﻿<?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="2009v1.7">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2011-07-15T08:10:30-04:00</Timestamp>
    <TaxPeriodEndDate>2010-11-30</TaxPeriodEndDate>
    <PreparerFirm>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>PKF LLP</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>29 Broadway</AddressLine1>
        <City>NEW YORK</City>
        <State>NY</State>
        <ZIPCode>100063201</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990PF</ReturnType>
    <TaxPeriodBeginDate>2009-12-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>133267113</EIN>
      <Name>
        <BusinessNameLine1>FRANCES &amp; BENJAMIN BENENSON FOUNDATION INC</BusinessNameLine1>
      </Name>
      <NameControl>FRAN</NameControl>
      <Phone>2127169076</Phone>
      <USAddress>
        <AddressLine1>708 THIRD AVENUE</AddressLine1>
        <City>NEW YORK</City>
        <State>NY</State>
        <ZIPCode>10017</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>RICHARD KESSLER</Name>
      <Title>VP</Title>
      <Phone>2127169076</Phone>
      <DateSigned>2011-07-13</DateSigned>
      <AuthorizeThirdParty>true</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>Leo Parmegiani</Name>
      <Phone>2128678000</Phone>
    </Preparer>
    <TaxYear>2009</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="17">
    <IRS990PF documentId="IRS990PF">
      <ExemptPF>X</ExemptPF>
      <FMVAssetsEOY>35264351</FMVAssetsEOY>
      <MethodOfAccountingCash>X</MethodOfAccountingCash>
      <AnalysisOfRevenueAndExpenses>
        <InterestOnSavingsRevAndExpnss>5977</InterestOnSavingsRevAndExpnss>
        <InterestOnSavingsNetInvstIncm>5977</InterestOnSavingsNetInvstIncm>
        <DividendsRevAndExpnss>328657</DividendsRevAndExpnss>
        <DividendsNetInvstIncm>328657</DividendsNetInvstIncm>
        <NetGainSaleAssetsRevAndExpnss>1136862</NetGainSaleAssetsRevAndExpnss>
        <GrossSalesPrice>28307862</GrossSalesPrice>
        <CapitalGainNetIncmNetInvstIncm>1136862</CapitalGainNetIncmNetInvstIncm>
        <OtherIncomeRevAndExpnss referenceDocumentId="OtherIncomeSch2">160316</OtherIncomeRevAndExpnss>
        <OtherIncomeNetInvstIncm>160316</OtherIncomeNetInvstIncm>
        <TotalRevenueAndExpenses>1631812</TotalRevenueAndExpenses>
        <TotalNetInvestmentIncome>1631812</TotalNetInvestmentIncome>
        <CompOfcrDirTrstRevAndExpnss>0</CompOfcrDirTrstRevAndExpnss>
        <LegalFeesRevAndExpnss referenceDocumentId="LegalFeesSch">2419</LegalFeesRevAndExpnss>
        <LegalFeesNetInvstIncm>2419</LegalFeesNetInvstIncm>
        <LegalFeesAdjNetIncm>0</LegalFeesAdjNetIncm>
        <LegalFeesDsbrsChrtblPrps>0</LegalFeesDsbrsChrtblPrps>
        <AccountingFeesRevAndExpnss referenceDocumentId="AccountingFeesSch">6250</AccountingFeesRevAndExpnss>
        <AccountingFeesNetInvstIncm>6250</AccountingFeesNetInvstIncm>
        <AccountingFeesAdjNetIncm>0</AccountingFeesAdjNetIncm>
        <AccountingFeesDsbrsChrtblPrps>0</AccountingFeesDsbrsChrtblPrps>
        <OtherProfFeesRevAndExpnss referenceDocumentId="OthProfFeesSch">95367</OtherProfFeesRevAndExpnss>
        <OtherProfFeesNetInvstIncm>95367</OtherProfFeesNetInvstIncm>
        <InterestRevAndExpnss>96410</InterestRevAndExpnss>
        <InterestNetInvstIncm>96410</InterestNetInvstIncm>
        <TaxesRevAndExpnss referenceDocumentId="TaxesSchedule">7298</TaxesRevAndExpnss>
        <TaxesNetInvstIncm>7298</TaxesNetInvstIncm>
        <OtherExpensesRevAndExpnss referenceDocumentId="OtherExpensesSch">497312</OtherExpensesRevAndExpnss>
        <OtherExpensesNetInvstIncm>497312</OtherExpensesNetInvstIncm>
        <TotOprExpensesRevAndExpnss>705056</TotOprExpensesRevAndExpnss>
        <TotOprExpensesNetInvstIncm>705056</TotOprExpensesNetInvstIncm>
        <TotOprExpensesAdjNetIncm>0</TotOprExpensesAdjNetIncm>
        <TotOprExpensesDsbrsChrtblPrps>0</TotOprExpensesDsbrsChrtblPrps>
        <ContriGiftsPaidRevAndExpnss>2362044</ContriGiftsPaidRevAndExpnss>
