<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2020v4.1">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2021-06-30T10:21:11-05:00</ReturnTs>
    <TaxPeriodEndDt>2020-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>130436940</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>ANCHIN BLOCK &amp; ANCHIN LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>1375 BROADWAY</AddressLine1Txt>
        <CityNm>NEW YORK</CityNm>
        <StateAbbreviationCd>NY</StateAbbreviationCd>
        <ZIPCd>100187001</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2020-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>133975327</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>THE ROTHFELD FAMILY FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>ROTH</BusinessNameControlTxt>
      <PhoneNum>6465671107</PhoneNum>
      <USAddress>
        <AddressLine1Txt>CO REI CAPITAL PO BOX 213399</AddressLine1Txt>
        <CityNm>ROYAL PALM BEACH</CityNm>
        <StateAbbreviationCd>FL</StateAbbreviationCd>
        <ZIPCd>33421</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>ERIC ROTHFELD</PersonNm>
      <PersonTitleTxt>DIRECTOR</PersonTitleTxt>
      <PhoneNum>6465671107</PhoneNum>
      <SignatureDt>2021-06-23</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <SigningOfficerGrp>
      <PersonFullName>
        <PersonFirstNm>ERIC</PersonFirstNm>
        <PersonLastNm>ROTHFELD</PersonLastNm>
      </PersonFullName>
      <SSN>999009999</SSN>
    </SigningOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>ALEKSANDER DZIEDZIC</PreparerPersonNm>
      <PTIN>P01264234</PTIN>
      <PhoneNum>2128403456</PhoneNum>
      <PreparationDt>2021-06-23</PreparationDt>
    </PreparerPersonGrp>
    <AdditionalFilerInformation>
      <TrustedCustomerGrp>
        <TrustedCustomerCd>3</TrustedCustomerCd>
        <AuthenticationAssuranceLevelCd>AAL1</AuthenticationAssuranceLevelCd>
        <IdentityAssuranceLevelCd>IAL1</IdentityAssuranceLevelCd>
      </TrustedCustomerGrp>
    </AdditionalFilerInformation>
    <TaxYr>2020</TaxYr>
    <BuildTS>2022-09-23 18:48:47Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="9">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>3435609</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>7160</ContriRcvdRevAndExpnssAmt>
        <InterestOnSavRevAndExpnssAmt>12</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>12</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>63252</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>63252</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>-550736</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>1349160</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>0</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc2001500001">88951</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>-16059</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>-391361</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>47205</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>0</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>0</CompOfcrDirTrstDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">12972</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>8472</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc2003200001">551</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>0</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>551</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>13523</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>8472</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>551</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>217500</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>217500</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>231023</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>8472</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>218051</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-622384</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>38733</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>141831</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>568332</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>568332</SavAndTempCashInvstEOYFMVAmt>
        <USGovernmentObligationsBOYAmt>0</USGovernmentObligationsBOYAmt>
        <USGovernmentObligationsEOYAmt referenceDocumentId="RetDoc2210400001">282036</USGovernmentObligationsEOYAmt>
        <USGovtObligationsEOYFMVAmt>296587</USGovtObligationsEOYFMVAmt>
        <CorporateStockBOYAmt>1975418</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2018900001">570293</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>481268</CorporateStockEOYFMVAmt>
        <OtherInvestmentsBOYAmt>1996465</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc2018100001">2089422</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>2089422</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>4113714</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>3510083</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>3435609</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>0</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>0</CapitalStockEOYAmt>
        <AdditionalPaidInCapitalBOYAmt>0</AdditionalPaidInCapitalBOYAmt>
        <AdditionalPaidInCapitalEOYAmt>0</AdditionalPaidInCapitalEOYAmt>
        <RetainedEarningBOYAmt>4113714</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>3510083</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>4113714</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>3510083</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>4113714</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>3510083</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>4113714</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-622384</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="RetDoc2049700001">18753</OtherIncreasesAmt>
        <SubtotalAmt>3510083</SubtotalAmt>
        <OtherDecreasesAmt>0</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>3510083</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES - HILLTOP</PropertyDesc>
          <SoldDt>2020-12-31</SoldDt>
          <GrossSalesPriceAmt>79530</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>78908</CostOrOtherBasisAmt>
          <GainOrLossAmt>622</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>622</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES - SCHWAB</PropertyDesc>
          <SoldDt>2020-12-31</SoldDt>
          <GrossSalesPriceAmt>1154604</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1675286</CostOrOtherBasisAmt>
          <GainOrLossAmt>-520682</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-520682</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SHORT TERM CAPITAL GAINS - PARTNERSHIP</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2020-12-31</SoldDt>
          <CostOrOtherBasisAmt>10026</CostOrOtherBasisAmt>
          <GainOrLossAmt>-10026</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-10026</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>LONG TERM CAPITAL GAINS - PARTNERSHIP</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2020-12-31</SoldDt>
          <GrossSalesPriceAmt>115026</GrossSalesPriceAmt>
