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        <DistributableAmountBeforeDed>2923156</DistributableAmountBeforeDed>
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        <ProgramRelatedInvestmentsTotal>0</ProgramRelatedInvestmentsTotal>
        <AmountsPaidAcqCharitableAssets>0</AmountsPaidAcqCharitableAssets>
        <AmountsSetAsideSuitabilityTest>0</AmountsSetAsideSuitabilityTest>
        <AmountsSetAsideCashDistriTest>0</AmountsSetAsideCashDistriTest>
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        <AdjQualifyingDistributions>8986375</AdjQualifyingDistributions>
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        <DistributableAmountAsAdjusted>2923156</DistributableAmountAsAdjusted>
        <UndistributedIncomePriorYear>682478</UndistributedIncomePriorYear>
        <PriorYear1>2008</PriorYear1>
        <PriorYear2>2007</PriorYear2>
        <PriorYear3>2006</PriorYear3>
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        <ExcessDistriCyovToNextYear>5429509</ExcessDistriCyovToNextYear>
        <ExcessFromCurrentYear>5429509</ExcessFromCurrentYear>
      </UndistributedIncome>
      <PrivateOperatingFoundations />
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        <ContributingManager>BRUCE BERKOWITZ TRUSTEE</ContributingManager>
        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
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          <RecipientUSAddress>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
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          </RecipientBusinessName>
          <RecipientUSAddress>
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          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
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        <GrantOrContriPaidDuringYear>
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          </RecipientBusinessName>
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          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
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        <GrantOrContriPaidDuringYear>
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        <GrantOrContriPaidDuringYear>
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          </RecipientBusinessName>
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          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
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          </RecipientBusinessName>
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          </RecipientUSAddress>
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          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
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        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
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          </RecipientBusinessName>
          <RecipientUSAddress>
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          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
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          <RecipientUSAddress>
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            <State>FL</State>
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          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
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          </RecipientBusinessName>
          <RecipientUSAddress>
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          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
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          </RecipientBusinessName>
          <RecipientUSAddress>
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          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
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        <GrantOrContriPaidDuringYear>
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          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
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          </RecipientBusinessName>
          <RecipientUSAddress>
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            <State>NJ</State>
            <ZIPCode>07041</ZIPCode>
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          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
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        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>PROJECT RENEWAL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
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            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10014</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
          <Amount>4750</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>SPECIAL OLYMPICS OF FLORIDA</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
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            <State>FL</State>
            <ZIPCode>33172</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
          <Amount>15750</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>ST PHILLIPS EPISCOPAL SCHOOL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
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            <State>FL</State>
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          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
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          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>UNIVERSITY OF MIAMI</BusinessNameLine1>
          </RecipientBusinessName>
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            <State>FL</State>
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          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
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        <GrantOrContriPaidDuringYear>
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            <BusinessNameLine1>AEPI FOUNDATION</BusinessNameLine1>
          </RecipientBusinessName>
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          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
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        <GrantOrContriPaidDuringYear>
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            <ZIPCode>32736</ZIPCode>
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          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>CORAL GABLES FIRE RESCUE</BusinessNameLine1>
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          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
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            <BusinessNameLine1>DUKE UNIVERSITY</BusinessNameLine1>
          </RecipientBusinessName>
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          <RecipientRelationship>NONE</RecipientRelationship>
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          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
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          <RecipientRelationship>NONE</RecipientRelationship>
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        <GrantOrContriPaidDuringYear>
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        <GrantOrContriPaidDuringYear>
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        <GrantOrContriPaidDuringYear>
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          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>SALVADORIAN AMERICAN HUMANITARIAN FDN</BusinessNameLine1>
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          <RecipientUSAddress>
