THE SAMUEL AND JEAN FRANKEL HEALTH AND RESEARCH FOUNDATION: Form 990PF, tax year 2015

View the entire original 990 at ProPublica ↗

Organization: THE SAMUEL AND JEAN FRANKEL HEALTH AND RESEARCH FOUNDATION (EIN 30-0095044)
Tax period: 2015-01-01 to 2015-12-31
Filed: 2016-08-11
IRS object ID: 201632249349101113
Schema version: 2015v2.1
Source: Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header
Form 990-PF
Accounting Fees Schedule
Investments Corp Bonds Schedule
Investments Corp Stock Schedule
Investments Govt Obligations Sch
Investments Other Schedule2
Other Assets Schedule
Other Expenses Schedule
Other Income Schedule2
Other Professional Fees Schedule
Taxes Schedule

Return header ReturnHeader

Field	Value	IRS element (for citing)
Return	2016-08-11T16:31:08-05:00	ReturnTs
Tax Period End	2015-12-31	TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

Field	Value	IRS element (for citing)
Preparer Firm EIN	382322726	PreparerFirmEIN

Preparer Firm Name PreparerFirmName

Field	Value	IRS element (for citing)
Business Name Line1	TAMA BUDAJ & RAAB PC	BusinessNameLine1Txt

Preparer US Address PreparerUSAddress

Field	Value	IRS element (for citing)
Address Line1	32783 MIDDLEBELT ROAD	AddressLine1Txt
City	FARMINGTON HILLS	CityNm
State Abbreviation	MI	StateAbbreviationCd
ZIP	483341726	ZIPCd

Field	Value	IRS element (for citing)
Return Type	990PF	ReturnTypeCd
Tax Period Begin	2015-01-01	TaxPeriodBeginDt

Filer Filer

Field	Value	IRS element (for citing)
EIN	300095044	EIN

Business Name BusinessName

Field	Value	IRS element (for citing)
Business Name Line1	THE SAMUEL AND JEAN FRANKEL	BusinessNameLine1Txt
Business Name Line2	HEALTH AND RESEARCH FOUNDATION	BusinessNameLine2Txt

Field	Value	IRS element (for citing)
Business Name Control	SAMU	BusinessNameControlTxt
Phone	2486451307	PhoneNum

US Address USAddress

Field	Value	IRS element (for citing)
Address Line1	1004 BROOKWOOD	AddressLine1Txt
City	BIRMINGHAM	CityNm
State Abbreviation	MI	StateAbbreviationCd
ZIP	48009	ZIPCd

Business Officer BusinessOfficerGrp

Field	Value	IRS element (for citing)
Person	JO ELYN NYMAN	PersonNm
Person Title	VICE PRESIDENT	PersonTitleTxt
Phone	2486451307	PhoneNum
Signature	2016-08-04	SignatureDt
Discuss With Paid Preparer	Yes (1)	DiscussWithPaidPreparerInd

Preparer Person PreparerPersonGrp

Field	Value	IRS element (for citing)
Preparer Person	JOHN W WEIPERT	PreparerPersonNm
PTIN	P00013175	PTIN
Phone	2486263800	PhoneNum
Preparation	2016-08-04	PreparationDt

Field	Value	IRS element (for citing)
Tax	2015	TaxYr
Build TS	2016-12-15 16:53:06Z	BuildTS

Form 990-PF IRS990PF

Field	Value	IRS element (for citing)
Organization501c3 Exempt PF	Yes (X)	Organization501c3ExemptPFInd
FMV Assets EOY	$21,331,851	FMVAssetsEOYAmt
Method Of Accounting Cash	Yes (X)	MethodOfAccountingCashInd

Analysis Of Revenue And Expenses AnalysisOfRevenueAndExpenses

Field	Value	IRS element (for citing)
Schedule B Not Required	Yes (X)	ScheduleBNotRequiredInd
Interest On Sav Rev And Expnss	$284,410	InterestOnSavRevAndExpnssAmt
Interest On Sav Net Invst Incm	$284,410	InterestOnSavNetInvstIncmAmt
Dividends Rev And Expnss	$491,352	DividendsRevAndExpnssAmt
Dividends Net Invst Incm	$477,234	DividendsNetInvstIncmAmt
Net Gain Sale Ast Rev And Expnss	$694,272	NetGainSaleAstRevAndExpnssAmt
Gross Sales Price	$4,956,081	GrossSalesPriceAmt
Cap Gain Net Incm Net Invst Incm	$694,272	CapGainNetIncmNetInvstIncmAmt
Other Income Rev And Expnss	$12,500	OtherIncomeRevAndExpnssAmt
Other Income Net Invst Incm	$12,500	OtherIncomeNetInvstIncmAmt
Total Rev And Expnss	$1,482,534	TotalRevAndExpnssAmt
Total Net Invst Incm	$1,468,416	TotalNetInvstIncmAmt
Comp Ofcr Dir Trst Rev And Expnss	$0	CompOfcrDirTrstRevAndExpnssAmt
Comp Ofcr Dir Trst Net Invst Incm	$0	CompOfcrDirTrstNetInvstIncmAmt
Comp Ofcr Dir Trst Dsbrs Chrtbl	$0	CompOfcrDirTrstDsbrsChrtblAmt
Accounting Fees Rev And Expnss	$2,500	AccountingFeesRevAndExpnssAmt
Accounting Fees Net Invst Incm	$0	AccountingFeesNetInvstIncmAmt
Accounting Fees Chrtbl Prps	$0	AccountingFeesChrtblPrpsAmt
Other Prof Fees Rev And Expnss	$81,810	OtherProfFeesRevAndExpnssAmt
Other Prof Fees Net Invst Incm	$0	OtherProfFeesNetInvstIncmAmt
Other Prof Fees Dsbrs Chrtbl	$0	OtherProfFeesDsbrsChrtblAmt
Interest Rev And Expnss	$205	InterestRevAndExpnssAmt
Interest Net Invst Incm	$0	InterestNetInvstIncmAmt
Interest Dsbrs Chrtbl	$0	InterestDsbrsChrtblAmt
Taxes Rev And Expnss	$17,755	TaxesRevAndExpnssAmt
Taxes Net Invst Incm	$0	TaxesNetInvstIncmAmt
Taxes Dsbrs Chrtbl	$0	TaxesDsbrsChrtblAmt
Other Expenses Rev And Expnss	$8,272	OtherExpensesRevAndExpnssAmt
Other Expenses Net Invst Incm	$0	OtherExpensesNetInvstIncmAmt
Other Expenses Dsbrs Chrtbl	$0	OtherExpensesDsbrsChrtblAmt
Tot Opr Expenses Rev And Expnss	$110,542	TotOprExpensesRevAndExpnssAmt
Tot Opr Expenses Net Invst Incm	$0	TotOprExpensesNetInvstIncmAmt
Tot Opr Expenses Dsbrs Chrtbl	$0	TotOprExpensesDsbrsChrtblAmt
Contri Paid Rev And Expnss	$1,525,000	ContriPaidRevAndExpnssAmt
Contri Paid Dsbrs Chrtbl	$1,525,000	ContriPaidDsbrsChrtblAmt
Total Expenses Rev And Expnss	$1,635,542	TotalExpensesRevAndExpnssAmt
Total Expenses Net Invst Incm	$0	TotalExpensesNetInvstIncmAmt
Total Expenses Dsbrs Chrtbl	$1,525,000	TotalExpensesDsbrsChrtblAmt
Excess Revenue Over Expenses	-$153,008	ExcessRevenueOverExpensesAmt
Net Investment Income	$1,468,416	NetInvestmentIncomeAmt

