Form990-PF

Department of the Treasury
Internal Revenue Service
Return of Private Foundation
or Section 4947(a)(1) Nonexempt Charitable Trust
Treated as a Private Foundation
Note. The foundation may be able to use a copy of this return to satisfy state reporting requirements.
OMB No. 1545-0052
2010
For calendar year 2010, or tax year beginning 01-01-2010 , and ending 12-31-2010
G
Check all that apply:
Name of foundation
DOLORES ZOHRAB LIEBMANN FUND P60636001
 

Number and street (or P.O. box number if mail is not delivered to street address)JPMORGAN CHASE BANK PO BOX 3038   Room/suite
City or town, state, and ZIP code
MILWAUKEE, WI53201
A Employer identification number

13-3682433
B Telephone number (see page 10 of the instructions)

(414) 977-1210
C bullet
D 1. bullet
H Check type of organization:
2. bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$22,389,532J Accounting method:
 
(Part I, column (d) must be on cash basis.)
E bullet
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see page 11 of the instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet
3 Interest on savings and temporary cash investments 183 183  
4 Dividends and interest from securities...... 704,652 704,528  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 515,447
b Gross sales price for all assets on line 6a 8,352,676
7 Capital gain net income (from Part IV, line 2)... 563,916
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 2,310 0  
12 Total. Add lines 1 through 11........ 1,222,592 1,268,627  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 192,040 91,951   100,089
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 41,476 0   41,476
c Other professional fees (attach schedule)....        
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 3,624 3,624   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 750 966   750
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 237,890 96,541   142,315
25 Contributions, gifts, grants paid........ 855,878 855,878
26 Total expenses and disbursements. Add lines 24 and 25 1,093,768 96,541   998,193
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 128,824
b Net investment income (if negative, enter -0-) 1,172,086
c Adjusted net income (if negative, enter -0-)...  
For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.
Cat. No. 11289X Form 990-PF (2010)
Form 990-PF (2010)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 21,076 45,359 45,359
2 Savings and temporary cash investments.......... 702,850 848,383 848,383
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 15 of the
instructions)....................      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule) 7,633,633    
b Investments—corporate stock (attach schedule)........ 8,886,320 Click to see attachment10,893,412 12,847,987
c Investments—corporate bonds (attach schedule)........ 0 Click to see attachment8,036,954 8,647,803
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 2,390,628    
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 19,634,507 19,824,108 22,389,532
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22).......... 0 0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted....................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds......... 19,634,507 19,824,108
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds 0 0
30 Total net assets or fund balances (see page 17 of the
instructions).................... 19,634,507 19,824,108
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 19,634,507 19,824,108
Part III Analysis of Changes in Net Assets or Fund Balances
1 Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
with end-of-year figure reported on prior year’s return)............... 1 19,634,507
2 Enter amount from Part I, line 27a...................... 2 128,824
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 63,933
4 Add lines 1, 2, and 3.......................... 4 19,827,264
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 3,156
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.. 6 19,824,108
Form 990-PF (2010)
Form 990-PF (2010)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a PUBLICLY TRDED SECURITIES      
b POWERSHARES DB COMMODITY INDEX TRACKING FUND      
c POWERSHARES DB COMMODITY INDEX TRACKING FUND      
d POWERSHARES DB COMMODITY INDEX TRACKING FUND SEC 1256      
e CAPITAL GAINS DIVIDENDS P    
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 8,338,184   7,837,229 500,955
b       172
c       2,232
d       46,065
e 14,492     14,492
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i) F.M.V. as of 12/31/69 (j) Adjusted basis
as of 12/31/69 		(k) Excess of col. (i)
over col. (j), if any
a       500,955
b       172
c       2,232
d       46,065
e       14,492
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 563,916
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see pages 13 and 17 of the instructions).
If (loss), enter -0- in Part I, line 8 . . . . . . . . . . . . . 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If “Yes,” the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2009 1,037,755 18,902,633 0.054900
2008 1,094,235 22,656,732 0.048296
2007 1,376,551 27,273,319 0.050472
2006 1,232,018 25,478,153 0.048356
2005 1,647,153 25,042,281 0.065775
2 Total of line 1, column (d) ...................... 2 0.267799
3 Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by
the number of years the foundation has been in existence if less than 5 years. . . 		3 0.053560
4 Enter the net value of noncharitable-use assets for 2010 from Part X, line 5..... 4 21,007,399
5 Multiply line 4 by line 3....................... 5 1,125,156
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 11,721
7 Add lines 5 and 6......................... 7 1,136,877
8 Enter qualifying distributions from Part XII, line 4.............. 8 998,193
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See
the Part VI instructions on page 18.
Form 990-PF (2010)
Form 990-PF (2010)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A” on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 23,442
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2............................ 3 23,442
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-). 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 23,442
6 Credits/Payments:
a 2010 estimated tax payments and 2009 overpayment credited to 2010 6a 5,160
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868) 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 5,160
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 18,282
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2011 estimated taxBullet   Refunded Bullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?.............................
1b
 
