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.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2015
Open to Public Inspection
For calendar year 2015, or tax year beginning 01-01-2015 , and ending 12-31-2015
Name of foundation
D AND R FUND
C/O 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:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$31,627,018J Accounting method:
 
(Part I, column (d) must be on cash basis.)
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 Sch. B .............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 415,692 415,692  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 3,160,856
b Gross sales price for all assets on line 6a 3,554,874
7 Capital gain net income (from Part IV, line 2)... 3,160,856
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 197,999 197,999  
12 Total. Add lines 1 through 11........ 3,774,547 3,774,547  
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 858 858   0
b Accounting fees (attach schedule)....... Click to see attachment 9,000 9,000   0
c Other professional fees (attach schedule).... Click to see attachment 135,449 135,449   0
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment 86,117 86,117   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 415,841 415,841   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 697,265 697,265   0
25 Contributions, gifts, grants paid....... 1,645,000 1,645,000
26 Total expenses and disbursements. Add lines 24 and 25 2,342,265 697,265   1,645,000
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 1,432,282
b Net investment income (if negative, enter -0-) 3,077,282
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2015)
Form 990-PF (2015)
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......... 1,778,294 1,040,915 1,040,915
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).......... 28,634,703 Click to see attachment28,908,266 30,262,977
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment46,902 Click to see attachment317,629 Click to see attachment317,629
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 30,465,396 30,272,307 31,627,018
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 attachment1,282,786 Click to see attachment1,346,974
23 Total liabilities (add lines 17 through 22)......... 1,282,786 1,346,974
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 29,182,610 28,925,333
30 Total net assets or fund balances (see instructions)..... 29,182,610 28,925,333
31 Total liabilities and net assets/fund balances (see instructions). 30,465,396 30,272,307
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
29,182,610
2
Enter amount from Part I, line 27a .....................
2
1,432,282
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
30,614,892
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
1,689,559
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
28,925,333
Form 990-PF (2015)
Form 990-PF (2015)
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 QUALYS P    
b JD.COM P    
c GRESHAM PRIVATE EQUITY I P    
d GRESHAM PRIVATE EQUITY I P    
e GRESHAM DOMESTIC MANAGERS P    
GRESHAM DOMESTIC MANAGERS P    
GRESHAM FOREIGN MANAGERS P    
GRESHAM FOREIGN MANAGERS P    
WM BLAIR VI P    
WM BLAIR VII P    
TRIDENT CAPITAL V P    
GEM REALTY IV P    
GEM REALTY IV P    
GEM REALTY V P    
GEM REALTY V P    
GRESHAM CHINA OPPORTUNITY P    
GRESHAM CHINA OPPORTUNITY P    
2013 PRIVATE EQUTIY STRATEGIES P    
2014 PRIVATE EQUITY STRATEGIES P    
2014 PRIVATE EQUITY STRATEGIES P    
GRESHAM PRIVATE EQUTIY II P    
GRESHAM PRIVATE EQUITY II P    
2011/2012 PRIVATE EQUITY STRATEGIES P    
2011/2012 PRIVATE EQUITY STRATEGIES P    
GEM REALTY III P    
GRESHAM OPPORTUNISTIC GROWTH STRAT. P    
GRESHAM OPPORTUNISTIC GROWTH STRAT. P    
SECTION 1231 PASSTHRU GAIN/LOSS P    
SECTION 1256 PASSTHRU GAIN/LOSS P    
SECTION 1256 PASSTHRU GAIN/LOSS 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 128,257   10,226 118,031
b 808,168   24,133 784,035
c     2,064 -2,064
d 324,515     324,515
e     184,801 -184,801
420,250     420,250
109,016     109,016
    113,103 -113,103
    15,694 -15,694
    43,997 -43,997
16,718     16,718
134     134
200,721     200,721
120     120
11,699     11,699
10,457     10,457
189,610     189,610
28     28
829     829
2,837     2,837
6,273     6,273
168,708     168,708
339     339
31,426     31,426
20,809     20,809
394,735     394,735
549,145     549,145
154,266     154,266
2,326     2,326
3,488     3,488
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       118,031
b       784,035
c       -2,064
d       324,515
e       -184,801
      420,250
      109,016
      -113,103
      -15,694
      -43,997
      16,718
      134
      200,721
      120
      11,699
      10,457
      189,610
      28
      829
      2,837
      6,273
      168,708
      339
      31,426
      20,809
      394,735
      549,145
      154,266
      2,326
      3,488
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 3,160,856
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 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))
2014 1,382,500 31,102,271 0.044450
2013 2,353,963 28,269,065 0.083270
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
2
Total of line 1, column (d) .....................
20.255792
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
0.051158
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
32,657,190
5
Multiply line 4 by line 3......................
5
1,670,677
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
30,773
7
Add lines 5 and 6........................
7
1,701,450
8
Enter qualifying distributions from Part XII, line 4.............
8
1,645,000
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 (2015)
Form 990-PF (2015)
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 Bullet and enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 61,546
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 61,546
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 61,546
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 35,480
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c 50,000
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 85,480
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8 356
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 23,578
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet23,578 RefundedBullet 11 0
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 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 2015 or the taxable year beginning in 2015 (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
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    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 2015, 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 FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    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 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 2015?.............
    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 2015, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2015?.............
    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 2015 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 2015.)..................
    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 2015?
    4b
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (Continued)
    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 4945(d)(4)(A)? (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
     