Form990 PF Balance Sheets Form990PFBalanceSheetsGrp

Field	Value	IRS element (for citing)
Sav And Temp Cash Invst BOY	$400,056	SavAndTempCashInvstBOYAmt
Sav And Temp Cash Invst EOY	$473,472	SavAndTempCashInvstEOYAmt
Sav And Temp Cash Invst EOYFMV	$473,472	SavAndTempCashInvstEOYFMVAmt
Acct Rcvbl	$18,178	AcctRcvblAmt
Acct Rcvbl BOY	$60,523	AcctRcvblBOYAmt
Acct Rcvbl EOY	$18,178	AcctRcvblEOYAmt
Acct Rcvbl EOYFMV	$18,178	AcctRcvblEOYFMVAmt
US Government Obligations BOY	$4,387,185	USGovernmentObligationsBOYAmt
US Government Obligations EOY	$4,381,686	USGovernmentObligationsEOYAmt
US Govt Obligations EOYFMV	$4,838,286	USGovtObligationsEOYFMVAmt
Corporate Stock BOY	$2,572,996	CorporateStockBOYAmt
Corporate Stock EOY	$1,938,131	CorporateStockEOYAmt
Corporate Stock EOYFMV	$2,406,265	CorporateStockEOYFMVAmt
Corporate Bonds BOY	$2,063,979	CorporateBondsBOYAmt
Corporate Bonds EOY	$2,802,896	CorporateBondsEOYAmt
Corporate Bonds EOYFMV	$2,897,039	CorporateBondsEOYFMVAmt
Other Investments BOY	$11,269,946	OtherInvestmentsBOYAmt
Other Investments EOY	$10,997,798	OtherInvestmentsEOYAmt
Other Investments EOYFMV	$10,698,611	OtherInvestmentsEOYFMVAmt
Other Assets BOY	-$18,922	OtherAssetsBOYAmt
Other Assets EOY	-$29,406	OtherAssetsEOYAmt
Other Assets EOYFMV	$0	OtherAssetsEOYFMVAmt
Total Assets BOY	$20,735,763	TotalAssetsBOYAmt
Total Assets EOY	$20,582,755	TotalAssetsEOYAmt
Total Assets EOYFMV	$21,331,851	TotalAssetsEOYFMVAmt
Total Liabilities BOY	$0	TotalLiabilitiesBOYAmt
Total Liabilities EOY	$0	TotalLiabilitiesEOYAmt
Org Does Not Follow SFAS117	Yes (X)	OrgDoesNotFollowSFAS117Ind
Capital Stock BOY	$0	CapitalStockBOYAmt
Capital Stock EOY	$0	CapitalStockEOYAmt
Additional Paid In Capital BOY	$0	AdditionalPaidInCapitalBOYAmt
Additional Paid In Capital EOY	$0	AdditionalPaidInCapitalEOYAmt
Retained Earning BOY	$20,735,763	RetainedEarningBOYAmt
Retained Earning EOY	$20,582,755	RetainedEarningEOYAmt
Tot Net Ast Or Fund Balances BOY	$20,735,763	TotNetAstOrFundBalancesBOYAmt
Tot Net Ast Or Fund Balances EOY	$20,582,755	TotNetAstOrFundBalancesEOYAmt
Total Liabilities Net Ast BOY	$20,735,763	TotalLiabilitiesNetAstBOYAmt
Total Liabilities Net Ast EOY	$20,582,755	TotalLiabilitiesNetAstEOYAmt

Chg In Net Assets Fund Balances ChgInNetAssetsFundBalancesGrp

Field	Value	IRS element (for citing)
Tot Net Ast Or Fund Balances BOY	$20,735,763	TotNetAstOrFundBalancesBOYAmt
Excess Revenue Over Expenses	-$153,008	ExcessRevenueOverExpensesAmt
Other Increases	$0	OtherIncreasesAmt
Subtotal	$20,582,755	SubtotalAmt
Other Decreases	$0	OtherDecreasesAmt
Tot Net Ast Or Fund Balances EOY	$20,582,755	TotNetAstOrFundBalancesEOYAmt

Cap Gains Loss Tx Invst Incm Detail CapGainsLossTxInvstIncmDetail

Cap Gains Loss Tx Invst Incm CapGainsLossTxInvstIncmGrp (52 entries)

