﻿<?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="2017v2.3">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2019-08-15T17:33:08-05:00</ReturnTs>
    <TaxPeriodEndDt>2018-09-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>131459550</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>MAZARS USA LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>135 WEST 50TH STREET</AddressLine1Txt>
        <CityNm>NEW YORK</CityNm>
        <StateAbbreviationCd>NY</StateAbbreviationCd>
        <ZIPCd>100200002</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2017-10-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>201877079</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>THE HOWARD AND JENNIFER MICHAELS</BusinessNameLine1Txt>
        <BusinessNameLine2Txt>FAMILY FOUNDATION INC</BusinessNameLine2Txt>
      </BusinessName>
      <BusinessNameControlTxt>HOWA</BusinessNameControlTxt>
      <PhoneNum>2127165616</PhoneNum>
      <USAddress>
        <AddressLine1Txt>360 MADISON AVENUE 3RD FLOOR</AddressLine1Txt>
        <CityNm>NEW YORK</CityNm>
        <StateAbbreviationCd>NY</StateAbbreviationCd>
        <ZIPCd>10017</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>JENNIFER BAYER MICHAELS</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>2127165616</PhoneNum>
      <SignatureDt>2019-08-13</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>ISRAEL TANNENBAUM</PreparerPersonNm>
      <PTIN>P00503812</PTIN>
      <PhoneNum>2128127000</PhoneNum>
    </PreparerPersonGrp>
    <FilingSecurityInformation>
      <IPAddress>
        <IPv4AddressTxt>148.77.102.18</IPv4AddressTxt>
      </IPAddress>
      <IPDt>2019-08-13</IPDt>
      <IPTm>15:23:05</IPTm>
      <IPTimezoneCd>ED</IPTimezoneCd>
      <FilingLicenseTypeCd>P</FilingLicenseTypeCd>
      <AtSubmissionCreationDeviceId>DA39A3EE5E6B4B0D3255BFEF95601890AFD80709</AtSubmissionCreationDeviceId>
      <AtSubmissionFilingDeviceId>B0D84252D047CD3E6D0B93D9E171CEF49B92729D</AtSubmissionFilingDeviceId>
    </FilingSecurityInformation>
    <TaxYr>2017</TaxYr>
    <BuildTS>2019-02-21 02:37:17Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="7">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>2297050</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <DividendsRevAndExpnssAmt>76537</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>76537</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>15853</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>168944</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>15853</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc2001500001">647</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>6</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>93037</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>92396</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>0</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>0</CompOfcrDirTrstDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">1213</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>764</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc2003200001">7230</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>536</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>518</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>8443</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>1300</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>518</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>89983</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>89983</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>98426</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>1300</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>90501</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-5389</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>91096</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>132262</CashBOYAmt>
        <CashEOYAmt>19089</CashEOYAmt>
        <CashEOYFMVAmt>19089</CashEOYFMVAmt>
        <USGovernmentObligationsBOYAmt>256780</USGovernmentObligationsBOYAmt>
        <USGovernmentObligationsEOYAmt referenceDocumentId="RetDoc2210400001">327033</USGovernmentObligationsEOYAmt>
        <USGovtObligationsEOYFMVAmt>325193</USGovtObligationsEOYFMVAmt>
        <CorporateStockBOYAmt>1069727</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2018900001">1091733</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>1787332</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>150342</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="RetDoc2044400001">165867</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>165436</CorporateBondsEOYFMVAmt>
        <TotalAssetsBOYAmt>1609111</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>1603722</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>2297050</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowSFAS117Ind>X</OrgDoesNotFollowSFAS117Ind>
        <CapitalStockBOYAmt>0</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>0</CapitalStockEOYAmt>
        <AdditionalPaidInCapitalBOYAmt>0</AdditionalPaidInCapitalBOYAmt>
        <AdditionalPaidInCapitalEOYAmt>0</AdditionalPaidInCapitalEOYAmt>
        <RetainedEarningBOYAmt>1609111</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>1603722</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>1609111</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>1603722</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>1609111</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>1603722</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>1609111</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-5389</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt>0</OtherIncreasesAmt>