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            <State>FL</State>
            <ZIPCode>33145</ZIPCode>
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          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
          <Amount>30000</Amount>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>SAVE VENICE INC</BusinessNameLine1>
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          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>THE BUONICONTI FUND</BusinessNameLine1>
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            <State>FL</State>
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          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
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        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
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            <State>FL</State>
            <ZIPCode>33131</ZIPCode>
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          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
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        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>UNIVERSITY OF MIAMI EXECUTIVE MEDICINE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1150 NW 14TH ST SUITE 130</AddressLine1>
            <City>MIAMI</City>
            <State>FL</State>
            <ZIPCode>33136</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
          <Amount>50000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>WALKING 4 FRIENDSHIP-FRIENDSHIP CIRCLE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>6892 W MAPLE RD</AddressLine1>
            <City>WEST BLOOMFIELD</City>
            <State>MI</State>
            <ZIPCode>48322</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>IRC SEC 501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>GENERAL PURPOSE</PurposeOfGrantOrContribution>
          <Amount>2000</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>8651300</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <FeesContractsFromGovtAgencies />
        <MembershipDuesAndAssessments />
        <IntOnSavingsAndTempCashInvst />
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>974384</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <NetRentalIncmReDebtFincdProp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncmPersonalProperty />
        <OtherInvestmentIncomePartVII />
        <GainSalesAssetsOthThanInvntry>
          <ExclusionCode>18</ExclusionCode>
          <ExclusionAmount>2678977</ExclusionAmount>
        </GainSalesAssetsOthThanInvntry>
        <NetIncomeLossFromSpecialEvents />
        <GrossProfitLossSalesOfInvntry />
        <SubtotalsPartXVIA>
          <ExclusionAmount>3653361</ExclusionAmount>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>3653361</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>EAST LANE LLC</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>14 TAHITI BEACH ISLAND RD</AddressLine1>
          <City>CORAL GABLES</City>
          <State>FL</State>
          <ZIPCode>33143</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>10741026</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
        <NoncashContributionType>X</NoncashContributionType>
      </ContributorInfo>
      <ContributorInfo>
        <ContributorNumber>2</ContributorNumber>
        <ContributorNameIndividual>FAIRHOLME CAPITAL MANAGEMENT LLC</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>4400 BISCAYNE BLVD 9TH FL</AddressLine1>
          <City>MIAMI</City>
          <State>FL</State>
          <ZIPCode>33137</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>19000000</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
      </ContributorInfo>
      <ContributorInfo>
        <ContributorNumber>3</ContributorNumber>
        <ContributorNameIndividual>EAST LANE LLC</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>14 TAHITI BEACH ISLAND RD</AddressLine1>
          <City>CORAL GABLES</City>
          <State>FL</State>
          <ZIPCode>33143</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>102953</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
      </ContributorInfo>
      <ContributorInfo>
        <ContributorNumber>4</ContributorNumber>
        <ContributorNameIndividual>BRUCE TRACEY BERKOWITZ</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>14 TAHITI BEACH ISLAND ROAD</AddressLine1>
          <City>CORAL GABLES</City>
          <State>FL</State>
          <ZIPCode>33143</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>144582</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
      </ContributorInfo>
      <ContributorInfo>
        <ContributorNumber>5</ContributorNumber>
        <ContributorNameIndividual>BRUCE TRACEY BERKOWITZ</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>14 TAHITI BEACH ISLAND ROAD</AddressLine1>
          <City>CORAL GABLES</City>
          <State>FL</State>
          <ZIPCode>33143</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>18538616</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
        <NoncashContributionType>X</NoncashContributionType>
      </ContributorInfo>
      <NoncashProperty>
        <ContributorNumberFromPartI>1</ContributorNumberFromPartI>
        <NoncashPropertyDescription>242,994 SHS IMPERIAL METALS</NoncashPropertyDescription>
        <FairMarketValue>10741026</FairMarketValue>
        <DateReceived>2010-12-27</DateReceived>
      </NoncashProperty>
      <NoncashProperty>
        <ContributorNumberFromPartI>5</ContributorNumberFromPartI>
        <NoncashPropertyDescription>733,524 SHS IMPERIAL METALS</NoncashPropertyDescription>
        <FairMarketValue>18538616</FairMarketValue>
        <DateReceived>2010-12-27</DateReceived>
      </NoncashProperty>
    </IRS990ScheduleB>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorpStock>
        <NameOfStock>FIDELITY STOCKS</NameOfStock>
        <EOYBookValue>29930766</EOYBookValue>
        <EOYFMV>32441225</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>FAIRHOLME HOLDINGS, LTD</NameOfStock>
        <EOYBookValue>0</EOYBookValue>
        <EOYFMV>0</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>FAIRHOLME FUND</NameOfStock>
        <EOYBookValue>50038460</EOYBookValue>
        <EOYFMV>64160137</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>FAIRHOLME FOCUSED INCOME FUND</NameOfStock>
        <EOYBookValue>6283845</EOYBookValue>
        <EOYFMV>6391002</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOther>
        <CategoryOrItem>INVESTMENT IN 21 TAHITI BEACH</CategoryOrItem>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>ISLAND RD, LLC</CategoryOrItem>
        <ListedAtCostOrFMV>AT COST</ListedAtCostOrFMV>
        <BookValue>8860078</BookValue>
        <EOYFMV>8860078</EOYFMV>
      </InvestmentsOther>
    </InvestmentsOtherSchedule2>
    <LandEtcSchedule2 documentId="LandEtcSch2" />
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpenses>
        <Description>CHARITABLE EVENT</Description>
        <RevenueAndExpensesPerBooks>8477</RevenueAndExpensesPerBooks>
        <DisbursementsCharitablePrps>8477</DisbursementsCharitablePrps>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFees>
        <Category>PROFESSIONAL FEES</Category>
        <Amount>4455</Amount>
        <NetInvestmentIncome>4455</NetInvestmentIncome>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <Taxes>
        <Category>FOREIGN TAXES PAID</Category>
        <Amount>4004</Amount>
        <NetInvestmentIncome>4004</NetInvestmentIncome>
      </Taxes>
      <Taxes>
        <Category>FEDERAL TAXES</Category>
        <Amount>10643</Amount>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>