No
If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If “Yes,” attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see page 19 of the
    instructions)bulletNY
    b
    If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2010 or the taxable year beginning in 2010 (see instructions for Part XIV on
    page 27)? If “Yes,” complete Part XIV...........................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see page 20 of the instructions) .......
    11
     
    No
    12
    Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletJPMORGAN CHASE BANK NA Telephone no.bullet (212) 648-1489
    Located atbullet245 PARK AVENUENEW YORKNY ZIP+4bullet10167
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2010, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
     
    No
    See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2010?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2010, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2010?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    If “Yes,” did it have excess business holdings in 2010 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2010.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2010?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?
    5b
     
     
    .........bullet
    c
    If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay
    premiums on a personal benefit contract?....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 6
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see page 22 of the instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    JPMORGAN CHASE BANK NA TRUSTEE
    2.00     		137,240 0 0
    PO BOX 3038
    MILWAUKEE,WI53201
    MISSAK HAIGENTZ PROGRAM COORDINATOR
    5.00     		40,000 0 0
    270 PARK AVE
    NEW YORK,NY10017
    DR KEVORK BARDAKJIAN COMMITTEE MEMBER
    1.00     		3,700 0 0
    270 PARK AVE
    NEW YORK,NY10017
    KRIKOR MAKSOUDIAN COMMITTEE MEMBER
    1.00     		3,700 0 0
    270 PARK AVE
    NEW YORK,NY10017
    NINA GARSOIAN COMMITTEE MEMBER
    1.00     		3,700 0 0
    270 PARK AVE
    NEW YORK,NY10017
    ASLANIAN GROUP - CAROL ASLANIAN COMMITTEE MEMBER
    1.00     		3,700 0 0
    270 PARK AVE
    NEW YORK,NY10017
    2 Compensation of five highest-paid employees (other than those included on line 1—see page 23 of the instructions).
    If none, enter “NONE.”
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see page 23 of the instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 N/A 0
    2  
    3  
    4  
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see page 23 of the instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 N/A 0
    2  
    All other program-related investments. See page 24 of the instructions.
    3 Click to see attachment 0
    Total. Add lines 1 through 3...........................bullet0
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see page 24 of the instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    20,627,373
    b
    Average of monthly cash balances.......................
    1b
    699,936
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    21,327,309
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) ..............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d..........................
    3
    21,327,309
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ............................
    4
    319,910
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    21,007,399
    6
    Minimum investment return. Enter 5% of line 5...................
    6
    1,050,370
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    1,050,370
    2a
    Tax on investment income for 2010 from Part VI, line 5......
    2a
    23,442
    b
    Income tax for 2010. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    23,442
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,026,928
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    55,115
    5
    Add lines 3 and 4.............................
    5
    1,082,043
    6
    Deduction from distributable amount (see page 25 of the instructions)...........
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1.................................
    7
    1,082,043
    Part XII
    Qualifying Distributions (see page 25 of the instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    998,193
