| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INDIRECT ACCOUNTING FEES | 10,000 | 10,000 |
| Contractor | Explanation |
|---|---|
| CONSULTING |
| Description of Property | Date Acquired | Cost or Other Basis | Prior Years' Depreciation | Computation Method | Rate / Life (# of years) |
Current Year's Depreciation Expense | Net Investment Income | Adjusted Net Income | Cost of Goods Sold Not Included |
|---|---|---|---|---|---|---|---|---|---|
| OFFICE EQUIP | 2008-01-01 | 30,708 | 30,708 | MACRS | 5.0000 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 200000 DELPHI CORP 6 1/2 13 | 207,113 | 6,500 |
| 200000 TIME WARNER 6.95 28 | 198,891 | 245,624 |
| 250000 PITNEY BOWES 4.75 18 | ||
| 250000 POTASH CORP-SASKATCHEWAN 4.87 | 266,218 | 271,760 |
| 250000 ERP OPERATING 4.75 20 | 267,365 | 273,763 |
| 250000 L-3 COMMUNICATION 4.75 20 | 268,460 | 260,095 |
| 250000 JP MORGAN CHASE 4.4 20 | 261,168 | 269,260 |
| 250000 CREDIT SUISSE NEW YORK 4.375 | 261,128 | 272,035 |
| 250000 NEWELL RUBBERMAID 4.7 20 | 266,575 | 270,332 |
| 250000 ENTERGY 5.125 20 | 254,012 | 266,203 |
| 250000 CLIFFS NATURAL RESOURCES 4.8 | 259,505 | 72,500 |
| 250000 MATTEL 4.35 20 | 261,065 | 260,467 |
| 250000 CORN PRODUCTS INTERNATIONAL 4 | 262,505 | 265,338 |
| 250000 CANADIAN PACIFIC 4.45 23 | 260,823 | 268,415 |
| 250000 FRONTIER COMMUNICATIONS 6.625 | ||
| 250000 UNION PACIFIC 4 21 | 269,900 | 270,100 |
| 250000 METLIFE 4.75 21 | 270,612 | 276,100 |
| 250000 CVS COREMARK 4.125 21 | 263,875 | 267,620 |
| 250000 AETNA 4.125 21 | 268,428 | 264,252 |
| 250000 VORNADO REALTY TRUST 4.25 15 | ||
| 250000 HUTCH WHAMPOA 6 49 | ||
| 500000 GE CAPITAL 6.375 67 | 520,000 | 536,565 |
| 250000 AMGEN 4.1 21 | 270,400 | 267,675 |
| 250000 DOW CHEMICAL 4.125 21 | 268,000 | 264,223 |
| 250000 UNITED HEALTH GROUP 2.875 22 | 257,053 | 253,438 |
| 114160 JP MORGAN TRUST I FLOATING RA | 1,142,697 | 1,073,104 |
| 250000 ARCELOMITTAL 3.75 16 | ||
| 250000 GOLDMAN SACHS CAPITAL II 5.79 | 173,750 | 180,987 |
| 250000 EMBRAER OVERSEAS 6.375 17 | 274,375 | 258,033 |
| 250000 KELLOGG 4 20 | 284,663 | 266,015 |
| 250000 WALMART 4.25 21 | 291,250 | 277,225 |
| 250000 GENERAL MILLS 3.15 21 | 261,693 | 253,752 |
| 500000 AT&T 3 22 | 513,621 | 493,525 |
| 250000 CATERPILLAR 2.6 22 | 258,330 | 243,767 |
| 250000 PACIFIC GAS & ELEC 2.45 22 | ||
| 250000 CLOROX 3.05 22 | 258,895 | 247,528 |
| 250000 GENERAL ELECTRIC 2.7 22 | 261,693 | 250,122 |
| 250000 APACHE CORP 2.625 23 | 249,921 | 232,375 |
| 250000 FEDEX 2.7 23 | 254,225 | 242,825 |
| 600000 BANK OF AMERICA 8.125 49 | 556,250 | 522,370 |
| 355000 JP MORGAN CHASE VAR. RATE | 355,000 | 357,762 |
| 65000 JP MORGAN CHASE 5.15 49 | 65,000 | 62,384 |
| 250000 CIGNA CORP 4 2 | 274,423 | 260,190 |
| 500000 BURLINGTON NORTHERN SANTA FE | 518,450 | 502,665 |
| 500000 BERKSHIRE HATHAWAY 3 22 | 523,511 | 507,035 |
| 500000 WELLS FARGO 3.45 23 | 512,870 | 501,455 |
