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      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>N/A</Description1Txt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>30810529</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>3179043</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>21573604</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>55563176</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>55563176</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>833448</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>54729728</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>2736486</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>2736486</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>23216</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>23216</TotalTaxAmt>
        <DistributableBeforeAdjAmt>2713270</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>2713270</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>2713270</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>2450000</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>2450000</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>23216</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>2426784</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>2713270</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>2426065</UndistributedIncomePYAmt>
        <PriorYear1Yr>2014</PriorYear1Yr>
        <PriorYear2Yr>2013</PriorYear2Yr>
        <PriorYear3Yr>2012</PriorYear3Yr>
        <ExcessDistributionCyovYr1Amt>0</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>0</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>2450000</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>2426065</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>23935</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>0</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>2689335</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>0</ExcessDistriCyovToNextYrAmt>
        <ExcessFromCurrentYearAmt>0</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp />
      <SupplementaryInformationGrp>
        <ContributingManagerNm>HANS BADER TRUSTEE</ContributingManagerNm>
        <ShareholderManagerNm>NA</ShareholderManagerNm>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>LARS BADER</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>C/O FLSV LLP 1475 FRANKLIN AVENUE</AddressLine1Txt>
            <CityNm>GARDEN CITY</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11530</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>5168748800</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>APPLICANTS WILL BE REQUIRED TO SUBMIT BIOGRAPHICAL INFORMATION AND SUPPORTING MATERIAL, INCLUDING INFORMATION ON THEIR ACADEMIC AND PROFESSIONAL PLANS AND LISTS OF PUBLICATIONS, IF ANY.</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>ROLLING</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>NONE</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CENTER FOR INDIVIDUAL RIGHTS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1233 20TH STREET NW</AddressLine1Txt>
            <AddressLine2Txt>SUITE 300</AddressLine2Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20036</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>1170000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>COMPETITIVE ENTERPRISE INSTITUTE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1899 L STREET NW 12TH FLOOR</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20036</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>140000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>PROJECT PREVENTION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>4365 SCHOOL HOUSE COMMONS SUITE 50</AddressLine1Txt>
            <CityNm>HARRISBURG</CityNm>
            <StateAbbreviationCd>NC</StateAbbreviationCd>
            <ZIPCd>28075</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>96000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CENTER FOR CLASS ACTION FAIRNESS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>8441 WAYZATA BLVD</AddressLine1Txt>
            <CityNm>GOLDEN VALLEY</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>55426</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NATIONAL PARENTS ORGANIZATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 270760</AddressLine1Txt>
            <CityNm>BOSTON</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>02127</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>210000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>STOP ABUSE FOR EVERYONE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>10030 SCENIC VIEW TERRACE</AddressLine1Txt>
            <CityNm>VIENNA</CityNm>
            <StateAbbreviationCd>VA</StateAbbreviationCd>
            <ZIPCd>22182</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>350000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE JOHN WILLIAM POPE CENTER</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>353 E SIX FORKS ROAD</AddressLine1Txt>
            <AddressLine2Txt>SUITE 200</AddressLine2Txt>
            <CityNm>RALEIGH</CityNm>
            <StateAbbreviationCd>NC</StateAbbreviationCd>
            <ZIPCd>27609</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>23000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MOUNTAIN STATES LEGAL FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2596 SOUTH LEWIS WAY</AddressLine1Txt>
            <CityNm>LAKEWOOD</CityNm>
            <StateAbbreviationCd>CO</StateAbbreviationCd>
            <ZIPCd>80227</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>30000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE HERITAGE FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>214 MASSACHUSETTS AVENUE NE</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20002</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>43000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CENTER FOR EQUAL OPPORTUNITY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>7700 LEESBURG PIKE</AddressLine1Txt>