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes................................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    998,193
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see page 26 of the instructions)............
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4...............
    6
    998,193
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 8
    Part XIII
    Undistributed Income (see page 26 of the instructions)
    (a)
    Corpus     		(b)
    Years prior to 2009     		(c)
    2009     		(d)
    2010
    1 Distributable amount for 2010 from Part XI, line 7 1,082,043
    2 Undistributed income, if any, as of the end of 2010:
    a Enter amount for 2009 only....... 289,236
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2010:
    a From 2005.......  
    b From 2006.......  
    c From 2007.......  
    d From 2008.......  
    e From 2009.......  
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2010 from Part
    XII, line 4: bullet$ 998,193
    a Applied to 2009, but not more than line 2a 289,236
    b Applied to undistributed income of prior years
    (Election required—see page 26 of the instructions)    		 0
    c Treated as distributions out of corpus (Election
    required—see page 26 of the instructions)...     		0
    d Applied to 2010 distributable amount..... 708,957
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2010. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable
    amount—see page 27 of the instructions ...     		0
    e Undistributed income for 2009. Subtract line
    4a from line 2a. Taxable amount—see page 27
    of the instructions ...........     		0
    f Undistributed income for 2010. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2011 ..........     		373,086
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (see page 27
    of the instructions) ...........     		0
    8Excess distributions carryover from 2005 not
    applied on line 5 or line 7 (see page 27 of the
    instructions) .............     		0
    9Excess distributions carryover to 2011.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2006....  
    b Excess from 2007....  
    c Excess from 2008....  
    d Excess from 2009....  
    e Excess from 2010....  
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 9
    Part XIV
    Private Operating Foundations (see page 27 of the instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2010, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2010 (b) 2009 (c) 2008 (d) 2007
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ....     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets” alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment” alternative test— enter 2⁄3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support” alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see page 27 of the instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number of the person to whom applications should be addressed:
    DANIEL ORDAN
    270 PARK AVE
    NEW YORK,NY10017
    (212) 648-1489
    bThe form in which applications should be submitted and information and materials they should include:
    N/A
    cAny submission deadlines:
    N/A
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    N/A
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 10
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    UNIV OF NOTRE DAME FBO AMBER HANDY
    502 MAIN BUILDING
    NOTRE DAME,IN465565602     		NONE EDUCATIONAL FELLOWSHIP 22,208
    U OF ILL AT URBANA-CHAMPAIGN FBO PETE CRAFT
    204 COBLE HALL 801 S WRIGHT ST
    CHAMPAIGN,IL618206210     		NONE EDUCATIONAL FELLOWSHIP 11,292
    UNIV OF SOUTHERN CAL FBO SEEPAN PARSEGHIAN
    3601 WATT WAY GFS-315
    LOS ANGELES,CA900891695     		NONE EDUCATIONAL FELLOWSHIP 54,724
    STANFORD UNIVERSITY FBO ANNA MERRITT
    590 ESCONDIDO MALL SWEET HALL
    STANDFORD,CA943053088     		NONE EDUCATIONAL FELLOWSHIP 41,980
    UNIVERSITY OF CHICAGO FBO CHARLES COMEY
    5801 S ELLIS AVE RM 224
    CHICAGO,IL60637     		NONE EDUCATIONAL FELLOWSHIP 42,660
    TUFTS UNIVERSITY FBO CHRISTINE MEGERDCHIAN
    BALLOU HALL - 1ST FL
    MEDFORD,MA02155     		NONE EDUCATIONAL FELLOWSHIP 70,332
    INDIANA UNIVERSITY FBO DAVID BOYD
    FRANKLIN HALL 011 601 E KIRKWOOD
    AVE
    BLOOMINGTON,IN474051223     		NONE EDUCATIONAL FELLOWSHIP 18,000
    NORTHWESTERN UNIVERSITY FBO DAVOD SELLERS-SMITH
    1940 SHERIDAN ROAD
    EVANSTON,IL602084044     		NONE EDUCATIONAL FELLOWSHIP 5,826
