TY 2011 Form 990PF

- TIN:

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

2011

For calendar year 2011, or tax year beginning 04-01-2011 , and ending 03-31-2012

Check all that apply:Initial returnInitial return of a former public charityFinal return

Amended returnAddress changeName change

Name of foundation
ISABELLA M SHELDON TR UA P44499005 203

Number and street (or P.O. box number if mail is not delivered to street address)JPMORGAN CHASE BANK NABOX 3038 Room/suite

City or town, state, and ZIP code
MILWAUKEE, WI53201

A Employer identification number

13-6866947

B Telephone number (see page 10 of the instructions)

(414) 977-1210

C If exemption application is pending, check here bullet

D 1. Foreign organizations, check here . bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trustOther taxable private foundation 2. Foreign organizations meeting the 85% test,
check here and attach computation bullet

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$32,622,173J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

E If private foundation status was terminated
under section 507(b)(1)(A), check here bullet

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here bullet

	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	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check
3	Interest on savings and temporary cash investments	340		340
4	Dividends and interest from securities......	540,281		550,923
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		828,282
b	Gross sales price for all assets on line 6a 32,296,484
7	Capital gain net income (from Part IV, line 2)...			824,361
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).......		4,506	4,425
12	Total. Add lines 1 through 11........	1,373,409		1,380,049
13	Compensation of officers, directors, trustees, etc.	142,835		107,126	35,709
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....
17	Interest...............
18	Taxes (attach schedule) (see page 14 of the instructions)		4,634	4,646	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		6,876	11,046	750
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	154,345		122,818	36,459
25	Contributions, gifts, grants paid........	1,554,095			1,554,095
26	Total expenses and disbursements. Add lines 24 and 25	1,708,440		122,818	1,590,554
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-335,031
b	Net investment income (if negative, enter -0-)			1,257,231
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 (2011)

Form 990-PF (2011)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing...............	35,381	3,436	3,436
	2	Savings and temporary cash investments..........	85,722	1,074,068	1,074,068
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	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)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use...............
	9	Prepaid expenses and deferred charges...........
	10a	Investments—U.S. and state government obligations (attach schedule)	0	4,308,543	4,309,759
	b	Investments—corporate stock (attach schedule)........	16,413,530	16,291,506	19,446,915
	c	Investments—corporate bonds (attach schedule)........	13,068,908	7,597,813	7,787,995
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	29,603,541	29,275,366	32,622,173
	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 )
	23	Total liabilities (add lines 17 through 22)..........	0	0
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted....................
	25	Temporarily restricted................
	26	Permanently restricted................
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds.........	-4,055,536	-4,383,711
	28	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	29	Retained earnings, accumulated income, endowment, or other funds	33,659,077	33,659,077
	30	Total net assets or fund balances (see page 17 of the
		instructions)....................	29,603,541	29,275,366
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................	29,603,541	29,275,366

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	29,603,541
2	Enter amount from Part I, line 27a.....................	2	-335,031
3	Other increases not included in line 2 (itemize)	3	6,856
4	Add lines 1, 2, and 3..........................	4	29,275,366
5	Decreases not included in line 2 (itemize)	5	0
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	29,275,366

Form 990-PF (2011)

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	(d) Date sold (mo., day, yr.)
1 a	PUBLICLY TRADED SECURITIES
b	GUGGENHEIM PLUS II LP- ST CAP GAIN	P	2011-12-31
c	GUGGENHEIM PLUS II LP- LT CAP LOSS	P	2011-12-31
d	GUGGENHEIM PLUS II LP- SECT 1250 GAIN	P	2011-12-31
e	CAPITAL GAINS DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	32,213,381	31,468,202	745,179
b			15
c			-3,971
d			35
e	83,103		83,103

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			745,179
b			15
c			-3,971
d			35
e			83,103

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	824,361
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 . . . . . . . . . . . . .		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? Yes No

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))
2010	1,585,820	31,994,377	0.049566
2009	1,625,834	31,079,072	0.052313
2008	1,994,153	33,417,797	0.059673
2007	1,917,166	41,050,096	0.046703
2006	1,831,973	39,382,325	0.046518