| 250000 PHILIP MORRIS INTL 3.6 23 | 268,663 | 261,955 |
| 250000 FEDEX 4 24 | 273,705 | 260,788 |
| 250000 ALTRIA GROUP 4 24 | 260,348 | 263,052 |
| 250000 ANHEUSER BUSCH 3.7 24 | 260,290 | 253,398 |
| 250000 JP MORGAN CHASE 3.875 24 | 265,875 | 259,315 |
| 250000 THERMO FISHER SCIENTIFIC 4.15 | 260,513 | 261,335 |
| 250000 HOME DEPOT 3.75 24 | 263,293 | 267,060 |
| 250000 PEPSICO 3.6 24 | 259,945 | 259,410 |
| 250000 COLGATE POLMOLIVE 3.25 24 | 261,216 | 259,227 |
| 250000 EXXON MOBIL 3.176 24 | 265,563 | 258,065 |
| 500000 PRUDENTIAL FINANCIAL 3.5 24 | 519,990 | 508,045 |
| 500000 GOLDMAN SACHS 3.85 24 | 524,906 | 510,055 |
| 250000 CBS 3.7 24 | 259,951 | 246,433 |
| 500000 VERIZON 3.5 24 | 497,515 | 499,920 |
| 250000 COMCAST 3.375 25 | 252,393 | 254,605 |
| 250000 METLIFE 3 25 | 252,283 | 243,747 |
| 500000 AFLAC 3.25 25 | 493,155 | 493,570 |
| 250000 CITIGROUP 3.875 25 | 245,735 | 243,943 |
| 500000 WHIRLPOOL 3.7 25 | 504,270 | 492,815 |
| 250000 MCDONALDS 3.375 25 | 245,915 | 248,605 |
| 250000 CBS 4 26 | 250,575 | 249,347 |
| 500000 INTERNATIONAL LEASE FINANCE | 521,700 | 509,065 |
| 125000 MET LIFE VAR 49 | 125,000 | 126,562 |
| 250000 CAPITAL ONE FINANCIAL VAR 49 | 250,000 | 251,190 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| 13373 AT&T | 67,294 | 448,129 |
| 8222 VERIZON COOMUNICATIONS | 116,304 | 385,447 |
| 591 CENTURY LINK | 19,805 | 16,672 |
| 453856 VORNADO REALTY TRUST | 10,229,730 | 45,635,221 |
| 10000 PUTNAM PREMIER INCOME TRUST | 100,002 | 50,500 |
| 2386 VODAPHONE | 12,286 | 78,666 |
| 22230 PNC FINANCIAL SERVICES | 837,605 | 2,006,480 |
| 3000 PUBLIC SERVICE ENTERPRISE GROUP | 39,064 | 123,870 |
| 521 WELLS FARGO | 99,157 | 28,207 |
| 8000 MERRILL LYNCH CAP TR IV 7.12 PF | 200,000 | 207,839 |
| 6723 BLACKROCK CORPORATE HIGH YIELD | 154,272 | 69,852 |
| 54458 IBM | 7,478,736 | 7,628,477 |
| 5192 FRONTIER COMMUNICATIONS | 54,118 | 26,687 |
| 10000 GENERAL MOTORS 7 1/4 PFD | 126,496 | |
| 5000 GENERAL MOTORS 7 1/4 PFD | 63,068 | |
| 8000 FIRST NIAGRA FINANCIAL GROUP | 80,000 | 82,800 |
| 5000 M S CAP TRUST III 6 1/4 PFD | 125,000 | 129,500 |
| 4507 COMCAST | 34,252 | 282,228 |
| 5000 VORNADO REALTY TR SER G 6 5/8 P | 125,000 | 126,950 |
| 1000 LAZARD LTD | 25,000 | 46,320 |
| 161 PORTLAND GENERAL ELECTRIC | 5,970 | |
| 1264 ALCATEL LUCENT | 21,328 | 5,094 |
| 48880 NEW YORK COMMUNITY BANCORP | 529,500 | 807,498 |
| 2200 VANGUARD NATURAL RESOURCES | 55,300 | 17,358 |
| 10000 GENERAL MOTORS 7 3/8 PFD | 126,496 | |
| 38000 GENERAL MOTORS 7 3/8 PFD | 480,687 | |
| 20000 GENERAL MOTORS 7 1/2 PFD | 252,993 | |
| 400 LUMBER LIQUIDATORS | 4,400 | 5,528 |
| 594 BOEING | 50,000 | 87,954 |
| 7307 CITIGROUP | 250,000 | 388,513 |
| JP MORGAN STRATEGIC INCOME OP | 1,313,129 | 1,298,488 |
| 53281 JP MORGAN SHORT DURATION BOND | 579,205 | 579,159 |
| 10000 VORNADO REALTY TRUST SERIES J | 250,000 | 259,000 |