    CORNELL UNIVERSITY FBO INGRID BIEDRON
    350 CALDWELL HALL
    ITHACA,NY14853     		NONE EDUCATIONAL FELLOWSHIP 40,588
    UNIVERSITY OF MICHIGAN FBO JAMES BOS
    915 E WASHINGTON STE 0120
    ANN ARBOR,MI481091070     		NONE EDUCATIONAL FELLOWSHIP 27,643
    UNIVERSITY OF PENNSYLVANIA FBO JESSICA ROSENBERG
    122 COLLEGE HALL
    PHILADELPHIA,PA191046303     		NONE EDUCATIONAL FELLOWSHIP 45,812
    UNIVERSITY OF CALIFORNIA BERKELEY FBO JOHN LURZ
    318 SPROUL HALL
    BERKELEY,CA947205900     		NONE EDUCATIONAL FELLOWSHIP 36,677
    UNIVERSITY OF MICHIGAN FBO ANNE KREPS
    915 E WASHINGTON STE 0120
    ANN ARBOR,MI481091070     		NONE EDUCATIONAL FELLOWSHIP 27,643
    HARVARD UNIVERSITY FBO HUNTER BANDY
    1350 MASSACHUSETS AVENUE
    CAMBRIDGE,MA02138     		NONE EDUCATIONAL FELLOWSHIP 43,976
    STANFORD UNIVERSITY FBO KELLAM CONOVER
    459 LAGUNITA DRIVE SUITE 7
    STANDFORD,CA94305     		NONE EDUCATIONAL FELLOWSHIP 41,920
    UNIVERSITY OF MICHIGAN FBO ALISON VACCA
    915 E WASHINGTON STE 0120
    ANN ARBOR,MI481091070     		NONE EDUCATIONAL FELLOWSHIP 27,643
    NEW YORK UNIVERSITY FBO IRFANA HASHMI
    6 WASHINGTON SQUARE NORTH SECOND
    FLOOR
    NEW YORK,NY10003     		NONE EDUCATIONAL FELLOWSHIP 27,601
    UNIVERSITY OF CALIFORNIA BERKELEY FBO JONATHAN LEE
    318 SPROUL HALL
    BERKELEY,CA947205900     		NONE EDUCATIONAL FELLOWSHIP 30,950
    UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL FBO KEVIN KRITSCH
    218 BYNUM HALL CAMPUS BOX 4010
    CHAPEL HILL,NC275994010     		NONE EDUCATIONAL FELLOWSHIP 25,292
    UNIVERSITY OF CHICAGO FBO MICHAEL SUBIALKA
    5801 SOUTH ELLIS AVENUE ROOM 224
    CHICAGO,IL60637     		NONE EDUCATIONAL FELLOWSHIP 34,704
    UNIVERSITY OF NOTRE DAME FBO NATHAN RISTUCCIA
    502 MAIN BUILDING
    NOTRE DAME,IN465565602     		NONE EDUCATIONAL FELLOWSHIP 22,368
    UNIVERSITY OF CALIFORNIA LOS ANGELES FBO SARA BRUMFIELD
    1237 MURPHY HALL BOX 951419
    LOS ANGELES,CA900951419     		NONE EDUCATIONAL FELLOWSHIP 20,387
    UNIVERSITY OF TEXAS AT AUSTIN FBO TRACY WUSTER
    1 UNIVERSITY STATION G0400 MAIN
    BUILDING 101
    AUSTIN,TX787120531     		NONE EDUCATIONAL FELLOWSHIP 12,752
    DR VAHE BALADOUNI
    C/O JPMORGAN CHASE BANK 270 PARK
    AVENUE
    NEW YORK,NY10017     		NONE INDIVIDUAL GRANT 3,400
    DR ROBERTA ERVINE
    C/O JPMORGAN CHASE BANK 270 PARK
    AVENUE
    NEW YORK,NY10017     		NONE INDIVIDUAL GRANT 12,300
    ARAM ARKUN
    C/O JPMORGAN CHASE BANK 270 PARK
    AVENUE
    NEW YORK,NY10017     		NONE INDIVIDUAL GRANT 30,800
    DR EDWARD G MATHEWS JR
    C/O JPMORGAN CHASE BANK 270 PARK
    AVENUE
    NEW YORK,NY10017     		NONE INDIVIDUAL GRANT 5,400
    ARTOUN HAMALIAN
    C/O JPMORGAN CHASE BANK 270 PARK
    AVENUE
    NEW YORK,NY10017     		NONE INDIVIDUAL GRANT 5,000
    REV KAREKIN KASPARIAN
    C/O JPMORGAN CHASE BANK 270 PARK
    AVENUE
    NEW YORK,NY10017     		NONE INDIVIDUAL GRANT 16,000
    DR VREJ NERSESSIAN
    C/O JPMORGAN CHASE BANK 270 PARK
    AVENUE
    NEW YORK,NY10017     		NONE INDIVIDUAL GRANT 50,000
    Total .................................bullet 3a 855,878
    bApproved for future payment
    Total ..................................bullet 3b 0
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 11
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See page 28 of
    the instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3Interest on savings and temporary cash investments     14 183  
    4 Dividends and interest from securities....     14 704,652  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6Net rental income or (loss) from personal property          
    7 Other investment income.....     14    
    8Gain or (loss) from sales of assets other than inventory     18 515,447  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: a2009 EXCISE TAX REFUND     01 2,310  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 1,222,592 0
    13Total. Add line 12, columns (b), (d), and (e)...................
    131,222,592
    (See worksheet in line 13 instructions on page 28 to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See
    page 28 of the instructions.)
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section
    Yes
    No
    501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash....................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements............................
    1b(4)
     