2	Total of line 1, column (d) ......................	2	0.254773
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	0.050955
4	Enter the net value of noncharitable-use assets for 2011 from Part X, line 5.....	4	32,072,190
5	Multiply line 4 by line 3.......................	5	1,634,238
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	12,572
7	Add lines 5 and 6.........................	7	1,646,810
8	Enter qualifying distributions from Part XII, line 4..............	8	1,590,554
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 (2011)

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	Exempt operating foundations described in section 4940(d)(2), check hereand enter “N/A” on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	25,145
	hereand 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	25,145
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	25,145
6	Credits/Payments:

a	2011 estimated tax payments and 2010 overpayment credited to 2011	6a	20,000
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	20,000
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	5,145
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2012 estimated tax	Refunded	11

Part VII-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of

the instructions for definition)?............................

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.

Did the foundation file Form 1120-POL for this year?.....................

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

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If “Yes,” attach a detailed description of the activities.

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....

Did the foundation have unrelated business gross income of $1,000 or more during the year?........

If “Yes,” has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If “Yes,” attach the statement required by General Instruction T.

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?................

Yes

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.

Yes

Enter the states to which the foundation reports or with which it is registered (see page 19 of the

instructions) bullet

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 .

Yes

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 2011 or the taxable year beginning in 2011 (see instructions for Part XIV on

page 27)? If “Yes,” complete Part XIV..........................

Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.

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) .......

Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

N/A

The books are in care of bullet

JPMORGAN CHASE BANK NA Telephone no. bullet

(585) 797-2643

Located at bullet

1 CHASE SQUAREROCHESTERNY ZIP+4 bullet

14643

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —Check here......... bullet

and enter the amount of tax-exempt interest received or accrued during the year ...... bullet

At any time during calendar year 2011, 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? .................

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 (2011)

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

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? YesNo

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person?.........................YesNo

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? YesNo

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? YesNo

(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)?.................YesNo

(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.).........YesNo

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)?...

Organizations relying on a current notice regarding disaster assistance check here......... bullet

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 2011?.............

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)):

At the end of tax year 2011, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2011?...............YesNo

If “Yes,” list the years bullet

20, 20, 20, 20

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.) .........

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business

enterprise at any time during the year?.....................YesNo

If “Yes,” did it have excess business holdings in 2011 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 2011.)....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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 2011?

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))? YesNo

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?...............YesNo

(3) Provide a grant to an individual for travel, study, or other similar purposes? YesNo

(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)...YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?........YesNo

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)?

Yes

Organizations relying on a current notice regarding disaster assistance check here......... bullet

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?............YesNo

If “Yes,” attach the statement required by Regulations section 53.4945–5(d). Click to see attachment

Did the foundation, during the year, receive any funds, directly or indirectly, to pay

premiums on a personal benefit contract?....................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....

If “Yes” to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....

Form 990-PF (2011)

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 20.00	142,835	0	0
PO BOX 3038 MILWAUKEE,WI53201	TRUSTEE 20.00	142,835	0	0

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...................				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............. bullet

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 (2011)

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		0

Total. Add lines 1 through 3.......................... bullet

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
see page 24 of the instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

32,125,167

Average of monthly cash balances.......................

435,432

Fair market value of all other assets (see page 24 of the instructions)............

Total (add lines 1a, b, and c).........................

32,560,599

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

32,560,599

Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25

of the instructions) ...........................

488,409

Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4

32,072,190

Minimum investment return. Enter 5% of line 5..................

1,603,610

Part XI

Distributable Amount (see page 25 of the instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet

and do not complete this part.)

Minimum investment return from Part X, line 6....................

1,603,610

Tax on investment income for 2011 from Part VI, line 5......

25,145

Income tax for 2011. (This does not include the tax from Part VI.)...

Add lines 2a and 2b............................

25,145

Distributable amount before adjustments. Subtract line 2c from line 1............

1,578,465

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

1,578,465

Deduction from distributable amount (see page 25 of the instructions)...........

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,

line 1................................

1,578,465

Part XII

Qualifying Distributions (see page 25 of the instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

1,590,554

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

1,590,554

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)............

Adjusted qualifying distributions. Subtract line 5 from line 4..............

