﻿<?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="2011v1.3">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2012-11-15T12:10:11-06:00</Timestamp>
    <TaxPeriodEndDate>2011-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>Buchanan &amp; Company PLLC</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>1616 N Fort Myer Dr 1400</AddressLine1>
        <City>Rosslyn</City>
        <State>VA</State>
        <ZIPCode>22209</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990PF</ReturnType>
    <TaxPeriodBeginDate>2011-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>526047356</EIN>
      <Name>
        <BusinessNameLine1>Diane &amp; Norman Bernstein Foundation Inc</BusinessNameLine1>
      </Name>
      <InCareOfName>% THE FOUNDATION</InCareOfName>
      <NameControl>DIAN</NameControl>
      <USAddress>
        <AddressLine1>5301 Wisconsin Ave NW</AddressLine1>
        <City>Washington</City>
        <State>DC</State>
        <ZIPCode>20015</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>Joshua Bernstein</Name>
      <Title>Vice President</Title>
      <DateSigned>2012-11-13</DateSigned>
      <AuthorizeThirdParty>true</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Phone>7033516600</Phone>
    </Preparer>
    <TaxYear>2011</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="14">
    <IRS990PF documentId="IRS990PF">
      <ExemptPF>X</ExemptPF>
      <FMVAssetsEOY>15039778</FMVAssetsEOY>
      <MethodOfAccountingCash>X</MethodOfAccountingCash>
      <AnalysisOfRevenueAndExpenses>
        <ContriReceivedRevAndExpnss>1500000</ContriReceivedRevAndExpnss>
        <InterestOnSavingsRevAndExpnss>1331</InterestOnSavingsRevAndExpnss>
        <InterestOnSavingsNetInvstIncm>1331</InterestOnSavingsNetInvstIncm>
        <DividendsRevAndExpnss>266320</DividendsRevAndExpnss>
        <DividendsNetInvstIncm>266320</DividendsNetInvstIncm>
        <NetGainSaleAssetsRevAndExpnss>561909</NetGainSaleAssetsRevAndExpnss>
        <GrossSalesPrice>561909</GrossSalesPrice>
        <CapitalGainNetIncmNetInvstIncm>561909</CapitalGainNetIncmNetInvstIncm>
        <OtherIncomeRevAndExpnss referenceDocumentId="OtherIncomeSch2">40214</OtherIncomeRevAndExpnss>
        <OtherIncomeNetInvstIncm>85653</OtherIncomeNetInvstIncm>
        <TotalRevenueAndExpenses>2369774</TotalRevenueAndExpenses>
        <TotalNetInvestmentIncome>915213</TotalNetInvestmentIncome>
        <OthEmplSlrsWgsRevAndExpnss>78794</OthEmplSlrsWgsRevAndExpnss>
        <OthEmplSlrsWgsNetInvstIncm>15759</OthEmplSlrsWgsNetInvstIncm>
        <OthEmplSlrsWgsDsbrsChrtblPrps>63035</OthEmplSlrsWgsDsbrsChrtblPrps>
        <PensionEmplBnftRevAndExpnss>6207</PensionEmplBnftRevAndExpnss>
        <PensionEmplBnftNetInvstIncm>1241</PensionEmplBnftNetInvstIncm>
        <PensionEmplBnftDsbrsChrtblPrps>4966</PensionEmplBnftDsbrsChrtblPrps>
        <AccountingFeesRevAndExpnss referenceDocumentId="AccountingFeesSch">10097</AccountingFeesRevAndExpnss>
        <AccountingFeesNetInvstIncm>9087</AccountingFeesNetInvstIncm>
        <AccountingFeesAdjNetIncm>0</AccountingFeesAdjNetIncm>
        <AccountingFeesDsbrsChrtblPrps>1010</AccountingFeesDsbrsChrtblPrps>
        <OtherProfFeesRevAndExpnss referenceDocumentId="OthProfFeesSch">34192</OtherProfFeesRevAndExpnss>
        <OtherProfFeesNetInvstIncm>34192</OtherProfFeesNetInvstIncm>
        <InterestRevAndExpnss>97235</InterestRevAndExpnss>
        <InterestNetInvstIncm>97235</InterestNetInvstIncm>
        <TaxesRevAndExpnss referenceDocumentId="TaxesSchedule">19078</TaxesRevAndExpnss>
        <TaxesNetInvstIncm>1220</TaxesNetInvstIncm>
        <TaxesDsbrsChrtblPrps>4879</TaxesDsbrsChrtblPrps>
        <OccupancyRevAndExpnss>71161</OccupancyRevAndExpnss>
        <OccupancyNetInvstIncm>35581</OccupancyNetInvstIncm>
        <OccupancyDsbrsChrtblPrps>35580</OccupancyDsbrsChrtblPrps>
        <TravConfMeetingRevAndExpnss>24</TravConfMeetingRevAndExpnss>
        <TravConfMeetingNetInvstIncm>22</TravConfMeetingNetInvstIncm>
        <TravConfMeetingDsbrsChrtblPrps>2</TravConfMeetingDsbrsChrtblPrps>
        <OtherExpensesRevAndExpnss referenceDocumentId="OtherExpensesSch">432963</OtherExpensesRevAndExpnss>
        <OtherExpensesNetInvstIncm>201370</OtherExpensesNetInvstIncm>
        <OtherExpensesDsbrsChrtblPrps>1920</OtherExpensesDsbrsChrtblPrps>
        <TotOprExpensesRevAndExpnss>749751</TotOprExpensesRevAndExpnss>
        <TotOprExpensesNetInvstIncm>395707</TotOprExpensesNetInvstIncm>
        <TotOprExpensesAdjNetIncm>0</TotOprExpensesAdjNetIncm>
        <TotOprExpensesDsbrsChrtblPrps>111392</TotOprExpensesDsbrsChrtblPrps>
        <ContriGiftsPaidRevAndExpnss>693750</ContriGiftsPaidRevAndExpnss>
        <ContriGiftsPaidDsbrsChrtblPrps>693750</ContriGiftsPaidDsbrsChrtblPrps>
        <TotalExpensesRevAndExpnss>1443501</TotalExpensesRevAndExpnss>
