﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2024v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2025-08-12T09:43:27-04:00</ReturnTs>
    <TaxPeriodEndDt>2025-04-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>201696994</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>HOYT FILIPPETTI &amp; MALAGHAN LLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>1041 POQUONNOCK RD</AddressLine1Txt>
        <CityNm>GROTON</CityNm>
        <StateAbbreviationCd>CT</StateAbbreviationCd>
        <ZIPCd>063404211</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2024-05-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>136159069</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>STEPHEN L ALTSHUL FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>STEP</BusinessNameControlTxt>
      <PhoneNum>6177324219</PhoneNum>
      <USAddress>
        <AddressLine1Txt>20 MONUMENT STREET</AddressLine1Txt>
        <CityNm>CHARLESTOWN</CityNm>
        <StateAbbreviationCd>MA</StateAbbreviationCd>
        <ZIPCd>02129</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>KATHERINE ALTSHUL DARCI</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>8608178527</PhoneNum>
      <SignatureDt>2025-07-17</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>true</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>RICHARD M HOYT JR</PreparerPersonNm>
      <PTIN>P00167078</PTIN>
      <PhoneNum>8605369685</PhoneNum>
      <PreparationDt>2025-07-17</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2024</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="7">
    <IRS990PF documentId="RetDoc9">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>1846543</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>2495</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>2495</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>36681</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>36681</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>201110</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>242733</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>201110</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc6">6741</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>205</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>247027</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>240491</TotalNetInvstIncmAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc1">4900</AccountingFeesRevAndExpnssAmt>
        <InterestRevAndExpnssAmt>91</InterestRevAndExpnssAmt>
        <InterestNetInvstIncmAmt>91</InterestNetInvstIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc5">16519</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>16439</OtherExpensesNetInvstIncmAmt>
        <TotOprExpensesRevAndExpnssAmt>21510</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>16530</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>88000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>88000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>109510</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>16530</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>88000</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>137517</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>223961</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>21053</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>53436</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>53436</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>952832</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc3">1054719</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>1793107</CorporateStockEOYFMVAmt>
        <TotalAssetsBOYAmt>973885</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>1108155</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>1846543</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <RetainedEarningBOYAmt>973885</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>1108155</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>973885</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>1108155</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>973885</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>1108155</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>973885</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>137517</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>1111402</SubtotalAmt>
        <OtherDecreasesAmt referenceDocumentId="RetDoc4">3247</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>1108155</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>ENERGY TRANSFER</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2011-06-14</AcquiredDt>
          <SoldDt>2024-06-11</SoldDt>
          <GrossSalesPriceAmt>138033</GrossSalesPriceAmt>
          <DepreciationAmt>212444</DepreciationAmt>
          <CostOrOtherBasisAmt>148404</CostOrOtherBasisAmt>
          <GainOrLossAmt>202073</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>202073</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>US TREASURY</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-04-23</AcquiredDt>
          <SoldDt>2024-08-31</SoldDt>
          <GrossSalesPriceAmt>40000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>39706</CostOrOtherBasisAmt>
          <GainOrLossAmt>294</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>294</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>US TREASURY</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-04-23</AcquiredDt>
          <SoldDt>2024-11-30</SoldDt>
          <GrossSalesPriceAmt>40000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>39803</CostOrOtherBasisAmt>
          <GainOrLossAmt>197</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>197</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>VANECK GOLD MINERS ETF</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2012-01-25</AcquiredDt>
          <SoldDt>2025-04-01</SoldDt>
          <GrossSalesPriceAmt>22829</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>26154</CostOrOtherBasisAmt>
          <GainOrLossAmt>-3325</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-3325</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>201110</CapitalGainNetIncomeAmt>
        <NetShortTermCapitalGainLossAmt>491</NetShortTermCapitalGainLossAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>3113</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>3113</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>3113</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>1800</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>1800</TotalPaymentsAndCreditsAmt>
        <TaxDueAmt>1313</TaxDueAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>true</UnrelatedBusIncmOverLimitInd>
        <Form990TFiledInd>true</Form990TFiledInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>DE</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd referenceDocumentId="RetDoc2">false</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>KATHERINE ALTSHUL DARCI</IndividualWithBooksNm>
        <PhoneNum>6177324219</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>20 MONUMENT STREET</AddressLine1Txt>