        <ContriGiftsPaidDsbrsChrtblPrps>2362044</ContriGiftsPaidDsbrsChrtblPrps>
        <TotalExpensesRevAndExpnss>3067100</TotalExpensesRevAndExpnss>
        <TotalExpensesNetInvstIncm>705056</TotalExpensesNetInvstIncm>
        <TotalExpensesAdjNetIncm>0</TotalExpensesAdjNetIncm>
        <TotalExpensesDsbrsChrtblPrps>2362044</TotalExpensesDsbrsChrtblPrps>
        <ExcessOfRevenueOverExpenses>-1435288</ExcessOfRevenueOverExpenses>
        <NetInvestmentIncome>926756</NetInvestmentIncome>
      </AnalysisOfRevenueAndExpenses>
      <BalanceSheets>
        <CashBOY>165490</CashBOY>
        <CashEOY>35768</CashEOY>
        <CashEOYFMV>35768</CashEOYFMV>
        <SavingsAndTempCashInvstBOY>321967</SavingsAndTempCashInvstBOY>
        <SavingsAndTempCashInvstEOY>31266</SavingsAndTempCashInvstEOY>
        <SavingsAndTempCashInvstEOYFMV>31266</SavingsAndTempCashInvstEOYFMV>
        <AccountsReceivable>0</AccountsReceivable>
        <AllwncForDbtflAcctAcctRcvbl>0</AllwncForDbtflAcctAcctRcvbl>
        <AccountsReceivableBOY>24562</AccountsReceivableBOY>
        <AccountsReceivableEOY>0</AccountsReceivableEOY>
        <AccountsReceivableEOYFMV>0</AccountsReceivableEOYFMV>
        <InvestmentsGovtObligBOY>9131308</InvestmentsGovtObligBOY>
        <InvestmentsGovtObligEOY referenceDocumentId="InvGovtObligSch">8656034</InvestmentsGovtObligEOY>
        <InvestmentsGovtObligEOYFMV>8656034</InvestmentsGovtObligEOYFMV>
        <InvestmentsCorpStockBOY>13340370</InvestmentsCorpStockBOY>
        <InvestmentsCorpStockEOY referenceDocumentId="InvestCorpStockSch">12794630</InvestmentsCorpStockEOY>
        <InvestmentsCorpStockEOYFMV>16551033</InvestmentsCorpStockEOYFMV>
        <InvestmentsOtherBOY>8165967</InvestmentsOtherBOY>
        <InvestmentsOtherEOY referenceDocumentId="InvOtherSch2">8408757</InvestmentsOtherEOY>
        <InvestmentsOtherEOYFMV>8408757</InvestmentsOtherEOYFMV>
        <OtherAssetsBOY referenceDocumentId="OtherAssetsSch">1853952</OtherAssetsBOY>
        <OtherAssetsEOY referenceDocumentId="OtherAssetsSch">1581493</OtherAssetsEOY>
        <OtherAssetsEOYFMV referenceDocumentId="OtherAssetsSch">1581493</OtherAssetsEOYFMV>
        <TotalAssetsBOY>33003616</TotalAssetsBOY>
        <TotalAssetsEOY>31507948</TotalAssetsEOY>
        <TotalAssetsEOYFMV>35264351</TotalAssetsEOYFMV>
        <AccountsPayableBOY>0</AccountsPayableBOY>
        <AccountsPayableEOY>0</AccountsPayableEOY>
        <TotalLiabilitiesBOY>0</TotalLiabilitiesBOY>
        <TotalLiabilitiesEOY>0</TotalLiabilitiesEOY>
        <OrgThatDoNotFollowSFAS117>X</OrgThatDoNotFollowSFAS117>
        <RetainedEarningsBOY>33003616</RetainedEarningsBOY>
        <RetainedEarningsEOY>31507948</RetainedEarningsEOY>
        <TotalNetAssetsBOY>33003616</TotalNetAssetsBOY>
        <TotalNetAssetsEOY>31507948</TotalNetAssetsEOY>
        <TotalLiabilitiesNetAssetsBOY>33003616</TotalLiabilitiesNetAssetsBOY>
        <TotalLiabilitiesNetAssetsEOY>31507948</TotalLiabilitiesNetAssetsEOY>
      </BalanceSheets>
      <ChangesInNetAssetsFundBalances>
        <TotalNetAssetsFundBalancesBOY>33003616</TotalNetAssetsFundBalancesBOY>
        <ExcessOfRevenueOverExpenses>-1435288</ExcessOfRevenueOverExpenses>
        <OtherIncreases referenceDocumentId="OtherIncreasesSch">147139</OtherIncreases>
        <Subtotal>31715467</Subtotal>
        <OtherDecreases referenceDocumentId="OtherDecreasesSch">207519</OtherDecreases>
        <TotalNetAssetsFundBalancesEOY>31507948</TotalNetAssetsFundBalancesEOY>
      </ChangesInNetAssetsFundBalances>
      <CapitalGainsAndLosses>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>LTCG - JPM PTN GLOBAL INVESTORS</DescriptionOfAsset>
          <GainOrLoss>14026</GainOrLoss>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>LTCL- AIG EUROPEAN RE PTNRS LP</DescriptionOfAsset>
          <GainOrLoss>-16489</GainOrLoss>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>LTCG - STOCKS &amp; BONDS - SEE STMT.</DescriptionOfAsset>
