Form990-PF

Department of the Treasury
Internal Revenue Service
Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter Social Security numbers on this form as it may be made public. By law, the IRS cannot redact the information on the form.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2013
Open to Public Inspection
For calendar year 2013, or tax year beginning 01-01-2013 , and ending 12-31-2013
Name of foundation
D AND R FUND CO JAMES GLASSER
 

Number and street (or P.O. box number if mail is not delivered to street address)500 W MONROE ST NO 2660   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
CHICAGO, IL60661
A Employer identification number

36-6057159
B Telephone number (see instructions)

(312) 621-6214
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$29,917,959J Accounting method:
 
(Part I, column (d) must be on cash basis.)
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 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      
4 Dividends and interest from securities...... 381,962 381,962  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 1,712,891
b Gross sales price for all assets on line 6a 2,771,708
7 Capital gain net income (from Part IV, line 2)... 1,712,891
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 59,735 59,735  
12 Total. Add lines 1 through 11........ 2,154,588 2,154,588  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 50,000 50,000   0
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 5,460 5,460   0
b Accounting fees (attach schedule)....... Click to see attachment 8,400 8,400   0
c Other professional fees (attach schedule).... Click to see attachment 125,501 125,501   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions) Click to see attachment 143,630 143,630   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 517,942 517,942   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 850,933 850,933   0
25 Contributions, gifts, grants paid........ 2,367,000 2,367,000
26 Total expenses and disbursements. Add lines 24 and 25 3,217,933 850,933   2,367,000
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -1,063,345
b Net investment income (if negative, enter -0-) 1,303,655
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2013)
Form 990-PF (2013)
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............... 5,497 5,497 5,497
2 Savings and temporary cash investments.......... 2,950,975 1,561,075 1,561,075
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 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)      
b Investments—corporate stock (attach schedule)........      
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 22,418,382 Click to see attachment25,976,792 28,318,779
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment67 Click to see attachment32,608 Click to see attachment32,608
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 25,374,921 27,575,972 29,917,959
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) Click to see attachment879,152 Click to see attachment881,050
23 Total liabilities (add lines 17 through 22).......... 879,152 881,050
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......... 0 0
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds 24,495,769 26,694,922
30 Total net assets or fund balances (see page 17 of the
instructions).................... 24,495,769 26,694,922
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 25,374,921 27,575,972
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 24,495,769
2 Enter amount from Part I, line 27a..................... 2 -1,063,345
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 3,262,498
4 Add lines 1, 2, and 3.......................... 4 26,694,922
5 Decreases not included in line 2 (itemize) bullet 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 26,694,922
Form 990-PF (2013)
Form 990-PF (2013)
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 PRIVATE EQUITY I P    
b PRIVATE EQUITY I P    
c SELECT ASSET MANAGEMENT P    
d SELECT ASSET MANAGEMENT P    
e GRESHAM FOREIGN MANAGER P    
GRESHAM FOREIGN MANAGER P    
WESTMINSTER IV P    
WM. BLAIR VII P    
TRIDENT CAPITAL V P    
TRIDENT CAPITAL V P    
TRIDENT CAPITAL IV P    
GEM REALTY IV P    
CURRENCY DEBASEMENT P    
CURRENCY DEBASEMENT P    
GRESHAM CHINA OPPORTUNITY P    
GRESHAM CHINA OPPORTUNITY P    
GRESHAM INFLATION STRATEGIES P    
GRESHAM INFLATION STRATEGIES P    
2011/12 PRIVATE EQUITY STRATEGIES P    
2011/12 PRIVATE EQUITY STRATEGIES P    
GRESHAM PRIVATE EQUITY II P    
GRESHAM PRIVATE EQUITY II P    
GEM REALTY III P    
GRESHAM GLOBAL OPPORTUNITY P    
GRESHAM GLOBAL OPPORTUNITY P    
HESPERUS PARTNERS P    
ISHARES P   2013-07-23
ISHARES P   2013-07-23
SECTION 1231 GAINS P    
SECTION 1256 GAINS P    
SECTION 1256 GAINS 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 1,112     1,112
b 147,476     147,476
c 51,454     51,454
d 253,527     253,527
e 217,300     217,300
167,036     167,036
2,207     2,207
    20,391 -20,391
724     724
29,834     29,834
122,584     122,584
9,310     9,310
    55,732 -55,732
    32,635 -32,635
4,918     4,918
9,347     9,347
    28,489 -28,489
    5,170 -5,170
467     467
678     678
12,867     12,867
109,131     109,131
    3,660 -3,660
188,089     188,089
388,284     388,284
    1,119 -1,119
286,416   360,696 -74,280
437,471   550,925 -113,454
298,710     298,710
13,106     13,106
19,660     19,660
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       1,112
b       147,476
c       51,454
d       253,527
e       217,300
      167,036
      2,207
      -20,391
      724
      29,834
      122,584
      9,310
      -55,732
      -32,635
      4,918
      9,347
      -28,489
      -5,170
      467
      678
      12,867
      109,131
      -3,660
      188,089
      388,284
      -1,119
      -74,280
      -113,454
      298,710
      13,106
      19,660
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 1,712,891
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 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))
2012 1,129,000 26,515,628 0.042579
2011 1,113,500 26,031,934 0.042774
2010 1,102,000 25,796,229 0.042719
2009 1,247,000 24,789,588 0.050303
2008 1,389,500 28,296,485 0.049105
2 Total of line 1, column (d) ...................... 2 0.227480
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 0.045496
4 Enter the net value of noncharitable-use assets for 2013 from Part X, line 5..... 4 28,269,065
5 Multiply line 4 by line 3....................... 5 1,286,129
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 13,037
7 Add lines 5 and 6......................... 7 1,299,166
8 Enter qualifying distributions from Part XII, line 4.............. 8 2,367,000
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.
Form 990-PF (2013)
Form 990-PF (2013)
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 13,037
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 13,037
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 13,037
6 Credits/Payments:
a 2013 estimated tax payments and 2012 overpayment credited to 2013 6a 46,080
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868) 6c 15,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 61,080
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8 130
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 47,913
11 Enter the amount of line 10 to be: Credited to 2014 estimated taxBullet13,040 RefundedBullet 11 34,873
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
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
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 instructions)
    bulletIL
    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
     
