﻿<?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="2024v5.2">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2025-11-06T12:29:41-06:00</ReturnTs>
    <TaxPeriodEndDt>2024-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>Forvis Mazars LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>1400 Meadowbrook Road Suite 300</AddressLine1Txt>
        <CityNm>Jackson</CityNm>
        <StateAbbreviationCd>MS</StateAbbreviationCd>
        <ZIPCd>392116349</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2024-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>640854272</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>Telos Foundation Inc</BusinessNameLine1Txt>
      </BusinessName>
      <InCareOfNm>% WILLIAM MOUNGER</InCareOfNm>
      <BusinessNameControlTxt>TELO</BusinessNameControlTxt>
      <PhoneNum>6013211950</PhoneNum>
      <USAddress>
        <AddressLine1Txt>4450 Old Canton Rd Ste 207</AddressLine1Txt>
        <CityNm>Jackson</CityNm>
        <StateAbbreviationCd>MS</StateAbbreviationCd>
        <ZIPCd>39211</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>William Mounger</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>6013211950</PhoneNum>
      <SignatureDt>2025-11-15</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>true</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PTIN>P00086078</PTIN>
      <PhoneNum>6019486700</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2024</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="11">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>4963503</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>0</ContriRcvdRevAndExpnssAmt>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>12626</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>12626</InterestOnSavNetInvstIncmAmt>
        <InterestOnSavingsAdjNetIncmAmt>12626</InterestOnSavingsAdjNetIncmAmt>
        <DividendsRevAndExpnssAmt>67372</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>67372</DividendsNetInvstIncmAmt>
        <DividendsAdjNetIncmAmt>67372</DividendsAdjNetIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>207313</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>266312</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>207422</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="OtherIncomeSch2">9726</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeAdjNetIncmAmt>9726</OtherIncomeAdjNetIncmAmt>
        <TotalRevAndExpnssAmt>297037</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>287420</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>89724</TotalAdjNetIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="AccountingFeesSch">10652</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>10652</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>10652</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>0</AccountingFeesChrtblPrpsAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">17703</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>17703</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesAdjNetIncmAmt>17703</OtherExpensesAdjNetIncmAmt>
        <TotOprExpensesRevAndExpnssAmt>28355</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>28355</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>28355</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>168164</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>168164</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>196519</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>28355</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>28355</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>168164</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>100518</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>259065</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>61369</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>32042</CashBOYAmt>
        <CashEOYAmt>22917</CashEOYAmt>
        <CashEOYFMVAmt>22917</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>570077</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>350980</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>350980</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>999657</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestCorpStockSch">1272062</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>2496572</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>149180</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="InvestCorpBondsSch">147948</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>150325</CorporateBondsEOYFMVAmt>
        <OtherInvestmentsBOYAmt>1683067</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="InvOtherSch2">1842709</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>1842709</OtherInvestmentsEOYFMVAmt>
        <OtherAssetsBOYAmt referenceDocumentId="OtherAssetsSch">100000</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="OtherAssetsSch">100000</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="OtherAssetsSch">100000</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>3534023</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>3736616</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>4963503</TotalAssetsEOYFMVAmt>
        <OtherLiabilitiesBOYAmt referenceDocumentId="OtherLiabSch">10808</OtherLiabilitiesBOYAmt>
        <OtherLiabilitiesEOYAmt referenceDocumentId="OtherLiabSch">11343</OtherLiabilitiesEOYAmt>
        <TotalLiabilitiesBOYAmt>10808</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>11343</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <RetainedEarningBOYAmt>3523215</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>3725273</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>3523215</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>3725273</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>3534023</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>3736616</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>3523215</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>100518</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="OtherIncreasesSch">101540</OtherIncreasesAmt>
        <SubtotalAmt>3725273</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>3725273</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>RAYMOND JAMES</PropertyDesc>
          <AcquiredDt>2023-01-01</AcquiredDt>
          <SoldDt>2024-12-31</SoldDt>
          <GrossSalesPriceAmt>43352</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>42331</CostOrOtherBasisAmt>
          <GainOrLossAmt>1021</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1021</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MORGAN STANLEY</PropertyDesc>
          <AcquiredDt>2023-01-01</AcquiredDt>
          <SoldDt>2024-12-31</SoldDt>
          <GrossSalesPriceAmt>21563</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>16559</CostOrOtherBasisAmt>
          <GainOrLossAmt>5004</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>5004</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MADISON TIMBER PARTNERS</PropertyDesc>
          <SoldDt>2024-01-29</SoldDt>
          <GrossSalesPriceAmt>17213</GrossSalesPriceAmt>
          <GainOrLossAmt>17213</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>17213</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MUSE NASHVILE, LLC DISTRIBUTION IN EXCESS OF BASIS</PropertyDesc>
          <AcquiredDt>2023-01-01</AcquiredDt>
