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        <CityNm>Fairfield</CityNm>
        <StateAbbreviationCd>CT</StateAbbreviationCd>
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      <PersonNm>DANIEL L KURTZ</PersonNm>
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      <PhoneNum>2123260170</PhoneNum>
      <SignatureDt>2018-10-11</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
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      <PreparerPersonNm>WILLIAM F CAROTHERS</PreparerPersonNm>
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      <SelfEmployedInd>X</SelfEmployedInd>
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      <IPDt>2018-10-11</IPDt>
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      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
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        <InterestOnSavingsAdjNetIncmAmt>90</InterestOnSavingsAdjNetIncmAmt>
        <DividendsRevAndExpnssAmt>238766</DividendsRevAndExpnssAmt>
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        <ContriPaidRevAndExpnssAmt>520000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>520000</ContriPaidDsbrsChrtblAmt>
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        <CashEOYAmt>58277</CashEOYAmt>
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        <SavAndTempCashInvstBOYAmt>743562</SavAndTempCashInvstBOYAmt>
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        <SavAndTempCashInvstEOYFMVAmt>1133637</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>7123460</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="00000005" referenceDocumentName="InvestmentsCorpStockSchedule">7233766</CorporateStockEOYAmt>
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        <CorporateBondsBOYAmt>692344</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="00000004" referenceDocumentName="InvestmentsCorpBondsSchedule">296687</CorporateBondsEOYAmt>
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        <TotalAssetsBOYAmt>8606731</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>8722367</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>11947410</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowSFAS117Ind>X</OrgDoesNotFollowSFAS117Ind>
        <RetainedEarningBOYAmt>8606731</RetainedEarningBOYAmt>
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        <TotNetAstOrFundBalancesEOYAmt>8722367</TotNetAstOrFundBalancesEOYAmt>
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      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>See attached schedule</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
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          <SoldDt>2017-11-30</SoldDt>
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        <DomesticOrgMeetingSect4940eInd>X</DomesticOrgMeetingSect4940eInd>
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        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
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        <TaxBasedOnInvestmentIncomeAmt>6822</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>10750</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>10750</TotalPaymentsAndCreditsAmt>
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        <AppliedToESTaxAmt>3928</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
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        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>NY</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>DANIEL L KURTZ ESQ</IndividualWithBooksNm>
        <PhoneNum>2123260170</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>7 Times Square</AddressLine1Txt>
          <CityNm>New York</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>10036</ZIPCd>
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        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
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        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
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        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
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        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
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            <StateAbbreviationCd>NY</StateAbbreviationCd>
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        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ELIZABETH OLOFSON-CO PRYOR CASHMAN</PersonNm>
          <USAddress>
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            <CityNm>New York</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
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          <TitleTxt>Director</TitleTxt>
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          <CompensationAmt>0</CompensationAmt>
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          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>RUTH ROSENBLATT - CO PRYOR CASHMAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>7 Times Square</AddressLine1Txt>
            <CityNm>New York</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10036</ZIPCd>
          </USAddress>
          <TitleTxt>Director</TitleTxt>
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          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>Morgan Stanley</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
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            <CityNm>Ft Lauderdale</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33302</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>Investment Advice</ServiceTypeTxt>
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        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
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        <AppliedToCurrentYearAmt>551767</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>2296</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>53890</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
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        <ExcessFromYear4Amt>3411</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>394</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>31506</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>16283</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>2296</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>NONE</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>See</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>attached</AddressLine1Txt>
            <CityNm>schedule</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10036</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>NFP</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Monetary assistance</GrantOrContributionPurposeTxt>
          <Amt>520000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>520000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
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        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
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          <RelatedOrExemptFunctionIncmAmt>238766</RelatedOrExemptFunctionIncmAmt>
        </DivAndIntFromSecPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>14</ExclusionCd>
          <RelatedOrExemptFunctionIncmAmt>596805</RelatedOrExemptFunctionIncmAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <RelatedOrExemptFunctionIncmAmt>835661</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>835661</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="00000002">
      <AccountingFeesDetail>
        <CategoryTxt>W.F. Carothers &amp; Co., LLC Tax return</CategoryTxt>
        <Amt>6750</Amt>
        <NetInvestmentIncomeAmt>6750</NetInvestmentIncomeAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <GainLossSaleOtherAssetsSch documentId="00000003">
      <GainLossSaleOtherAssetGrp>
        <GrossSalesPriceAmt>3235339</GrossSalesPriceAmt>
        <BasisAmt>2638534</BasisAmt>
        <TotalNetAmt>596805</TotalNetAmt>
      </GainLossSaleOtherAssetGrp>
    </GainLossSaleOtherAssetsSch>
    <InvestmentsCorpBondsSchedule documentId="00000004">
      <InvestmentsCorporateBondsGrp>
        <BondNm>See attached schedule</BondNm>
        <EOYBookValueAmt>296687</EOYBookValueAmt>
        <EOYFMVAmt>296555</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="00000005">
      <InvestmentsCorporateStockGrp>
        <StockNm>See attached schedule</StockNm>
        <EOYBookValueAmt>7233766</EOYBookValueAmt>
        <EOYFMVAmt>10458941</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <OtherDecreasesSchedule documentId="00000006">
      <OtherDecreasesDetail>
        <Desc>Book value modifications</Desc>
        <Amt>12498</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="00000007">
      <OtherExpensesScheduleGrp>
        <Desc>Professional organizations</Desc>
        <RevenueAndExpensesPerBooksAmt>2900</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>2900</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Annual filing fees</Desc>
        <RevenueAndExpensesPerBooksAmt>750</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>750</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Liability insurance</Desc>
        <RevenueAndExpensesPerBooksAmt>1301</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1301</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Transaction fees</Desc>
        <RevenueAndExpensesPerBooksAmt>425</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>425</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherProfessionalFeesSchedule documentId="00000008">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>Carret Asset Management Investment advisory fees</CategoryTxt>
        <Amt>33532</Amt>
        <NetInvestmentIncomeAmt>33532</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>Morgan Stanley Investment advisory fees</CategoryTxt>
        <Amt>104690</Amt>
        <NetInvestmentIncomeAmt>104690</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>Pryor Cashman LLP Administrative services</CategoryTxt>
        <Amt>37158</Amt>
        <NetInvestmentIncomeAmt>3095</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>34063</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="00000009">
      <TaxesDetail>
        <CategoryTxt>Taxes withheld on investment income</CategoryTxt>
        <Amt>21</Amt>
        <NetInvestmentIncomeAmt>21</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>