1,590,554

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 (2011)

Page 8

Part XIII

Undistributed Income (see page 26 of the instructions)

	(a) Corpus	(b) Years prior to 2010	(c) 2010	(d) 2011
1 Distributable amount for 2011 from Part XI, line 7				1,578,465
2 Undistributed income, if any, as of the end of 2011:
a Enter amount for 2010 only.......			1,554,095
b Total for prior years:20, 20, 20		0
3 Excess distributions carryover, if any, to 2011:
a From 2006.......
b From 2007.......
c From 2008.......
d From 2009.......
e From 2010.......
fTotal of lines 3a through e.........	0
4Qualifying distributions for 2011 from Part
XII, line 4: $ 1,590,554
a Applied to 2010, but not more than line 2a			1,554,095
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 2011 distributable amount.....				36,459
e Remaining amount distributed out of corpus	0
5 Excess distributions carryover applied to 2011.	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 2010. Subtract line 4a from line 2a. Taxable amount—see page 27 of the instructions ...........			0
f Undistributed income for 2011. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2011 ..........				1,542,006
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 2006 not applied on line 5 or line 7 (see page 27 of the instructions) .............	0
9Excess distributions carryover to 2012. Subtract lines 7 and 8 from line 6a ......	0
10 Analysis of line 9:
a Excess from 2007....
b Excess from 2008....
c Excess from 2009....
d Excess from 2010....
e Excess from 2011....

Form 990-PF (2011)

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 2011, enter the date of the ruling....... bullet

b Check box to indicate whether the organization is a private operating foundation described in section4942(j)(3) or4942(j)(5)

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) 2011	(b) 2010	(c) 2009	(d) 2008	(e) Total

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

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. (see page 28 of the instructions) to individuals or organizations
under other conditions, complete items 2a, b, c, and d.

aThe name, address, and telephone number of the person to whom applications should be addressed:

bThe form in which applications should be submitted and information and materials they should include:

cAny submission deadlines:

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

Form 990-PF (2011)

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
RALPH C SHELDON FOUNDATION PO BOX 417 JAMESTOWN,NY14701	NONE	PRIVATE OPERATING FO	PROGRAM SUPPORT	1,554,095
Total ................................. 3a				1,554,095

bApproved for future payment

Total ................................. 3b				0

Form 990-PF (2011)

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	340
4 Dividends and interest from securities....			14	540,281
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	4,494
8Gain or (loss) from sales of assets other than inventory			18	828,282
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: aFEDERAL TAX REFUND			01	12
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..		0		1,373,409	0

13Total. Add line 12, columns (b), (d), and (e)..................

131,373,409

(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.	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 (2011)

Page 12

Part XVII

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

Did the organization directly or indirectly engage in any of the following with any other organization described in section

Yes

501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

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

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?...........YesNo

If “Yes,” complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

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.

	Signature of officer or trustee	Date	Title

Preparer's Signature	Date	Check if self- employed	PTIN
Firm's name Firm's address		Firm's EIN
		Phone no.

Form 990-PF (2011)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2011 AllOthProgRltdInvestmentsSch

Name:

ISABELLA M SHELDON TR UA P44499005 203

EIN: 13-6866947

Category	Amount
N/A	0

- TIN:

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

TY 2011 ExpenditureResponsibilityStmt

Name:

ISABELLA M SHELDON TR UA P44499005 203

EIN: 13-6866947

Grantee's Name	Grantee's Address	Grant Date	Grant Amount	Grant Purpose	Amount Expended By Grantee	Any Diversion By Grantee?	Dates of Reports By Grantee	Date of Verification	Results of Verification
RALPH C SHELDON FOUNDATION	217 N MAIN STREET JAMESTOWN,NY14701	2011-12-31	1,554,095	TO FUND CHARITABLE GRANTS TO BE MADE BY RALPH C SHELDON FOUNDATION		NONE	03/12/2012		AUDITED FINANCIAL STATEMENT OF RALPH C SHELDON FOUNDATION

- TIN:

TY 2011 InvestmentsCorpBondsSchedule

Name:

ISABELLA M SHELDON TR UA P44499005 203

EIN: 13-6866947

Name of Bond	End of Year Book Value	End of Year Fair Market Value
BLACKROCK HIGH YIELD BOND - 87115.811 SHS	685,601	673,405
EATON VANCE FLOATING RATE I - 149326.246 SHS	1,328,000	1,343,936
JPM HIGH YIELD FD - SEL - 82294.617 SHS	477,611	649,305
RIDGEWORTH FDS SEIX FLRT HI I - 97319.461 SHS	835,000	859,331
DREYFUS/LAUREL FDS TR PRM EMRGN MK I - 24054.999 SHS	340,888	345,670
JPM INTL CURRENCY INCOME FD 61067.828 SHS	668,697	678,464
DB 95% PPN FX BASKET 2/1/13 - 250000 SHS	248,329	232,150
BARC 93% PPN CURRENCY BASKET 9/13/13 - 250000 SHS	249,290	240,725
ALLTEL CORP SR NOTES 7% JUL 1 2012 - 45000 SHS	48,078	45,705
HOUSEHOLD FINANCE CORP NOTES 6 3/8% NOV 27 2012- 30000 SHS	32,079	30,992
CONOCOPHILLIPS 4 3/4% OCT 15 2012 - 40000 SHS	43,008	40,904
DAIMLERCHRYSLER NA HOLD NTS 6 1/2% NOV 15 2013 - 30000 SHS	33,199	32,671
GOLDMAN SACHS GROUP INC NOTES 5 1/8% JAN 15 2015 - 20000 SHS	20,706	21,287
FEDERAL HM LN MORT CORP GOLD PTIC CF 5.5% AUG 1 2021- 28118.995	30,430	30,443
FANNIE MAE 5% DEC 01 2018 DTD 12/01/2003 POOL N 357465 - 16181.214	17,461	17,564
TIME WARNER CABLE INC 5.4% JUL 02 2012 - 40000 SHS	37,068	40,457
ALLSTATE LF GLB FN TRST MED TERM NTS 5 3/8% APR 30 2013 - 30000 SHS	32,376	31,509
WACHOVIA CORP NOTES 5 1/2% MAY 01 2013 - 40000 SHS	43,303	42,009
PHILIP MORRIS INTL INC NOTES 4 7/8% MAY 16 2013 - 35000 SHS	37,626	36,708
FANNIE MAE 4.5% SEP 01 2018POOL NO 254865 - 18621.258	19,896	20,023
MCKESSON CORP NOTES 6 1/2% FEB 15 2014 - 25000 SHS	28,249	27,494
BANK OF AMERICA CORP MED TERM NOTE 7 3/8% MAY 15 2014 - 35000 SHS	38,634	37,994
FANNIE MAE SER 2006-109 CL HA 4.5% MAY 25 2024- 36316.69 SHS	37,562	36,875
NEBRASKA PUBC PR DISTREV GEN SR 4.135% B JAN 01 2013 - 50000 SHS	50,000	51,322
TELEFONICA EMISIONES SAU 4.949% JAN 15 2015 - 30000 SHS	33,231	30,935
FEDERAL NATL MTG ASSN GTD MTG 4.50% JUN 01 2019 - 8292.998 SHS	8,861	8,912
FHLMC GOLD PARTIC CTF 5.5% FEB 01 2020 POOL G11728 - 80620.436 SHS	85,382	88,064
NATIONAL RURAL UTIL COOP 2 5/8% SEP 16 2012 - 40000 SHS	39,940	40,378
PRUDENTIAL FINANCIAL INC SR NTS 3 5/8% SEP 17 2012 - 30000 SHS	29,995	30,383
INTER-AMERICAN DEVEL BK 1 3/4% OCT 22 2012 - 50000 SHS	49,940	50,326
FREDDIE MAC GOLD PAR CTF 4.5% AUG 01 2020 POOL G11720 - 20920.136	22,463	22,443
WESTPAC BANKING CORP NOTES 2 1/4% NOV 19 2012- 40000 SHS	39,966	40,427
BNP PARIBAS SA 2 1/8% DEC 21 2012 - 45000 SHS	44,792	45,224
BANK OF NOVA SCOTIA 2 1/4% JAN 22 2013 - 40000 SHS	39,956	40,552
BAXTER INTL INC 1.8% MAR 15 2013 DTD 03/09/2010 - 30000 SHS	29,965	30,412
FNMA SER 2008-75 CL A 5.5% AUG 25 2030 - 53208.09 SHS	56,384	55,676
SHELL INTL FIN 1 7/8% MAR 25 2013 - 50000 SHS	49,941	50,750
FNMA SER 2005-105 CL B 5% MAY 25 2031 - 35658.18 SHS	37,319	36,934
CITIGROUP INC 4 3/4% MAY 19 2015- 25000 SHS	26,143	26,321