    No
    (5) Loans or loan guarantees..............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If “Yes,” complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    SignHere
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    Signature of officer or trustee Date Title
    PaidPreparersUseOnly Preparer's SignatureBullet Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2010)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2010 AccountingFeesSchedule
    Name:
    DOLORES ZOHRAB LIEBMANN FUND P60636001
    EIN: 13-3682433
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    GRANT ADMINISTRATION FEE 41,476 0   41,476

    TY 2010 AllOthProgRltdInvestmentsSch
    Name:
    DOLORES ZOHRAB LIEBMANN FUND P60636001
    EIN: 13-3682433
    Category Amount
    N/A 0

    TY 2010 InvestmentsCorpBondsSchedule
    Name:
    DOLORES ZOHRAB LIEBMANN FUND P60636001
    EIN: 13-3682433
    Name of Bond End of Year Book Value End of Year Fair Market Value
    GOLDMAN SACHS TRUST HIGH YIELD FUND INSTITUTIONAL SHS - 165716.973 SHS 1,171,619 1,209,734
    U S A BONDS 7 1/4% MAY 15 2016 DTD 5/15/86 - 1000000 SHS 1,003,594 1,260,700
    VANGUARD FIXED INCOME SECS F INTR TRM CP PT (FUND 71) - 43060.556 SHS 418,118 427,161
    ISHARES BARCLAYS TIPS BOND FUND - 8384 SHS 846,138 901,448
    JPM HIGH YIELD FD - SEL FUND 3580 5.91% - 148306.162 SHS 1,047,847 1,208,695
    JPM TOTAL RETURN FD - SEL FUND 3218 3.85% - 246355.262 SHS 2,485,724 2,547,313
    DREYFUS/LAUREL FDS TR PRM EMRGN MK I - 15640.171 SHS 219,588 226,157
    JPM STR INC OPP FD FUND 3844 2.33% - 36471.157 SHS 422,336 431,454
    JPM INTL CURRENCY INCOME FD INCOME FUND 1.28% - 38679.193 SHS 421,990 435,141