        <SubtotalAmt>1603722</SubtotalAmt>
        <OtherDecreasesAmt>0</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>1603722</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FROM ALLIANCE BERNSTEIN</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2017-12-31</SoldDt>
          <CostOrOtherBasisAmt>55</CostOrOtherBasisAmt>
          <GainOrLossAmt>-55</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-55</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FROM ALLIANCE BERNSTEIN</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2017-12-31</SoldDt>
          <GrossSalesPriceAmt>59</GrossSalesPriceAmt>
          <GainOrLossAmt>59</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>59</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SALE OF AMERICA MOVIL SAB DE C V SPONSORED ADR</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2017-12-31</SoldDt>
          <GrossSalesPriceAmt>27408</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>26105</CostOrOtherBasisAmt>
          <GainOrLossAmt>1303</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1303</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SALE OF ATLANTIC CITY N J GO REF BDS 2015A 7.500% 03/01/40 B/E</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2017-12-31</SoldDt>
          <GrossSalesPriceAmt>51320</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>42145</CostOrOtherBasisAmt>
          <GainOrLossAmt>9175</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>9175</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SALE OF FLAHERTY &amp; CRUMRINE DYNAMIC PFD &amp; INCOME FD INC SHS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2017-12-31</SoldDt>
          <GrossSalesPriceAmt>24013</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>25006</CostOrOtherBasisAmt>
          <GainOrLossAmt>-993</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-993</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>SALE OF OAKLAND CALIF REDEV AGY REV SUBORDINATE HSG REV BDS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2017-12-31</SoldDt>
          <GrossSalesPriceAmt>66144</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>59780</CostOrOtherBasisAmt>
          <GainOrLossAmt>6364</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>6364</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>15853</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>0</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>96664</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>2210569</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.043728</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>44909</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>2045207</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.021958</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>63060</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>2023684</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.031161</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>98149</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>1956277</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.050171</DistributionYr4Rt>
        <AdjustedQlfyDistriYr5Amt>63478</AdjustedQlfyDistriYr5Amt>
        <NetVlNoncharitableAssetsYr5Amt>1796815</NetVlNoncharitableAssetsYr5Amt>
        <DistributionYr5Rt>0.035328</DistributionYr5Rt>
        <TotalDistributionRt>0.182346</TotalDistributionRt>
        <AverageDistributionRt>0.036469</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>2328223</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>84908</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>911</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>85819</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>90501</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <DomesticOrgMeetingSect4940eInd>X</DomesticOrgMeetingSect4940eInd>
        <InvestmentIncomeExciseTaxAmt>911</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>911</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>911</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>751</EstimatedPlusOvpmtIncmTxAmt>
        <ExtsnRequestIncomeTaxPaidAmt>0</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>751</TotalPaymentsAndCreditsAmt>
        <EsPenaltyAmt>0</EsPenaltyAmt>
        <TaxDueAmt>160</TaxDueAmt>
      </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>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>THE CARLTON GROUP</IndividualWithBooksNm>
        <PhoneNum>2127165616</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>360 MADISON AVENUE 3RD FLOOR</AddressLine1Txt>
          <CityNm>NEW YORK</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>10017</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>1</UndistributedIncomePYInd>
        <UndistributedIncomePY1Yr>2016</UndistributedIncomePY1Yr>
        <UndistrIncmSect4942a2NotAppInd>1</UndistrIncmSect4942a2NotAppInd>
        <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>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>HOWARD MICHAELS</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O CAS 360 MADISON AVENUE 3RD</AddressLine1Txt>
