningsEOY>-12604</RetainedEarningsEOY>
        <TotalNetAssetsBOY>1930023</TotalNetAssetsBOY>
        <TotalNetAssetsEOY>1917419</TotalNetAssetsEOY>
        <TotalLiabilitiesNetAssetsBOY>2007314</TotalLiabilitiesNetAssetsBOY>
        <TotalLiabilitiesNetAssetsEOY>2040806</TotalLiabilitiesNetAssetsEOY>
      </BalanceSheets>
      <ChangesInNetAssetsFundBalances>
        <TotalNetAssetsFundBalancesBOY>1930023</TotalNetAssetsFundBalancesBOY>
        <ExcessOfRevenueOverExpenses>-12743</ExcessOfRevenueOverExpenses>
        <OtherIncreases referenceDocumentId="00000006" referenceDocumentName="OtherIncreasesSchedule">139</OtherIncreases>
        <Subtotal>1917419</Subtotal>
        <TotalNetAssetsFundBalancesEOY>1917419</TotalNetAssetsFundBalancesEOY>
      </ChangesInNetAssetsFundBalances>
      <CapitalGainsAndLosses>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>315.956 SH NUVEEN NWQ GLOBAL</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2011-07-27</DateAcquired>
          <DateSold>2011-12-07</DateSold>
          <GrossSalesPrice>8682</GrossSalesPrice>
          <Depreciation>0</Depreciation>
          <CostOrOtherBasis>10000</CostOrOtherBasis>
          <GainOrLoss>-1318</GainOrLoss>
          <FMVAsOf123169>0</FMVAsOf123169>
          <AdjustedBasisAsOf123169>0</AdjustedBasisAsOf123169>
          <ExcessOfFMVOverAdjustedBasis>0</ExcessOfFMVOverAdjustedBasis>
          <GainsMinusExcessOrLosses>-1318</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>430 SH POWERSHARES DB</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2008-05-01</DateAcquired>
          <DateSold>2011-12-07</DateSold>
          <GrossSalesPrice>9281</GrossSalesPrice>
          <Depreciation>0</Depreciation>
          <CostOrOtherBasis>9963</CostOrOtherBasis>
          <GainOrLoss>-682</GainOrLoss>
          <FMVAsOf123169>0</FMVAsOf123169>
          <AdjustedBasisAsOf123169>0</AdjustedBasisAsOf123169>
          <ExcessOfFMVOverAdjustedBasis>0</ExcessOfFMVOverAdjustedBasis>
          <GainsMinusExcessOrLosses>-682</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>2200 SH BLACKROCK MUNIYIELD NY</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2011-06-23</DateAcquired>
          <DateSold>2011-10-26</DateSold>
          <GrossSalesPrice>29202</GrossSalesPrice>
          <Depreciation>0</Depreciation>
          <CostOrOtherBasis>28501</CostOrOtherBasis>
          <GainOrLoss>701</GainOrLoss>
          <FMVAsOf123169>0</FMVAsOf123169>
          <AdjustedBasisAsOf123169>0</AdjustedBasisAsOf123169>
          <ExcessOfFMVOverAdjustedBasis>0</ExcessOfFMVOverAdjustedBasis>
          <GainsMinusExcessOrLosses>701</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>4000 SH BLACKROCK MUNIYIELD MICHIGAN</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2010-10-19</DateAcquired>
          <DateSold>2011-10-31</DateSold>
          <GrossSalesPrice>53653</GrossSalesPrice>
          <Depreciation>0</Depreciation>
          <CostOrOtherBasis>53770</CostOrOtherBasis>
          <GainOrLoss>-117</GainOrLoss>
          <FMVAsOf123169>0</FMVAsOf123169>
          <AdjustedBasisAsOf123169>0</AdjustedBasisAsOf123169>
          <ExcessOfFMVOverAdjustedBasis>0</ExcessOfFMVOverAdjustedBasis>
          <GainsMinusExcessOrLosses>-117</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>MSSB-43471801-STMT ATTACHED</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2011-01-01</DateAcquired>
          <DateSold>2011-12-31</DateSold>
          <GrossSalesPrice>81888</GrossSalesPrice>
          <Depreciation>0</Depreciation>
          <CostOrOtherBasis>82654</CostOrOtherBasis>
          <GainOrLoss>-766</GainOrLoss>
          <FMVAsOf123169>0</FMVAsOf123169>
          <AdjustedBasisAsOf123169>0</AdjustedBasisAsOf123169>
          <ExcessOfFMVOverAdjustedBasis>0</ExcessOfFMVOverAdjustedBasis>
          <GainsMinusExcessOrLosses>-766</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>MSSB-43471801-STMT ATTACHED</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2008-01-01</DateAcquired>
          <DateSold>2011-12-31</DateSold>
          <GrossSalesPrice>72880</GrossSalesPrice>
          <Depreciation>0</Depreciation>
          <CostOrOtherBasis>70560</CostOrOtherBasis>
          <GainOrLoss>2320</GainOrLoss>
          <FMVAsOf123169>0</FMVAsOf123169>
          <AdjustedBasisAsOf123169>0</AdjustedBasisAsOf123169>