PropertyPropertyDesc	How AcquiredHowAcquiredCd	AcquiredAcquiredDt	SoldSoldDt	Gross Sales PriceGrossSalesPriceAmt	Cost Or Other BasisCostOrOtherBasisAmt	Gain Or LossGainOrLossAmt	Gains Minus Excess Or LossesGainsMinusExcessOrLossesAmt
RAYONIER ADVANCED MATERIALS 666 SHS	P	2014-05-22	2015-04-23	$10,050	$24,062	-$14,012	-$14,012
AQR DIVERSIFIED 296 SHS	P	2014-12-22	2015-04-09	$3,007	$2,996	$11	$11
THIRD AVENUE FOCUSED 1927 SHS	P	2015-03-24	2015-05-13	$18,191	$20,216	-$2,025	-$2,025
PRUDENTIAL SHORT TERM 430 SHS	P	2015-03-31	2015-04-09	$4,851	$4,875	-$24	-$24
THIRD AVENUE VALUE 188 SHS	P	2014-12-09	2015-05-13	$10,975	$10,672	$303	$303
FAIRHOLME FUND .3490 SHS	P	2014-12-29	2015-07-22	$13	$12	$1	$1
JENSEN QUALITY GROWTH .2360 SHS	P	2015-06-23	2015-07-22	$10	$10	$0	$0
GOLDMAN SACH STRATEGIC 892 SHS	P	2014-12-31	2015-12-01	$8,815	$9,001	-$186	-$186
LOOMIS SAYLES STRATEGIC 760 SHS	P	2015-09-30	2015-12-01	$7,328	$7,512	-$184	-$184
ADVISORY RESEARCH MLP .146 SHS	P	2015-05-28	2015-07-22	$2	$2	$0	$0
IVY ASSET STRATEGY 2088 SHS	P	2014-12-11	2015-05-13	$55,298	$54,277	$1,021	$1,021
WINTERGREEN FUND 153 SHS	P	2014-12-18	2015-05-13	$2,585	$2,614	-$29	-$29
LORD ABBETT SHORT DURATION 955 SHS	P	2015-08-31	2015-09-15	$4,185	$4,257	-$72	-$72
PIMCO LOW DURATION .197 SHS	P	2015-03-31	2015-04-09	$2	$2	$0	$0
PIMCO UNCONSTRAINED 575 SHS	P	2015-11-30	2015-12-01	$6,145	$6,360	-$215	-$215
AQR DIVERSIFIED 690 SHS	P	2013-12-23	2015-04-09	$7,010	$7,526	-$516	-$516
THIRD AVENUE FOCUSED 3271 SHS	P	2014-03-25	2015-05-13	$30,878	$34,856	-$3,978	-$3,978
PRUDENTIAL SHORT TERM 2613 SHS	P	2012-11-02	2015-04-09	$29,475	$30,051	-$576	-$576
THIRD AVENUE VALUE 187 SHS	P	2013-12-18	2015-05-13	$10,947	$9,950	$997	$997
GOLDMAN SACH STRATEGIC 26542 SHS	P	2014-11-28	2015-12-01	$261,511	$269,454	-$7,943	-$7,943
LOOMIS SAYLES STRATEGIC 1754 SHS	P	2014-09-24	2015-12-01	$16,909	$17,664	-$755	-$755
ADVISORY RESEARCH MLP 8278 SHS	P	2013-07-26	2015-07-22	$100,000	$98,032	$1,968	$1,968
IVY ASSET STRATEGY 377 SHS	P	2013-12-12	2015-05-13	$9,983	$10,029	-$46	-$46
WINTERGREEN FUND 9945 SHS	P	2013-12-19	2015-05-13	$167,872	$151,245	$16,627	$16,627
LORD ABBETT SHORT DURATION 3489 SHS	P	2013-01-03	2015-09-15	$15,282	$16,025	-$743	-$743
PIMCO UNCONSTRAINED 1755 SHS	P	2012-01-31	2015-12-01	$18,729	$19,877	-$1,148	-$1,148
DJIA MITTS ISSUER BAC 15000 SHS	P	2010-01-27	2015-01-07	$253,494	$150,123	$103,371	$103,371
DJIA MITTS ISSUER BAC 20000 SHS	P	2010-11-23	2015-04-09	$323,400	$233,549	$89,851	$89,851
NUVEEN MORTGAGE 6000 SHS	P	2009-11-24	2015-04-13	$138,426	$147,660	-$9,234	-$9,234
WESTERN ASSET MTG 5000 SHS	P	2010-02-23	2015-04-13	$120,751	$100,000	$20,751	$20,751
DB CAPITAL FDG 5000 SHS	P	2010-05-07	2015-04-20	$125,000	$92,563	$32,437	$32,437
AQR DIVERSIFIED 14525 SHS	P	2011-12-19	2015-04-09	$147,574	$156,245	-$8,671	-$8,671
THIRD AVENUE FOCUSED 18195 SHS	P	2011-12-20	2015-05-13	$171,761	$185,557	-$13,796	-$13,796
PRUDENTIAL SHORT TERM 17930 SHS	P	2011-09-30	2015-04-09	$202,112	$204,736	-$2,624	-$2,624
THIRD AVENUE VALUE 3030 SHS	P	2011-12-21	2015-05-13	$176,791	$133,009	$43,782	$43,782
FAIRHOLME FUND 1390.472 SHS	P	2009-10-02	2015-07-22	$49,987	$37,793	$12,194	$12,194
JENSEN QUALITY GROWTH 1242 SHS	P	2009-09-30	2015-07-22	$49,991	$27,771	$22,220	$22,220
LOOMIS SAYLES STRATEGIC 15258 SHS	P	2011-12-29	2015-12-01	$147,087	$155,109	-$8,022	-$8,022
IVY ASSET STRATEGY 10384 SHS	P	2011-12-08	2015-05-13	$274,968	$230,187	$44,781	$44,781
LORD ABBETT SHORT DURATION 20360 SHS	P	2011-12-30	2015-09-15	$89,177	$92,611	-$3,434	-$3,434
PIMCO LOW DURATION 9891 SHS	P	2009-09-30	2015-04-09	$99,998	$100,987	-$989	-$989
PIMCO UNCONSTRAINED 29112 SHS	P	2011-12-30	2015-12-01	$317,656	$315,695	$1,961	$1,961
GENERAL ELECTRIC - CASH IN LIEU	P	2015-12-17	2015-12-17	$405	$395	$10	$10
GM ARN ISSUER 10000 SHS	P	2014-07-15	2015-07-31	$82,606	$100,000	-$17,394	-$17,394
GENERAL ELEC CAP CORP 100000 SHS	P	2013-01-10	2015-12-03	$108,328	$116,250	-$7,922	-$7,922
AFFILIATED MANAGERS CLD 8000 SHS	P	2012-10-03	2015-10-22	$200,000	$200,000	$0	$0
MSCIWRL MITTS ISSUER BAC 15000 SHS	P	2009-12-22	2015-01-14	$216,484	$216,484	$0	$0
CLOUGH ACCESS 203295 SHS	P	2011-06-01	2015-04-16	$208,988	$200,000	$8,988	$8,988
OZOFII ACCESS 157371 SHS	P	2010-11-01	2015-04-16	$199,469	$150,000	$49,469	$49,469
YORK TOTAL ACCESS 117723 SHS	P	2010-11-01	2015-04-23	$127,142	$100,000	$27,142	$27,142
ARDEN SAGE 4475 SHS	P	2010-11-01	2015-09-22	$2,567	$3,508	-$941	-$941
CAPITAL GAINS DIVIDENDS	P			$321,866		$321,866	$321,866

Field	Value	IRS element (for citing)
Capital Gain Net Income	$694,272	CapitalGainNetIncomeAmt