          <GrossSalesPrice>6260241</GrossSalesPrice>
          <CostOrOtherBasis>5703015</CostOrOtherBasis>
          <GainOrLoss>557226</GainOrLoss>
          <GainsMinusExcessOrLosses>557226</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>LTCG - STOCKS &amp; BONDS - SEE STMT.</DescriptionOfAsset>
          <GainOrLoss>991</GainOrLoss>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>STCL- JPM PTN GLOBAL INVESTORS</DescriptionOfAsset>
          <GainOrLoss>-185</GainOrLoss>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>STCG - STOCKS &amp; BONDS - SEE STMT.</DescriptionOfAsset>
          <GrossSalesPrice>22047621</GrossSalesPrice>
          <CostOrOtherBasis>21466328</CostOrOtherBasis>
          <GainOrLoss>581293</GainOrLoss>
          <GainsMinusExcessOrLosses>581293</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainNetIncome>1136862</CapitalGainNetIncome>
      </CapitalGainsAndLosses>
      <QlfyUndSect4940eForReducedTax>
        <LiableFor4942Tax>false</LiableFor4942Tax>
        <QualifyingDistributionsYear1>4727964</QualifyingDistributionsYear1>
        <NoncharitableAssetsYear1>35964108</NoncharitableAssetsYear1>
        <DistributionRatioYear1>0.131463</DistributionRatioYear1>
        <QualifyingDistributionsYear2>2189292</QualifyingDistributionsYear2>
        <NoncharitableAssetsYear2>36431969</NoncharitableAssetsYear2>
        <DistributionRatioYear2>0.060093</DistributionRatioYear2>
        <QualifyingDistributionsYear3>2401909</QualifyingDistributionsYear3>
        <NoncharitableAssetsYear3>44855378</NoncharitableAssetsYear3>
        <DistributionRatioYear3>0.053548</DistributionRatioYear3>
        <QualifyingDistributionsYear4>2082107</QualifyingDistributionsYear4>
        <NoncharitableAssetsYear4>45209950</NoncharitableAssetsYear4>
        <DistributionRatioYear4>0.046054</DistributionRatioYear4>
        <QualifyingDistributionsYear5>1857502</QualifyingDistributionsYear5>
        <NoncharitableAssetsYear5>40373269</NoncharitableAssetsYear5>
        <DistributionRatioYear5>0.046008</DistributionRatioYear5>
        <TotalDistributionRatio>0.337166</TotalDistributionRatio>
        <AverageDistributionRatio>0.067433</AverageDistributionRatio>
        <NetNoncharitableAssets>34645959</NetNoncharitableAssets>
        <AdjustedNoncharitableAssets>2336281</AdjustedNoncharitableAssets>
        <OnePercentNetInvestmentIncome>9268</OnePercentNetInvestmentIncome>
        <AdjNonchrtblAssetsAndOnePct>2345549</AdjNonchrtblAssetsAndOnePct>
        <QualifyingDistributions>2362044</QualifyingDistributions>
      </QlfyUndSect4940eForReducedTax>
      <ExciseTaxBasedOnInvestmentIncm>
        <DomesticOrgMeetingSect4940e>X</DomesticOrgMeetingSect4940e>
        <InvestmentIncomeExciseTax>9268</InvestmentIncomeExciseTax>
        <Subtotal>9268</Subtotal>
        <TaxBasedOnInvestmentIncome>9268</TaxBasedOnInvestmentIncome>
        <EstTaxPaymentsAndOverpayment>77199</EstTaxPaymentsAndOverpayment>
        <TotalCreditsAndPayments>77199</TotalCreditsAndPayments>
        <Form2220Attached referenceDocumentId="IRS2220">X</Form2220Attached>
        <Overpayment>67931</Overpayment>
        <AmountCreditedToNextYear>67931</AmountCreditedToNextYear>
      </ExciseTaxBasedOnInvestmentIncm>
      <StatementsRegardingActivities>
        <LegislativePoliticalActivities>false</LegislativePoliticalActivities>
        <MoreThan100Spent>false</MoreThan100Spent>
        <ActivitiesNotPrevReported>false</ActivitiesNotPrevReported>
        <ChangesToArticlesOrBylaws>false</ChangesToArticlesOrBylaws>
        <UnrelatedBusIncomeOver1000>false</UnrelatedBusIncomeOver1000>
        <TerminationEtc>false</TerminationEtc>
        <RequirementsOfSect508e>true</RequirementsOfSect508e>
        <AtLeast5000InAssets>true</AtLeast5000InAssets>
        <Form990PFFiledWithAG>true</Form990PFFiledWithAG>
        <PrivateOperatingFoundation>false</PrivateOperatingFoundation>