        <TotalExpensesNetInvstIncm>395707</TotalExpensesNetInvstIncm>
        <TotalExpensesAdjNetIncm>0</TotalExpensesAdjNetIncm>
        <TotalExpensesDsbrsChrtblPrps>805142</TotalExpensesDsbrsChrtblPrps>
        <ExcessOfRevenueOverExpenses>926273</ExcessOfRevenueOverExpenses>
        <NetInvestmentIncome>519506</NetInvestmentIncome>
      </AnalysisOfRevenueAndExpenses>
      <BalanceSheets>
        <SavingsAndTempCashInvstBOY>161400</SavingsAndTempCashInvstBOY>
        <SavingsAndTempCashInvstEOY>852416</SavingsAndTempCashInvstEOY>
        <SavingsAndTempCashInvstEOYFMV>852416</SavingsAndTempCashInvstEOYFMV>
        <AccountsReceivable>27970</AccountsReceivable>
        <AccountsReceivableBOY>29440</AccountsReceivableBOY>
        <AccountsReceivableEOY>27970</AccountsReceivableEOY>
        <AccountsReceivableEOYFMV>27970</AccountsReceivableEOYFMV>
        <OtherNotesAndLoansRcvblBOY>50000</OtherNotesAndLoansRcvblBOY>
        <InvestmentsCorpStockBOY>3008339</InvestmentsCorpStockBOY>
        <InvestmentsCorpStockEOY referenceDocumentId="InvestCorpStockSch">3104699</InvestmentsCorpStockEOY>
        <InvestmentsCorpStockEOYFMV>3179629</InvestmentsCorpStockEOYFMV>
        <InvestmentsOtherBOY>10805913</InvestmentsOtherBOY>
        <InvestmentsOtherEOY referenceDocumentId="InvOtherSch2">10976710</InvestmentsOtherEOY>
        <InvestmentsOtherEOYFMV>10976710</InvestmentsOtherEOYFMV>
        <OtherAssetsBOY referenceDocumentId="OtherAssetsSch">3053</OtherAssetsBOY>
        <OtherAssetsEOY referenceDocumentId="OtherAssetsSch">3053</OtherAssetsEOY>
        <OtherAssetsEOYFMV referenceDocumentId="OtherAssetsSch">3053</OtherAssetsEOYFMV>
        <TotalAssetsBOY>14058145</TotalAssetsBOY>
        <TotalAssetsEOY>14964848</TotalAssetsEOY>
        <TotalAssetsEOYFMV>15039778</TotalAssetsEOYFMV>
        <AccountsPayableBOY>19570</AccountsPayableBOY>
        <TotalLiabilitiesBOY>19570</TotalLiabilitiesBOY>
        <TotalLiabilitiesEOY>0</TotalLiabilitiesEOY>
        <OrgThatDoNotFollowSFAS117>X</OrgThatDoNotFollowSFAS117>
        <CapitalStockBOY>43612</CapitalStockBOY>
        <CapitalStockEOY>43612</CapitalStockEOY>
        <RetainedEarningsBOY>13994963</RetainedEarningsBOY>
        <RetainedEarningsEOY>14921236</RetainedEarningsEOY>
        <TotalNetAssetsBOY>14038575</TotalNetAssetsBOY>
        <TotalNetAssetsEOY>14964848</TotalNetAssetsEOY>
        <TotalLiabilitiesNetAssetsBOY>14058145</TotalLiabilitiesNetAssetsBOY>
        <TotalLiabilitiesNetAssetsEOY>14964848</TotalLiabilitiesNetAssetsEOY>
      </BalanceSheets>
      <ChangesInNetAssetsFundBalances>
        <TotalNetAssetsFundBalancesBOY>14038575</TotalNetAssetsFundBalancesBOY>
        <ExcessOfRevenueOverExpenses>926273</ExcessOfRevenueOverExpenses>
        <Subtotal>14964848</Subtotal>
        <TotalNetAssetsFundBalancesEOY>14964848</TotalNetAssetsFundBalancesEOY>
      </ChangesInNetAssetsFundBalances>
      <CapitalGainsAndLosses>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>IVY MAPLEWOOD ASSOC II</DescriptionOfAsset>
          <DateAcquired>2005-02-01</DateAcquired>
          <DateSold>2011-12-07</DateSold>
          <GrossSalesPrice>514</GrossSalesPrice>
          <GainOrLoss>514</GainOrLoss>
          <GainsMinusExcessOrLosses>514</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainNetIncome>561909</CapitalGainNetIncome>
      </CapitalGainsAndLosses>
      <QlfyUndSect4940eForReducedTax>
        <LiableFor4942Tax>false</LiableFor4942Tax>
        <QualifyingDistributionsYear1>633414</QualifyingDistributionsYear1>
        <NoncharitableAssetsYear1>13737469</NoncharitableAssetsYear1>
        <DistributionRatioYear1>0.046108</DistributionRatioYear1>
        <QualifyingDistributionsYear2>501094</QualifyingDistributionsYear2>
        <NoncharitableAssetsYear2>11657024</NoncharitableAssetsYear2>
        <DistributionRatioYear2>0.042986</DistributionRatioYear2>
        <QualifyingDistributionsYear3>501390</QualifyingDistributionsYear3>
        <NoncharitableAssetsYear3>10675067</NoncharitableAssetsYear3>
        <DistributionRatioYear3>0.046968</DistributionRatioYear3>
        <QualifyingDistributionsYear4>497868</QualifyingDistributionsYear4>
        <NoncharitableAssetsYear4>10441368</NoncharitableAssetsYear4>
        <DistributionRatioYear4>0.047682</DistributionRatioYear4>
        <QualifyingDistributionsYear5>361586</QualifyingDistributionsYear5>
        <NoncharitableAssetsYear5>8202887</NoncharitableAssetsYear5>
        <DistributionRatioYear5>0.04408</DistributionRatioYear5>
        <TotalDistributionRatio>0.227824</TotalDistributionRatio>
        <AverageDistributionRatio>0.045565</AverageDistributionRatio>
        <NetNoncharitableAssets>13979999</NetNoncharitableAssets>
        <AdjustedNoncharitableAssets>636999</AdjustedNoncharitableAssets>
        <OnePercentNetInvestmentIncome>5195</OnePercentNetInvestmentIncome>