          <GainOrLossAmt>115026</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>115026</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SECTION 1256 GAINS - PARTNERSHIP</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2020-12-31</SoldDt>
          <CostOrOtherBasisAmt>135676</CostOrOtherBasisAmt>
          <GainOrLossAmt>-135676</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-135676</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>-550736</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>538</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>538</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>538</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>7300</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>0</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>7300</TotalPaymentsAndCreditsAmt>
        <EsPenaltyAmt>0</EsPenaltyAmt>
        <OverpaymentAmt>6762</OverpaymentAmt>
        <AppliedToESTaxAmt>6762</AppliedToESTaxAmt>
        <RefundAmt>0</RefundAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>0</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>0</MoreThan100SpentInd>
        <Form1120POLFiledInd>0</Form1120POLFiledInd>
        <Section4955OrganizationTaxAmt>0</Section4955OrganizationTaxAmt>
        <Section4955ManagersTaxAmt>0</Section4955ManagersTaxAmt>
        <TaxReimbursedAmt>0</TaxReimbursedAmt>
        <ActivitiesNotPreviouslyRptInd>0</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>0</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>0</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>0</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>1</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>1</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>FL</OrgReportOrRegisterStateCd>
        <OrgReportOrRegisterStateCd>NY</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>0</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>REI CAPITAL</IndividualWithBooksNm>
        <PhoneNum>6465671107</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>PO BOX 213399</AddressLine1Txt>
          <CityNm>ROYAL PALM BEACH</CityNm>
          <StateAbbreviationCd>FL</StateAbbreviationCd>
          <ZIPCd>33421</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>0</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>0</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>0</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>0</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>0</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>0</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>0</PaymentToGovernmentOfficialInd>
        <UncorrectedPriorActsInd>0</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>0</UndistributedIncomePYInd>
        <BusinessHoldingsInd>0</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>0</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>0</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>0</InfluenceLegislationInd>
        <InfluenceElectionInd>0</InfluenceElectionInd>
        <GrantsToIndividualsInd>0</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>0</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>0</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>0</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>0</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>0</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ERIC ROTHFELD</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O REI CAPITAL PO BOX 213399</AddressLine1Txt>
            <CityNm>ROYAL PALM BEACH</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33421</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>3.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>HARRIET ROTHFELD</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O REI CAPITAL PO BOX 213399</AddressLine1Txt>
            <CityNm>ROYAL PALM BEACH</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33421</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>3.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>580703</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>885813</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>2042944</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>3509460</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>3509460</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>52642</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>3456818</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>172841</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>172841</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>538</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>538</TotalTaxAmt>
        <DistributableBeforeAdjAmt>172303</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>172303</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>172303</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>218051</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>218051</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>0</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>218051</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>172303</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>76182</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>56695</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>513750</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>15444</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>67660</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>729731</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>218051</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>172303</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>45748</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>775479</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>76182</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>699297</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>56695</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>513750</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>15444</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>67660</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>45748</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>ERIC ROTHFELD</ContributingManagerNm>
        <ContributingManagerNm>HARRIET ROTHFELD</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HARLEM ACADEMY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1330 FIFTH AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10026</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NYU LANGONE HOSPITALS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>550 FIRST AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10016</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>REACH PREP INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>ONE DOCK STREET NO 100</AddressLine1Txt>