    No
    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 2013 or the taxable year beginning in 2013 (see instructions for Part XIV)?
    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 instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    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 ofbulletJAMES GLASSER Telephone no.bullet (312) 621-6214
    Located atbullet500 W MONROE ST STE 2660CHICAGOIL ZIP+4bullet60661
    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 2013, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See 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 (2013)
    Form 990-PF (2013)
    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
     
     
    .........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 2013?.............
    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 2013, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2013?...............
    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 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 2013 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 2013.)....................
    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 2013?
    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 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 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 (2013)
    Form 990-PF (2013)
    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 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
    LOUISE R GLASSER DIRECTOR
    0.00     		0 0 0
    13262 E SADDLEROCK RD
    TUCSON,AZ85749
    JAMES J GLASSER TREAS/DIR
    20.00     		50,000 0 0
    500 W MONROE
    CHICAGO,IL60661
    BABETTE H ROSENTHAL DIRECTOR
    0.00     		0 0 0
    324 REGENTWOOD RD
    NORTHFIELD,IL60093
    EMILY GLASSER DIRECTOR
    0.00     		0 0 0
    16 W 77TH STREET
    NEW YORK,NY10024
    SAMUEL L ROSENTHAL DIRECTOR
    0.00     		0 0 0
    219 DARTMOUTH COLLEGE HIGHWAY
    HAVER HILL,NH03765
    2 Compensation of five highest-paid employees (other than those included on line 1—see 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 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
     
    2  
    3  
    4  
    Form 990-PF (2013)
    Form 990-PF (2013)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See page 24 of the instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see 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
     
    b
    Average of monthly cash balances.......................
    1b
     
    c
    Fair market value of all other assets (see instructions)................
    1c
     
    d
    Total (add lines 1a, b, and c).........................
    1d
     
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
     
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
     
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
     
    6
    Minimum investment return. Enter 5% of line 5..................
    6
     
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    1,413,453
    2a
    Tax on investment income for 2013 from Part VI, line 5......
    2a
    13,037
    b
    Income tax for 2013. (This does not include the tax from Part VI.)...
    2b
    104,067
    c
    Add lines 2a and 2b............................
    2c
    117,104
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,296,349
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    1,296,349
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1................................
    7
    1,296,349
    Part XII
    Qualifying Distributions (see 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
     
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    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
     
    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 instructions).................
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
     