    No
    .........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). Click to see attachment
    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 (2015)
    Form 990-PF (2015)
    Page 7
    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  
    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 instructions.
    3  
    Total. Add lines 1 through 3.........................bullet0
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 8
    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
    0
    b
    Average of monthly cash balances.......................
    1b
    1,990,335
    c
    Fair market value of all other assets (see instructions)................
    1c
    31,164,173
    d
    Total (add lines 1a, b, and c).........................
    1d
    33,154,508
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    33,154,508
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    497,318
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    32,657,190
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    1,632,860
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
    1,632,860
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
    61,546
    b
    Income tax for 2015. (This does not include the tax from Part VI.)...
    2b
    86,166
    c
    Add lines 2a and 2b............................
    2c
    147,712
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    1,485,148
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    1,485,148
    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
    1,485,148
    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
    1,645,000
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    1,645,000
    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
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    1,645,000
    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 (2015)
    Form 990-PF (2015)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2014     		(c)
    2014     		(d)
    2015
    1 Distributable amount for 2015 from Part XI, line 7 1,485,148
    2 Undistributed income, if any, as of the end of 2015:
    a Enter amount for 2014 only....... 0
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2015:
    a From 2010......  
    b From 2011......  
    c From 2012......  
    d From 2013...... 684,081
    e From 2014......  
    fTotal of lines 3a through e........ 684,081
    4Qualifying distributions for 2015 from Part
    XII, line 4: bullet$ 1,645,000
    a Applied to 2014, but not more than line 2a 0
    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 2015 distributable amount..... 1,485,148
    e Remaining amount distributed out of corpus 159,852
    5 Excess distributions carryover applied to 2015. 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 5 843,933
    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 2014. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2016. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8Excess distributions carryover from 2010 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2016.
    Subtract lines 7 and 8 from line 6a ......     		843,933
    10 Analysis of line 9:
    a Excess from 2011....  
    b Excess from 2012....  
    c Excess from 2013.... 684,081
    d Excess from 2014....  
    e Excess from 2015.... 159,852
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 10
    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 2015, 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) 2015 (b) 2014 (c) 2013 (d) 2012
             