        <AdjNonchrtblAssetsAndOnePct>642194</AdjNonchrtblAssetsAndOnePct>
        <QualifyingDistributions>805142</QualifyingDistributions>
      </QlfyUndSect4940eForReducedTax>
      <ExciseTaxBasedOnInvestmentIncm>
        <DomesticOrgMeetingSect4940e>X</DomesticOrgMeetingSect4940e>
        <InvestmentIncomeExciseTax>5195</InvestmentIncomeExciseTax>
        <Subtotal>5195</Subtotal>
        <TaxBasedOnInvestmentIncome>5195</TaxBasedOnInvestmentIncome>
        <EstTaxPaymentsAndOverpayment>18707</EstTaxPaymentsAndOverpayment>
        <TotalCreditsAndPayments>18707</TotalCreditsAndPayments>
        <Overpayment>13512</Overpayment>
        <AmountCreditedToNextYear>13512</AmountCreditedToNextYear>
      </ExciseTaxBasedOnInvestmentIncm>
      <StatementsRegardingActivities>
        <LegislativePoliticalActivities>false</LegislativePoliticalActivities>
        <MoreThan100Spent>false</MoreThan100Spent>
        <Form1120POLFiled>false</Form1120POLFiled>
        <Sect4955TaxOnOrganization>0</Sect4955TaxOnOrganization>
        <Sect4955TaxOnManagers>0</Sect4955TaxOnManagers>
        <ReimbursementOfTax>0</ReimbursementOfTax>
        <ActivitiesNotPrevReported>false</ActivitiesNotPrevReported>
        <ChangesToArticlesOrBylaws>false</ChangesToArticlesOrBylaws>
        <UnrelatedBusIncomeOver1000>true</UnrelatedBusIncomeOver1000>
        <Form990TFiled>true</Form990TFiled>
        <TerminationEtc>false</TerminationEtc>
        <RequirementsOfSect508e>true</RequirementsOfSect508e>
        <AtLeast5000InAssets>true</AtLeast5000InAssets>
        <StatesFiledWith>DC</StatesFiledWith>
        <Form990PFFiledWithAG>false</Form990PFFiledWithAG>
        <PrivateOperatingFoundation>false</PrivateOperatingFoundation>
        <NewSubstantialContributors>false</NewSubstantialContributors>
        <InterestInControlledEntity>false</InterestInControlledEntity>
        <ApplicableInsuranceContract>false</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>true</ComplyWithPublicInspectionRqr>
        <BooksInCareOfBusinessName>
          <BusinessNameLine1>THE FOUNDATION</BusinessNameLine1>
        </BooksInCareOfBusinessName>
        <BooksInCareOfPhoneNumber>2023636301</BooksInCareOfPhoneNumber>
        <BooksInCareOfUSAddress>
          <AddressLine1>5301 WISCONSIN AVENUE NW SUITE 600</AddressLine1>
          <City>WASHINGTON</City>
          <State>DC</State>
          <ZIPCode>20015</ZIPCode>
        </BooksInCareOfUSAddress>
        <ForeignBank>false</ForeignBank>
      </StatementsRegardingActivities>
      <StatementsRegardingActy4720>
        <SaleOrExchangeWithDsqflyPerson>false</SaleOrExchangeWithDsqflyPerson>
        <BorrowOrLendWithDsqflyPerson>false</BorrowOrLendWithDsqflyPerson>
        <FurnishedGoodsWithDsqflyPerson>false</FurnishedGoodsWithDsqflyPerson>
        <PayCompensationToDsqflyPerson>false</PayCompensationToDsqflyPerson>
        <TransferAssetsToDsqflyPerson>false</TransferAssetsToDsqflyPerson>
        <PaymentToGovernmentOffical>false</PaymentToGovernmentOffical>
        <UncorrectedPriorActs>false</UncorrectedPriorActs>
        <UndistributedIncomePriorYears>false</UndistributedIncomePriorYears>
        <BusinessHoldings>false</BusinessHoldings>
        <JeopardyInvestments>false</JeopardyInvestments>
        <UncorrectedJeopardyInvestments>false</UncorrectedJeopardyInvestments>
        <InfluenceLegislation>false</InfluenceLegislation>
        <InfluenceElection>false</InfluenceElection>
        <GrantsToIndividuals>false</GrantsToIndividuals>
        <GrantsToOrganizations>false</GrantsToOrganizations>
        <NoncharitablePurpose>false</NoncharitablePurpose>
        <RcvFundsToPayPrsnlBnftContract>false</RcvFundsToPayPrsnlBnftContract>
        <PayPremiumsPrsnlBnftContract>false</PayPremiumsPrsnlBnftContract>
        <ProhibitedTaxShelterTransactn>false</ProhibitedTaxShelterTransactn>
      </StatementsRegardingActy4720>
      <OfcrDirTrusteesKeyEmployeeInfo>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>NORMAN BERNSTEIN</PersonName>
          <USAddress>
            <AddressLine1>5301 WISCONSIN AVENUE NW</AddressLine1>
            <City>WASHINGTON</City>
            <State>DC</State>
            <ZIPCode>20015</ZIPCode>
          </USAddress>
          <Title>PRESIDENT/SECRETARY</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>DIANE BERNSTEIN</PersonName>
          <USAddress>
            <AddressLine1>5301 WISCONSIN AVENUE NW</AddressLine1>
            <City>WASHINGTON</City>
            <State>DC</State>
            <ZIPCode>20015</ZIPCode>
          </USAddress>
          <Title>VICE-PRESIDENT</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>SUSAN AMY BERNSTEIN</PersonName>
          <USAddress>
            <AddressLine1>21 ALPINE STREET</AddressLine1>
            <City>CAMBRIDGE</City>
            <State>MA</State>