Qlfy Und Sect4940e Reduced Tax QlfyUndSect4940eReducedTaxGrp

Field	Value	IRS element (for citing)
Liable Section4942 Tax	0	LiableSection4942TaxInd
Adjusted Qlfy Distri Yr1	$1,088,740	AdjustedQlfyDistriYr1Amt
Net Vl Noncharitable Assets Yr1	$20,920,382	NetVlNoncharitableAssetsYr1Amt
Distribution Yr1	0.052042	DistributionYr1Rt
Adjusted Qlfy Distri Yr2	$1,039,991	AdjustedQlfyDistriYr2Amt
Net Vl Noncharitable Assets Yr2	$20,323,874	NetVlNoncharitableAssetsYr2Amt
Distribution Yr2	0.051171	DistributionYr2Rt
Adjusted Qlfy Distri Yr3	$1,116,912	AdjustedQlfyDistriYr3Amt
Net Vl Noncharitable Assets Yr3	$21,549,192	NetVlNoncharitableAssetsYr3Amt
Distribution Yr3	0.051831	DistributionYr3Rt
Adjusted Qlfy Distri Yr4	$1,017,037	AdjustedQlfyDistriYr4Amt
Net Vl Noncharitable Assets Yr4	$21,237,148	NetVlNoncharitableAssetsYr4Amt
Distribution Yr4	0.047890	DistributionYr4Rt
Adjusted Qlfy Distri Yr5	$1,044,096	AdjustedQlfyDistriYr5Amt
Net Vl Noncharitable Assets Yr5	$21,354,958	NetVlNoncharitableAssetsYr5Amt
Distribution Yr5	0.048892	DistributionYr5Rt
Total Distribution	0.251826	TotalDistributionRt
Average Distribution	0.050365	AverageDistributionRt
Net Vl Noncharitable Assets	$20,859,582	NetVlNoncharitableAssetsAmt
Adj Net Vl Noncharitable Assets	$1,050,593	AdjNetVlNoncharitableAssetsAmt
Net Investment Income Pct	$14,684	NetInvestmentIncomePctAmt
Adj Nonchrtbl Net Invst Incm Pct	$1,065,277	AdjNonchrtblNetInvstIncmPctAmt
Qualifying Distributions	$1,525,000	QualifyingDistributionsAmt

Excise Tax Based On Invst Incm ExciseTaxBasedOnInvstIncmGrp

Field	Value	IRS element (for citing)
Domestic Org Meeting Sect4940e	Yes (X)	DomesticOrgMeetingSect4940eInd
Investment Income Excise Tax	$14,684	InvestmentIncomeExciseTaxAmt
Tax Under Section511	$0	TaxUnderSection511Amt
Subtotal	$14,684	SubtotalAmt
Subtitle A Tax	$0	SubtitleATaxAmt
Tax Based On Investment Income	$14,684	TaxBasedOnInvestmentIncomeAmt
Estimated Plus Ovpmt Incm Tx	$15,846	EstimatedPlusOvpmtIncmTxAmt
Applied To Es Tax	$15,000	AppliedToEsTaxAmt
Total Payments And Credits	$30,846	TotalPaymentsAndCreditsAmt
Overpayment	$16,162	OverpaymentAmt
Applied To ES Tax	$16,162	AppliedToESTaxAmt
Refund	$0	RefundAmt

Statements Regarding Acty StatementsRegardingActyGrp

Field	Value	IRS element (for citing)
Legislative Political Acty	0	LegislativePoliticalActyInd
More Than100 Spent	0	MoreThan100SpentInd
Form1120 POL Filed	0	Form1120POLFiledInd
Section4955 Organization Tax	$0	Section4955OrganizationTaxAmt
Section4955 Managers Tax	$0	Section4955ManagersTaxAmt
Tax Reimbursed	$0	TaxReimbursedAmt
Activities Not Previously Rpt	0	ActivitiesNotPreviouslyRptInd
Changes To Articles Or Bylaws	0	ChangesToArticlesOrBylawsInd
Unrelated Bus Incm Over Limit	0	UnrelatedBusIncmOverLimitInd
Organization Dissolved Etc	0	OrganizationDissolvedEtcInd
Section508e Rqr Satisfied	Yes (1)	Section508eRqrSatisfiedInd
At Least5000 In Assets	Yes (1)	AtLeast5000InAssetsInd
Org Report Or Register State	MI	OrgReportOrRegisterStateCd
Form990 PF Filed With Atty Gen	Yes (1)	Form990PFFiledWithAttyGenInd
Private Operating Foundation	0	PrivateOperatingFoundationInd
New Substantial Contributors	0	NewSubstantialContributorsInd
Own Controlled Entity	0	OwnControlledEntityInd
Donor Advised Fund	0	DonorAdvisedFundInd
Comply With Public Insp Rqr	Yes (1)	ComplyWithPublicInspRqrInd
Website Address	N/A	WebsiteAddressTxt
Individual With Books	JO ELYN NYMAN	IndividualWithBooksNm
Phone	2486451307	PhoneNum

Location Of Books US Address LocationOfBooksUSAddress

Field	Value	IRS element (for citing)
Address Line1	1004 BROOKWOOD	AddressLine1Txt
City	BIRMINGHAM	CityNm
State Abbreviation	MI	StateAbbreviationCd
ZIP	48009	ZIPCd

Field	Value	IRS element (for citing)
Foreign Accounts Question	0	ForeignAccountsQuestionInd

Statements Regarding Acty4720 StatementsRegardingActy4720Grp

Field	Value	IRS element (for citing)
Sale Or Exch Disqualified Prsn	0	SaleOrExchDisqualifiedPrsnInd
Brrw Or Lend Disqualified Prsn	0	BrrwOrLendDisqualifiedPrsnInd
Furn Goods Disqualified Prsn	0	FurnGoodsDisqualifiedPrsnInd
Pay Comp Disqualified Prsn	0	PayCompDisqualifiedPrsnInd
Transfer Ast Disqualified Prsn	0	TransferAstDisqualifiedPrsnInd
Payment To Government Official	0	PaymentToGovernmentOfficialInd
Uncorrected Prior Acts	0	UncorrectedPriorActsInd
Undistributed Income PY	0	UndistributedIncomePYInd
Business Holdings	0	BusinessHoldingsInd
Jeopardy Investments	0	JeopardyInvestmentsInd
Uncorrected PY Jeopardy Invst	0	UncorrectedPYJeopardyInvstInd
Influence Legislation	0	InfluenceLegislationInd
Influence Election	0	InfluenceElectionInd
Grants To Individuals	0	GrantsToIndividualsInd
Grants To Organizations	0	GrantsToOrganizationsInd
Noncharitable Purpose	0	NoncharitablePurposeInd
Rcv Fnds To Pay Prsnl Bnft Cntrct	0	RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct	0	PayPremiumsPrsnlBnftCntrctInd
Prohibited Tax Shelter Trans	0	ProhibitedTaxShelterTransInd

Officer Dir Trst Key Empl Info OfficerDirTrstKeyEmplInfoGrp

Officer Dir Trst Key Empl OfficerDirTrstKeyEmplGrp (3 entries)