    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 or email address 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 (2015)
    Form 990-PF (2015)
    Page 11
    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
    ASSOCIATION TO BENEFIT CHILDREN
    419 E 86TH ST
    NEW YORK,NY10028     		NONE 501(C)(3) CIVIC & SOCIAL 7,500
    BERNIES BOOK FUND
    985 MAPLEWOOD RD
    LAKE FOREST,IL60045     		NONE 501(C)(3) CIVIC & SOCIAL 7,500
    CHICAGO BOTANIC GARDEN
    1000 LAKE COOK RD
    GLENCOE,IL60022     		NONE 501(C)(3) CIVIC & SOCIAL 100,000
    CHICAGO COALITION FOR THE HOMELESS
    70 E LAKE ST
    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 30,000
    CHILDSERV
    8765 W HIGGINS
    CHICAGO,IL60631     		NONE 501(C)(3) CIVIC & SOCIAL 20,000
    CIVIC CONSULTING ALLIANCE
    21 S CLARK ST
    CHICAGO,IL60603     		NONE 501(C)(3) CIVIC & SOCIAL 25,000
    ERIE FAMILY HEALTH CENTER
    1701 W SUPERIOR ST
    CHICAGO,IL60622     		NONE 501(C)(3) CIVIC & SOCIAL 20,000
    ERIKSON INSTITUTE
    451 N LASALLE
    CHICAGO,IL60654     		NONE 501(C)(3) CIVIC & SOCIAL 25,000
    EXCEPTIONAL MINDS
    13400 RIVERSIDE DR
    SHERMAN OAKS,CA91423     		NONE 501(C)(3) CIVIC & SOCIAL 5,000
    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 DR
    CHICAGO,IL60605     		NONE 501(C)(3) CIVIC & SOCIAL 125,000
    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 15,000
    JEWISH UNITED FUND OF METROPOLITAN CHICAGO
    30 S WELLS
    CHICAGO,IL60606     		NONE 501(C)(3) CIVIC & SOCIAL 215,000
    JOHN G SHEDD AQUARIUM
    1200 S LAKE SHORE DR
    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
    LINCOLN PARK ZOO
    PO BOX 14903
    CHICAGO,IL60614     		NONE 501(C)(3) CIVIC & SOCIAL 10,000
    LURIE CHILDREN'S HOSPITAL OF CHICAGO
    225 E CHICAGO AVE
    CHICAGO,IL60611     		NONE 501(C)(3) CIVIC & SOCIAL 75,000
    MERIT SCHOOL OF MUSIC
    38 S PEORIA ST
    CHICAGO,IL60607     		NONE 501(C)(3) CIVIC & SOCIAL 10,000
    MILLENNIUM PARK
    201 E RANDOLPH ST
    CHICAGO,IL60601     		NONE 501(C)(3) CIVIC & SOCIAL 10,000
    NEWBERRY LIBRARY
    60 W WALTON ST
    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 20,000
    OSCAR LITWAK FOUNDATION
    256 26TH ST
    SANTA MONICA,CA90402     		NONE 501(C)(3) CIVIC & SOCIAL 5,000
    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 DR
    CHICAGO,IL60606     		NONE 501(C)(3) CIVIC & SOCIAL 200,000
    STUDENT SPONSORSHIP PROGRAM
    PO BOX 217
    NEW YORK,NY10185     		NONE 501(C)(3) CIVIC & SOCIAL 5,000
    TEACH FOR AMERICA
    300 W ADAMS
    CHICAGO,IL60606     		NONE 501(C)(3) CIVIC & SOCIAL 125,000
    TRIANGLE RESIDENTIAL OPTIONS
    1820 JAMES ST
    DURHAM,NC27707     		NONE 501(C)(3) CIVIC & SOCIAL 15,000
    URBAN EDUCATION INSTITUTE
    1313 E 60TH ST
    CHICAGO,IL60637     		NONE 501(C)(3) CIVIC & SOCIAL 75,000
    WHEELCHAIR SPORTS FEDERATION
    6454 82ND ST
    MIDDLE VILLAGE,NY11379     		NONE 501(C)(3) CIVIC & SOCIAL 7,500
    WORKING IN THE SCHOOLS
    27 E MONROE
    CHICAGO,IL60604     		NONE 501(C)(3) CIVIC & SOCIAL 15,000
    ART INSTITUTE OF CHICAGO
    111 S MICHIGAN AVE
    CHICAGO,IL60603     		NONE 501(C)(3) CIVIC & SOCIAL 100,000
    BARREL OF MONKEY'S PRODUCTION
    4432 N RAVENSWOOD
    CHICAGO,IL60640     		NONE 501(C)(3) CIVIC & SOCIAL 7,500
    FULFILLMENT FUND
    6100 WILSHIRE BLVD
    LOS ANGELES,CA90048     		NONE 501(C)(3) CIVIC & SOCIAL 5,000
    GRASSROOTS SOCCER
    PO BOX 712
    NORWICH,VT05055     		NONE 501(C)(3) CIVIC & SOCIAL 10,000
    HIGH JUMP
    59 W NORTH AVE
    CHICAGO,IL60610     		NONE 501(C)(3) CIVIC & SOCIAL 7,500
    PILOT LIGHT
    334 W MENOMONEE ST
    CHICAGO,IL60614     		NONE 501(C)(3) CIVIC & SOCIAL 7,500
    Total .................................bullet 3a 1,645,000
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 12
    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....     14 415,692  
    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.....     14 197,999  
    8
    Gain or (loss) from sales of assets other than inventory ............     		    18 3,160,856  
    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 3,774,547 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    133,774,547
    (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 (2015)
    Form 990-PF (2015)
    Page 13
    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 organizations?
    Yes
    No
    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) 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 name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2015)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2015 AccountingFeesSchedule
    Name:
    D AND R FUND
     
