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          <PersonNm>ELENORA DI ERASMO</PersonNm>
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            <AddressLine1Txt>LARGO FONTANELLA BORGHESE 19</AddressLine1Txt>
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          <TitleTxt>ADMINISTRATOR</TitleTxt>
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        <CompensationHighestPaidEmplGrp>
          <PersonNm>VIOREL GRASU</PersonNm>
          <ForeignAddress>
            <AddressLine1Txt>LARGO FONTANELLA BORGHESE 19</AddressLine1Txt>
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        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>Dentons US LLP</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
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          <ServiceTypeTxt>Legal</ServiceTypeTxt>
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        <CompensationOfHghstPdCntrctGrp>
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            <BusinessNameLine1Txt>EISNERAMPER LLP</BusinessNameLine1Txt>
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          <USAddress>
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            <StateAbbreviationCd>NY</StateAbbreviationCd>
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        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>Megan Fox Kelly</BusinessNameLine1Txt>
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            <StateAbbreviationCd>NY</StateAbbreviationCd>
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            <BusinessNameLine1Txt>Gagosian Gallery</BusinessNameLine1Txt>
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      <SumOfProgramRelatedInvstGrp />
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      <AccountingFeesDetail>
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      <DepreciationPropertyGrp>
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      <InvestmentsCorporateBondsGrp>
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        <EOYFMVAmt>1394134</EOYFMVAmt>
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      <InvestmentsCorporateBondsGrp>
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      <InvestmentsCorporateBondsGrp>
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        <EOYFMVAmt>1391040</EOYFMVAmt>
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        <EOYFMVAmt>1380484</EOYFMVAmt>
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      <InvestmentsCorporateBondsGrp>
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        <EOYFMVAmt>1402884</EOYFMVAmt>
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      <InvestmentsCorporateBondsGrp>
        <BondNm>CITIGROUP INC NTS B/E ADJ RATE</BondNm>
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        <EOYFMVAmt>1394344</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
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      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
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        <EOYFMVAmt>723478</EOYFMVAmt>
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    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
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        <EOYFMVAmt>4501171</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>BLUE MOUNTAIN CREDIT ALTERNATI</CategoryOrItemTxt>
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        <EOYFMVAmt>6344944</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>BROOKFIELD GLOBAL LISTED</CategoryOrItemTxt>
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        <EOYFMVAmt>1686904</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>IVORY OFFSHORE OPTIMAL</CategoryOrItemTxt>
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        <EOYFMVAmt>4556768</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>LYNX RISING RATE OFFSHORE FUND</CategoryOrItemTxt>
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        <EOYFMVAmt>1339650</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
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        <EOYFMVAmt>5050484</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>BLACKROCK GLOBAL DIVIDEND PORT</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>DRIEHAUS EMERGING MKTS</CategoryOrItemTxt>
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        <BookValueAmt>855530</BookValueAmt>
        <EOYFMVAmt>855530</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>JP MORGAN LARGE CAP GROWTH FUN</CategoryOrItemTxt>
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        <EOYFMVAmt>519393</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MATHEWS INDIA FUND</CategoryOrItemTxt>
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        <EOYFMVAmt>951505</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>NUVEEN SANTA BARBARA DIVIDEND</CategoryOrItemTxt>
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      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>PIONEER MID CAP VALUE FUND CLA</CategoryOrItemTxt>
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        <EOYFMVAmt>1134451</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>POLEN GROWTH FUND CLASS I</CategoryOrItemTxt>
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        <EOYFMVAmt>3178454</EOYFMVAmt>
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      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SCHRODER U.S. SMALL AND MISCAP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SCHRODER EMERGING MARKET EQUIT</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>PIMCO EMERGING LOCAL BOND FUND</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>410722</BookValueAmt>
        <EOYFMVAmt>410722</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>PIMCO EMERGING MARKETS BOND FU</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>831278</BookValueAmt>
        <EOYFMVAmt>831278</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>PIMCO GLOBAL BOND FUND</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>3842444</BookValueAmt>
        <EOYFMVAmt>3842444</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>TEMPLETON GLOBAL BOND ADV</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>HSBC MKT PLUS SPX</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ALLIANCEBERNSTEIN SELECT US L/</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>1870273</BookValueAmt>
        <EOYFMVAmt>1870273</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>BARCLAYS BANK PLC IPATH</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>1717600</BookValueAmt>
        <EOYFMVAmt>1717600</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ETFS PLATINUM TR</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>467344</BookValueAmt>
        <EOYFMVAmt>467344</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>POWERSHARES DB COMMODITY INDEX</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SPDR GOLD TRUST</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>461136</BookValueAmt>
        <EOYFMVAmt>461136</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI AUSTRALIA ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>34223</BookValueAmt>
        <EOYFMVAmt>34223</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI CANADA ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>41280</BookValueAmt>