Address Line1USAddress/AddressLine1Txt	CityUSAddress/CityNm	State AbbreviationUSAddress/StateAbbreviationCd	ZIPUSAddress/ZIPCd	TitleTitleTxt	Average Hrs Per Wk Devoted To PosAverageHrsPerWkDevotedToPosRt	CompensationCompensationAmt	Employee Benefit ProgramEmployeeBenefitProgramAmt	Expense Account Other AllwncExpenseAccountOtherAllwncAmt
BRUCE FRANKEL
700 ARDMOOR DRIVE	BLOOMFIELD	MI	48301	PRESIDENT AND TRUSTEE	2.00	$0	$0	$0
JO ELYN NYMAN
1004 BROOKWOOD	BIRMINGHAM	MI	48009	VICE PRESIDENT, TREASURER,	4.00	$0	$0	$0
GEORGE NYMAN
1004 BROOKWOOD	BIRMINGHAM	MI	48009	SECRETARY AND TRUSTEE	2.00	$0	$0	$0

Field	Value	IRS element (for citing)
Comp Of Hghst Pd Empl Or NONE	NONE	CompOfHghstPdEmplOrNONETxt
Other Employee Paid Over50k	0	OtherEmployeePaidOver50kCnt
Comp Of Hghst Pd Cntrct Or NONE	NONE	CompOfHghstPdCntrctOrNONETxt
Contractor Paid Over50k	0	ContractorPaidOver50kCnt

Sum Of Program Related Invst SumOfProgramRelatedInvstGrp

Field	Value	IRS element (for citing)
Total	$0	TotalAmt

Minimum Investment Return MinimumInvestmentReturnGrp

Field	Value	IRS element (for citing)
Average Monthly FMV Of Sec	$20,740,477	AverageMonthlyFMVOfSecAmt
Average Monthly Cash Balances	$436,764	AverageMonthlyCashBalancesAmt
FMV All Other Noncharitable Ast	$0	FMVAllOtherNoncharitableAstAmt
Total FMV Of Unused Assets	$21,177,241	TotalFMVOfUnusedAssetsAmt
Reduction Claimed	$0	ReductionClaimedAmt
Acquisition Indebtedness	$0	AcquisitionIndebtednessAmt
Adjusted Total FMV Of Unused Ast	$21,177,241	AdjustedTotalFMVOfUnusedAstAmt
Cash Deemed Charitable	$317,659	CashDeemedCharitableAmt
Net Vl Noncharitable Assets	$20,859,582	NetVlNoncharitableAssetsAmt
Minimum Investment Return	$1,042,979	MinimumInvestmentReturnAmt

Distributable Amount DistributableAmountGrp

Field	Value	IRS element (for citing)
Minimum Investment Return	$1,042,979	MinimumInvestmentReturnAmt
Tax Based On Investment Income	$14,684	TaxBasedOnInvestmentIncomeAmt
Total Tax	$14,684	TotalTaxAmt
Distributable Before Adj	$1,028,295	DistributableBeforeAdjAmt
Recoveries Qualfied Distri	$0	RecoveriesQualfiedDistriAmt
Distributable Before Ded	$1,028,295	DistributableBeforeDedAmt
Deduction From Distributable	$0	DeductionFromDistributableAmt
Distributable As Adjusted	$1,028,295	DistributableAsAdjustedAmt

Qualifying Distri Part XII QualifyingDistriPartXIIGrp

Field	Value	IRS element (for citing)
Expenses And Contributions	$1,525,000	ExpensesAndContributionsAmt
Program Related Invst Total	$0	ProgramRelatedInvstTotalAmt
Qualifying Distributions	$1,525,000	QualifyingDistributionsAmt
Pct Sect4940e Org Net Invst Incm	$14,684	PctSect4940eOrgNetInvstIncmAmt
Adjusted Qualifying Distri	$1,510,316	AdjustedQualifyingDistriAmt

Undistributed Income UndistributedIncomeGrp

Field	Value	IRS element (for citing)
Distributable As Adjusted	$1,028,295	DistributableAsAdjustedAmt
Undistributed Income PY	$885,210	UndistributedIncomePYAmt
Total For Prior Years	$0	TotalForPriorYearsAmt
Total Excess Distribution Cyov	$0	TotalExcessDistributionCyovAmt
Qualifying Distributions	$1,525,000	QualifyingDistributionsAmt
Applied To Year1	$885,210	AppliedToYear1Amt
Applied To Prior Years	$0	AppliedToPriorYearsAmt
Treated As Distri From Corpus	$0	TreatedAsDistriFromCorpusAmt
Applied To Current Year	$639,790	AppliedToCurrentYearAmt
Remaining Distri From Corpus	$0	RemainingDistriFromCorpusAmt
Excess Distri Cyov App CY Corpus	$0	ExcessDistriCyovAppCYCorpusAmt
Excess Distribution Cyov App CY	$0	ExcessDistributionCyovAppCYAmt
Total Corpus	$0	TotalCorpusAmt
Prior Year Undistributed Incm	$0	PriorYearUndistributedIncmAmt
Prior Year Deficiency Or Tax	$0	PriorYearDeficiencyOrTaxAmt
Taxable1	$0	Taxable1Amt
Taxable2	$0	Taxable2Amt
Undistributed Income CY	$388,505	UndistributedIncomeCYAmt
Corpus Distri170b1 E Or4942g3	$0	CorpusDistri170b1EOr4942g3Amt
Excess Distri Cyov From Yr5	$0	ExcessDistriCyovFromYr5Amt
Excess Distri Cyov To Next Yr	$0	ExcessDistriCyovToNextYrAmt

Supplementary Information SupplementaryInformationGrp

Field	Value	IRS element (for citing)
Contributing Manager	BRUCE FRANKEL	ContributingManagerNm
Only Contri To Preselected	Yes (X)	OnlyContriToPreselectedInd

Grant Or Contribution Pd Dur Yr GrantOrContributionPdDurYrGrp (12 entries)

