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            <BusinessNameLine1>SHEHEBAR SEPHARDIC CENTER</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>34 West 33rd Street 2ND FL</AddressLine1>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10001</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE</RecipientRelationship>
          <RecipientFoundationStatus>501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>CHARITY</PurposeOfGrantOrContribution>
          <Amount>8000</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>134900</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <FeesContractsFromGovtAgencies />
        <MembershipDuesAndAssessments />
        <IntOnSavingsAndTempCashInvst>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>106</ExclusionAmount>
        </IntOnSavingsAndTempCashInvst>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>83773</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <NetRentalIncmReDebtFincdProp />
        <NetRntlIncmReNotDebtFincdProp>
          <ExclusionCode>16</ExclusionCode>
          <ExclusionAmount>47464</ExclusionAmount>
        </NetRntlIncmReNotDebtFincdProp>
        <NetRentalIncmPersonalProperty />
        <OtherInvestmentIncomePartVII />
        <GainSalesAssetsOthThanInvntry>
          <ExclusionCode>18</ExclusionCode>
          <ExclusionAmount>-7985</ExclusionAmount>
        </GainSalesAssetsOthThanInvntry>
        <NetIncomeLossFromSpecialEvents />
        <GrossProfitLossSalesOfInvntry />
        <SubtotalsPartXVIA>
          <ExclusionAmount>123358</ExclusionAmount>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>123358</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>false</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>false</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>false</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>false</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>false</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>false</ReimbursementArrangements>
        <LoansOrLoanGuarantees>false</LoansOrLoanGuarantees>
        <PerformanceOfServicesEtc>false</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>false</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>false</RelationshipsNoncharitableEOs>
      </TrnsfrTrRlnWithNoncharitableEO>
    </IRS990PF>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpBondsSchedule documentId="InvestCorpBondsSch">
      <InvestmentsCorpBonds>
        <NameOfBond>STATE OF ISRAEL BONDS</NameOfBond>
        <EOYBookValue>175000</EOYBookValue>
        <EOYFMV>175000</EOYFMV>
      </InvestmentsCorpBonds>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorpStock>
        <NameOfStock>ALPINE TOTAL DYNAMIC DIV FD</NameOfStock>
        <EOYBookValue>138600</EOYBookValue>
        <EOYFMV>27928</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>BLACKROCK INTL GROWTH &amp; INC TR</NameOfStock>
        <EOYBookValue>126649</EOYBookValue>
        <EOYFMV>83496</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>CIFC CORP.</NameOfStock>
        <EOYBookValue>216200</EOYBookValue>
        <EOYFMV>12000</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>EATON VANCE TAX-MANAGED OPP FD</NameOfStock>
        <EOYBookValue>34688</EOYBookValue>
        <EOYFMV>48125</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>EATON VANCE TAX-MANAGED GLOBAL</NameOfStock>
        <EOYBookValue>78873</EOYBookValue>
        <EOYFMV>106601</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>HENDERSON GL-EUROPEAN FOCUS FD</NameOfStock>
        <EOYBookValue>239966</EOYBookValue>
        <EOYFMV>194826</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>ING GLOBAL EQ DIV &amp; PRM OPP FD</NameOfStock>
        <EOYBookValue>47954</EOYBookValue>
        <EOYFMV>27744</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>NUVEEN EQ PREM ADVANTAGED FD</NameOfStock>
        <EOYBookValue>62285</EOYBookValue>
        <EOYFMV>59500</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>WELLS FARGO CAPITAL XII</NameOfStock>
        <EOYBookValue>200000</EOYBookValue>
        <EOYFMV>202640</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>ALLIANZ SE 8.375% PFD</NameOfStock>
        <EOYBookValue>160000</EOYBookValue>
        <EOYFMV>164000</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>BANK OF AMERICA 8.2% PFD SER H</NameOfStock>
        <EOYBookValue>41250</EOYBookValue>
        <EOYFMV>42240</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>BLACKROCK ENHANCED CAPITAL &amp; I</NameOfStock>
        <EOYBookValue>60416</EOYBookValue>
        <EOYFMV>38800</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>DEUTSCHE BANK 8.05% CONT CAP T</NameOfStock>
        <EOYBookValue>200000</EOYBookValue>
        <EOYFMV>218480</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>JP MORGAN CHASE 8.625% PFD</NameOfStock>
        <EOYBookValue>42500</EOYBookValue>
        <EOYFMV>44149</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>VISA INC</NameOfStock>
        <EOYBookValue>4400</EOYBookValue>
        <EOYFMV>15158</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>CHIMERA INVESTMENT CORP</NameOfStock>
        <EOYBookValue>56355</EOYBookValue>
        <EOYFMV>38498</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>BLACKROCK RES &amp; COMMODIT STRAT</NameOfStock>
        <EOYBookValue>50175</EOYBookValue>
        <EOYFMV>32000</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>CYS INVESTMENTS INC.</NameOfStock>
        <EOYBookValue>27796</EOYBookValue>
        <EOYFMV>25982</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>TWO HARBORS INVT CORP</NameOfStock>
        <EOYBookValue>40010</EOYBookValue>
        <EOYFMV>41550</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <LandEtcSchedule2 documentId="LandEtcSch2" />
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssets>
        <Description>ROYAL PROMENADE LLC</Description>
        <BOYBookValue>-88316</BOYBookValue>
        <EOYBookValue>-85379</EOYBookValue>
        <EOYFMV>120000</EOYFMV>
      </OtherAssets>
    </OtherAssetsSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncome>
        <Description>INCOME FROM PARTNERSHIP-ROYAL PROMENADE</Description>
      </OtherIncome>
      <OtherIncome>
        <Description>EIN: 13-4119440</Description>
        <RevenueAndExpensesPerBooks>47464</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>47464</NetInvestmentIncome>
      </OtherIncome>
    </OtherIncomeSchedule2>
    <TaxesSchedule documentId="TaxesSchedule">
      <Taxes>
        <Category>FEDERAL TAXES</Category>
        <Amount>5300</Amount>
      </Taxes>
      <Taxes>
        <Category>STATE TAXES</Category>
        <Amount>2484</Amount>
      </Taxes>
      <Taxes>
        <Category>FOREIGN TAXES PAID</Category>
        <Amount>1616</Amount>
        <NetInvestmentIncome>1616</NetInvestmentIncome>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>