            <AddressLine2Txt>FLOOR</AddressLine2Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10017</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR/PRESIDENT/TREASUR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JENNIFER MICHAELS</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O CAS 360 MADISON AVENUE 3RD</AddressLine1Txt>
            <AddressLine2Txt>FLOOR</AddressLine2Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10017</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR/VICE PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>DAVID KOROSTOFF</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O THE GMS GROUP LLC 111 TOWN</AddressLine1Txt>
            <AddressLine2Txt>SQUARE PLACE SUITE 1234</AddressLine2Txt>
            <CityNm>JERSEY CITY</CityNm>
            <StateAbbreviationCd>NJ</StateAbbreviationCd>
            <ZIPCd>07310</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR/SECRETARY</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</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>2331271</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>32407</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>2363678</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>2363678</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>35455</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>2328223</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>116411</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>116411</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>911</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>911</TotalTaxAmt>
        <DistributableBeforeAdjAmt>115500</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>115500</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>115500</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>90501</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>90501</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>911</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>89590</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>115500</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>99290</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <TotalExcessDistributionCyovAmt>0</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>90501</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>90501</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>0</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>0</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>8789</Taxable2Amt>
        <UndistributedIncomeCYAmt>115500</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>0</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>0</ExcessDistriCyovToNextYrAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>HOWARD MICHAELS</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CHABAD LUBAVICH OF MIDTOWN</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>509 5TH AVE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10017</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CENTRAL SYNAGOGUE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>652 LEXINGTON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10022</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>14450</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CHRON'S AND COLITIS FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>585 STEWART AVENUE SUITE 304</AddressLine1Txt>
            <CityNm>GARDEN CITY</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11530</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CHABAD SYNAGOGUES INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>770 EASTERN PARKWAY SUITE 405</AddressLine1Txt>
            <CityNm>BROOKLYN</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11213</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>6000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>LISA BETH GERSTMAN FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>439 OAK STREET SUITE 1</AddressLine1Txt>
            <CityNm>GARDEN CITY</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11530</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>300</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>STONY BROOK FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>230 ADMINISTRATION BLDG</AddressLine1Txt>
            <CityNm>STONY BROOK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11794</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>WOMENS INTERNATIONAL ZIONIST ORGANIZATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>950 3RD AVE SUITE 2803</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10022</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>WEILL CORNELL MEDICAL COLLEGE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1300 YORK AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10065</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>33333</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CANCERCARE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>275 SEVENTH AVENUE 22ND FLOOR</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10001</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CENTER FOR JEWISH LIFE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>176 ROUTE 79</AddressLine1Txt>
            <CityNm>NORTH MARLBORO</CityNm>
            <StateAbbreviationCd>NJ</StateAbbreviationCd>