    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 (2013)
    Form 990-PF (2013)
    Page 8
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2012     		(c)
    2012     		(d)
    2013
    1 Distributable amount for 2013 from Part XI, line 7 1,296,349
    2 Undistributed income, if any, as of the end of 2013:
    a Enter amount for 2012 only....... 276,572
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2013:
    a From 2008.......  
    b From 2009.......  
    c From 2010.......  
    d From 2011.......  
    e From 2012.......  
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2013 from Part
    XII, line 4: bullet$ 2,367,000
    a Applied to 2012, but not more than line 2a 276,572
    b Applied to undistributed income of prior years
    (Election required—see instructions)......     		0
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		0
    d Applied to 2013 distributable amount..... 1,296,349
    e Remaining amount distributed out of corpus 794,079
    5 Excess distributions carryover applied to 2013. 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 5 794,079
    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 instructions ...........     		0
    e Undistributed income for 2012. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2013. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2014 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (see
    instructions) .............     		0
    8Excess distributions carryover from 2008 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2014.
    Subtract lines 7 and 8 from line 6a ......     		794,079
    10 Analysis of line 9:
    a Excess from 2009....  
    b Excess from 2010....  
    c Excess from 2011....  
    d Excess from 2012....  
    e Excess from 2013.... 794,079
    Form 990-PF (2013)
    Form 990-PF (2013)
    Page 9
    Part XIV
    Private Operating Foundations (see 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 2013, 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) 2013 (b) 2012 (c) 2011 (d) 2010
             
    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 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:
    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 (2013)
    Form 990-PF (2013)
    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
    ACCESS COMMUNITY HEALTH NETWORK
    600 W FULTON
    CHICAGO,IL60601     		NONE 501(C)(3) CIVIC & SOCIAL 10,000
    ACCESS LIVING
    115 W CHICAGO AVE
    CHICAGO,IL60611     		NONE 501(C)(3) CIVIC & SOCIAL 50,000
    ADLER PLANETARIUM
    1300 S LAKE SHORE DRIVE
    CHICAGO,IL60605     		NONE 501(C)(3) CIVIC & SOCIAL 5,000
    CHICAGO BOTANIC GARDEN
    1000 LAKE COOK RD
    GLENCOE,IL60022     		NONE 501(C)(3) CIVIC & SOCIAL 60,000
    CHICAGO COALITION FOR THE HOMELESS
    70 E LAKE STREET
    CHICAGO,IL60601     		NONE 501(C)(3) CIVIC & SOCIAL 15,000
    CHICAGO HIGH SCHOOL FOR THE ARTS
    521 E 35TH ST
    CHICAGO,IL60616     		NONE 501(C)(3) CIVIC & SOCIAL 25,000
    CHILDREN MEMORIAL FOUNDATION
    225 E CHICAGO AVE
    CHICAGO,IL60610     		NONE 501(C)(3) CIVIC & SOCIAL 75,000
    CHILDSERV
    8765 W HIGGINS
    CHICAGO,IL60631     		NONE 501(C)(3) CIVIC & SOCIAL 20,000
    DONORS FORUM OF CHICAGO
    208 S LASALLE
    CHICAGO,IL60604     		NONE 501(C)(3) CIVIC & SOCIAL 5,000
    ERIE FAMILY HEALTH CENTER
    1701 W SUPERIOR STREET
    CHICAGO,IL60622     		NONE 501(C)(3) CIVIC & SOCIAL 15,000
    ERIKSON INSTITUTE
    451 N LASALLE
    CHICAGO,IL60654     		NONE 501(C)(3) CIVIC & SOCIAL 15,000
    EXECUTIVE SERVICE CORPS
    25 E WASHINGTON
    CHICAGO,IL60602     		NONE 501(C)(3) CIVIC & SOCIAL 10,000
    FIELD MUSEUM OF NATURAL HISTORY
    1400 S LAKE SHORE DRIVE
    CHICAGO,IL60605     		NONE 501(C)(3) CIVIC & SOCIAL 25,000
    GOODMAN THEATRE
    170 N DEARBORN
    CHICAGO,IL60601     		NONE 501(C)(3) CIVIC & SOCIAL 25,000
    GREATER CHICAGO FOOD DEPOSITORY
    4100 W ANN LURIE PLACE
    CHICAGO,IL60632     		NONE 501(C)(3) CIVIC & SOCIAL 30,000
    HEARTLAND ALLIANCE
    208 S LASALLE
    CHICAGO,IL60604     		NONE 501(C)(3) CIVIC & SOCIAL 12,500
    JEWISH UNITED FUND OF METROPOLITAN CHICAGO
    30 S WELLS
    CHICAGO,IL60606     		NONE 501(C)(3) CIVIC & SOCIAL 252,500
    JOHN G SHEDD AQUARIUM
    1200 S LAKE SHORE DRIVE
    CHICAGO,IL60605     		NONE 501(C)(3) CIVIC & SOCIAL 15,000
    LAWRENCE HALL YOUTH SERVICES
    4833 N FRANCISCO AVE
    CHICAGO,IL60625     		NONE 501(C)(3) CIVIC & SOCIAL 20,000
    GLASSER AND ROSENTHAL FAMILY FOUNDATION
    225 N MICHIGAN AVE
    CHICAGO,IL60601     		NONE 501(C)(3) CIVIC & SOCIAL 1,000,000
    LINCOLN PARK ZOO
    PO BOX 14903
    CHICAGO,IL60614     		NONE 501(C)(3) CIVIC & SOCIAL 10,000
    MILLENNIUM PARK
    201 E RANDOLPH STREET
    CHICAGO,IL60601     		NONE 501(C)(3) CIVIC & SOCIAL 10,000
    MUSEUM OF SCIENCE AND INDUSTRY
    57TH LAKE SHORE DRIVE
    CHICAGO,IL60637     		NONE 501(C)(3) CIVIC & SOCIAL 100,000
    NEWBERRY LIBRARY
    60 W WALTON STREET
    CHICAGO,IL60610     		NONE 501(C)(3) CIVIC & SOCIAL 100,000
    NORTH CHICAGO COMMUNITY PARTNERS
    855 SKOKIE HWY
    LAKE BLUFF,IL60044     		NONE 501(C)(3) CIVIC & SOCIAL 10,000
    NORTH SHORE SENIOR CENTER
    161 NORTHFIELD ROAD
    NORTHFIELD,IL60093     		NONE 501(C)(3) CIVIC & SOCIAL 12,000
    OUNCE OF PREVENTION FUND
    33 W MONROE
    CHICAGO,IL60603     		NONE 501(C)(3) CIVIC & SOCIAL 25,000
    POSSE FOUNDATION
    111 W JACKSON
    CHICAGO,IL60604     		NONE 501(C)(3) CIVIC & SOCIAL 30,000
    REHAB INSTITUTE OF CHICAGO
    150 S WACKER DRIVE
    CHICAGO,IL60606     		NONE 501(C)(3) CIVIC & SOCIAL 200,000
    TEACH FOR AMERICA
    300 W ADAMS
    CHICAGO,IL60606     		NONE 501(C)(3) CIVIC & SOCIAL 100,000
    URBAN EDUCATION INSTITUTE
    1313 E 60TH STREET
    CHICAGO,IL60637     		NONE 501(C)(3) CIVIC & SOCIAL 75,000
    WORKING IN THE SCHOOLS
    27 E MONROE
    CHICAGO,IL60604     		NONE 501(C)(3) CIVIC & SOCIAL 10,000
    Total .................................bullet 3a 2,367,000
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2013)
    Form 990-PF (2013)
    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 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....          
    3
    Interest on savings and temporary cash investments ............     		         
    4 Dividends and interest from securities....     14 381,962  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....     14 59,735  
    8
    Gain or (loss) from sales of assets other than inventory .............     		    18 1,712,891  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 2,154,588 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    132,154,588
    (See worksheet in line 13 instructions 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 foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2013)
    Form 990-PF (2013)
    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 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political
    Yes
    No
    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
    Sign Here
    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
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2013)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2013 AccountingFeesSchedule
    Name:
    D AND R FUND CO JAMES GLASSER
    EIN: 36-6057159
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING 8,400 8,400   0