          <SoldDt>2024-12-31</SoldDt>
          <GrossSalesPriceAmt>184184</GrossSalesPriceAmt>
          <GainOrLossAmt>184184</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>184184</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>207422</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>3601</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>3601</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>3601</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>6029</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <TotalPaymentsAndCreditsAmt>6029</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>2428</OverpaymentAmt>
        <AppliedToESTaxAmt>2428</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>true</UnrelatedBusIncmOverLimitInd>
        <Form990TFiledInd>true</Form990TFiledInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>MS</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>WILLIAM MOUNGER</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>6013211950</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>4450 OLD CANTON ROAD SUITE 207</AddressLine1Txt>
          <CityNm>JACKSON</CityNm>
          <StateAbbreviationCd>MS</StateAbbreviationCd>
          <ZIPCd>39211</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <BusinessHoldingsInd>true</BusinessHoldingsInd>
        <ExcessBusinessHoldingsInd>false</ExcessBusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>William M Mounger II</PersonNm>
          <USAddress>
            <AddressLine1Txt>4731 E Massena Drive</AddressLine1Txt>
            <CityNm>Jackson</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39211</ZIPCd>
          </USAddress>
          <TitleTxt>President</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Callie Brandon Mounger</PersonNm>
          <USAddress>
            <AddressLine1Txt>4731 E Massena Drive</AddressLine1Txt>
            <CityNm>Jackson</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39211</ZIPCd>
          </USAddress>
          <TitleTxt>Vice-President</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>William M Mounger II</PersonNm>
          <USAddress>
            <AddressLine1Txt>4731 E Massena Drive</AddressLine1Txt>
            <CityNm>Jackson</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39211</ZIPCd>
          </USAddress>
          <TitleTxt>Secretary/Treasurer</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>N/A</Description1Txt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>0</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>580284</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>2406426</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>2986710</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>2986710</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>44801</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>2941909</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>147095</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>147095</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>3601</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>3601</TotalTaxAmt>
        <DistributableBeforeAdjAmt>143494</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>143494</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>143494</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>168164</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>168164</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>143494</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <PriorYear1Yr>2022</PriorYear1Yr>
        <PriorYear2Yr>2021</PriorYear2Yr>
        <PriorYear3Yr>2020</PriorYear3Yr>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>43643</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr3Amt>42234</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>19116</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>40415</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>145408</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>168164</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>143494</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>24670</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>170078</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>43643</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>126435</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear3Amt>42234</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>19116</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>40415</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>24670</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp></PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>WILLIAM M MOUNGER II</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>William M Mounger II</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>4450 Old Canton Road Suite 207</AddressLine1Txt>
            <CityNm>Jackson</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39211</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>6013211950</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>Individuals and organizations requesting funds should submit a request which sets forth a brief resume of qualifications and outline of the proposed use of the requested funds. Needy persons should submit evidence as to the need for food, clothing, shelter and other items of inability to obtain conventional financing.</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>Applications are accepted any time. Notice of approval, rejection, or requests for additional inform</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>Preference is given to Mississippi residents and charitable organizations. Most contributions and/or grants are made for Christian preaching, teaching, and other religious activities, but to the extent funds are available, contributions and/or grants may be made for other purposes and to individuals and organizations in other states. No more than $10,000 is granted to any one person over a 4-year period. Grants to organizations are dependent on need at the discretion of the foundation manager.</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CRU</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO Box 628222</AddressLine1Txt>
            <CityNm>Orlando</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>328629841</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>11800</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Lefleur East Foundation</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO Box 320248</AddressLine1Txt>
            <CityNm>Flowood</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39232</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>Unrestricted</GrantOrContributionPurposeTxt>
          <Amt>500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Highlands Presbyterian Church</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1160 HIGHLAND COLONY PARKWAY</AddressLine1Txt>
            <CityNm>RIDGELAND</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39157</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Mississipi Children's Museum</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2145 MUSEUM BLVD</AddressLine1Txt>
            <CityNm>JACKSON</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39202</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>30000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Compassion Intl</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>12290 VOYAGER PARKWAY</AddressLine1Txt>