          <CityNm>CHARLESTOWN</CityNm>
          <StateAbbreviationCd>MA</StateAbbreviationCd>
          <ZIPCd>02129</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>KATHERINE ALTSHUL DARCI</PersonNm>
          <USAddress>
            <AddressLine1Txt>20 MONUMENT STREET</AddressLine1Txt>
            <CityNm>CHARLESTOWN</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>02129</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>5.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JONATHAN ALTSHUL</PersonNm>
          <USAddress>
            <AddressLine1Txt>174 JUSTIN DRIVE</AddressLine1Txt>
            <CityNm>WEST CHESTER</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>19382</ZIPCd>
          </USAddress>
          <TitleTxt>SECRETARY</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>5.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>1910689</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>38430</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>1949119</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>1949119</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>29237</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>1919882</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>95994</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>95994</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>3113</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>3113</TotalTaxAmt>
        <DistributableBeforeAdjAmt>92881</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>92881</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>92881</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>88000</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>88000</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>92881</DistributableAsAdjustedAmt>
        <ExcessDistributionCyovYr5Amt>20881</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>16287</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>24291</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>12516</ExcessDistributionCyovYr2Amt>
        <TotalExcessDistributionCyovAmt>73975</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>88000</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>88000</AppliedToCurrentYearAmt>
        <ExcessDistriCyovAppCYCorpusAmt>4881</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>4881</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>69094</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>16000</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>53094</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>16287</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>24291</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>12516</ExcessFromYear2Amt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>KATHERINE ALTSHUL DARCI</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>20 MONUMENT STREET</AddressLine1Txt>
            <CityNm>CHARLESTOWN</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>02129</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>6177324219</RecipientPhoneNum>
          <RecipientEmailAddressTxt>DARCI.KATIE@GMAIL.COM</RecipientEmailAddressTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>SEE LIST ATTACHED</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>SEE ATTACHED</AddressLine1Txt>
            <AddressLine2Txt>SEE ATTACHED</AddressLine2Txt>
            <CityNm>SEE ATTACHED</CityNm>
            <StateAbbreviationCd>CT</StateAbbreviationCd>
            <ZIPCd>06511</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>PUBLIC CHARITY</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PAID</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SEE ATTACHED</GrantOrContributionPurposeTxt>
          <Amt>88000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>88000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>2495</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>36681</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <OtherInvestmentIncomeGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>205</ExclusionAmt>
        </OtherInvestmentIncomeGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>201110</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>UNCASHED DONATION CHECK</Desc>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>1000</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>MASTER LTD PTSHIPS K-1</Desc>
          <BusinessCd>900099</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>5533</UnrelatedBusinessTaxblIncmAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>SECTION 1231 GAINS-K-1 MLPS</Desc>
          <BusinessCd>900099</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>-3</UnrelatedBusinessTaxblIncmAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>RENTAL INCOME K-1</Desc>
          <BusinessCd>900099</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>6</UnrelatedBusinessTaxblIncmAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>5536</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>241491</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>247027</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc1">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>4900</Amt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <ExplnOfNonFilingWithAGStmt documentId="RetDoc2">
      <ExplanationTxt>NO FILING REQUIREMENT.</ExplanationTxt>
    </ExplnOfNonFilingWithAGStmt>
    <InvestmentsCorpStockSchedule documentId="RetDoc3">
      <InvestmentsCorporateStockGrp>
        <StockNm>MORGAN STANLEY BROKERAGE -13600</StockNm>
        <EOYBookValueAmt>1054719</EOYBookValueAmt>
        <EOYFMVAmt>1793107</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <OtherDecreasesSchedule documentId="RetDoc4">
      <OtherDecreasesDetail>
        <Desc>NON DEDUCTIBLE EXP-MLP K-1S</Desc>
        <Amt>747</Amt>
      </OtherDecreasesDetail>
      <OtherDecreasesDetail>
        <Desc>FEDERAL TAX</Desc>
        <Amt>2500</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="RetDoc5">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>16439</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>16439</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>DONATION-MLP K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>5</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FILING FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>75</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc6">
      <OtherIncomeDetail>
        <Desc>CLASS ACTION SETTLEMENT</Desc>
        <RevenueAndExpensesPerBooksAmt>205</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>205</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>UNCASHED DONATION CHECK</Desc>
        <RevenueAndExpensesPerBooksAmt>1000</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>MASTER LTD PTSHIPS K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>5533</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>SECTION 1231 GAINS-K-1 MLPS</Desc>
        <RevenueAndExpensesPerBooksAmt>-3</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>RENTAL INCOME K-1</Desc>
        <RevenueAndExpensesPerBooksAmt>6</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
  </ReturnData>
</Return>