    C/O JAMES GLASSER
    EIN:
    36-6057159
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING 9,000 9,000   0

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

    TY 2015 ExpenditureResponsibilityStmt
    Name:
    D AND R FUND
     
    C/O JAMES GLASSER
    EIN:
    36-6057159
    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
    NORTH CHICAGO COMMUNITY PARTNERS
          		855 SKOKIE HWY
    LAKE BLUFF,IL60044     		2015-12-08 10,000 GRANTS MADE TO THE GRANTEE ORGANIZATION FOUNDATION ARE FOR SPECIFIC CHARITABLE PURPOSE DEFINED BY NORTH CHICAGO COMMUNITY PARTNERS. THE NORTH CHICAGO COMMUNITY PARTNERS IS A PRIVATE OPERATING FOUNDATION THAT PROVIDES PROGRAMS AND SUPPORT WHICH COMPLEMENT CLASSROOM INSTRUCTION, ENHANCE STUDENT LEARNING, AND ADDRESS THE NEEDS OF A CHILD GROWING UP IN A POVERTY-STRICKEN NEIGHBORHOOD.   NO     THE GRANTOR HAS NO REASON TO DOUBT THE ACCURACY OR RELIABILITY OF THE REPORT FROM THE GRANTEE, THEREFORE, NO INDEPENDENT VERIFICATION OF THE REPORT WAS MADE.

    TY 2015 InvestmentsOtherSchedule2
    Name:
    D AND R FUND
     
    C/O 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 3,537 9,542
    TRIDENT CAPITAL FUND V FMV 267,133 267,133
    WM. BLAIR CAPITAL PTRS VII FMV 71,476 59,249
    GRESHAM - DOMESTIC MANAGERS FMV 4,624,867 4,624,867
    GEM REALTY CAPITAL III FMV 36,196 23,878
    GRESHAM - FOREIGN MGR FUND FMV 3,833,806 3,833,806
    GRESHAM - LOW VOLATILITY OFFSHORE FMV 2,609,278 3,808,747
    GRESHAM PRIVATE EQUITY I FMV 2,966,930 2,966,930
    GRESHAM PRIVATE EQUITY II FMV 2,842,972 2,842,972
    GRESHAM REALTY FUND IV FMV 253,891 380,952
    GRESHAM CHINA OPPT. FUND I FMV 1,303,601 1,303,601
    2011/12 PRIVATE EQUITY STRATEGIES FMV 877,967 877,967
    2013 PRIVATE EQUITY STRATEGIES FMV 314,687 314,687
    GEM REALTY V FMV 426,176 472,569
    2014 PRIVATE EQUITY STRATEGIES FMV 239,369 239,369
    GRESHAM OPPORT.GROWTH STRATEGIES OFFSHORE FMV 5,850,146 5,850,474
    2015 PRIVATE EQUITY STRATEGIES FMV 96,001 96,001
    GRESHAM CHINA VENTURE FMV 81,278 81,278
    GRESHAM EMERGING MARKETS FMV 2,208,955 2,208,955

