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        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>SEILER LLP</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>THREE LAGOON DRIVE SUITE 400</AddressLine1Txt>
            <CityNm>REDWOOD CITY</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94065</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>ACCOUNTING</ServiceTypeTxt>
          <CompensationAmt>79300</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>LYRA MANAGEMENT LLC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>555 california street suite 4905</AddressLine1Txt>
            <CityNm>SAN FRANCISCO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94104</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>ACCOUNTING SERVICES</ServiceTypeTxt>
          <CompensationAmt>83978</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>N/A</Description1Txt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>17209512</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>2269172</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>39986878</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>59465562</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>59465562</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>891983</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>58573579</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>2928679</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>2928679</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>58438</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>58438</TotalTaxAmt>
        <DistributableBeforeAdjAmt>2870241</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>2870241</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>2870241</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>3732709</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>3732709</QualifyingDistributionsAmt>
        <AdjustedQualifyingDistriAmt>3732709</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>2870241</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <PriorYear1Yr>2015</PriorYear1Yr>
        <PriorYear2Yr>2014</PriorYear2Yr>
        <PriorYear3Yr>2013</PriorYear3Yr>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>1707236</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr3Amt>898808</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>1106067</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>1562947</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>5275058</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>3732709</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>2870241</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>862468</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>6137526</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>1707236</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>4430290</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear3Amt>898808</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>1106067</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>1562947</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>862468</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp />
      <SupplementaryInformationGrp>
        <ContributingManagerNm>NONE</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UC Davis Foundation</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>One Shields Avenue</AddressLine1Txt>
            <CityNm>Davis</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>95616</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Fellowship</GrantOrContributionPurposeTxt>
          <Amt>300000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UC Santa Cruz Foundation</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1156 High Street</AddressLine1Txt>
            <CityNm>Santa Cruz</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>95064</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Fellowship</GrantOrContributionPurposeTxt>
          <Amt>150000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UCLA Foundation</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>3109 Murphy Hall</AddressLine1Txt>
            <CityNm>Los Angeles</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90095</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Fellowship</GrantOrContributionPurposeTxt>
          <Amt>300000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Regents of the University of California</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>200 California Hall MC 1500</AddressLine1Txt>
            <CityNm>Berkeley</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94720</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Fellowship</GrantOrContributionPurposeTxt>
          <Amt>750000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UC Riverside Foundation</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>900 University Avenue</AddressLine1Txt>
            <CityNm>Riverside</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92521</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Fellowship</GrantOrContributionPurposeTxt>
          <Amt>200000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>University of California - SF</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>220 Montgomery Street 5th Floor</AddressLine1Txt>
            <CityNm>San Francisco</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94104</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Fellowship</GrantOrContributionPurposeTxt>
          <Amt>500000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Regents - University of California Irvine</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>354 Aldrich Hall</AddressLine1Txt>
            <CityNm>Irvine</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92697</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Fellowship</GrantOrContributionPurposeTxt>
          <Amt>250000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Regents - University of California Merced</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>5200 North Lake Road</AddressLine1Txt>
            <CityNm>Merced</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>95343</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Fellowship</GrantOrContributionPurposeTxt>
          <Amt>150000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UC San Diego Foundation</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>9500 Gilman Drive MC 0937</AddressLine1Txt>
            <CityNm>La Jolla</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>92093</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Fellowship</GrantOrContributionPurposeTxt>