CITIGROUP INC NOTES 6% DEC 13 2013 - 20000 SHS	20,358	21,190
FANNIE MAE 4.5% JUL 01 2020POOL NO 745440 - 38893.53 SHS	41,519	41,798
SHELL INTL FIN 3.1% JUN 28 2015 - 25000 SHS	26,542	26,760
COVIDIEN INTL FINANCE SA 1 7/8% JUN 15 2013 - 30000 SHS	29,964	30,323
DIRECTV HOLDINGS LLC SR NOTES 144A 3.55% MAR 15 2015 - 30000 SHS	31,886	31,681
GOLDMAN SACHS GROUP INC SR NOTES 3.7% AUG 01 2015 DTD 07/28/2010 - 10000 SHS	9,964	10,176
SOMERSET CY NJ IMPT CAP EQUP REV 0.924% A MAY 15 2012- 70000 SHS	70,000	70,034
RABOBANK NEDERLAND 1.85% JAN 10 2014 - 45000 SHS	44,984	45,401
HCP INC 2.7% FEB 01 2014- 15000 SHS	14,867	15,209
FHLMC GOLD PARTIC ETF 5% OCT 01 2023 POOL NO C90719 - 41512.621 SHS	44,204	45,361
FNMA 5% JUL 01 2019 POOL NO 995234 - 53481.11 SHS	57,216	58,051
CISCO SYSTEMS INC SR NOTES 1 5/8% MAR 14 2014 - 25000 SHS	25,012	25,505
ANHEUSER BUSCH INBEV WOR 5 3/8% NOV 15 2014- 15000 SHS	16,681	16,657
TEXAS INSTRUMENT INC 1 3/8% MAY 15 2014 - 25000 SHS	25,059	25,392
GNMA SER 2005-58 CL NW 5% AUG 20 2035 - 33750.441 SHS	35,485	34,755
ANHEUSER BUSCH INBEV WOR 1 1/2% JUL 14 2014- 20000 SHS	19,999	20,293
CAPITAL ONE FINL CO SR NORES 2 1/8% JUL 15 2014 - 35000 SHS	34,981	35,200
MORGAN STANLEY 2 7/8% JUL 28 2014 - 25000 SHS	24,994	24,887
FNMA 4.5% JUN 01 2020 POOL NO 745150 - 18648.792 SHS	20,024	20,050
FHLMC GOLD PARTIC CTF 5.5% SEP 01 2022 POOLC90582 - 4620.035 SHS	5,065	5,024
FNMA 4.5% AUG 01 2018 POOL NO 768012 - 77148.05 SHS	82,331	82,957
HEWLETT PACKARD CO SR NTS 2.35% MAR 15 2015 - 50000 SHS	49,989	50,951
FHLMC GOLD PARTIC CTF 5% OCT 01 2020 POOL NO G11773 - 67237.13 SHS	72,826	72,359
ROYAL BANK OF CANADA 1.45% OCT 30 2014- 40000 SHS	39,985	40,530
VERIZON COMMUNICATIONS 1 1/4% NOV 03 2014 35000 SHS	34,978	35,376
TEVA PHARMA FI IV LLC 1.7% NOV 10 2014- 30000 SHS	30,065	30,470
BHP BILLION FIN USA LTD 1 1/8% NOV 21 2014- 30000 SHS	29,905	30,227
FHLMC NOTES 0 5/8% DEC 29 2014 - 155000 SHS	155,009	155,254
GENERAL ELEC CAP CORP MTN 2.15% JAN 09 2015- 55000 SHS	55,054	56,180
BANK OF NOVA SCOTIA 1.85% JAN 12 2015 - 25000 SHS	25,050	25,555
AT&T INC 0 7/8% FEB 13 2015 - 50000 SHS	49,965	49,704
WELLS FARGO & CO 1 1/4% FEB 13 2015 - 20000 SHS	19,950	19,918
JOHN DEERE CAP CORP MED TERM FLOATING RT NT JUN 16 2014 - 50000	50,000	50,079
VIACOM INC 1 1/4% FEB 27 2015 - 30000 SHS	29,937	29,969
XEROX CORP FLOATING RATE NOTE SEP 13 2013 30000 SHS	30,057	30,266
RIO TINTO FIN USA LTD 1 1/8% MAR 20 2015 - 35000 SHS	34,964	35,055
CATERPILLAR FINANCIAL SE 1.05% MAR 26 2015 - 40000 SHS	39,966	40,134
FREDDIE MAC NOTES 5 1/2% AUG 20 2012 - 65000 SHS	71,515	66,332
ALTRIA GROUP INC 8 1/2% NOV 10 2013 - 30000 SHS	35,051	33,522
EXPRESS SCRIPTS INC 6 1/4% JUN 15 2014 - 30000 SHS	33,579	32,980
PLAINS ALL AMER PIPELINE SR NTS 3.95% SEP 15 2015 - 20000 SHS	21,536	21,448
CANADIAN IMP BK COMM NY SR NTS 1.45% SEP 13 2013 - 30000 SHS	29,928	30,302