            <CityNm>STAMFORD</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06902</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>2500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE NEW YORK AND PRESBYTERIAN HOSPITAL</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>525 E 68TH STREET BOX 156</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10065</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UJA-FEDERATION OF NEW YORK INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>130 EAST 59TH STREET</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10022</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED GRANT FOR DONEE'S EXEMPT PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>217500</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>12</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>63252</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>-550736</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>OTHER INCOME</Desc>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>-16059</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>UNREALIZED GAIN(LOSS) FROM PARTNERSHIP</Desc>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>105010</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>-398521</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>-398521</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>0</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>0</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>0</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>0</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>0</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>0</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>0</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>0</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>0</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>0</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1Txt>REI CHARITABLE TRUST</BusinessNameLine1Txt>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1Txt>PO BOX 213399</AddressLine1Txt>
          <CityNm>ROYAL PALM BEACH</CityNm>
          <StateAbbreviationCd>FL</StateAbbreviationCd>
          <ZIPCd>33421</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>7160</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>PROVIDENT HM EQ LN TR 1999-3 A</StockNm>
        <EOYBookValueAmt>379</EOYBookValueAmt>
        <EOYFMVAmt>28763</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SACO I TRUST 2006-5 II-A-3</StockNm>
        <EOYBookValueAmt>442</EOYBookValueAmt>
        <EOYFMVAmt>3689</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>AMERIQUEST MORTGAGE SECURITIES INC.</StockNm>
        <EOYBookValueAmt>1152</EOYBookValueAmt>
        <EOYFMVAmt>1312</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MORGAN STANLEY CAP 2004-HE8 M</StockNm>
        <EOYBookValueAmt>2230</EOYBookValueAmt>
        <EOYFMVAmt>2189</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PRIME MTG TR 2005-5 II-A-4</StockNm>
        <EOYBookValueAmt>2482</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CITIGROUP MTG LN TR 2005-3 I-A</StockNm>
        <EOYBookValueAmt>3199</EOYBookValueAmt>
        <EOYFMVAmt>3273</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>TRUMAN CAP MTG LN TR 2005-1 M</StockNm>
        <EOYBookValueAmt>4212</EOYBookValueAmt>
        <EOYFMVAmt>4305</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>STRUCTURED ASSET MTG 2005-AR7</StockNm>
        <EOYBookValueAmt>6049</EOYBookValueAmt>
        <EOYFMVAmt>32904</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SECURITIZED ASSET SALES 93-7 T</StockNm>
        <EOYBookValueAmt>6710</EOYBookValueAmt>
        <EOYFMVAmt>6776</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HOME EQUITY ASSET TR 2004-7 A</StockNm>
        <EOYBookValueAmt>7561</EOYBookValueAmt>
        <EOYFMVAmt>7606</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BCP VOYAGER MSTR FND 2009 CBKA</StockNm>
        <EOYBookValueAmt>9024</EOYBookValueAmt>
        <EOYFMVAmt>10330</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BNC MTG LN TR 2007-3 A5</StockNm>
        <EOYBookValueAmt>13967</EOYBookValueAmt>
        <EOYFMVAmt>17291</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>C-BASS ABS LLC 2005-CB8 AF-3</StockNm>
        <EOYBookValueAmt>14254</EOYBookValueAmt>
        <EOYFMVAmt>15000</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>STRUCTURED ASSET SEC 2007-GEL2</StockNm>
        <EOYBookValueAmt>17898</EOYBookValueAmt>
        <EOYFMVAmt>18013</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CWABS INC 2004-1 3-A</StockNm>
        <EOYBookValueAmt>21976</EOYBookValueAmt>
        <EOYFMVAmt>20955</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CWABS INC 2003-BC5 M-1</StockNm>
        <EOYBookValueAmt>25367</EOYBookValueAmt>
        <EOYFMVAmt>25941</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MORGAN STANLEY ABS 2007-NC1 A</StockNm>
        <EOYBookValueAmt>38292</EOYBookValueAmt>
        <EOYFMVAmt>39254</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>RETAIL VALUE INC</StockNm>
        <EOYBookValueAmt>47808</EOYBookValueAmt>
        <EOYFMVAmt>48328</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WAMU MTG CERT 2006-AR4 2A-1A</StockNm>
        <EOYBookValueAmt>49577</EOYBookValueAmt>
        <EOYFMVAmt>51743</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>CWMBS INC 2005-15 A-4</StockNm>
        <EOYBookValueAmt>74759</EOYBookValueAmt>
        <EOYFMVAmt>16389</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NATIONAL COLL ST LN TR 2003-AR</StockNm>
        <EOYBookValueAmt>95750</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MORGAN STANLEY CAP 2004-6AR 1</StockNm>
        <EOYBookValueAmt>127205</EOYBookValueAmt>
        <EOYFMVAmt>127207</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="RetDoc2210400001">
      <USGovtObligationsBookVlEOYAmt>0</USGovtObligationsBookVlEOYAmt>
      <USGovtObligationsEOYFMVAmt>0</USGovtObligationsEOYFMVAmt>
      <StateLocalSecBookVlEOYAmt>282036</StateLocalSecBookVlEOYAmt>
      <StateLocalSecEOYFMVAmt>296587</StateLocalSecEOYFMVAmt>
    </InvestmentsGovtObligationsSch>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ALPHAGEN EUROPEAN FUND</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>2089422</BookValueAmt>
        <EOYFMVAmt>2089422</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>DELAWARE FILING FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>551</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>551</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>OTHER INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>-16059</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-16059</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>-16059</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>UNREALIZED GAIN(LOSS) FROM PARTNERSHIP</Desc>
        <RevenueAndExpensesPerBooksAmt>105010</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>105010</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="RetDoc2049700001">
      <OtherIncreasesDetail>
        <Desc>SECURITIES COST ADJUSTMENT</Desc>
        <Amt>18753</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES WITHHELD</CategoryTxt>
        <Amt>8472</Amt>
        <NetInvestmentIncomeAmt>8472</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAX ON NET INVESTMENT INCOME</CategoryTxt>
        <Amt>4500</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>