| 1000 AVALON BAY COMMUNITIIES | 110,065 | 174,830 |
| 250000 JP MORGAN CHASE 7.9 PFD | 248,125 | 260,913 |
| 8180 GENERAL MOTORS WARRANTS-CL A | 303,725 | 206,136 |
| 8180 GENERAL MOTORS WARRANTS-CL B | 234,346 | 140,123 |
| 15871 GENERAL MOTORS | 698,431 | 554,057 |
| 20000 FIRST REPUBLIC BANK 6.7 PFD | 500,000 | 526,000 |
| 10000 FIRST REPUBLIC BANK 6.2 PFD | 250,000 | 261,200 |
| 20000 GOLDMAN SACHS GROUP 5.95 PFD | 500,000 | 511,600 |
| 2090 MOTORS LIQUIDATION TRUST | 25,260 | 33,858 |
| 4000 ANNALY CAPITAL MANAGEMENT 7.625 | 100,000 | 98,340 |
| 10000 CAPITAL ONE FINANCIAL 6 PFD | 249,500 | 256,300 |
| 9000 DDR CORP 6.5 PFD | 225,000 | 235,080 |
| 6000 FIRST REPUBLIC BANK 6.2 PFD | 150,000 | 156,720 |
| 750 WELLS FARGO 5.2 PFD | 18,750 | 18,795 |
| 250000 WELLS FARGO 7.98 PFD | 271,562 | 266,660 |
| 20000 CITIGROUP SER J 7.125 PFD | 500,000 | 551,400 |
| 8000 FIRST REPUBLIC BANK 5.5 PFD | 200,000 | 199,201 |
| 10000 VORNADO REALTY TRUST 5.4 PFD | 250,000 | 239,900 |
| 20000 WELLS FARGO 5.85 PFD | 500,000 | 519,800 |
| 5000 CITIGROUP 7.125 PFD | 125,000 | 137,950 |
| 13000 WELLS FARGO 5.85 PFD | 325,000 | 337,870 |
| 18000 WELLS FARGO 5.25 PFD | 450,000 | 455,220 |
| 10115 GOLDMAN SACH STRAT INCOME TR | 106,913 | 100,341 |
| 14963 HSBC TOTAL RETURN FUNDS | 153,640 | 152,923 |
| 7996 PRUDENTIAL INVESTMENT PORTFOLIO | 79,290 | 76,125 |
| 12984 DOUBLE LINE TOTAL RETURN FUND | 143,460 | 141,266 |
| 5683 EATON VANCE FLOATING RATE FUND | ||
| 5601 JPM MLT SECURED INCOME FUND | ||
| 13673 RBC FUNDS TRUST | 138,138 | 135,496 |
| 10000 BANK OF AMERICA 6.625 PFD | 250,000 | 265,400 |
| 10000 JP MORGAN 6.7 PFD | 250,000 | 270,000 |
| 10000 JP MORGAN 6.3 PFD | 250,000 | 260,500 |
| 20000 REGIONS FINANCIAL BAR. PFD | 500,000 | 529,600 |
| 10836 JPM GLOBAL BOND OPPORTUNITY FD | 112,433 | 108,575 |
| 1371 COLUMBIA CONVERIBLE SECURITIES | ||
| 10000 JP MORGAN CHASE 3.125 PFD | 250,000 | 253,500 |
| 174820 URBAN EDGE PROPERTIES | 942,678 | 4,150,227 |
| 10000 JP MORGAN CHASE 6.125 | 250,000 | 253,500 |
| 5000 JP MORGAN CHASE 6.1 PFD | 125,000 | 126,550 |
| 5356 NEUBERGER BERMAN INCOME FUNDS | 51,600 | 50,184 |
| 6927 PIMCO MORTGAGE OPPURTUNITY | 77,236 | 76,820 |
| 4981 BLACKROCK FUNDS II | 51,102 | 50,260 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| ISRAEL BONDS | AT COST | 1,534,770 | 1,684,000 |
| Category / Item | Cost / Other Basis | Accumulated Depreciation | Book Value | End of Year Fair Market Value |
|---|---|---|---|---|
| OFFICE EQUIPMENT |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| EXPENSES | ||||
| OFFICE | 19,449 | 19,449 | ||
| INSURANCE | 8,048 | 8,048 | ||
| DUE AND SUBSCRIPTION | 10,000 | 10,000 | ||
| PROMOTION | 53,024 | 53,024 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| CONSULTING FEES | 215,000 | 215,000 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FEDERAL EXCISE TAX | 76,000 |