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        <Description2Txt>UNDER INTERNAL REVENUE CODE SECTION 501(C)(3).</Description2Txt>
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        <DistributableBeforeAdjAmt>467557</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>467557</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>467557</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>1103600</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>1103600</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>2875</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>1100725</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>467557</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <PriorYear1Yr>2017</PriorYear1Yr>
        <PriorYear2Yr>2016</PriorYear2Yr>
        <PriorYear3Yr>2015</PriorYear3Yr>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>317835</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>93444</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>202289</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>210041</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>346603</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>1170212</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>1103600</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>467557</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>636043</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>1806255</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>317835</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>1488420</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>93444</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>202289</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>210041</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>346603</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>636043</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp></PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>NONE</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>see attached list</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>c/o Ayco Company LP PO Box 15201</AddressLine1Txt>
            <CityNm>Albany</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>122125201</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>none 501(c)(3)</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>General Charitable Purposes</GrantOrContributionPurposeTxt>
          <Amt>1103600</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1103600</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>4448</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>203391</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>135293</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>IRS REFUND</Desc>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>15912</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>359044</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>359044</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>N/A</LineNumberTxt>
          <RelationshipStatementTxt>Not applicable</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
      </RlnOfActyToAccomOfExmptPrpsGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>37000</Amt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <AllOthProgRltdInvestmentsSch documentId="AllOthProgInvSch">
      <AllOtherProgramRelatedInvstGrp>
        <Desc>N/A</Desc>
        <Amt>0</Amt>
      </AllOtherProgramRelatedInvstGrp>
    </AllOthProgRltdInvestmentsSch>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpBondsSchedule documentId="InvestCorpBondsSch">
      <InvestmentsCorporateBondsGrp>
        <BondNm>GS 3093</BondNm>
        <EOYBookValueAmt>668588</EOYBookValueAmt>
        <EOYFMVAmt>637322</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>GS 5174</BondNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>GS 2460</BondNm>
        <EOYBookValueAmt>2838402</EOYBookValueAmt>
        <EOYFMVAmt>2891344</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>GS 3093</StockNm>
        <EOYBookValueAmt>2778322</EOYBookValueAmt>
        <EOYFMVAmt>3260031</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GS 1440</StockNm>
        <EOYBookValueAmt>840000</EOYBookValueAmt>
        <EOYFMVAmt>958660</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GS 4443</StockNm>
        <EOYBookValueAmt>335000</EOYBookValueAmt>
        <EOYFMVAmt>355566</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GS 1457</StockNm>
        <EOYBookValueAmt>337227</EOYBookValueAmt>
        <EOYFMVAmt>438150</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>U.S. REAL PROP INCOME FUND LP</CategoryOrItemTxt>
        <BookValueAmt>350215</BookValueAmt>
        <EOYFMVAmt>585415</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>TECH COUNSIL VENTURES II LP</CategoryOrItemTxt>
        <BookValueAmt>16019</BookValueAmt>
        <EOYFMVAmt>17119</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL FEES</CategoryTxt>
        <LegalFeesAmt>1101</LegalFeesAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>DISTRIBUTION RECEIVABLE</Desc>
        <BOYBookValueAmt>156890</BOYBookValueAmt>
        <EOYBookValueAmt>5197</EOYBookValueAmt>
        <EOYFMVAmt>5197</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>K-1 OTHER DEDUCTIONS</Desc>
        <RevenueAndExpensesPerBooksAmt>7170</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>7170</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>STATE FILING FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>63</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>COMPUTER EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>1500</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>IRS Refund Income</Desc>
        <RevenueAndExpensesPerBooksAmt>15912</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>MANAGEMENT FEES</CategoryTxt>
        <Amt>42677</Amt>
        <NetInvestmentIncomeAmt>42677</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT FEES</CategoryTxt>
        <Amt>312</Amt>
        <NetInvestmentIncomeAmt>312</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>PAYROLL TAXES</CategoryTxt>
        <Amt>5540</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES PAID</CategoryTxt>
        <Amt>3115</Amt>
        <NetInvestmentIncomeAmt>3115</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>RECLAIMABLE TAXES</CategoryTxt>
        <Amt>607</Amt>
        <NetInvestmentIncomeAmt>607</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FRANCHISE TAX PAID</CategoryTxt>
        <Amt>115</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FEDERAL TAXES PAID</CategoryTxt>
        <Amt>1300</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>