        <NewSubstantialContributors>false</NewSubstantialContributors>
        <InterestInControlledEntity>false</InterestInControlledEntity>
        <ApplicableInsuranceContract>false</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>true</ComplyWithPublicInspectionRqr>
        <WebsiteAddress>N/A</WebsiteAddress>
        <BooksInCareOfBusinessName>
          <BusinessNameLine1>ORGANIZATION'S TREASURER</BusinessNameLine1>
        </BooksInCareOfBusinessName>
        <BooksInCareOfPhoneNumber>2128670990</BooksInCareOfPhoneNumber>
        <BooksInCareOfUSAddress>
          <AddressLine1>C/O BENENSON CAPITAL CO708 3RD AV</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10017</ZIPCode>
        </BooksInCareOfUSAddress>
      </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>
        <GrantsToOrganizations>false</GrantsToOrganizations>
        <NoncharitablePurpose>false</NoncharitablePurpose>
        <RelyingCurrNoticeDisasterAsst2>X</RelyingCurrNoticeDisasterAsst2>
        <RcvFundsToPayPrsnlBnftContract>false</RcvFundsToPayPrsnlBnftContract>
        <PayPremiumsPrsnlBnftContract>false</PayPremiumsPrsnlBnftContract>
      </StatementsRegardingActy4720>
      <OfcrDirTrusteesKeyEmployeeInfo>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>BRUCE W BENENSON</PersonName>
          <USAddress>
            <AddressLine1>708 THIRD AVENUE</AddressLine1>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10017</ZIPCode>
          </USAddress>
          <Title>Co-President</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>FREDERICK C BENENSON</PersonName>
          <USAddress>
            <AddressLine1>708 THIRD AVENUE</AddressLine1>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10017</ZIPCode>
          </USAddress>
          <Title>Co-President</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>LAWRENCE B BENENSON</PersonName>
          <USAddress>
            <AddressLine1>708 THIRD AVENUE</AddressLine1>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10017</ZIPCode>
          </USAddress>
          <Title>Co-President</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>RICHARD KESSLER</PersonName>
          <USAddress>
            <AddressLine1>708 THIRD AVENUE</AddressLine1>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10017</ZIPCode>
          </USAddress>
          <Title>Vice-President</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>LAWRENCE A SIPKIN</PersonName>
          <USAddress>
            <AddressLine1>708 THIRD AVENUE</AddressLine1>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10017</ZIPCode>
          </USAddress>
          <Title>Treasurer &amp; Secretary</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <SummaryOfDirectCharitableActy>
        <Description1>NONE</Description1>
      </SummaryOfDirectCharitableActy>
      <SumOfProgramRelatedInvestments>
        <Description1>NONE</Description1>
      </SumOfProgramRelatedInvestments>
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>19365776</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>7399029</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>8408757</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>35173562</TotalFMVOfUnusedAssets>
        <AcquisitionIndebtedness>0</AcquisitionIndebtedness>
        <AdjTotalFMVOfUnusedAssets>35173562</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable>527603</CashDeemedCharitable>
        <NetNoncharitableAssets>34645959</NetNoncharitableAssets>
        <MinimumInvestmentReturn>1732298</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>1732298</MinimumInvestmentReturn>
        <TaxBasedOnInvestmentIncome>9268</TaxBasedOnInvestmentIncome>
        <TotalTax>9268</TotalTax>
        <DistributableAmountBeforeAdj>1723030</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>1723030</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>1723030</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