            <ZIPCode>02138</ZIPCode>
          </USAddress>
          <Title>DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>ELIZABETH B NORTON</PersonName>
          <USAddress>
            <AddressLine1>3725 HARRISON STREET</AddressLine1>
            <City>WASHINGTON</City>
            <State>DC</State>
            <ZIPCode>20015</ZIPCode>
          </USAddress>
          <Title>DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>JOSHUA BENJAMIN BERNSTEIN</PersonName>
          <USAddress>
            <AddressLine1>5301 WISCONSIN AVENUE NW</AddressLine1>
            <City>WASHINGTON</City>
            <State>DC</State>
            <ZIPCode>20015</ZIPCode>
          </USAddress>
          <Title>VICE PRES/TREASURER</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>CELIA ELLEN BERNSTEIN</PersonName>
          <USAddress>
            <AddressLine1>513 ALMAR AVENUE</AddressLine1>
            <City>PACIFIC PALISADES</City>
            <State>CA</State>
            <ZIPCode>90272</ZIPCode>
          </USAddress>
          <Title>DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>MARIANNE BERNSTEIN KALB</PersonName>
          <USAddress>
            <AddressLine1>62 LIVINGSTON STREET</AddressLine1>
            <City>NEW HAVEN</City>
            <State>CT</State>
            <ZIPCode>06511</ZIPCode>
          </USAddress>
          <Title>DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>NANCY BERNSTEIN SCHOEN</PersonName>
          <USAddress>
            <AddressLine1>1425 WIGHTMAN STREET</AddressLine1>
            <City>PITTSBURGH</City>
            <State>PA</State>
            <ZIPCode>15217</ZIPCode>
          </USAddress>
          <Title>DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>ROBERT SCHOEN</PersonName>
          <USAddress>
            <AddressLine1>1425 WIGHTMAN STREET</AddressLine1>
            <City>PITTSBURGH</City>
            <State>PA</State>
            <ZIPCode>15217</ZIPCode>
          </USAddress>
          <Title>DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>ROBERT KALB</PersonName>
          <USAddress>
            <AddressLine1>62 LIVINGSTON STREET</AddressLine1>
            <City>NEW HAVEN</City>
            <State>CT</State>
            <ZIPCode>06511</ZIPCode>
          </USAddress>
          <Title>DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>LISA BERNSTEIN</PersonName>
          <USAddress>
            <AddressLine1>5301 WISCONSIN AVENUE NW</AddressLine1>
            <City>WASHINGTON</City>
            <State>DC</State>
            <ZIPCode>20015</ZIPCode>
          </USAddress>
          <Title>DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>ROBERT NORTON</PersonName>
          <USAddress>
            <AddressLine1>3725 HARRISON STREET</AddressLine1>
            <City>WASHINGTON</City>
            <State>DC</State>
            <ZIPCode>20015</ZIPCode>
          </USAddress>
          <Title>DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <SummaryOfDirectCharitableActy>
        <Description1>NOT APPLICABLE</Description1>
      </SummaryOfDirectCharitableActy>
      <SumOfProgramRelatedInvestments>
        <Description1>NOT APPLICABLE</Description1>
      </SumOfProgramRelatedInvestments>
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>2763649</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>506907</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>10922336</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>14192892</TotalFMVOfUnusedAssets>
        <AcquisitionIndebtedness>0</AcquisitionIndebtedness>
        <AdjTotalFMVOfUnusedAssets>14192892</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable>212893</CashDeemedCharitable>
        <NetNoncharitableAssets>13979999</NetNoncharitableAssets>
        <MinimumInvestmentReturn>699000</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>699000</MinimumInvestmentReturn>
        <TaxBasedOnInvestmentIncome>5195</TaxBasedOnInvestmentIncome>
        <IncomeTaxForThisYear>4615</IncomeTaxForThisYear>
        <TotalTax>9810</TotalTax>
        <DistributableAmountBeforeAdj>689190</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>689190</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>689190</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
        <ExpensesAndContributions>805142</ExpensesAndContributions>
        <ProgramRelatedInvestmentsTotal>0</ProgramRelatedInvestmentsTotal>
        <AmountsPaidAcqCharitableAssets>0</AmountsPaidAcqCharitableAssets>
        <AmountsSetAsideSuitabilityTest>0</AmountsSetAsideSuitabilityTest>
        <AmountsSetAsideCashDistriTest>0</AmountsSetAsideCashDistriTest>
        <QualifyingDistributions>805142</QualifyingDistributions>
        <OnePctSect4940eOrgNetInvstIncm>5195</OnePctSect4940eOrgNetInvstIncm>