          <ExcessOfFMVOverAdjustedBasis>0</ExcessOfFMVOverAdjustedBasis>
          <GainsMinusExcessOrLosses>2320</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainNetIncome>138</CapitalGainNetIncome>
        <NetShortTermCapitalGainOrLoss>-1383</NetShortTermCapitalGainOrLoss>
      </CapitalGainsAndLosses>
      <QlfyUndSect4940eForReducedTax>
        <LiableFor4942Tax>false</LiableFor4942Tax>
        <QualifyingDistributionsYear1>28226</QualifyingDistributionsYear1>
        <NoncharitableAssetsYear1>2053336</NoncharitableAssetsYear1>
        <DistributionRatioYear1>0.013746</DistributionRatioYear1>
        <NoncharitableAssetsYear2>1904568</NoncharitableAssetsYear2>
        <QualifyingDistributionsYear3>68475</QualifyingDistributionsYear3>
        <NoncharitableAssetsYear3>1901050</NoncharitableAssetsYear3>
        <DistributionRatioYear3>0.036020</DistributionRatioYear3>
        <QualifyingDistributionsYear4>250684</QualifyingDistributionsYear4>
        <NoncharitableAssetsYear4>3118258</NoncharitableAssetsYear4>
        <DistributionRatioYear4>0.080392</DistributionRatioYear4>
        <QualifyingDistributionsYear5>74300</QualifyingDistributionsYear5>
        <NoncharitableAssetsYear5>3323237</NoncharitableAssetsYear5>
        <DistributionRatioYear5>0.022358</DistributionRatioYear5>
        <TotalDistributionRatio>0.152516</TotalDistributionRatio>
        <AverageDistributionRatio>0.038129</AverageDistributionRatio>
        <NetNoncharitableAssets>2112030</NetNoncharitableAssets>
        <AdjustedNoncharitableAssets>80530</AdjustedNoncharitableAssets>
        <OnePercentNetInvestmentIncome>255</OnePercentNetInvestmentIncome>
        <AdjNonchrtblAssetsAndOnePct>80785</AdjNonchrtblAssetsAndOnePct>
        <QualifyingDistributions>62550</QualifyingDistributions>
      </QlfyUndSect4940eForReducedTax>
      <ExciseTaxBasedOnInvestmentIncm>
        <InvestmentIncomeExciseTax>510</InvestmentIncomeExciseTax>
        <TaxUnderSection511>0</TaxUnderSection511>
        <Subtotal>510</Subtotal>
        <TaxBasedOnInvestmentIncome>510</TaxBasedOnInvestmentIncome>
        <EstTaxPaymentsAndOverpayment>1236</EstTaxPaymentsAndOverpayment>
        <TotalCreditsAndPayments>1236</TotalCreditsAndPayments>
        <OriginalReturnOverpayment>-1236</OriginalReturnOverpayment>
        <Overpayment>726</Overpayment>
        <AmountCreditedToNextYear>726</AmountCreditedToNextYear>
      </ExciseTaxBasedOnInvestmentIncm>
      <StatementsRegardingActivities>
        <LegislativePoliticalActivities>false</LegislativePoliticalActivities>
        <MoreThan100Spent>false</MoreThan100Spent>
        <Form1120POLFiled>false</Form1120POLFiled>
        <ActivitiesNotPrevReported>false</ActivitiesNotPrevReported>
        <ChangesToArticlesOrBylaws>false</ChangesToArticlesOrBylaws>
        <UnrelatedBusIncomeOver1000>false</UnrelatedBusIncomeOver1000>
        <TerminationEtc>false</TerminationEtc>
        <RequirementsOfSect508e>true</RequirementsOfSect508e>
        <AtLeast5000InAssets>true</AtLeast5000InAssets>
        <StatesFiledWith>FL</StatesFiledWith>
        <Form990PFFiledWithAG>true</Form990PFFiledWithAG>
        <PrivateOperatingFoundation>false</PrivateOperatingFoundation>
        <NewSubstantialContributors>true</NewSubstantialContributors>
        <InterestInControlledEntity>false</InterestInControlledEntity>
        <ApplicableInsuranceContract>false</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>true</ComplyWithPublicInspectionRqr>
        <WebsiteAddress>N/A</WebsiteAddress>
        <BooksInCareOfBusinessName>
          <BusinessNameLine1>ANIL DESHPANDE</BusinessNameLine1>
        </BooksInCareOfBusinessName>
        <BooksInCareOfPhoneNumber>4074818191</BooksInCareOfPhoneNumber>
        <BooksInCareOfUSAddress>
          <AddressLine1>8839 SOUTHERN BREEZE DRIVE</AddressLine1>
          <City>ORLANDO</City>
          <State>FL</State>
          <ZIPCode>32836</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>
        <UndistrIncome4942a2NotApplied>false</UndistrIncome4942a2NotApplied>
        <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>ANIL D DESHPANDE</PersonName>
          <USAddress>
            <AddressLine1>8839 SOUTHERN BREEZE DRIVE</AddressLine1>
            <City>ORLANDO</City>
            <State>FL</State>
            <ZIPCode>32836</ZIPCode>
          </USAddress>
          <Title>PRESIDENT</Title>