            <CityNm>COLORADO SPRINGS</CityNm>
            <StateAbbreviationCd>CO</StateAbbreviationCd>
            <ZIPCd>80921</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>614</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Friends of Children's Hosiptal</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>3900 Lakeland Drive</AddressLine1Txt>
            <AddressLine2Txt>Suite 205</AddressLine2Txt>
            <CityNm>Flowood</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39232</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>1500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MWFP Foundation</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 14194</AddressLine1Txt>
            <CityNm>JACKSON</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39236</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>6500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Mission First</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>275 ROSENEATH STREET</AddressLine1Txt>
            <CityNm>JACKSON</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39203</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>850</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Third Millennium Ministries</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>316 LIVE OAKS BLVD</AddressLine1Txt>
            <CityNm>CASSELBERRY</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32707</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>20000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>RUF</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1500 PEACHTREE STREET</AddressLine1Txt>
            <CityNm>JACKSON</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39202</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>5200</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>STEWPOT COMMUNITY SERVICES</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1100 W CAPITOL STREET</AddressLine1Txt>
            <CityNm>JACKSON</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39203</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>First Presbyterian Day School</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1390 North State Street</AddressLine1Txt>
            <CityNm>Jackson</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39202</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>1500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Junior League of Jackson</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>805 Riverside Drive</AddressLine1Txt>
            <CityNm>Jackson</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39202</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>600</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>The Hundred Club</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>420 Saint Andrews Dr</AddressLine1Txt>
            <CityNm>Jackson</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39211</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>200</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Wildlife Mississippi</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO Box 10</AddressLine1Txt>
            <CityNm>Stineville</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>38776</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Jackson Prep</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>3100 Lakeland Drive</AddressLine1Txt>
            <CityNm>Flowood</CityNm>
            <StateAbbreviationCd>MS</StateAbbreviationCd>
            <ZIPCd>39232</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Fellowship of Christian Athletes</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>8701 Leeds Road</AddressLine1Txt>
            <CityNm>Kansas City</CityNm>
            <StateAbbreviationCd>MO</StateAbbreviationCd>
            <ZIPCd>641291680</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>2400</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Human Trafficking Institute</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>712 H Street</AddressLine1Txt>
            <AddressLine2Txt>NE Suite 1651</AddressLine2Txt>
            <CityNm>Washington</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20002</ZIPCd>
          </RecipientUSAddress>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Delta Waterfowl Foundation</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1412 Basin Avenue</AddressLine1Txt>
            <CityNm>Bismarck</CityNm>
            <StateAbbreviationCd>ND</StateAbbreviationCd>
            <ZIPCd>585046923</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>168164</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>12626</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>67372</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncomeGrp>
          <BusinessCd>523000</BusinessCd>
        </OtherInvestmentIncomeGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>207313</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>OTHER INVESTMENT INCOME</Desc>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>9726</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>297037</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>297037</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <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>10652</Amt>
        <NetInvestmentIncomeAmt>10652</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>10652</AdjustedNetIncomeAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpBondsSchedule documentId="InvestCorpBondsSch">
      <InvestmentsCorporateBondsGrp>
        <BondNm>CORPORATE BONDS</BondNm>
        <EOYBookValueAmt>147948</EOYBookValueAmt>
        <EOYFMVAmt>150325</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>CORPORATE STOCKS</StockNm>
        <EOYBookValueAmt>1272062</EOYBookValueAmt>
        <EOYFMVAmt>2496572</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>NYLIAC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>114478</BookValueAmt>
        <EOYFMVAmt>114478</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>VOICES HEARD MEDIA, INC.</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>50000</BookValueAmt>
        <EOYFMVAmt>50000</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>EASTOVER DEVELOPMENT LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>0</BookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>NT NPHASE STOCK</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>55000</BookValueAmt>
        <EOYFMVAmt>55000</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>TRISTAR LICENSE GROUP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>12871</BookValueAmt>
        <EOYFMVAmt>12871</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>LTP TIMBERQUEST</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>171531</BookValueAmt>
        <EOYFMVAmt>171531</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>NT NPHASE INVESTORS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>149833</BookValueAmt>
        <EOYFMVAmt>149833</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>HERITAGE-CHATTANOOGA</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>61663</BookValueAmt>
        <EOYFMVAmt>61663</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FLAGSHIP HEALTHCARE</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>70124</BookValueAmt>