    TY 2015 LegalFeesSchedule
    Name:
    D AND R FUND
     
    C/O JAMES GLASSER
    EIN:
    36-6057159
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL 858 858   0


    TY 2015 OtherAssetsSchedule
    Name:
    D AND R FUND
     
    C/O 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 FOREIGN MANAGERS 32,813 150,000 150,000
    DUE FROM TRIDENT IV 14,022    
    DUE FROM GRESHAM CHINA VENTURES   17,562 17,562
    DUE FROM GRESHAM DOMESTIC MANAGERS   150,000 150,000


    TY 2015 OtherDecreasesSchedule
    Name:
    D AND R FUND
     
    C/O JAMES GLASSER
    EIN:
    36-6057159
    Description Amount
    PARTNERSHIPS-UNREALIZED DECREASE IN VALUE OF ASSETS 735,629
    BOOK/TAX DIFFERENCES 953,930


    TY 2015 OtherExpensesSchedule
    Name:
    D AND R FUND
     
    C/O JAMES GLASSER
    EIN:
    36-6057159
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    SUNDRY EXPENSES 10 10   0
    INTEREST EXPENSE - PASSTHRU 84,354 84,354   0
    MISC. PASSTHROUGH EXPENSES - 2% 305,357 305,357   0
    CONTRIBUTIONS - PASS THRU ENTITIES 55 55   0
    DUES AND SUBSCRIPTIONS 3,503 3,503   0
    MISC. PASSTHROUGH EXPENSES 1,126 1,126   0
    2011/12 PRIVATE EQ. STRAT. - PASSTHROUGH ORD. LOSS 6,065 6,065   0
    GEM REALTY V - PASSTHROUGH ORD. LOSS 1,195 1,195   0
    2014 PRIVATE EQUITY STRAT. - PASSTHROUGH ORD. LOSS 92 92   0
    GEM REALTY III - PASSTHROUGH ORD. LOSS 14,084 14,084   0


    TY 2015 OtherIncomeSchedule2
    Name:
    D AND R FUND
     
    C/O JAMES GLASSER
    EIN:
    36-6057159
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    GEM REALTY IV 9,894 9,894 9,894
    BUILDING REALTY 473 473 473
    GRESHAM FOREIGN MGR 24,622 24,622 24,622
    MISC. INCOME 582 582 582
    1350 LSD 33,256 33,256 33,256
    GRESHAM CHINA OPPT. FUND I 7,724 7,724 7,724
    MISC. PARTNERSHIP ROYALTY INCOME 120 120 120
    GRESHAM PRIVATE EQUITY I 4,289 4,289 4,289
    GRESHAM DOMESTIC MANAGERS 10,106 10,106 10,106
    WESTMINSTER III 5,655 5,655 5,655
    WESTMINSTER IV 7,438 7,438 7,438
    2013 PRIVATE EQUITY STRATEGIES 278 278 278
    GRESHAM PRIVATE EQUITY II 3,908 3,908 3,908
    GRESHAM OPPORTUNISTIC GROWTH STRATEGIES 88,502 88,502 88,502
    2015 PRIVATE EQUITY STRATEGIES 1,152 1,152 1,152


    TY 2015 OtherLiabilitiesSchedule
    Name:
    D AND R FUND
     
    C/O JAMES GLASSER
    EIN:
    36-6057159
    Description Beginning of Year - Book Value End of Year - Book Value
    WESTMINSTER FUND III 430,484 432,292
    WESTMINSTER FUND IV 444,258 445,477
    BUILDING REALTY ASSOC. 3,556 3,468
    1350 LSD 306,848 305,018
    GRESHAM LASALLE/JAPAN 97,640 160,719


    TY 2015 OtherProfessionalFeesSchedule
    Name:
    D AND R FUND
     
    C/O JAMES GLASSER
    EIN:
    36-6057159
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT FEES 135,449 135,449   0


    TY 2015 TaxesSchedule
    Name:
    D AND R FUND
     
    C/O JAMES GLASSER
    EIN:
    36-6057159
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EXCISE TAX 50,758 50,758   0
    FOREIGN TAXES 35,359 35,359   0