            <AddressLine2Txt>SUITE 231</AddressLine2Txt>
            <CityNm>FALLS CHURCH</CityNm>
            <StateAbbreviationCd>VA</StateAbbreviationCd>
            <ZIPCd>22043</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>46000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>PACIFIC LEGAL FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>930 G STREET</AddressLine1Txt>
            <CityNm>SACRAMENTO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>95814</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CATO INSTITUTE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1000 MASSACHUSETTS AVENUE NW</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>200015403</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MANHATTAN INSTITUTE FOR POLICY RESEARCH</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>52 VANDERBILT AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10017</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>36000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MINDING THE CAMPUS INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>20 5TH AVE APT 14C</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100118860</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>17000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>AMERICAN ENTERPRISE INSTITUTE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1150 SEVENTEENTH STREET NW</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20036</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CENTER FOR PROSECUTOR INTEGRITY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 1221</AddressLine1Txt>
            <CityNm>ROCKVILLE</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>20849</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>90000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CRIMINAL JUSTICE FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2131 L STREET</AddressLine1Txt>
            <CityNm>SACRAMENTO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>95816</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>INTELLECTUAL TAKEOUT</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>8011 34TH AVE S SUITE C-11</AddressLine1Txt>
            <CityNm>BLOOMINGTON</CityNm>
            <StateAbbreviationCd>MN</StateAbbreviationCd>
            <ZIPCd>55425</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>6000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NATIONAL ASSOCIATION OF SCHOLARS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>8 WEST 38TH ST SUITE 503</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10018</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>PUBLIC INTEREST LEGAL FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>32 E WASHINGTON ST SUITE 1675</AddressLine1Txt>
            <CityNm>INDIANAPOLIS</CityNm>
            <StateAbbreviationCd>IN</StateAbbreviationCd>
            <ZIPCd>46204</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>15000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>STUDENT FREE PRESS ASSOCIATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>4771 MECHANIC RD</AddressLine1Txt>
            <CityNm>HILLSDALE</CityNm>
            <StateAbbreviationCd>MI</StateAbbreviationCd>
            <ZIPCd>49242</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>3000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>STUDENT PRESS LAW CENTER INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1608 RHODE ISLAND AVE NW SUITE 21</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20036</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>GENERAL CHARITABLE CONTRIBUTION</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
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      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>970</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>2172042</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>213896</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>-9648</ExclusionAmt>
        </NetIncomeLossFromSpecialEvtGrp>
        <GrossProfitLossSlsOfInvntryGrp />
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>2377260</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>2377260</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>
    <IRS990ScheduleB documentId="IRS990ScheduleB">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorPersonNm>LARS BADER</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>C/O FLSV LLP 1475 FRANKLIN AVENUE</AddressLine1Txt>
          <CityNm>GARDEN CITY</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>11530</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>10113949</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
      <ContributorInformationGrp>
        <ContributorNum>2</ContributorNum>
        <ContributorPersonNm>LARS BADER</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>C/O FLSV LLP 1475 FRANKLIN AVE</AddressLine1Txt>
          <CityNm>GARDEN CITY</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>11530</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>683097</TotalContributionsAmt>
        <NoncashContributionInd>X</NoncashContributionInd>
      </ContributorInformationGrp>
      <NonCashPropertyContributionGrp>
        <ContributorNum>1</ContributorNum>
        <NoncashPropertyDesc>1,085,369 SHS EASTPHARMA LTD</NoncashPropertyDesc>
        <FairMarketValueAmt>3256107</FairMarketValueAmt>
        <ReceivedDt>2016-09-29</ReceivedDt>
      </NonCashPropertyContributionGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>FLSV TAX PREP FEES</CategoryTxt>
        <Amt>117750</Amt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <AllOthProgRltdInvestmentsSch documentId="AllOthProgInvSch">