            <ZIPCd>07746</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>5400</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BEIT RUTH</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2 JERICHO PLAZA SUITE 111 - WING A</AddressLine1Txt>
            <CityNm>JERICHO</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11753</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PUBLIC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE PURPOSE</GrantOrContributionPurposeTxt>
          <Amt>3500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>89983</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>76537</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <OtherInvestmentIncmPartVIIGrp>
          <BusinessCd>523000</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>647</UnrelatedBusinessTaxblIncmAmt>
        </OtherInvestmentIncmPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>15853</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>647</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>92390</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>93037</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>
    <InvestmentsCorpBondsSchedule documentId="RetDoc2044400001">
      <InvestmentsCorporateBondsGrp>
        <BondNm>120K BANC OF AMER ALT LN TR SER 2006 5 CL CB5</BondNm>
        <EOYBookValueAmt>29522</EOYBookValueAmt>
        <EOYFMVAmt>27206</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>26K SHS CWALT INC 2005-73CB MTG 6.25% 12/25/35</BondNm>
        <EOYBookValueAmt>6708</EOYBookValueAmt>
        <EOYFMVAmt>19668</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>30K WASHINGTON MUT MTG SECS CORP</BondNm>
        <EOYBookValueAmt>18505</EOYBookValueAmt>
        <EOYFMVAmt>8243</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>40K SHS CWALT INC 2005-73CB MTG 6.25% 12/25/35</BondNm>
        <EOYBookValueAmt>9438</EOYBookValueAmt>
        <EOYFMVAmt>7726</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>50M MARSH &amp; MCLENNAN COS INC SR NT</BondNm>
        <EOYBookValueAmt>24599</EOYBookValueAmt>
        <EOYFMVAmt>28904</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>50M SHS FORD MTR CO DEL BD 6.375% 02/01/29</BondNm>
        <EOYBookValueAmt>20725</EOYBookValueAmt>
        <EOYFMVAmt>25856</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>75K INDYMAC MBS INC SER 2005-A15 MTG</BondNm>
        <EOYBookValueAmt>26729</EOYBookValueAmt>
        <EOYFMVAmt>17720</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>PRIME MTG TR 2006-2 MTG PASSTHRU CTF CL</BondNm>
        <EOYBookValueAmt>15584</EOYBookValueAmt>
        <EOYFMVAmt>15474</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>RESIDENTIAL ACCREDIT LNS INC MTG PASS</BondNm>
        <EOYBookValueAmt>14057</EOYBookValueAmt>
        <EOYFMVAmt>14639</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>1,000 SHS FEDERAL NATL MTG 8.25% SER S PFD SHS 12/31/10</StockNm>
        <EOYBookValueAmt>23395</EOYBookValueAmt>
        <EOYFMVAmt>5510</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,000 SHS JP MORGAN CHASE &amp; CO COM</StockNm>
        <EOYBookValueAmt>37550</EOYBookValueAmt>
        <EOYFMVAmt>112840</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,000 SHS SL GREEN REALTY CORP COM</StockNm>
        <EOYBookValueAmt>58400</EOYBookValueAmt>
        <EOYFMVAmt>97530</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,000 SHS TEXAS INSTRUMENTS INC</StockNm>
        <EOYBookValueAmt>32410</EOYBookValueAmt>
        <EOYFMVAmt>107290</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,000 SHS XEROX CORPORATION</StockNm>
        <EOYBookValueAmt>17010</EOYBookValueAmt>
        <EOYFMVAmt>6745</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,254 SHS FIDELITY ADVISOR (FOCUS) HEALTH CARE CLASS A</StockNm>
        <EOYBookValueAmt>50016</EOYBookValueAmt>
        <EOYFMVAmt>74416</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,440 SHS FIRST EAGLE GLOBAL FUND CLASS A</StockNm>
        <EOYBookValueAmt>61441</EOYBookValueAmt>
        <EOYFMVAmt>112315</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1000 SHS DIGITAL REALTY TR INC PFD</StockNm>
        <EOYBookValueAmt>25106</EOYBookValueAmt>
        <EOYFMVAmt>25550</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>2,500 SHS ALPINE GLOBAL PREMIER PPTYS FD</StockNm>
        <EOYBookValueAmt>25920</EOYBookValueAmt>
        <EOYFMVAmt>12465</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 SHS ALLIANCEBERNSTEIN HLDGS L P UNIT LTD</StockNm>
        <EOYBookValueAmt>8506</EOYBookValueAmt>
        <EOYFMVAmt>15225</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 SHS EXXON MOBIL CORP COM</StockNm>
        <EOYBookValueAmt>28120</EOYBookValueAmt>
        <EOYFMVAmt>42510</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 SHS INTERNATIONAL BUSINESS MACHINES CORP</StockNm>
        <EOYBookValueAmt>48550</EOYBookValueAmt>
        <EOYFMVAmt>75605</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 SHS INTERNATIONAL PAPER CO</StockNm>
        <EOYBookValueAmt>20135</EOYBookValueAmt>
        <EOYFMVAmt>24575</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 SHS KELLOGG CO</StockNm>
        <EOYBookValueAmt>21700</EOYBookValueAmt>
        <EOYFMVAmt>35010</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 SHS LINCOLN NATL CORP IND</StockNm>
        <EOYBookValueAmt>23150</EOYBookValueAmt>
        <EOYFMVAmt>33830</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>500 SHS MCDONALDS CORP</StockNm>
        <EOYBookValueAmt>15750</EOYBookValueAmt>