        <AdjQualifyingDistributions>799947</AdjQualifyingDistributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>689190</DistributableAmountAsAdjusted>
        <UndistributedIncomePriorYear>0</UndistributedIncomePriorYear>
        <PriorYear1>2009</PriorYear1>
        <PriorYear2>2008</PriorYear2>
        <PriorYear3>2007</PriorYear3>
        <TotalForPriorYears>0</TotalForPriorYears>
        <QualifyingDistributions>805142</QualifyingDistributions>
        <AppliedToYear1>0</AppliedToYear1>
        <AppliedToCurrentYear>689190</AppliedToCurrentYear>
        <RemainingDistriFromCorpus>115952</RemainingDistriFromCorpus>
        <TotalCorpus>115952</TotalCorpus>
        <PriorYearUndistributedIncome>0</PriorYearUndistributedIncome>
        <TaxableAmount1>0</TaxableAmount1>
        <TaxableAmount2>0</TaxableAmount2>
        <UndistributedIncomeCY>0</UndistributedIncomeCY>
        <ExcessDistriCyovToNextYear>115952</ExcessDistriCyovToNextYear>
        <ExcessFromCurrentYear>115952</ExcessFromCurrentYear>
      </UndistributedIncome>
      <PrivateOperatingFoundations />
      <SupplementaryInformation>
        <ContributingManager>NORMAN AND DIANE BERNSTEIN</ContributingManager>
        <ShareholderManager>NONE</ShareholderManager>
        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>Arena Stage</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>907 6th Street SW</AddressLine1>
            <City>Washington</City>
            <State>DC</State>
            <ZIPCode>20024</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Educational</PurposeOfGrantOrContribution>
          <Amount>25000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>Bread for the City</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1525 7th Street NW</AddressLine1>
            <City>Washington</City>
            <State>DC</State>
            <ZIPCode>20001</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>25000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>Capital Camps</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>133 Rollins Ave Unit 4</AddressLine1>
            <City>Rockville</City>
            <State>MD</State>
            <ZIPCode>20852</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>20000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>Centronia</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1420 Columbia Rd NW</AddressLine1>
            <City>Washington</City>
            <State>DC</State>
            <ZIPCode>20009</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>Charles E Smith Jewish Day School</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1901 E Jefferson Street</AddressLine1>
            <City>Rockville</City>
            <State>MD</State>
            <ZIPCode>20852</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>20000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>Children's National Medical Center</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>111 Michigan Ave NW</AddressLine1>
            <City>Washington</City>
            <State>DC</State>
            <ZIPCode>20010</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>20000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>DC Children &amp; Youth</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1400 16th Street NW</AddressLine1>
            <AddressLine2>Suite 50</AddressLine2>
            <City>Washington</City>
            <State>DC</State>
            <ZIPCode>20036</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(c)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>35000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>DC Jewish Community Center</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1529 Sixteenth Street NW</AddressLine1>
            <City>Washington</City>
            <State>DC</State>
            <ZIPCode>20036</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>25000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>Capital City Public Charter School</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>100 Peabody Street NW</AddressLine1>
            <City>Washington</City>
            <State>DC</State>
            <ZIPCode>20011</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>20000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>The Jewish Federation of Greater Washington</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>6101 Montrose Rd</AddressLine1>
            <City>Rockville</City>
            <State>MD</State>
            <ZIPCode>20852</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>250000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>Jewish Theological Seminary</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>3080 Broadway</AddressLine1>
            <City>New York</City>
            <State>NY</State>
            <ZIPCode>10027</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Educational</PurposeOfGrantOrContribution>