    TY 2010 InvestmentsCorpStockSchedule
    Name:
    DOLORES ZOHRAB LIEBMANN FUND P60636001
    EIN: 13-3682433
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ABBOTT LABORATORIES - 195 SHS 9,068 9,342
    ALEXION PHARMACEUTICALS INC - 35 SHS 1,959 2,819
    AMAZON COM INC - 40 SHS 4,369 7,200
    AMERICAN EXPRESS CO - 50 SHS 2,118 2,146
    APACHE CORP - 90 SHS 6,881 10,731
    APPLE INC. - 60 SHS 6,903 19,354
    BB & T CORP - 75 SHS 1,187 1,972
    BAKER HUGHES INC - 90 SHS 4,603 5,145
    CVS CAREMARK CORPORATION - 175 SHS 4,609 6,085
    CAMPBELL SOUP COMPANY - 75 SHS 2,732 2,606
    CARDINAL HEALTH INC - 125 SHS 3,587 4,789
    CELGENE CORPORATION - 90 SHS 3,742 5,323
    CISCO SYSTEMS INC - 600 SHS 4,696 12,138
    CITRIX SYSTEMS INC - 30 SHS 2,061 2,052
    COLGATE PALMOLIVE CO - 50 SHS 3,928 4,019
    WALT DISNEY CO - 175 SHS 3,101 6,564
    DOW CHEMICAL CO - 175 SHS 4,953 5,975
    E I DU PONT DE NEMOURS & CO - 250 SHS 9,539 12,470
    E M C CORP MASS - 150 SHS 3,071 3,435
    FREEPORT-MCMORAN COPPER & GOLD INC CL B - 100 SHS 2,986 12,009
    GENERAL ELECTRIC CO - 200 SHS 3,070 3,658
    GENERAL MILLS INC - 75 SHS 2,154 2,669
    INTERNATIONAL BUSINESS MACHINES CORP - 55 SHS 4,595 8,072
    JOHNSON CONTROLS INC - 275 SHS 4,585 10,505
    KELLOGG CO - 25 SHS 1,216 1,277
    LENNAR CORP - 75 SHS 1,162 1,406
    LOWES COMPANIES INC - 125 SHS 2,880 3,135
    MICROSOFT CORP - 700 SHS 13,449 19,537
    MORGAN STANLEY - 150 SHS 2,663 4,082
    NATIONAL-OILWELL VARCO INC - 35 SHS 2,123 2,354
    NIKE INC B - 50 SHS 3,089 4,271
    NORFOLK SOUTHERN CORP - 205 SHS 8,102 12,878
    NOVELLUS SYSTEMS INC - 125 SHS 3,120 4,040
    OCCIDENTAL PETROLEUM CORP - 115 SHS 4,996 11,282
    ORACLE CORP - 300 SHS 6,984 9,390
    PACCAR INC - 150 SHS 3,437 8,601
    PARKER-HANNIFIN CORP - 15 SHS 597 1,295
    PEPSICO INC - 80 SHS 4,166 5,226
    PFIZER INC - 740 SHS 10,034 12,957
    PROCTER & GAMBLE CO - 190 SHS 3,538 12,223
    QUALCOMM INC - 200 SHS 6,708 9,898
    T ROWE PRICE INTERNATIONAL FUNDS INC NEW ASIA FUND - 39269.517 SHS 525,771 753,189
    SPDR S&P 500 ETF TRUST - 5652 SHS 659,157 710,739
    SANDISK CORP - 40 SHS 1,721 1,994
    SOUTHERN CO - 125 SHS 3,818 4,779
    SPRINT NEXTEL CORP - 675 SHS 2,859 2,855
    STAPLES INC - 250 SHS 3,885 5,693
    STATE STREET CORP - 50 SHS 1,983 2,317
    SYSCO CORP - 75 SHS 2,371 2,205
    UNITED TECHNOLOGIES CORP - 135 SHS 7,535 10,627
    XILINX CORP - 125 SHS 3,575 3,623
    COGNIZANT TECHNOLOGY SOLUTIONS CORP CL A - 70 SHS 3,545 5,130
    SEMPRA ENERGY - 40 SHS 2,089 2,099
    CITIGROUP INC - 1800 SHS 7,418 8,514
    WELLS FARGO & CO - 325 SHS 5,282 10,072
    THORNBURG VALUE FUND FD CL I - 14942.281 SHS 470,383 514,762
    BANK OF AMERICA CORP - 624 SHS 4,426 8,324
    GOLDMAN SACHS GROUP INC - 50 SHS 3,704 8,408
    DEVON ENERGY CORP - 80 SHS 5,375 6,281
    EOG RESOURCES INC - 80 SHS 7,011 7,313
    HONEYWELL INTERNATIONAL INC - 130 SHS 5,642 6,911
    UNITEDHEALTH GROUP INC - 70 SHS 2,630 2,528
    ISHARES RUSSELL 2000 INDEX FUND - 6689 SHS 355,331 523,347
    VERIZON COMMUNICATIONS INC - 250 SHS 6,204 8,945
    COACH INC - 75 SHS 2,761 4,148
    US BANCORP DEL - 150 SHS 2,278 4,046
    ISHARES RUSSELL MIDCAP INDEX FUND - 7690 SHS 609,512 782,458
    ADVANCED AUTO PARTS INC - 50 SHS 1,500 3,308