    TY 2013 InvestmentsOtherSchedule2
    Name:
    D AND R FUND CO JAMES GLASSER
    EIN: 36-6057159
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    WILLIAM BLAIR CAPITAL VI PTNRS FMV 7,968 52,026
    TRIDENT CAPITAL FUND IV FMV 14,905 14,905
    WESTMINSTER FUND III LP FMV 0 399,797
    TRIDENT CAPITAL FUND V FMV 522,361 522,361
    WESTMINSTER FUND IV FMV 0 528,249
    WM. BLAIR CAPITAL PTRS VII FMV 69,037 39,667
    GRESHAM - SELECT ASSET MGT FMV 5,119,573 5,119,573
    GEM REALTY CAPITAL III FMV 358,263 541,748
    BUILDING REALTY ASSOC FMV 0 3,000
    GRESHAM - FOREIGN MGR FUND FMV 5,898,186 5,898,186
    1350 LSD FMV 0 40,000
    GRESHAM - GHS OFFSHORE FMV 2,309,278 3,212,496
    GRESHAM PRIVATE EQUITY I FMV 2,237,304 2,237,304
    GRESHAM LASALLE/JAPAN FMV 405,261 548,400
    GRESHAM PRIVATE EQUITY II FMV 2,194,644 2,194,644
    GRESHAM REALTY FUND IV FMV 658,468 791,814
    GRESHAM CHINA OPPT. FUND I FMV 732,767 732,767
    GRESHAM GLOBAL OPPT. FMV 5,081,913 5,081,913
    2011/12 PRIVATE EQUITY STRATEGIES FMV 326,241 326,241
    2013 PRIVATE EQUITY STRATEGIES FMV 3,354 3,354
    GEM REALTY V FMV 37,269 30,334