Address Line1RecipientUSAddress/AddressLine1Txt	CityRecipientUSAddress/CityNm	State AbbreviationRecipientUSAddress/StateAbbreviationCd	ZIPRecipientUSAddress/ZIPCd	Recipient RelationshipRecipientRelationshipTxt	Recipient Foundation StatusRecipientFoundationStatusTxt	Grant Or Contribution PurposeGrantOrContributionPurposeTxt	AmtAmt	Address Line2RecipientUSAddress/AddressLine2Txt
AMERICAN DIABETES ASSOCIATION
1701 NORTH BEAUREGARD STREET	ALEXANDRIA	VA	22311	NONE	501(C)(3)	MEDICAL RESEARCH	$35,000
BEAR HUG FOUNDATION
139 W MAPLE SUITE F	BIRMINGHAM	MI	48009	NONE	501(C)(3)	OUTDOOR EDUCATIONAL AND RECREATIONAL ACTIVITIES FOR FOSTER CHILDREN	$30,000
CAMP MAK-A-DREAM
121 W LONG LAKE ROAD	BLOOMFIELD HILLS	MI	48304	NONE	501(C)(3)	ASSISTANCE FOR CHILDREN AND YOUNG ADULTS WITH CANCER	$5,000
CARE HOUSE OF OAKLAND COUNTY
44765 WOODWARD AVENUE	PONTIAC	MI	48341	NONE	501(C)(3)	ASSISTANCE FOR ABUSED AND NEGLECTED CHILDREN	$100,000
CHRONS & COLITIS FOUNDATION
25882 ORCHARD LAKE ROAD SUITE 102	FARMINGTON HILLS	MI	48336	NONE	501(C)(3)	MEDICAL RESEARCH	$40,000
FAR CONSERVATORY
1669 WEST MAPLE ROAD	BIRMINGHAM	MI	48009	NONE	501(C)(3)	ASSISTANCE FOR PEOPLE WITH DISABILITIES	$30,000
HOSPICE OF MICHIGAN
43097 WOODWARD AVENUE SUITE 102	BLOOMFIELD HILLS	MI	48302	NONE	501(C)(3)	ASSISTANCE FOR GRIEF SUPPORT PROGRAM FOR CHILDREN.	$500,000
JARC
30301 NORTHWESTERN HIGHWAY SUITE	FARMINGTON HILLS	MI	48334	NONE	501(C)(3)	ASSISTANCE FOR PEOPLE WITH DISABILITIES	$230,000	100
JEWISH HOPICE & CHAPLAINCY NETWORK
6555 W MAPLE ROAD	WEST BLOOMFIELD	MI	48322	NONE	501(C)(3)	PALLIATIVE CARE AND HOSPICE CARE FOR THE TERMINALLY ILL	$35,000
MICHIGAN LEAGUE FOR PUBLIC POLICY
1223 TURNER STREET STE G1	LANSING	MI	48906	NONE	501(C)(3)	ECONOMIC SECURITY AND WELL-BEING FOR PEOPLE IN MICHIGAN	$15,000
UNIVERSITY OF MICHIGAN
3003 SOUTH STATE ST STE 8000	ANN ARBOR	MI	48109	NONE	501(C)(3)	NEW MEDICAL FACILITY	$500,000
GARY BURNSTEIN COMMUNITY HEALTH CLINIC
45580 WOODWARD AVE	PONTIAC	MI	48341	NONE	501(C)(3)	MEDICAL CARE FOR THE IN NEED	$5,000

Field	Value	IRS element (for citing)
Total Grant Or Contri Pd Dur Yr	$1,525,000	TotalGrantOrContriPdDurYrAmt
Total Grant Or Contri Apprv Fut	$0	TotalGrantOrContriApprvFutAmt

Analysis Income Producing Acty AnalysisIncomeProducingActyGrp

Int On Sav And Temp Cash Invst IntOnSavAndTempCashInvstGrp

Field	Value	IRS element (for citing)
Exclusion	14	ExclusionCd
Exclusion	$284,410	ExclusionAmt

Div And Int From Sec Part VII DivAndIntFromSecPartVIIGrp

Field	Value	IRS element (for citing)
Exclusion	14	ExclusionCd
Exclusion	$491,352	ExclusionAmt

Other Investment Incm Part VII OtherInvestmentIncmPartVIIGrp

Field	Value	IRS element (for citing)
Exclusion	14	ExclusionCd
Exclusion	$12,500	ExclusionAmt

Gain Sales Ast Oth Than Invntry GainSalesAstOthThanInvntryGrp

Field	Value	IRS element (for citing)
Exclusion	14	ExclusionCd
Exclusion	$694,272	ExclusionAmt

Subtotals Incm Producing Acty SubtotalsIncmProducingActyGrp

Field	Value	IRS element (for citing)
Unrelated Business Taxbl Incm	$0	UnrelatedBusinessTaxblIncmAmt
Exclusion	$1,482,534	ExclusionAmt
Related Or Exempt Function Incm	$0	RelatedOrExemptFunctionIncmAmt

Field	Value	IRS element (for citing)
Total Income Producing Acty	$1,482,534	TotalIncomeProducingActyAmt

Trnsfr Trans Rln Nonchrtbl EO TrnsfrTransRlnNonchrtblEOGrp

Field	Value	IRS element (for citing)
Trnsfr Of Cash To Nonchrtbl EO	0	TrnsfrOfCashToNonchrtblEOInd
Trnsfr Other Asset Nonchrtbl EO	0	TrnsfrOtherAssetNonchrtblEOInd
Sales Or Exchanges Of Assets	0	SalesOrExchangesOfAssetsInd
Purchase Of Assets Nonchrtbl EO	0	PurchaseOfAssetsNonchrtblEOInd
Rental Of Facilities Oth Assets	0	RentalOfFacilitiesOthAssetsInd
Reimbursement Arrangements	0	ReimbursementArrangementsInd
Loans Or Loan Guarantees	0	LoansOrLoanGuaranteesInd
Performance Of Services Etc	0	PerformanceOfServicesEtcInd
Sharing Of Facilities Etc	0	SharingOfFacilitiesEtcInd
Relationships Nonchrtbl EO	0	RelationshipsNonchrtblEOInd

Accounting Fees Schedule AccountingFeesSchedule

Accounting Fees Detail AccountingFeesDetail

Field	Value	IRS element (for citing)
Category	ACCOUNTING FEES	CategoryTxt
Amt	$2,500	Amt
Net Investment Income	$0	NetInvestmentIncomeAmt
Disbursements Charitable Prps	$0	DisbursementsCharitablePrpsAmt

Investments Corp Bonds Schedule InvestmentsCorpBondsSchedule

Investments Corporate Bonds InvestmentsCorporateBondsGrp (25 entries)