        <ExpensesAndContributions>2362044</ExpensesAndContributions>
        <ProgramRelatedInvestmentsTotal>0</ProgramRelatedInvestmentsTotal>
        <AmountsPaidAcqCharitableAssets>0</AmountsPaidAcqCharitableAssets>
        <AmountsSetAsideSuitabilityTest>0</AmountsSetAsideSuitabilityTest>
        <AmountsSetAsideCashDistriTest>0</AmountsSetAsideCashDistriTest>
        <QualifyingDistributions>2362044</QualifyingDistributions>
        <OnePctSect4940eOrgNetInvstIncm>9268</OnePctSect4940eOrgNetInvstIncm>
        <AdjQualifyingDistributions>2352776</AdjQualifyingDistributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>1723030</DistributableAmountAsAdjusted>
        <UndistributedIncomePriorYear>0</UndistributedIncomePriorYear>
        <PriorYear1>2007</PriorYear1>
        <PriorYear2>2006</PriorYear2>
        <PriorYear3>2005</PriorYear3>
        <TotalForPriorYears>0</TotalForPriorYears>
        <ExcessDistriCarryoverYear5>0</ExcessDistriCarryoverYear5>
        <ExcessDistriCarryoverYear4>0</ExcessDistriCarryoverYear4>
        <ExcessDistriCarryoverYear3>0</ExcessDistriCarryoverYear3>
        <ExcessDistriCarryoverYear2>0</ExcessDistriCarryoverYear2>
        <ExcessDistriCarryoverYear1>2059182</ExcessDistriCarryoverYear1>
        <TotalExcessDistriCarryover>2059182</TotalExcessDistriCarryover>
        <QualifyingDistributions>2362044</QualifyingDistributions>
        <AppliedToYear1>0</AppliedToYear1>
        <AppliedToCurrentYear>1723030</AppliedToCurrentYear>
        <RemainingDistriFromCorpus>639014</RemainingDistriFromCorpus>
        <TotalCorpus>2698196</TotalCorpus>
        <PriorYearUndistributedIncome>0</PriorYearUndistributedIncome>
        <TaxableAmount1>0</TaxableAmount1>
        <TaxableAmount2>0</TaxableAmount2>
        <UndistributedIncomeCY>0</UndistributedIncomeCY>
        <ExcessDistriCyovFromYear5>0</ExcessDistriCyovFromYear5>
        <ExcessDistriCyovToNextYear>2698196</ExcessDistriCyovToNextYear>
        <ExcessFromYear4>0</ExcessFromYear4>
        <ExcessFromYear3>0</ExcessFromYear3>
        <ExcessFromYear2>0</ExcessFromYear2>
        <ExcessFromYear1>2059182</ExcessFromYear1>
        <ExcessFromCurrentYear>639014</ExcessFromCurrentYear>
      </UndistributedIncome>
      <PrivateOperatingFoundations />
      <SupplementaryInformation>
        <ContributingManager>NONE</ContributingManager>
        <ShareholderManager>NONE</ShareholderManager>
        <AppicationSubmissionInfo>
          <RecipientName>BRUCE W BENENSON</RecipientName>
          <RecipientUSAddress>
            <AddressLine1>708 THIRD AVENUE</AddressLine1>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10017</ZIPCode>
          </RecipientUSAddress>
          <RecipientPhoneNumber>2128670990</RecipientPhoneNumber>
          <FormAndInfoAndMaterials>NO FORMAL REQUIREMENTS; AMOUNT AND PURPOSES MUST BE STATED</FormAndInfoAndMaterials>
          <SubmissionDeadlines>NONE</SubmissionDeadlines>
          <RestrictionsOnAwards>NONE</RestrictionsOnAwards>
        </AppicationSubmissionInfo>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>VARIOUS - SEE STMT</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>708 THIRD AVENUE</AddressLine1>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10017</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>NONE</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CONTRIBUTIONS</PurposeOfGrantOrContribution>
          <Amount>2362044</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>2362044</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <FeesContractsFromGovtAgencies />
        <MembershipDuesAndAssessments />
        <IntOnSavingsAndTempCashInvst>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>5977</ExclusionAmount>
        </IntOnSavingsAndTempCashInvst>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>328657</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <NetRentalIncmReDebtFincdProp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncmPersonalProperty />
        <OtherInvestmentIncomePartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>160316</ExclusionAmount>
        </OtherInvestmentIncomePartVII>
        <GainSalesAssetsOthThanInvntry>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>1136862</ExclusionAmount>
        </GainSalesAssetsOthThanInvntry>
        <NetIncomeLossFromSpecialEvents />
        <GrossProfitLossSalesOfInvntry />
        <SubtotalsPartXVIA>
          <ExclusionAmount>1631812</ExclusionAmount>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>1631812</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <RlnOfActyToAccomOfExemptPrps />
      <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>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFees>
        <Category>ACCOUNTING FEES</Category>
        <Amount>6250</Amount>
        <NetInvestmentIncome>6250</NetInvestmentIncome>
      </AccountingFees>
    </AccountingFeesSchedule>
    <AllOthProgRltdInvestmentsSch documentId="AllOthProgInvSch">
      <AllOthProgRltdInvestments>
        <Description>NONE</Description>
      </AllOthProgRltdInvestments>
    </AllOthProgRltdInvestmentsSch>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorpStock>
        <NameOfStock>NEUBERGER BERMAN - SEE STMT.</NameOfStock>
        <EOYBookValue>12794630</EOYBookValue>
        <EOYFMV>16551033</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>GOLDMAN SACHS</NameOfStock>
        <EOYBookValue>0</EOYBookValue>
        <EOYFMV>0</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="InvGovtObligSch">
      <USGovtSecuritiesEOYBookValue>8656034</USGovtSecuritiesEOYBookValue>
      <USGovtSecuritiesEOYFMV>8656034</USGovtSecuritiesEOYFMV>
    </InvestmentsGovtObligationsSch>
    <InvestmentsLandSchedule2 documentId="InvLandSch2" />
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOther>
        <CategoryOrItem>JP MORGAN PTN GLOBAL INVESTORS</CategoryOrItem>
        <BookValue>386043</BookValue>
        <EOYFMV>386043</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>QUELLOS STRATEG PNR II LTD</CategoryOrItem>
        <BookValue>2500000</BookValue>
        <EOYFMV>2500000</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>PARA PARTNERS LP</CategoryOrItem>
        <BookValue>1000000</BookValue>
        <EOYFMV>1000000</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>TRAXIS FUND</CategoryOrItem>
        <BookValue>505000</BookValue>
        <EOYFMV>505000</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>AIG EUROPEAN REAL ESTATE</CategoryOrItem>
        <BookValue>278716</BookValue>
        <EOYFMV>278716</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>KS INTERNATIONAL</CategoryOrItem>
        <BookValue>1000000</BookValue>
        <EOYFMV>1000000</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>MTGE. BACKED SECURITY</CategoryOrItem>
        <BookValue>1738998</BookValue>
        <EOYFMV>1738998</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>PROVIDENCE MBS OFFSHORE FD</CategoryOrItem>
        <BookValue>1000000</BookValue>
        <EOYFMV>1000000</EOYFMV>
      </InvestmentsOther>
    </InvestmentsOtherSchedule2>
    <LandEtcSchedule2 documentId="LandEtcSch2" />
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFees>
        <Category>LEGAL FEES</Category>
        <Amount>2419</Amount>
        <NetInvestmentIncome>2419</NetInvestmentIncome>
      </LegalFees>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssets>
        <Description>CASH IN NEUBERGER AND BERMAN</Description>
        <BOYBookValue>1536646</BOYBookValue>
        <EOYBookValue>1433386</EOYBookValue>
        <EOYFMV>1433386</EOYFMV>
      </OtherAssets>
      <OtherAssets>
        <Description>CASH IN J.P MORGAN</Description>
        <BOYBookValue>4268</BOYBookValue>
        <EOYBookValue>10394</EOYBookValue>
        <EOYFMV>10394</EOYFMV>
      </OtherAssets>
      <OtherAssets>
        <Description>CASH IN WACHOVIA/WELS FARGO</Description>