          <Amount>40000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>Jewish Social Service Agency</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>200 Wood Hill Rd</AddressLine1>
            <City>Rockville</City>
            <State>MD</State>
            <ZIPCode>20850</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>25000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>Mary's Center for Maternal and Child Care</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1419 Columbia Road NW</AddressLine1>
            <City>Washington</City>
            <State>DC</State>
            <ZIPCode>20009</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>70000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>Martha's Table</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>2114 14th Street NW</AddressLine1>
            <City>Washington</City>
            <State>DC</State>
            <ZIPCode>20009</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>25000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>National Academy of Sciences</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>500 5th Street NW</AddressLine1>
            <City>Washington</City>
            <State>DC</State>
            <ZIPCode>20001</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(c)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>New Israel Fund</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1101 14th Street NW</AddressLine1>
            <AddressLine2>Suite 600</AddressLine2>
            <City>Washington</City>
            <State>DC</State>
            <ZIPCode>20005</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>25000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>Seed Foundation</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1776 Massachusetts Avenue NW</AddressLine1>
            <AddressLine2>Suite 600</AddressLine2>
            <City>Washington</City>
            <State>DC</State>
            <ZIPCode>20036</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>Sidwell Friends School</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>3825 Wisconsin Ave NW</AddressLine1>
            <City>Washington</City>
            <State>DC</State>
            <ZIPCode>20016</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(c)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>25000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>Smithsonian of America</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO Box 37012</AddressLine1>
            <AddressLine2>SI Bulding Room 153 MRC 010</AddressLine2>
            <City>Washington</City>
            <State>DC</State>
            <ZIPCode>20013</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(c)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>Washington Grantmakers</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1400 16th Street NW Suite 740</AddressLine1>
            <City>Washington</City>
            <State>DC</State>
            <ZIPCode>20036</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>Not applicable</RecipientRelationship>
          <RecipientFoundationStatus>501(C)(3)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable</PurposeOfGrantOrContribution>
          <Amount>3750</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>693750</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <FeesContractsFromGovtAgencies />
        <MembershipDuesAndAssessments />
        <IntOnSavingsAndTempCashInvst>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>1331</ExclusionAmount>
        </IntOnSavingsAndTempCashInvst>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>266320</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <NetRentalIncmReDebtFincdProp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncmPersonalProperty />
        <OtherInvestmentIncomePartVII />
        <GainSalesAssetsOthThanInvntry>
          <ExclusionCode>18</ExclusionCode>
          <ExclusionAmount>561909</ExclusionAmount>
        </GainSalesAssetsOthThanInvntry>
        <NetIncomeLossFromSpecialEvents />
        <GrossProfitLossSalesOfInvntry />
        <OtherRevenueDescribed>
          <Description>PARTNERSHIPS</Description>
          <BusinessCode>525990</BusinessCode>
          <UnrelatedBusinessIncomeAmount>31769</UnrelatedBusinessIncomeAmount>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>8445</ExclusionAmount>
        </OtherRevenueDescribed>
        <SubtotalsPartXVIA>
          <UnrelatedBusinessIncomeAmount>31769</UnrelatedBusinessIncomeAmount>
          <ExclusionAmount>838005</ExclusionAmount>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>869774</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>
    <IRS990ScheduleB documentId="IRS990ScheduleB">