        <EOYFMVAmt>70124</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>TSTAR 600, LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>198978</BookValueAmt>
        <EOYFMVAmt>198978</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MUSE NASHVILLE</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>0</BookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>WIDESPREAD WIRELESS LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>209045</BookValueAmt>
        <EOYFMVAmt>209045</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>N SQUARED WIRELESS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>199305</BookValueAmt>
        <EOYFMVAmt>199305</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MAGNOLIA HILLSBORO</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>72056</BookValueAmt>
        <EOYFMVAmt>72056</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>HIP I-20 WEST DC IV VENTURE</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>0</BookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GRANITE FORGE LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>93326</BookValueAmt>
        <EOYFMVAmt>93326</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FIRST COMMERCIAL</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>159442</BookValueAmt>
        <EOYFMVAmt>159442</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>HILUM 30A MULTIFAMILY LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>125109</BookValueAmt>
        <EOYFMVAmt>125109</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>EASTSIDE HEIGHTS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>99948</BookValueAmt>
        <EOYFMVAmt>99948</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>DUE FROM LONG LEAF CAMO</Desc>
        <BOYBookValueAmt>100000</BOYBookValueAmt>
        <EOYBookValueAmt>100000</EOYBookValueAmt>
        <EOYFMVAmt>100000</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT MANAGEMENT FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>15355</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>15355</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>15355</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OTHER DEDUCTIONS - PASSTHROUGH</Desc>
        <RevenueAndExpensesPerBooksAmt>1502</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1502</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>1502</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK CHARGES</Desc>
        <RevenueAndExpensesPerBooksAmt>55</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>55</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>55</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>TAXES - FOREIGN</Desc>
        <RevenueAndExpensesPerBooksAmt>405</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>405</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>405</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>TAXES</Desc>
        <RevenueAndExpensesPerBooksAmt>-21</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-21</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>-21</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE SUPPLIES</Desc>
        <RevenueAndExpensesPerBooksAmt>407</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>407</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>407</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>ORDINARY INCOME - EASTOVER DEVELOPMENT</Desc>
        <RevenueAndExpensesPerBooksAmt>163</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>163</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>ORDINARY INCOME - TRISTAR</Desc>
        <RevenueAndExpensesPerBooksAmt>-310</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>-310</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Ordinary Income- Tstar 600</Desc>
        <RevenueAndExpensesPerBooksAmt>450</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>450</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>ORDINARY INCOME - NT NPHASE</Desc>
        <RevenueAndExpensesPerBooksAmt>-175</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>-175</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>ORDINARY INCOME - LTP TIMBERQUEST</Desc>
        <RevenueAndExpensesPerBooksAmt>-8644</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>-8644</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>ORDINARY INCOME - WIDESPREAD WIRELESS</Desc>
        <RevenueAndExpensesPerBooksAmt>-718</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>-718</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>ORDINARY INCOME - N SQUARED WIRELESS</Desc>
        <RevenueAndExpensesPerBooksAmt>-498</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>-498</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>ORDINARY INCOME - GRANITE FORGE</Desc>
        <RevenueAndExpensesPerBooksAmt>-953</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>-953</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Ordinary Income- Muse Nashville</Desc>
        <RevenueAndExpensesPerBooksAmt>-131</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>-131</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>SECTION 1231- MUSE Nasheville</Desc>
        <RevenueAndExpensesPerBooksAmt>4444</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>4444</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Section 1231- HIP I-20 West Venture</Desc>
        <RevenueAndExpensesPerBooksAmt>12103</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>12103</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Rental Real Estate - Eastover Developmen</Desc>
        <RevenueAndExpensesPerBooksAmt>-1079</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>-1079</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Rental Real Estate - Magnolia Hillsboro</Desc>
        <RevenueAndExpensesPerBooksAmt>-22559</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>-22559</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Rental Real Estate - Heritage</Desc>
        <RevenueAndExpensesPerBooksAmt>-4897</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>-4897</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Rental Real Estate - Eastside Heights Pa</Desc>
        <RevenueAndExpensesPerBooksAmt>-406</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>-406</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Rental Real Estate - HIP I-20 West Ventu</Desc>
        <RevenueAndExpensesPerBooksAmt>32914</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>32914</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>OTHER INCOME - LTP TIMBERQUEST</Desc>
        <RevenueAndExpensesPerBooksAmt>16</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>16</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Other Income- Morgan Stanley</Desc>
        <RevenueAndExpensesPerBooksAmt>6</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>6</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Desc>UNREALIZED GAIN ON INVESTMENTS</Desc>
        <Amt>101540</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherLiabilitiesSchedule documentId="OtherLiabSch">
      <OtherLiabilitiesDetail>
        <Desc>EASTOVER DEVELOPMENT</Desc>
        <BOYBookValueAmt>10808</BOYBookValueAmt>
        <EOYBookValueAmt>11343</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
  </ReturnData>
</Return>