    3M CO - 35 SHS 3,023 3,021
    YUM BRANDS INC - 150 SHS 5,077 7,358
    ARTISAN INTL VALUE FUND - INV - 18567.481 SHS 422,443 503,364
    COMCAST CORP CL A - 125 SHS 2,115 2,746
    CARNIVAL CORPORATION - 75 SHS 2,707 3,458
    GOOGLE INC CL A - 8 SHS 2,245 4,752
    WELLPOINT INC - 20 SHS 1,108 1,137
    JPM US REAL ESTATE FD - SEL FUND 3037 - 19232.058 SHS 211,168 299,635
    JPM INTREPID AMERICA FD - SEL FUND 1206 - 20139.878 SHS 415,888 461,807
    JPM ASIA 3 FD - SEL FUND 1134 - 15452.187 SHS 401,670 585,329
    MANAGERS AMG FUNDS-TIMESSQUARE MID CAP GROWTH FUND - 34995.871 SHS 423,800 487,143
    VANGUARD MSCI EMERGING MARKETS ETF - 14960 SHS 639,999 720,264
    JPM US LRGE CAP CORE PLUS FD - SEL FUND 1002 - 25949.644 SHS 494,982 536,379
    AT&T INC - 125 SHS 4,783 3,673
    STARWOOD HOTELS & RESORTS - 35 SHS 733 2,127
    POWERSHARES DB COMMODITY INDEX TRACKING FUND - 9413 SHS 208,666 259,328
    HARTFORD CAPITAL APPRECIATION FUND - 15513.951 SHS 470,383 537,403
    CME GROUP INC CLASS A COMMON STOCK - 14 SHS 3,915 4,505
    EATON VANCE MUT FDS TR GLOBAL MACRO - I - 40949.355 SHS 424,423 420,550
    INVESCO LTD - 100 SHS 1,956 2,406
    PHILIP MORRIS INTERNATIONAL - 65 SHS 1,843 3,804
    SPDR GOLD TRUST - 2000 SHS 183,967 277,440
    ACE LTD NEW - 50 SHS 2,110 3,113
    TYCO INTERNATIONAL LTD - 100 SHS 3,771 4,144
    TIME WARNER INC NEW - 391 SHS 8,528 12,578
    COVIDIEN PLC - 50 SHS 1,803 2,283
    HSBC 18M SPX MKT PLS NOTE 02/10/11 IN. LEV-SPX:08/07/09: 1010.48-120000 SHS 118,800 147,924
    MERCK AND CO INC - 275 SHS 7,465 9,911
    JPM RESEARCH MARKET NEUTRAL FD - SEL FUND - SEL - 40070.714 SHS 625,516 618,692
    BARC BREN DJ-UBS CMDTY 12/12/11 BUF 15% MAX LOSS 100%,- 150000 SHS 147,750 172,800
    BARC BREN DJ-UBS CMDTY 12/19/11 BUF 15% MAX LOSS 100%- 200000 SHS 197,000 230,700
    CS ASIA BREN 01/14/11 INITIAL LEVEL-ASIA:12/18/09: 100.00 - 209000 SHS 206,910 251,406
    GS EAFE BREN 01/14/11 IN LEV-12/18/09 - 209000 SHS 206,910 215,751
    HSBC SPX BREN 01/14/11 INITIAL LEVEL-SPX:12/18/09: 1102.47- 313000 SHS 309,870 357,008
    HSBC EAFE BREN 02/17/11 IN LEV-1/08/10 - 210000 SHS 207,900 211,722
    GS SPX MKT PLS NOTE 08/04/11 INITIAL LEVEL-SPX:1/29/10: 1073.87 - 206000 SHS 203,425 239,403
    HIGHBRIDGE DYNAMIC COMM STRG FD -SEL STRAT FD- SE - 14067.684 SHS 212,000 272,491
    CS SPX NOTE 05/02/11 INITIAL LEVEL- SPX:4/01/10: 1178.10 - 400000 SHS 396,800 424,480
    GS EAFE NOTE 05/12/11 IN LEV- 4/09/10: - 210000 SHS 207,291 203,442
    NEXTERA ENERGY INC - 65 SHS 3,279 3,379
    GS GOLD CPN NOTE 10/07/11 5%CPN,20% BAR,16.5% DD 10/01/10 - 200000 S 198,000 208,600
    MS WTI QRN 11/25/11 LNKD TO S&P GSCI CRD OIL INDX 102.5% DD 11/12/2010-15000 150,000 152,250
    DB BREN ASIA BSKT 01/06/12 10%BUFFER-2XLEV-7.15%CAP- 225000 SHS 222,750 226,603
    JUNIPER NETWORKS INC - 175 SHS 3,092 6,461
    EXXON MOBIL CORP - 255 SHS 9,788 18,646
    METLIFE INC - 100 SHS 3,427 4,444
    MARVELL TECHNOLOGY GROUP LTD - 150 SHS 3,077 2,783
    PRUDENTIAL FINANCIAL INC - 75 SHS 1,680 4,403
    CONOCOPHILLIPS - 125 SHS 5,949 8,513
    BIOGEN IDEC INC - 50 SHS 2,746 3,353
    BAIDU INC SPONS ADR - 30 SHS 2,761 2,896
    TD AMERITRADE HOLDING CORPORATION - 150 SHS 2,462 2,849
    MASTERCARD INC - CLASS A - 15 SHS 2,951 3,362
    GENERAL MOTORS CO - 120 SHS 4,180 4,423