      <Organization501c3ExemptPF>X</Organization501c3ExemptPF>
      <GeneralRule>X</GeneralRule>
      <ContributorInfo>
        <ContributorNumber>1</ContributorNumber>
        <ContributorNameIndividual>Norman Bernstein</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>5301 Wisconsin Ave NW Suite 600</AddressLine1>
          <City>Washington</City>
          <State>DC</State>
          <ZIPCode>20015</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>1500000</AggregateContributions>
        <PersonContributionType>X</PersonContributionType>
      </ContributorInfo>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFees>
        <Category>ACCOUNTING</Category>
        <Amount>10097</Amount>
        <NetInvestmentIncome>9087</NetInvestmentIncome>
        <DisbursementsCharitablePrps>1010</DisbursementsCharitablePrps>
      </AccountingFees>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="DepreciationSch" />
    <ExplnOfNonFilingWithAGStmt documentId="ExplnOfNonFilingAGSt">
      <Statement>DC does not require the foundation to provide Form 990-PF</Statement>
    </ExplnOfNonFilingWithAGStmt>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorpStock>
        <NameOfStock>ARMGO</NameOfStock>
        <EOYBookValue>16855</EOYBookValue>
        <EOYFMV>16855</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>ARTISAN INTERNATIONAL FUND</NameOfStock>
        <EOYBookValue>663557</EOYBookValue>
        <EOYFMV>655369</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>CAUSEWAY INTERNATIONAL FUND</NameOfStock>
        <EOYBookValue>692148</EOYBookValue>
        <EOYFMV>658649</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>VANGUARD 500 INDEX FUND</NameOfStock>
        <EOYBookValue>779538</EOYBookValue>
        <EOYFMV>850397</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>ARTISAN MIDCAP FUND</NameOfStock>
        <EOYBookValue>194025</EOYBookValue>
        <EOYFMV>246566</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>PIMCO FUNDS</NameOfStock>
        <EOYBookValue>758576</EOYBookValue>
        <EOYFMV>751793</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOther>
        <CategoryOrItem>FOCUSED INVESTORS</CategoryOrItem>
        <BookValue>1194761</BookValue>
        <EOYFMV>1194761</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>CORE CAPITAL PARTNERS II LP</CategoryOrItem>
        <BookValue>191108</BookValue>
        <EOYFMV>191108</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>ARCHSTONE PARTNERS, LP</CategoryOrItem>
        <BookValue>1800745</BookValue>
        <EOYFMV>1800745</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>COMMONFUND CAPITAL PTR 2000 LP</CategoryOrItem>
        <BookValue>515541</BookValue>
        <EOYFMV>515541</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>COMMONFUND CAPITAL PTRS III LP</CategoryOrItem>
        <BookValue>479402</BookValue>
        <EOYFMV>479402</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>LANDMARK EQUITY PTRS XIII LLC</CategoryOrItem>
        <BookValue>264321</BookValue>
        <EOYFMV>264321</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>ADAMAS OPPORTUNITIES LP (3 YR)</CategoryOrItem>
        <BookValue>289664</BookValue>
        <EOYFMV>289664</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>ADAMAS OPPORTUNITIES, LP (1YR)</CategoryOrItem>
        <BookValue>1011339</BookValue>
        <EOYFMV>1011339</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>INVESTORS PARTNER FUND</CategoryOrItem>
        <BookValue>1045091</BookValue>
        <EOYFMV>1045091</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>BUTTERFEILD TRUST</CategoryOrItem>
        <BookValue>403622</BookValue>
        <EOYFMV>403622</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>ADAGE CAPITAL PARTNERS</CategoryOrItem>
        <BookValue>2718275</BookValue>
        <EOYFMV>2718275</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>LONE JUNIPER LP</CategoryOrItem>
        <BookValue>1062841</BookValue>
        <EOYFMV>1062841</EOYFMV>
      </InvestmentsOther>
    </InvestmentsOtherSchedule2>
    <LandEtcSchedule2 documentId="LandEtcSch2" />
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssets>
        <Description>SECURITY DEPOSIT</Description>
        <BOYBookValue>3053</BOYBookValue>
        <EOYBookValue>3053</EOYBookValue>
        <EOYFMV>3053</EOYFMV>
      </OtherAssets>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpenses>
        <Description>BANK SERVICE CHARGE</Description>
        <RevenueAndExpensesPerBooks>2077</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>1869</NetInvestmentIncome>
        <DisbursementsCharitablePrps>208</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>COMPUTER SOFTWARE</Description>
        <RevenueAndExpensesPerBooks>42</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>38</NetInvestmentIncome>