BondBondNm	EOY Book ValueEOYBookValueAmt	EOYFMVEOYFMVAmt
123000 SHS GENERAL ELEC CAP CORP	$116,250	$123,000
100000 SHS JPMORGAN CHASE & CO	$117,750	$101,800
150000 SHS GENERAL ELEC CAP CORP	$150,000	$155,118
20000 SHS TORTOISE ENERGY INFRAS CORP	$200,000	$202,000
200000 SHS CMS 10 FLOATER ISS BAC	$200,000	$195,500
3000 SHS BARCLAYS BANK PLC	$73,499	$79,050
3000 SHS HSBC HLDGS PLC	$60,919	$76,710
3000 SHS HSBC HLDGS PLC	$83,548	$78,210
3000 SHS SANTANDER FINANCE	$53,400	$68,310
4000 SHS CITIGROUP INC	$100,000	$109,884
4000 SHS GABELLI HEALTHCARE	$100,000	$107,400
4000 SHS STATE STREET CORP	$100,000	$106,280
4000 SHS WELLS FARGO & CO NEW	$116,160	$112,320
5000 SHS DB CAPITAL FDG VIII	$0	$0
6000 SHS BANK OF AMERICA CORP	$150,000	$160,440
6000 SHS WELLS FARGO& COMPANY	$150,000	$172,380
8000 SHS AFFILIATED MANAGERS GROUP SENIOR NOTES	$0	$0
100000 SHS AMERICAN EXPRESS	$103,380	$98,375
100000 SHS PNC FINANCIAL SRV	$113,355	$106,375
50000 SHS SUNTRUST BANKS	$52,130	$50,312
100000 SHS WELLS FARGO & CO	$112,505	$103,875
6000 SHS CHS INC	$150,000	$162,300
4000 SHS CAPITAL ONE FINANCIAL	$100,000	$105,160
8000 SHS JP MORGAN CHASE	$200,000	$207,120
8000 SHS THE SOUTHERN COMPANY	$200,000	$215,120

Investments Corp Stock Schedule InvestmentsCorpStockSchedule

Investments Corporate Stock InvestmentsCorporateStockGrp (27 entries)

StockStockNm	EOY Book ValueEOYBookValueAmt	EOYFMVEOYFMVAmt
1000 SHS EMERSON ELEC CO	$44,240	$47,830
10000 SHS GM ARN ISSUER CS	$0	$0
10000 SHS SX5E LIRN ISSUER RBC	$100,000	$106,590
1200 SHS NESTLE S A REP	$52,152	$89,304
12500 SHS DJIA LIRN ISSUER RBC	$125,000	$130,800
1500 SHS WASTE MANGEMENT	$47,441	$80,055
15000 SHS DJIA MITTS ISSUER BAC	$0	$0
15000 SHS MSCIWRL MITTS ISSUER BAC	$0	$0
2000 SHS COCA COLA	$50,157	$85,920
2000 SHS MICROSOFT CORP	$51,018	$110,960
2000 SHS RAYONIER INC	$65,655	$44,400
2000 SHS UNILEVER PLC	$51,538	$86,240
20000 SHS BASKET STEPUP ISSU	$200,000	$180,400
20000 SHS DJIA LIRN ISSUER RBC	$200,000	$198,820
20000 SHS DJIA MITTS ISSUER BAC	$0	$0
20000 SHS SP500 STEPUP ISSU	$200,000	$234,600
25000 DJIA LIRN ISSUER CS	$250,000	$253,350
3000 SHS INTEL CORP	$59,310	$103,350
3000 SHS WEYERHAUEUSER	$91,200	$89,940
6000 SHS NISOURCE INC	$39,438	$117,060
666 SHS RAYONIER ADVANCED MATERIAL INC	$0	$0
850 SHS DIAGEO PLC SPSD	$50,222	$92,709
850 SHS JOHNSON AND JOHNSON	$50,633	$87,312
900 SHS KELLOGG CO	$47,469	$65,043
6000 SHS COLUMBIA PIPELINE GROUP	$70,417	$120,000
700 SHS CATERPILLAR	$55,916	$47,572
1000 SHS GENERAL MOTORS CO	$36,325	$34,010

Investments Govt Obligations Sch InvestmentsGovtObligationsSch

Field	Value	IRS element (for citing)
US Govt Obligations Book Vl EOY	$0	USGovtObligationsBookVlEOYAmt
US Govt Obligations EOYFMV	$0	USGovtObligationsEOYFMVAmt
State Local Sec Book Vl EOY	$4,381,686	StateLocalSecBookVlEOYAmt
State Local Sec EOYFMV	$4,838,286	StateLocalSecEOYFMVAmt

Investments Other Schedule2 InvestmentsOtherSchedule2

Investments Other InvestmentsOtherGrp (76 entries)