          <AvgHoursPerWkDevotedToPosition>20.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>CHITRA A DESHPANDE</PersonName>
          <USAddress>
            <AddressLine1>8839 SOUTHERN BREEZE DRIVE</AddressLine1>
            <City>ORLANDO</City>
            <State>FL</State>
            <ZIPCode>32836</ZIPCode>
          </USAddress>
          <Title>VICE-PRESIDENT</Title>
          <AvgHoursPerWkDevotedToPosition>20.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>ANJALI A DESHPANDE</PersonName>
          <USAddress>
            <AddressLine1>8839 SOUTHERN BREEZE DRIVE</AddressLine1>
            <City>ORLANDO</City>
            <State>FL</State>
            <ZIPCode>32836</ZIPCode>
          </USAddress>
          <Title>SECRETARY</Title>
          <AvgHoursPerWkDevotedToPosition>20.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <CompOfHighestPaidEmplNONE>NONE</CompOfHighestPaidEmplNONE>
        <TotNumberOfOthEmplPaidOver50k>0</TotNumberOfOthEmplPaidOver50k>
        <CompOfHghstPaidCntrctNONE>NONE</CompOfHghstPaidCntrctNONE>
        <TotNumberOfCntrctPaidOver50k>0</TotNumberOfCntrctPaidOver50k>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>1258340</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>704926</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>180927</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>2144193</TotalFMVOfUnusedAssets>
        <AdjTotalFMVOfUnusedAssets>2144193</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable>32163</CashDeemedCharitable>
        <NetNoncharitableAssets>2112030</NetNoncharitableAssets>
        <MinimumInvestmentReturn>105602</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>105602</MinimumInvestmentReturn>
        <TaxBasedOnInvestmentIncome>510</TaxBasedOnInvestmentIncome>
        <TotalTax>510</TotalTax>
        <DistributableAmountBeforeAdj>105092</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>105092</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>105092</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
        <ExpensesAndContributions>62550</ExpensesAndContributions>
        <QualifyingDistributions>62550</QualifyingDistributions>
        <AdjQualifyingDistributions>62550</AdjQualifyingDistributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>105092</DistributableAmountAsAdjusted>
        <UndistributedIncomePriorYear>102049</UndistributedIncomePriorYear>
        <ExcessDistriCarryoverYear5>74300</ExcessDistriCarryoverYear5>
        <ExcessDistriCarryoverYear4>251301</ExcessDistriCarryoverYear4>
        <ExcessDistriCarryoverYear3>68475</ExcessDistriCarryoverYear3>
        <ExcessDistriCarryoverYear2>48452</ExcessDistriCarryoverYear2>
        <ExcessDistriCarryoverYear1>28226</ExcessDistriCarryoverYear1>
        <TotalExcessDistriCarryover>470754</TotalExcessDistriCarryover>
        <QualifyingDistributions>62550</QualifyingDistributions>
        <RemainingDistriFromCorpus>62550</RemainingDistriFromCorpus>
        <TotalCorpus>533304</TotalCorpus>
        <TaxableAmount2>102049</TaxableAmount2>
        <UndistributedIncomeCY>105092</UndistributedIncomeCY>
        <ExcessDistriCyovFromYear5>74300</ExcessDistriCyovFromYear5>
        <ExcessDistriCyovToNextYear>459004</ExcessDistriCyovToNextYear>
        <ExcessFromYear4>251301</ExcessFromYear4>
        <ExcessFromYear3>68475</ExcessFromYear3>
        <ExcessFromYear2>48452</ExcessFromYear2>
        <ExcessFromYear1>28226</ExcessFromYear1>
        <ExcessFromCurrentYear>62550</ExcessFromCurrentYear>
      </UndistributedIncome>
      <SupplementaryInformation>
        <ContributingManager>NONE</ContributingManager>
        <ShareholderManager>NONE</ShareholderManager>
        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
        <AppicationSubmissionInfo>
          <RecipientName>ANIL DESHPANDE</RecipientName>
          <RecipientUSAddress>
            <AddressLine1>8839 SOUTHERN BREEZE DRIVE</AddressLine1>
            <City>ORLANDO</City>
            <State>FL</State>
            <ZIPCode>32836</ZIPCode>
          </RecipientUSAddress>
          <FormAndInfoAndMaterials>N/A</FormAndInfoAndMaterials>
          <SubmissionDeadlines>N/A</SubmissionDeadlines>
          <RestrictionsOnAwards>N/A</RestrictionsOnAwards>
        </AppicationSubmissionInfo>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>SEE ATTACHED SCHEDULE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>SEE ATTACHED SCHEDULE</AddressLine1>