    TY 2010 OtherDecreasesSchedule
    Name:
    DOLORES ZOHRAB LIEBMANN FUND P60636001
    EIN: 13-3682433
    Description Amount
    ADJUSTMENT TO CARRYING VALUE/BASIS 3,156


    TY 2010 OtherExpensesSchedule
    Name:
    DOLORES ZOHRAB LIEBMANN FUND P60636001
    EIN: 13-3682433
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    NY ATTORNEY GENERAL FILING FEE 750 0   750
    POWERSHARES DB COMMODITY INDEX TRACKING FUND 0 966   0


    TY 2010 OtherIncomeSchedule2
    Name:
    DOLORES ZOHRAB LIEBMANN FUND P60636001
    EIN: 13-3682433
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    2009 EXCISE TAX REFUND 2,310   2,310


    TY 2010 OtherIncreasesSchedule
    Name:
    DOLORES ZOHRAB LIEBMANN FUND P60636001
    EIN: 13-3682433
    Description Amount
    RETURN OF CAPITAL ADJUSTMENTS 11,871
    RETURN OF UNUSED FUNDS (RECOVERY) 51,941
    MUTUAL FUND TIMING DIFFERENCE 121


    TY 2010 TaxesSchedule
    Name:
    DOLORES ZOHRAB LIEBMANN FUND P60636001
    EIN: 13-3682433
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES WITHHELD 3,624 3,624   0