    TY 2013 LegalFeesSchedule
    Name:
    D AND R FUND CO JAMES GLASSER
    EIN: 36-6057159
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL 5,460 5,460   0


    TY 2013 OtherAssetsSchedule
    Name:
    D AND R FUND CO JAMES GLASSER
    EIN: 36-6057159
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    MISC. RECEIVABLE 67 67 67
    DUE FROM GRESHAM INFLATION STRATEGIES   32,541 32,541


    TY 2013 OtherExpensesSchedule
    Name:
    D AND R FUND CO JAMES GLASSER
    EIN: 36-6057159
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    SUNDRY EXPENSES 15 15   0
    INTEREST EXPENSE - PASSTHRU 91,326 91,326   0
    MISC. PASSTHROUGH EXPENSES - 2% 225,857 225,857   0
    CONTRIBUTIONS - PASS THRU ENTITIES 59 59   0
    DUES AND SUBSCRIPTIONS 2,597 2,597   0
    MISC. PASSTHROUGH EXPENSES 186 186   0
    WESTMINSTER FUND III - PASSTHROUGH ORD. LOSS 20,882 20,882   0
    WESTMINSTER FUND IV - PASSTHROUGH ORD. LOSS 40,067 40,067   0
    GRESHAM GLOBAL OPPORTUNITY - PASSTHROUGH ORD. LOSS 69,593 69,593   0
    GEM REALTY IV - PASSTHROUGH ORD. LOSS 7,787 7,787   0
    GRESHAM INFLATION STRAT. - PASSTHROUGH ORD. LOSS 1,029 1,029   0
    BUILDING REALTY - PASSTHROUGH ORD. LOSS 89 89   0
    GRESHAM PRIVATE EQUITY II - PASSTHROUGH ORD. LOSS 2,881 2,881   0
    GEM REALTY III - PASSTHROUGH ORD. LOSS 52,773 52,773   0
    2011/12 PRIVATE EQ. STRAT. - PASSTHROUGH ORD. LOSS 1,538 1,538   0
    HESPERUS PARTNERS - PASSTHROUGH ORD. LOSS 30 30   0
    GEM REALTY V - PASSTHROUGH ORD. LOSS 716 716   0
    2013 PRIVATE EQ. STRAT. - PASSTHROUGH ORD. LOSS 517 517   0


    TY 2013 OtherIncomeSchedule2
    Name:
    D AND R FUND CO JAMES GLASSER
    EIN: 36-6057159
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    GRESHAM PRIVATE EQUITY I 387 387 387
    GRESHAM SAM 4,734 4,734 4,734
    GRESHAM FOREIGN MGR 6,307 6,307 6,307
    MISC. INC.-LITIGATION SETTLEMENTS 2 2 2
    GRESHAM CURRENCY DEBASEMENT 1,006 1,006 1,006
    1350 LSD 37,831 37,831 37,831
    GRESHAM CHINA OPPT. FUND I 8,834 8,834 8,834
    MISC. PARTNERSHIP ROYALTY INCOME 422 422 422
    TRIDENT CAPITAL V 212 212 212


    TY 2013 OtherIncreasesSchedule
    Name:
    D AND R FUND CO JAMES GLASSER
    EIN: 36-6057159
    Description Amount
    PARTNERSHIPS-UNREALIZED INCREASE IN VALUE OF ASSETS 2,421,184
    BOOK/TAX DIFFERENCES 841,314


    TY 2013 OtherLiabilitiesSchedule
    Name:
    D AND R FUND CO JAMES GLASSER
    EIN: 36-6057159
    Description Beginning of Year - Book Value End of Year - Book Value
    WESTMINSTER FUND III 340,690 365,631
    WESTMINSTER FUND IV 176,716 182,646
    BUILDING REALTY ASSOC. 2,872 3,206
    1350 LSD 358,874 329,567


    TY 2013 OtherProfessionalFeesSchedule
    Name:
    D AND R FUND CO JAMES GLASSER
    EIN: 36-6057159
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT FEES 125,501 125,501   0


    TY 2013 TaxesSchedule
    Name:
    D AND R FUND CO JAMES GLASSER
    EIN: 36-6057159
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAX 95,897 95,897   0
    FOREIGN TAXES 22,613 22,613   0
    STATE INCOME TAXES 25,120 25,120   0