- TIN:

TY 2011 InvestmentsCorpStockSchedule

Name:

ISABELLA M SHELDON TR UA P44499005 203

EIN: 13-6866947

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ALLERGAN INC - 120 SHS	10,381	11,452
AMAZON COM INC - 130 SHS	17,599	26,326
ANADARKO PETROLEUM CORP - 150 SHS	11,108	11,751
APPLE INC. - 155 SHS	23,930	92,930
AUTOZONE INC - 30 SHS	8,630	11,154
CVS CAREMARK CORPORATION - 305 SHS	8,897	13,664
CAMPBELL SOUP COMPANY - 250 SHS	8,942	8,463
CAPITAL ONE FINANCIAL CORP - 199 SHS	9,050	11,092
CARDINAL HEALTH INC - 330 SHS	10,125	14,226
CELGENE CORPORATION - 200 SHS	9,777	15,504
CISCO SYSTEMS INC - 1104 SHS	21,052	23,350
CITRIX SYSTEMS INC - 80 SHS	4,619	6,313
COLGATE PALMOLIVE CO - 103 SHS	8,116	10,071
E I DU PONT DE NEMOURS & CO - 492 SHS	18,563	26,027
E M C CORP MASS - 400 SHS	8,213	11,952
EMERSON ELECTRIC CO - 286 SHS	15,125	14,923
FREEPORT-MCMORAN COPPER & GOLD INC CL B - 449 SHS	15,682	17,080
GENERAL ELECTRIC CO - 570 SHS	9,272	11,440
GENERAL MILLS INC - 250 SHS	7,560	9,863
HOME DEPOT INC - 297 SHS	11,551	14,942
HUMANA INC - 180 SHS	13,933	16,646
JOHNSON CONTROLS INC - 725 SHS	16,965	23,548
LAM RESEARCH CORP - 130 SHS	5,322	5,801
THE ESTEE LAUDER COS INC CL A - 120 SHS	6,077	7,433
LENNAR CORP - 315 SHS	4,688	8,562
LOWES COMPANIES INC - 785 SHS	17,015	24,633
MICROSOFT CORP - 1600 SHS	36,331	51,608
NIKE INC B - 125 SHS	7,528	13,555
NORFOLK SOUTHERN CORP - 257 SHS	10,059	16,918
OCCIDENTAL PETROLEUM CORP - 267 SHS	17,369	25,426
ORACLE CORP - 740 SHS	17,806	21,578
PACCAR INC - 350 SHS	12,279	16,391
PFIZER INC - 1216 SHS	17,752	27,536
PIONEER NATURAL RESOURCES CO - 75 SHS	6,375	8,369
PROCTER & GAMBLE CO - 430 SHS	23,241	28,900
QUALCOMM INC - 335 SHS	11,867	22,800
SCHLUMBERGER LTD - 337 SHS	28,084	23,566
TEXAS INSTRUMENTS INC - 330 SHS	10,919	11,091
UNITED TECHNOLOGIES CORP - 365 SHS	21,454	30,273
VERTEX PHARMACEUTICALS INC - 150 SHS	4,296	6,152
WALTER ENERGY INC - 110 SHS	8,016	6,513
WILLIAMS COMPANIES INC - 463 SHS	11,570	14,265
XILINX CORP - 355 SHS	10,561	12,950
MARRIOTT INTL INC CL A - 266 SHS	9,336	10,068
COGNIZANT TECHNOLOGY SOLUTIONS CORP CL A - 208 SHS	10,674	16,006
WELLS FARGO & CO - 1226 SHS	31,371	41,856
BANK OF AMERICA CORP - 1175 SHS	21,445	11,245
GOLDMAN SACHS GROUP INC - 170 SHS	16,630	21,143
DEVON ENERGY CORP - 70 SHS	4,721	4,978
EOG RESOURCES INC - 85 SHS	6,516	9,444
HONEYWELL INTL INC - 254 SHS	10,689	15,507
UNITEDHEALTH GROUP INC - 290 SHS	12,797	17,093
VERIZON COMMUNICATIONS INC - 440 SHS	8,761	16,821
US BANCORP DEL - 375 SHS	8,979	11,880
ISHARES RUSSELL MIDCAP INDEX FUND - 3075 SHS	146,701	340,464
YUM BRANDS INC - 375 SHS	13,106	26,693
CENTERPOINT ENERGY INC - 702 SHS	13,507	13,843
COMCAST CORP CL A - 400 SHS	7,219	12,004
FMI FDS INC LARGE CAP FD - 39966.623 SHS	397,268	677,035
JPM INTREPID VALUE FD - SEL- 29895.329 SHS	722,000	748,579