          <Amt>500000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UC Santa Barbara Foundation</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>5221 Cheadle Hall MC 2030</AddressLine1Txt>
            <CityNm>Santa Barbara</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>93106</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Fellowship</GrantOrContributionPurposeTxt>
          <Amt>225000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>American Academy of Arts &amp; Sciences</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>136 Irving Street</AddressLine1Txt>
            <CityNm>Cambridge</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>02138</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Fellowship</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>3425000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp />
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>718412</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>2944636</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>OTHER INVESTMENT LOSS</Desc>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>-311951</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>3351097</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>3351097</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="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING SERVICES</CategoryTxt>
        <Amt>50000</Amt>
        <NetInvestmentIncomeAmt>41989</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>41989</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
      <AccountingFeesDetail>
        <CategoryTxt>TAX RETURN PREPARATION FEES</CategoryTxt>
        <Amt>60550</Amt>
        <NetInvestmentIncomeAmt>39650</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>39650</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <AllOthProgRltdInvestmentsSch documentId="AllOthProgInvSch">
      <AllOtherProgramRelatedInvstGrp>
        <Desc>N/A</Desc>
      </AllOtherProgramRelatedInvstGrp>
    </AllOthProgRltdInvestmentsSch>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>BLACKROCK CORE BD</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>3456726</BookValueAmt>
        <EOYFMVAmt>3456726</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>DODGE &amp; COX GLOBAL FD</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>8496568</BookValueAmt>
        <EOYFMVAmt>8496568</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>DODGE &amp; COX INCOME FD</CategoryOrItemTxt>
        <BookValueAmt>3700809</BookValueAmt>
        <EOYFMVAmt>3700809</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>HCP PVT EQUITY FD VI (CAYMAN)</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>1690634</BookValueAmt>
        <EOYFMVAmt>1690634</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>WGI EMERGING MARKETS FUND LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>4099246</BookValueAmt>
        <EOYFMVAmt>4099246</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ACACIA CONSERVATION OFFSHORE</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>9516839</BookValueAmt>
        <EOYFMVAmt>9516839</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>LUXOR CAPITAL PARTNERS OFFSHOR</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>900210</BookValueAmt>
        <EOYFMVAmt>900210</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>LONE PICEA LP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>2916389</BookValueAmt>
        <EOYFMVAmt>2916389</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>LONE REDWOOD, LP (1032)</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>6607645</BookValueAmt>
        <EOYFMVAmt>6607645</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>LONE REDWOOD, LP (1033)</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>0</BookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CANYON VALUE REALIZATION FD</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>4347856</BookValueAmt>
        <EOYFMVAmt>4347856</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FARALLON CAPITAL INSTIT'L</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>8340291</BookValueAmt>
        <EOYFMVAmt>8340291</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>LUXOR CAP PTRS OFFSHORE LIQ</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>545588</BookValueAmt>
        <EOYFMVAmt>545588</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>PARTNERSHIP DIST. RECEIVABLE</Desc>
        <EOYBookValueAmt>668530</EOYBookValueAmt>
        <EOYFMVAmt>668530</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>WEBSITE MAINTENANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>978</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>978</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>438</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>438</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>750</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>750</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MISCELLANEOUS EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>610</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>610</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FILING FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>86</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>86</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PORTFOLIO DEDUCTIONS - K-1S</Desc>
        <RevenueAndExpensesPerBooksAmt>15103</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>14126</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>OTHER INVESTMENT LOSS</Desc>
        <RevenueAndExpensesPerBooksAmt>-311951</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-311951</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Desc>UNREALIZED GAIN</Desc>
        <Amt>4097773</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherLiabilitiesSchedule documentId="OtherLiabSch">
      <OtherLiabilitiesDetail>
        <Desc>DEFERRED TAX LIABILITIES</Desc>
        <BOYBookValueAmt>99056</BOYBookValueAmt>
        <EOYBookValueAmt>190041</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>PORTFOLIO MANAGEMENT</CategoryTxt>
        <Amt>43196</Amt>
        <NetInvestmentIncomeAmt>43196</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>PROGRAM SERVICES</CategoryTxt>
        <Amt>220000</Amt>
        <DisbursementsCharitablePrpsAmt>217989</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>PORTFOLIO ADVISORY</CategoryTxt>
        <Amt>92456</Amt>
        <NetInvestmentIncomeAmt>92456</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX PAID</CategoryTxt>
        <Amt>31645</Amt>
        <NetInvestmentIncomeAmt>31645</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAX</CategoryTxt>
        <Amt>138372</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>