            <City>ORLANDO</City>
            <State>FL</State>
            <ZIPCode>32836</ZIPCode>
          </RecipientUSAddress>
          <RecipientFoundationStatus>NONENONE</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITABLE/EDUCATIONAL</PurposeOfGrantOrContribution>
          <Amount>62550</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>62550</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <DividendsAndIntFromSecPartVII>
          <BusinessCode>522100</BusinessCode>
          <UnrelatedBusinessIncomeAmount>58555</UnrelatedBusinessIncomeAmount>
          <ExclusionCode>14</ExclusionCode>
        </DividendsAndIntFromSecPartVII>
        <SubtotalsPartXVIA>
          <UnrelatedBusinessIncomeAmount>58555</UnrelatedBusinessIncomeAmount>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>58555</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>
    <InvestmentsCorpStockSchedule documentId="00000002">
      <InvestmentsCorpStock>
        <NameOfStock>INVESTMENT-VISTAR ALABAMA</NameOfStock>
        <EOYBookValue>122703</EOYBookValue>
        <EOYFMV>122703</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>INVESTMENT-CCP PARKSIDE, LLC</NameOfStock>
        <EOYBookValue>52084</EOYBookValue>
        <EOYFMV>52084</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="00000003">
      <InvestmentsOther>
        <CategoryOrItem>INVESTMENT-AEGIS-3990070918</CategoryOrItem>
        <BookValue>441502</BookValue>
        <EOYFMV>438046</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>INVESTMENT-SB-43471801</CategoryOrItem>
        <BookValue>713451</BookValue>
        <EOYFMV>820294</EOYFMV>
      </InvestmentsOther>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="00000004">
      <OtherExpenses>
        <Description>ASSET MANAGEMENT FEES</Description>
        <RevenueAndExpensesPerBooks>6645</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>6645</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>INTEREST</Description>
        <RevenueAndExpensesPerBooks>3167</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>3167</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>PROFESSIONAL FEES</Description>
        <RevenueAndExpensesPerBooks>240</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>240</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>FOREIGN TAXES ON DIVIDEND</Description>
        <RevenueAndExpensesPerBooks>99</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>99</NetInvestmentIncome>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="00000005">
      <OtherIncome>
        <Description>MISC INCOME</Description>
        <RevenueAndExpensesPerBooks>892</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>892</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>INVESTMENT-VISTAR ALABAMA, LLC</Description>
        <RevenueAndExpensesPerBooks>-84</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>-84</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>INVESTMENT-CCP PARKSIDE</Description>
        <RevenueAndExpensesPerBooks>-9405</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>-9405</NetInvestmentIncome>
      </OtherIncome>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="00000006">
      <OtherIncreases>
        <Description>CAPITAL GAIN NET LOSS (PART IV, LINE 2)</Description>
        <Amount>139</Amount>
      </OtherIncreases>
    </OtherIncreasesSchedule>
    <OtherLiabilitiesSchedule documentId="00000007">
      <OtherLiabilities>
        <Description>DUE TO DESHPANDE, INC</Description>
        <EOYBookValue>20000</EOYBookValue>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>UNREALIZED LOSSES ON INVESTMENTS</Description>
        <BOYBookValue>77291</BOYBookValue>
        <EOYBookValue>103387</EOYBookValue>
      </OtherLiabilities>
    </OtherLiabilitiesSchedule>
    <OtherLiabilitiesSchedule documentId="00000008">
      <OtherLiabilities>
        <Description>DUE TO DESHPANDE, INC</Description>
        <EOYBookValue>20000</EOYBookValue>
      </OtherLiabilities>
      <OtherLiabilities>
        <Description>UNREALIZED LOSSES ON INVESTMENTS</Description>
        <BOYBookValue>77291</BOYBookValue>
        <EOYBookValue>103387</EOYBookValue>
      </OtherLiabilities>
    </OtherLiabilitiesSchedule>
  </ReturnData>
</Return>