JPM ASIA EQU FD - SEL - 8738.366 SHS	338,000	274,996
MANAGERS AMG FDS-TIMESSQUARE MID CAP GROWTH FD - 44339.008 SHS	396,391	672,623
GUGGENHEIM PLUS II LP - 943.524 SHS	1,499,500	1,538,718
GUGGENHEIM PLUS II REIT 01-05 - 1 SHS	500	560
AMERIPRISE FINANCIAL INC - 130 SHS	6,940	7,427
JPM US LRGE CAP CORE PLUS FD - SEL - 81787.082 SHS	1,450,000	1,847,570
AT&T INC - 452 SHS	16,041	14,116
CBS CORP CLASS B W/I - 489 SHS	13,280	16,582
EDGEWOOD GROWTH FUND - 57722.307 SHS	503,916	789,641
CAMERON INTL CORP- 140 SHS	7,543	7,396
MANNING & NAPIER FUND INC WORLD OPPS SERIES FUND - 58580.582 SHS	382,992	449,313
T. ROWE PRICE OVERSEAS STOCK FUND - 123536.3 SHS	1,055,000	1,010,527
IVY GLOBAL NATURAL RESOURCE-I - 14800.439 SHS	201,582	269,220
CME GROUP INC CLASS A COMMON STOCK - 40 SHS	11,585	11,573
INVESCO LTD - 460 SHS	8,895	12,268
PHILIP MORRIS INTL - 158 SHS	12,976	14,000
BLACKSTONE PARTNERS OFFSHORE FUND LTD. CLASS H2 - 1750 SHS	1,750,000	2,038,698
NETAPP INC - 195 SHS	7,877	8,730
SPDR GOLD TRUST - 3520 SHS	288,471	570,662
ACE LTD NEW - 215 SHS	11,887	15,738
ISHARES MSCI ALL COUNTRY ASIA EX JAPAN INDEX FUND - 5365 SHS	328,936	302,801
EQT CORPORATION - 121 SHS	6,333	5,833
TYCO INTERNATIONAL LTD - 225 SHS	8,424	12,641
TIME WARNER INC NEW - 855 SHS	22,374	32,276
K2 OVERSEAS LONG SHORT FUND I, LTD. CLASS B - 2009-1 - 1031.82 SHS	1,000,000	1,132,867
MERCK AND CO INC - 977 SHS	31,546	37,517
MATTHEWS PACIFIC TIGER INSTL FUND - 13871.823 SHS	230,837	312,948
JPM TR I MIDCAP CORE - SEL - 40123.457 SHS	650,000	726,235
GS CONT BUFF EQ SPX 6/22/12 - 350000 SHS	345,625	397,968
COVIDIEN PLC NEW - 250 SHS	10,435	13,670
CITIGROUP INC NEW - 525 SHS	18,786	19,189
MS GSCI BRENT CRUDE CPN NOTE 6/25/12 - 165000 SHS	163,350	177,161
BARC CONT BUFF EQ SPX 07/05/12 - 350000 SHS	346,500	387,975
GS CONT BUFF EQ SPX 08/08/12 - 350000 SHS	346,500	368,805
HSBC MARKET PLUS SPX 02/19/13 - 400000 SHS	395,000	467,200
HSBC MARKET PLUS SPX 03/18/13 - 325000 SHS	320,938	386,133
HSBC MARKET PLUS GOLD NOTE 10/29/12 - 325000 SHS	321,750	332,865
GS BREN EAFE 11/28/12 - 325000 SHS	321,750	344,208
BARC BREN COMMODITY BSKT 12/19/13 - 325000 SHS	320,125	358,638
CS BREN EAFE GIO 02/16/13 - 325000 SHS	321,750	336,050
JUNIPER NETWORKS INC - 595 SHS	12,954	13,614
EXXON MOBIL CORP - 540 SHS	29,575	46,834
METLIFE INC - 505 SHS	18,215	18,862
KRAFT FOODS INC CLASS A - 465 SHS	16,056	17,675
PRUDENTIAL FINANCIAL INC - 218 SHS	8,308	13,819
BIOGEN IDEC INC - 131 SHS	8,801	16,506
BAIDU INC SPONS ADR - 45 SHS	4,148	6,560
INTERCONTINENTAL EXCHANGE INC - 51 SHS	5,830	7,008
TD AMERITRADE HOLDING CORP- 311 SHS	4,760	6,139
MASTERCARD INC - CLASS A - 20 SHS	3,632	8,411
GENERAL MOTORS CO - 365 SHS	12,473	9,362
HSBC BREN SPX 10/31/12 - 350000 SHS	346,500	387,835
GS BREN EEM 11/07/12- 350000 SHS	346,500	389,256