      <AllOtherProgramRelatedInvstGrp>
        <Desc>N/A</Desc>
      </AllOtherProgramRelatedInvstGrp>
    </AllOthProgRltdInvestmentsSch>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>HSBC SECURITIES (USA) INC.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>AUERBACH GRAYSON 0015</StockNm>
        <EOYBookValueAmt>37652648</EOYBookValueAmt>
        <EOYFMVAmt>22750195</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>EMERGING VALUE OPPORTUNITIES</StockNm>
        <EOYBookValueAmt>2116901</EOYBookValueAmt>
        <EOYFMVAmt>5687171</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LSV SPECIAL OPPORTUNITIES III</StockNm>
        <EOYBookValueAmt>4975867</EOYBookValueAmt>
        <EOYFMVAmt>6456987</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>FORUM (SPV), LTD.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ERSTE/BULL AND BEAR</StockNm>
        <EOYBookValueAmt>2751822</EOYBookValueAmt>
        <EOYFMVAmt>2367786</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SAIL PACIFIC EXPLORER</StockNm>
        <EOYBookValueAmt>564</EOYBookValueAmt>
        <EOYFMVAmt>4292</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>VICIS CAPITAL</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>DENHOLM RUSSIA CLASS B &amp; C</StockNm>
        <EOYBookValueAmt>92244</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>JPMORGAN</StockNm>
        <EOYBookValueAmt>1294667</EOYBookValueAmt>
        <EOYFMVAmt>2374135</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HIMELSIN MANDEL RUBY</StockNm>
        <EOYBookValueAmt>160566</EOYBookValueAmt>
        <EOYFMVAmt>95566</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>GLG EMERGING MARKET SPECIAL</StockNm>
        <EOYBookValueAmt>13035</EOYBookValueAmt>
        <EOYFMVAmt>3718</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PASSPORT GLOBAL STRATEGIES II</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>WHITECAP</StockNm>
        <EOYBookValueAmt>5543</EOYBookValueAmt>
        <EOYFMVAmt>19306</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>LSV SPECIAL OPPORT FUND IV</StockNm>
        <EOYBookValueAmt>2867746</EOYBookValueAmt>
        <EOYFMVAmt>4664961</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>VISION</StockNm>
        <EOYBookValueAmt>1100706</EOYBookValueAmt>
        <EOYFMVAmt>2314202</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ADM GALLEUS</StockNm>
        <EOYBookValueAmt>13700</EOYBookValueAmt>
        <EOYFMVAmt>21521</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>IOMA FUND</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ALLBLUE LIMITED</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>43574</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>AVENUE INTERNATIONAL, LTD.</StockNm>
        <EOYBookValueAmt>14253</EOYBookValueAmt>
        <EOYFMVAmt>72563</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>AUTONOMY FUND II</StockNm>
        <EOYBookValueAmt>920200</EOYBookValueAmt>
        <EOYFMVAmt>2197011</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>ACP/KNIGHTBRIDGE ARGENTINA</StockNm>
        <EOYBookValueAmt>1987871</EOYBookValueAmt>
        <EOYFMVAmt>1987871</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PEARLSA BFF</StockNm>
        <EOYBookValueAmt>1385000</EOYBookValueAmt>
        <EOYFMVAmt>1385000</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BNK PERTOLEUM AND MITRA ENERGY</StockNm>
        <EOYBookValueAmt>1080000</EOYBookValueAmt>
        <EOYFMVAmt>1080000</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFeesGrp>
        <CategoryTxt>MCDERMOTT WILL &amp; EMERY, LLP</CategoryTxt>
        <LegalFeesAmt>3689</LegalFeesAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>ACCRUED DIVIDENDS</Desc>
        <BOYBookValueAmt>0</BOYBookValueAmt>
        <EOYBookValueAmt>1424259</EOYBookValueAmt>
        <EOYFMVAmt>1424259</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>21337</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>21337</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ADR FEE - AUERBACH GRAYSON</Desc>
        <RevenueAndExpensesPerBooksAmt>19039</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>19039</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PORTFOLIO DEDUCTION THRU ACP/K</Desc>
        <RevenueAndExpensesPerBooksAmt>12129</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>12129</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>SECTION 988 INCOME THROUGH JPMORGAN</Desc>
        <RevenueAndExpensesPerBooksAmt>-434</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-434</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>SECTION 988 INCOME THROUGH AUERBACH GRAYSON 0015</Desc>
        <RevenueAndExpensesPerBooksAmt>-9214</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-9214</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Desc>UNREALIZED GAIN</Desc>
        <Amt>22205</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <SubstantialContributorsSch documentId="SubsContributorsSch">
      <SubstantialContributorDetail>
        <PersonNm>LARS BADER</PersonNm>
        <USAddress>
          <AddressLine1Txt>C/O FLSV LLP 1475 FRANKLIN AVENUE</AddressLine1Txt>
          <CityNm>GARDEN CITY</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>11530</ZIPCd>
        </USAddress>
      </SubstantialContributorDetail>
      <SubstantialContributorDetail>
        <PersonNm>LARS BADER</PersonNm>
        <USAddress>
          <AddressLine1Txt>C/O FLSV LLP 1475 FRANKLIN AVE</AddressLine1Txt>
          <CityNm>GARDEN CITY</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>11530</ZIPCd>
        </USAddress>
      </SubstantialContributorDetail>
    </SubstantialContributorsSch>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES</CategoryTxt>
        <Amt>2171</Amt>
        <NetInvestmentIncomeAmt>2171</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>