        <DisbursementsCharitablePrps>4</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>INSURANCE</Description>
        <RevenueAndExpensesPerBooks>1076</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>968</NetInvestmentIncome>
        <DisbursementsCharitablePrps>108</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>MISCELLANEOUS</Description>
        <RevenueAndExpensesPerBooks>70</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>63</NetInvestmentIncome>
        <DisbursementsCharitablePrps>7</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>OFFICE EXPENSES</Description>
        <RevenueAndExpensesPerBooks>125</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>113</NetInvestmentIncome>
        <DisbursementsCharitablePrps>112</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>TELEPHONE</Description>
        <RevenueAndExpensesPerBooks>733</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>660</NetInvestmentIncome>
        <DisbursementsCharitablePrps>73</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>K-1 PORTFOLIO DEDUCTIONS</Description>
        <RevenueAndExpensesPerBooks>136577</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>136577</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>K-1 NONDEDUCTIBLE EXPENSES</Description>
        <RevenueAndExpensesPerBooks>229773</RevenueAndExpensesPerBooks>
      </OtherExpenses>
      <OtherExpenses>
        <Description>K-1 FOREIGN TAXES PAID</Description>
        <RevenueAndExpensesPerBooks>6026</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>6026</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>K-1 OTHER DEDUCTIONS</Description>
        <RevenueAndExpensesPerBooks>55056</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>55056</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>K-1 CHARITABLE CONTRIBUTIONS</Description>
        <RevenueAndExpensesPerBooks>1408</RevenueAndExpensesPerBooks>
        <DisbursementsCharitablePrps>1408</DisbursementsCharitablePrps>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncome>
        <Description>K-1 Ordinary Income</Description>
        <RevenueAndExpensesPerBooks>-43894</RevenueAndExpensesPerBooks>
      </OtherIncome>
      <OtherIncome>
        <Description>K-1 Other Income</Description>
        <RevenueAndExpensesPerBooks>7950</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>7950</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>K-1 Rental</Description>
        <RevenueAndExpensesPerBooks>-2015</RevenueAndExpensesPerBooks>
      </OtherIncome>
      <OtherIncome>
        <Description>K-1 Royalties</Description>
        <RevenueAndExpensesPerBooks>14234</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>14234</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>K-1 Interest Income</Description>
        <RevenueAndExpensesPerBooks>56948</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>56478</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>K-1 Treasury Interest</Description>
        <RevenueAndExpensesPerBooks>2900</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>2900</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>K-1 1231 Gains</Description>
        <RevenueAndExpensesPerBooks>4091</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>4091</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>K-1 Book/Tax Differences</Description>
      </OtherIncome>
    </OtherIncomeSchedule2>
    <OtherNotesLoansRcvblLongSch documentId="OthNoteLoanRcvblLong">
      <OtherNotesLoansRcvblLong>
        <BorrowersName>
          <Business>
            <BusinessNameLine1>TZEDEC FUND NOTE RECEIVABLE</BusinessNameLine1>
          </Business>
        </BorrowersName>
        <OriginalAmountOfLoan>50000</OriginalAmountOfLoan>
        <DateOfNote>2004-10</DateOfNote>
        <MaturityDate>2007-10</MaturityDate>
        <InterestRate>0</InterestRate>
        <SecurityProvidedByBorrower>UNSECURED</SecurityProvidedByBorrower>
        <PurposeOfLoan>TO PROVIDE FOR LOW-INCOME COMMUNITY DEVELOPMENT</PurposeOfLoan>
      </OtherNotesLoansRcvblLong>
    </OtherNotesLoansRcvblLongSch>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFees>
        <Category>INVESTMENT CONSULTING SERVICES</Category>
        <Amount>34192</Amount>
        <NetInvestmentIncome>34192</NetInvestmentIncome>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <Taxes>
        <Category>PAYROLL TAXES</Category>
        <Amount>6099</Amount>
        <NetInvestmentIncome>1220</NetInvestmentIncome>
        <DisbursementsCharitablePrps>4879</DisbursementsCharitablePrps>
      </Taxes>
      <Taxes>
        <Category>FEDERAL TAXES</Category>
        <Amount>9810</Amount>
      </Taxes>
      <Taxes>
        <Category>DC TAXES</Category>
        <Amount>3169</Amount>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>