Category Or ItemCategoryOrItemTxt	Listed At Cost Or FMVListedAtCostOrFMVCd	Book ValueBookValueAmt	EOYFMVEOYFMVAmt
100 SHS WESTERN ASSET MIDDLE MARKET	AT COST	$103,000	$68,605
10000 SHS BLACKRCK DFND OPPR	AT COST	$133,878	$130,200
10000 SHS NUVEEN BUILD AMERICA	AT COST	$199,040	$202,900
10098 SHS WINTERGREEN FUND	AT COST	$0	$0
17558 SHS EATON VANCE RCHRD BRSTN	AT COST	$210,850	$247,217
11436 SHS NUVEEN PREFERRED	AT COST	$179,437	$193,497
10933 SHS THE MERGER FUND CL	AT COST	$172,685	$167,385
12126 SHS PIMCO DIVIDEND AND INCOME BLDR	AT COST	$126,946	$120,411
116 SHS JOHN HANCOCK HIGH YIELD	AT COST	$412	$375
11678 SHS HARTFORD MUT FDS	AT COST	$160,904	$150,658
117723 SHS YORK TOTAL ACCESS LTD	AT COST	$0	$0
12185 SHS JENSEN QUALITY GROWTH	AT COST	$325,851	$445,132
12394 SHS ROYCE GLOBAL VALUE	AT COST	$108,254	$92,335
13761 SHS SENTINEL MULTI ASSET	AT COST	$181,636	$160,877
13469 SHS FPA CRESCENT PORT	AT COST	$343,368	$418,370
13618 SHS COLUMBIA FLEXIBLE CAPITAL INCOME	AT COST	$165,558	$144,768
12849 SHS IVY ASSET STRATEGY	AT COST	$0	$0
13321 SHS NEUBERGER BERMAN LONG SHORT	AT COST	$152,626	$165,988
139414 SHS PAULSON RECOVERY	AT COST	$0	$0
1435 SHS TOCQUEVILLE GOLD FUND	AT COST	$75,000	$34,522
15599 SHS PRINCIPAL GLOBAL DIVERSIFIED INCOME	AT COST	$207,803	$202,641
15510 SHS AQR DIVERSIFIED	AT COST	$0	$0
157371 SHS OZOFII ACCESS LTD LP	AT COST	$0	$0
17443 SHS PIMCO INCOME FUND	AT COST	$220,930	$204,612
17460 SHS JOHN HANCOCK STRATEGIC INCOME	AT COST	$192,008	$180,892
17292 SHS LORD ABBETT FLOATING RATE FUND	AT COST	$154,632	$151,999
17279 SHS LOOMIS SAYLES STRATEGIC	AT COST	$0	$0
19402 SHS BLACKROCK STRATEGIC INCOME	AT COST	$186,948	$189,565
188583 MONARCH DEBT RECOVERY	AT COST	$150,000	$189,733
21607 SHS BLACKROCK GLOBAL	AT COST	$389,160	$387,419
20641 SHS ALLIANZGI NF J DIVDEND	AT COST	$218,979	$317,254
203295 SHS CLOUGH ACCESS LTD	AT COST	$0	$0
20854 SHS PRUDENTIAL SHORT TERM	AT COST	$0	$0
22216 SHS WELLS FARGO ABSOLUTE RETURN	AT COST	$217,518	$225,717
22567 SHS IVA WORLDWIDE	AT COST	$343,138	$368,532
14872 SHS ADVISORY RESEARCH MLP & ENERGY INCOME	AT COST	$181,420	$119,126
22984 SHS THIRD AVENUE FOCUSED	AT COST	$0	$0
24079 SHS LORD ABBETT SHORT	AT COST	$0	$0
26553 SHS WELLS FARGO ASSET ALLOCATION	AT COST	$306,072	$330,853
250 SHS WESTERN ASSET MIDDLE MKT	AT COST	$254,375	$177,110
26522 SHS JP MORGAN STRATEGIC	AT COST	$304,873	$294,137
85 SHS GOLDMAN SACHS STRATEGIC	AT COST	$886	$820
29848 SHS EATON VANCE SHT DURT STRATEGIC INCOME	AT COST	$235,938	$216,699
19311 SHS PIMCO LOW DURATION FD	AT COST	$197,775	$190,411
45 SHS PIMCO UNCONSTRAINED	AT COST	$492	$471
3209 SHS FIRST EAGLE GOLD FUND	AT COST	$75,000	$37,388
3328 SHS FIRST EAGLE FUNDS OF AMERICA	AT COST	$114,303	$118,512
3394 SHS THIRD AVENUE VALUE FD	AT COST	$0	$0
35006 SHS T ROWE PRICE SHORT TERM	AT COST	$169,073	$164,881
41842 SHS PIMCO ALL ASSET	AT COST	$439,304	$320,513
6501 SHS FIRST EAGLE GLOBAL	AT COST	$327,668	$335,132
7165 SHS DAVIS NEW YORK VENTURE	AT COST	$261,517	$225,196
5000 SHS WESTERN ASSET MTG	AT COST	$0	$0
6000 NUVEEN MORTGAGE OPPOR	AT COST	$0	$0
6828 SHS DOUBLELINE INCOME SOLUTION	AT COST	$158,984	$110,765
6698 SHS MAINSTAY MARKETFIELD	AT COST	$100,492	$99,737
70 SHS ARDEN SAGE ACCESS	AT COST	$0	$0
583 SHS PMF TEI FUND	AT COST	$58,309	$63,285
11021 SHS FAIRHOLME FUND	AT COST	$286,970	$203,905
205 SHS CZECH II SENIOR LOAN	AT COST	$208,750	$172,726
9310 SHS ASTON/LAKE PARTNERS	AT COST	$116,210	$110,142
10870 SHS WEITZ PARTNERS VALUE FD	AT COST	$197,692	$296,447
12500 SHS SX7P LIRN ISSUER	AT COST	$125,000	$95,625
5000 SHS PIMCO DYNAMIC	AT COST	$103,350	$90,150
6000 SHS GOLDMAN SACHS MLP INCOME	AT COST	$82,500	$49,380
5192 SHS MATTHEWS JAPAN FUND	AT COST	$100,000	$98,494
9980 SHS HIGHLAND GLOBAL ALLOCATION	AT COST	$128,890	$86,132
4859 SHS KINETICS PARADIGM FUND	AT COST	$175,000	$152,111
9329 SHS OAKMARK GLOBAL SELECT	AT COST	$157,640	$144,143
3038 SHS MATTHEWS ASIA DIVIDEND	AT COST	$50,895	$46,675
31772 SHS VIRTUS MULTI SECTOR	AT COST	$152,473	$258,526
23458 AVENUE CREDIT STRATEGIES	AT COST	$252,193	$205,027
15067 SHS SHENKMAN SHORT DURATION	AT COST	$153,193	$147,063
25000 SHS DJIA LIRN ISSUER CS	AT COST	$250,000	$230,475
15000 SHS DJIA LIRN ISSUER HSBC	AT COST	$150,000	$141,750
20000 SHS SP500 LIRN ISSUER HSBC	AT COST	$200,000	$203,200

Other Assets Schedule OtherAssetsSchedule

Other Assets Schedule OtherAssetsScheduleGrp

Field	Value	IRS element (for citing)
Desc	BASIS ADJUSTMENTS - OTHER INVESTMENTS	Desc
BOY Book Value	-$18,922	BOYBookValueAmt
EOY Book Value	-$29,406	EOYBookValueAmt

Other Expenses Schedule OtherExpensesSchedule

Other Expenses Schedule OtherExpensesScheduleGrp (4 entries)

DescDesc	Revenue And Expenses Per BooksRevenueAndExpensesPerBooksAmt	Net Investment IncomeNetInvestmentIncomeAmt	Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt
STATE FILING FEE	$20	$0	$0
BOND PREMIUM AMORTIZATION	$5,501	$0	$0
PORTFOLIO DEDUCTIONS	$917	$0	$0
OTHER DEDUCTIONS	$1,834	$0	$0

Other Income Schedule2 OtherIncomeSchedule2

Other Income Detail OtherIncomeDetail

Field	Value	IRS element (for citing)
Desc	ORDINARY INCOME - CZECH SENIOR II	Desc
Revenue And Expenses Per Books	$12,500	RevenueAndExpensesPerBooksAmt
Net Investment Income	$12,500	NetInvestmentIncomeAmt
Adjusted Net Income	$12,500	AdjustedNetIncomeAmt

Other Professional Fees Schedule OtherProfessionalFeesSchedule

Other Professional Fees Detail OtherProfessionalFeesDetail

Field	Value	IRS element (for citing)
Category	INVESTMENT AND ADVISORY FEES	CategoryTxt
Amt	$81,810	Amt
Net Investment Income	$0	NetInvestmentIncomeAmt
Disbursements Charitable Prps	$0	DisbursementsCharitablePrpsAmt

Taxes Schedule TaxesSchedule

Taxes Detail TaxesDetail (2 entries)

CategoryCategoryTxt	AmtAmt	Net Investment IncomeNetInvestmentIncomeAmt	Disbursements Charitable PrpsDisbursementsCharitablePrpsAmt
FOREIGN TAX WITHHELD	$1,755	$0	$0
FEDERAL EXCISE TAX	$16,000	$0	$0