- TIN:

TY 2011 InvestmentsGovtObligationsSch

Name:

ISABELLA M SHELDON TR UA P44499005 203

EIN: 13-6866947

US Government Securities - End of Year Book Value:

4,308,543

US Government Securities - End of Year Fair Market Value:

4,309,759

State & Local Government Securities - End of Year Book Value:

State & Local Government Securities - End of Year Fair Market Value:

- TIN:

TY 2011 OtherExpensesSchedule

Name:

ISABELLA M SHELDON TR UA P44499005 203

EIN: 13-6866947

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
NEW YORK ATTORNEY GENERAL FILING FEE	750	0	750
GUGGENHEIM PLUS II LP 2% PORTFOLIO EXPENSE	0	11,021	0
GUGGENHEIM PLUS II LP OTHER DEDUCTIONS	0	25	0
ACCRUED INTEREST CARRY FORWARD	6,126	0	0

- TIN:

TY 2011 OtherIncomeSchedule2

Name:

ISABELLA M SHELDON TR UA P44499005 203

EIN: 13-6866947

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
ORIGINAL ISSUE DISCOUNT INCOME	4,494	4,494	4,494
GUGGENHEIM PLUS II LP- SUB F LOSS	0	-69	0
FEDERAL TAX REFUND	12		12

- TIN:

TY 2011 OtherIncreasesSchedule

Name:

ISABELLA M SHELDON TR UA P44499005 203

EIN: 13-6866947

Description	Amount
RETURN OF CAPITAL ADJUSTMENT	1,207
MUTUAL FUND TIMING/FACTORING ADJUSTMENT	5,649

- TIN:

TY 2011 TaxesSchedule

Name:

ISABELLA M SHELDON TR UA P44499005 203

EIN: 13-6866947

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FOREIGN TAXES WITHHELD	4,634	4,634		0
FOREIGN TAXES - LP PASS THROUGH	0	12		0