        <EOYFMVAmt>83645</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>50K SH PUERTO RICO</StockNm>
        <EOYBookValueAmt>8432</EOYBookValueAmt>
        <EOYFMVAmt>10500</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>650 SHS DOW CHEM CO</StockNm>
        <EOYBookValueAmt>31584</EOYBookValueAmt>
        <EOYFMVAmt>41802</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>750 SHS 3M CO COM</StockNm>
        <EOYBookValueAmt>51139</EOYBookValueAmt>
        <EOYFMVAmt>158033</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>800 SHS AGILENT TECHNOLOGIES INC COM</StockNm>
        <EOYBookValueAmt>26654</EOYBookValueAmt>
        <EOYFMVAmt>56432</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>800 SHS GENERAL ELECTRIC CO COM</StockNm>
        <EOYBookValueAmt>28152</EOYBookValueAmt>
        <EOYFMVAmt>9032</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>800 SHS HONEYWELL INTL INC COM</StockNm>
        <EOYBookValueAmt>30072</EOYBookValueAmt>
        <EOYFMVAmt>133120</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>800 SHS INGERSOLL RAND CO LTD CL A COM</StockNm>
        <EOYBookValueAmt>30292</EOYBookValueAmt>
        <EOYFMVAmt>81840</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>800 SHS PG &amp; E CORP</StockNm>
        <EOYBookValueAmt>25400</EOYBookValueAmt>
        <EOYFMVAmt>36808</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ALLEGION PUB</StockNm>
        <EOYBookValueAmt>17015</EOYBookValueAmt>
        <EOYFMVAmt>24092</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GUGGENHEIM MID CAP</StockNm>
        <EOYBookValueAmt>50696</EOYBookValueAmt>
        <EOYFMVAmt>73612</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>KAYNE ANDERSON MLP INVT CO</StockNm>
        <EOYBookValueAmt>1043</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>NORTH LAS VEGAS</StockNm>
        <EOYBookValueAmt>27677</EOYBookValueAmt>
        <EOYFMVAmt>30048</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SEAGATE</StockNm>
        <EOYBookValueAmt>28947</EOYBookValueAmt>
        <EOYFMVAmt>31688</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>50,000 SHS GTE SOUTHWEST INC 1ST MTG 8.500%</StockNm>
        <EOYBookValueAmt>56697</EOYBookValueAmt>
        <EOYFMVAmt>49750</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1000 SHS QWEST CORP NT EXP 06/15/57</StockNm>
        <EOYBookValueAmt>25006</EOYBookValueAmt>
        <EOYFMVAmt>23800</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>25000 SHS BANK AMER CORP MEDIUM TERM</StockNm>
        <EOYBookValueAmt>21116</EOYBookValueAmt>
        <EOYFMVAmt>15500</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>18600 SHS BARCLAYS BANK PLC LKD</StockNm>
        <EOYBookValueAmt>19007</EOYBookValueAmt>
        <EOYFMVAmt>16263</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>VERITIV CORP COM</StockNm>
        <EOYBookValueAmt>226</EOYBookValueAmt>
        <EOYFMVAmt>328</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>T ROWE PRICE BLUE CHIP GROWTH</StockNm>
        <EOYBookValueAmt>51038</EOYBookValueAmt>
        <EOYFMVAmt>63623</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ENSTAR GROUP LTD DEP SH REPSTG 1/1000TH FXD TO FLTG</StockNm>
        <EOYBookValueAmt>64381</EOYBookValueAmt>
        <EOYFMVAmt>66000</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="RetDoc2210400001">
      <USGovtObligationsBookVlEOYAmt>0</USGovtObligationsBookVlEOYAmt>
      <USGovtObligationsEOYFMVAmt>0</USGovtObligationsEOYFMVAmt>
      <StateLocalSecBookVlEOYAmt>327033</StateLocalSecBookVlEOYAmt>
      <StateLocalSecEOYFMVAmt>325193</StateLocalSecEOYFMVAmt>
    </InvestmentsGovtObligationsSch>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>NON DEDUCTIBLE EXPENSES ALLIANCEBERNSTEIN PASSTHRU</Desc>
        <RevenueAndExpensesPerBooksAmt>176</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>DEDUCTIONS FROM ALLIANCEBERNSTEIN HOLDING LP</Desc>
        <RevenueAndExpensesPerBooksAmt>18</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>18</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OTHER OFFICE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>1036</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>518</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>518</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>THE MIGHTY QUINN MELDRUM DONATION</Desc>
        <RevenueAndExpensesPerBooksAmt>6000</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>FROM ALLIANCEBERNSTEIN HOLDING LP - ORDINARY INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>542</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>6</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>542</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>FROM ALLIANCEBERNSTEIN HOLDING LP - OTHER INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>105</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>105</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>NYS CORP TAX</CategoryTxt>
        <Amt>500</Amt>
        <NetInvestmentIncomeAmt>500</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>EXCISE TAX</CategoryTxt>
        <Amt>449</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX WITHHELD - ALLIANCEBERNSTEIN HOLDING LP</CategoryTxt>
        <Amt>14</Amt>
        <NetInvestmentIncomeAmt>14</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>CT TAX</CategoryTxt>
        <Amt>250</Amt>
        <NetInvestmentIncomeAmt>250</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>