        <BOYBookValue>313038</BOYBookValue>
        <EOYBookValue>137713</EOYBookValue>
        <EOYFMV>137713</EOYFMV>
      </OtherAssets>
    </OtherAssetsSchedule>
    <OtherDecreasesSchedule documentId="OtherDecreasesSch">
      <OtherDecreases>
        <Description>NONTAXABLE INCOME FROM PASSTH ENTITIES</Description>
        <Amount>207519</Amount>
      </OtherDecreases>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpenses>
        <Description>LICENSES, PERMITS, FEES</Description>
        <RevenueAndExpensesPerBooks>2011</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>2011</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>INVESTMENT EXPENSES</Description>
        <RevenueAndExpensesPerBooks>241830</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>241830</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>MISCELLANEOUS EXPENSES</Description>
        <RevenueAndExpensesPerBooks>3471</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>3471</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>MANAGEMENT EXPENSE</Description>
        <RevenueAndExpensesPerBooks>250000</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>250000</NetInvestmentIncome>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncome>
        <Description>INT. INCOME-MTGE BACKED SECURITY</Description>
        <RevenueAndExpensesPerBooks>194194</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>194194</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>INT. INCOME-JP MORGAN PTN. GLOBAL INVEST</Description>
        <RevenueAndExpensesPerBooks>715</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>715</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>INT. INCOME-AIG EUROPEAN RE PARTNERS LP</Description>
        <RevenueAndExpensesPerBooks>51</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>51</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>PASSIVE LOSS-AIG EUROPEAN RE PTNRS LP</Description>
        <RevenueAndExpensesPerBooks>-4216</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>-4216</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>SEC 987 - AIG EUROPEAN REPARTNERS LP</Description>
        <RevenueAndExpensesPerBooks>-2104</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>-2104</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>SEC 1231 - AIG EUROPEAN REPARTNERS LP</Description>
        <RevenueAndExpensesPerBooks>-15897</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>-15897</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>SEC 1231 - JPM PTNRS GLOBAL PRIVATE</Description>
        <RevenueAndExpensesPerBooks>-550</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>-550</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>OTHER INCOME</Description>
        <RevenueAndExpensesPerBooks>-10856</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>-10856</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>SEC 988 - JPM PTNRS GLOBAL PRIVATE</Description>
        <RevenueAndExpensesPerBooks>-1174</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>-1174</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>SEC 988 - AIG EUROPEAN REPARTNERS LP</Description>
        <RevenueAndExpensesPerBooks>153</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>153</NetInvestmentIncome>
      </OtherIncome>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreases>
        <Description>NONDEDUCTIBLE EXPENSE FROM PASSTH ENTITY</Description>
        <Amount>147139</Amount>
      </OtherIncreases>
    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFees>
        <Category>OTHER PROFESSIONAL FEES</Category>
        <Amount>95367</Amount>
        <NetInvestmentIncome>95367</NetInvestmentIncome>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <Taxes>
        <Category>FOREIGN INCOME TAXES</Category>
        <Amount>7298</Amount>
        <NetInvestmentIncome>7298</NetInvestmentIncome>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>