        <EOYFMVAmt>41280</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI SWEDEN ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>15319</BookValueAmt>
        <EOYFMVAmt>15319</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI GERMANY ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI HONG KONG ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>15856</BookValueAmt>
        <EOYFMVAmt>15856</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI ITALY CAPPED ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>14839</BookValueAmt>
        <EOYFMVAmt>14839</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI JAPAN ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>144652</BookValueAmt>
        <EOYFMVAmt>144652</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI SWITZ CAPPED ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>48733</BookValueAmt>
        <EOYFMVAmt>48733</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI MALAYSIA ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>3947</BookValueAmt>
        <EOYFMVAmt>3947</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI NETHERLANDS ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>17046</BookValueAmt>
        <EOYFMVAmt>17046</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI SPAIN CAPPED ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>18376</BookValueAmt>
        <EOYFMVAmt>18376</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI FRANCE ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>54594</BookValueAmt>
        <EOYFMVAmt>54594</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI SINGAPORE ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>13107</BookValueAmt>
        <EOYFMVAmt>13107</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI MEXICO CAPPED ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>9219</BookValueAmt>
        <EOYFMVAmt>9219</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI SOUTH KOREA CAPPE</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>23842</BookValueAmt>
        <EOYFMVAmt>23842</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES RUSSELL 1000 VALUE ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>232418</BookValueAmt>
        <EOYFMVAmt>232418</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES RUSSELL 1000 GROWTH ET</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>258648</BookValueAmt>
        <EOYFMVAmt>258648</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI TAIWAN ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>20432</BookValueAmt>
        <EOYFMVAmt>20432</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI BRAZIL CAPPED ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>10650</BookValueAmt>
        <EOYFMVAmt>10650</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES S&amp;P SMALLCAP 600 GROWT</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>127418</BookValueAmt>
        <EOYFMVAmt>127418</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES RUSSELL MID-CAP VALUE</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>136977</BookValueAmt>
        <EOYFMVAmt>136977</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES RUSSELL MID CAP GROWTH</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>132824</BookValueAmt>
        <EOYFMVAmt>132824</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI SOUTH AFRICA ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>5605</BookValueAmt>
        <EOYFMVAmt>5605</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES CHINA LARGE CAP ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>22762</BookValueAmt>
        <EOYFMVAmt>22762</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES MSCI CHILE CAPPED ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>6384</BookValueAmt>
        <EOYFMVAmt>6384</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES TR MSCI UNITED KINGDOM</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>107008</BookValueAmt>
        <EOYFMVAmt>107008</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MARKET VECTORS RUSSIA</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>6153</BookValueAmt>
        <EOYFMVAmt>6153</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MARKET VECTORS INDONESIA IND</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>9205</BookValueAmt>
        <EOYFMVAmt>9205</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MARKET VECTORS ETF TR OIL SVCS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>POWERSHARES WATER RESOURCES PO</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>14736</BookValueAmt>
        <EOYFMVAmt>14736</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>POWERSHARES INDIA PORTFOLIO</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>IPATH S&amp;P 500 VIX SHORT TERM F</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>422100</BookValueAmt>
        <EOYFMVAmt>422100</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>CHILE REP NTS B/E FOREIGN SECU</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>1493100</BookValueAmt>
        <EOYFMVAmt>1493100</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>UNITED MEXICAN STATES FOREIGN</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>1408400</BookValueAmt>
        <EOYFMVAmt>1408400</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LandEtcSchedule2 documentId="LandEtcSch2">
      <LandEtcGrp>
        <CategoryOrItemTxt>LAND</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>640000</CostOrOtherBasisAmt>
        <BookValueAmt>640000</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>BUILDINGS</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>27419895</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>1406148</AccumulatedDepreciationAmt>
        <BookValueAmt>26013747</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>BUILDING IMPROVEMT</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>1545104</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>97086</AccumulatedDepreciationAmt>
        <BookValueAmt>1448018</BookValueAmt>
      </LandEtcGrp>
      <LandEtcGrp>
        <CategoryOrItemTxt>FURNITURE &amp; EQUIP</CategoryOrItemTxt>
        <CostOrOtherBasisAmt>251501</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>96407</AccumulatedDepreciationAmt>
        <BookValueAmt>155094</BookValueAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFeesGrp>
        <CategoryTxt>DENTONS US LLP</CategoryTxt>
        <LegalFeesAmt>490663</LegalFeesAmt>
        <NetInvestmentIncomeAmt>52409</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>438254</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
      <LegalFeesGrp>
        <CategoryTxt>ASHBY &amp; GEDDES</CategoryTxt>
        <LegalFeesAmt>32079</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>32079</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
      <LegalFeesGrp>
        <CategoryTxt>STUDIO LEGALE GIANNI, ORIGIONI</CategoryTxt>
        <LegalFeesAmt>5384</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>5384</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
      <LegalFeesGrp>
        <CategoryTxt>MISC. LEGAL FEES - ROME</CategoryTxt>
        <LegalFeesAmt>2915</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>2915</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
      <LegalFeesGrp>
        <CategoryTxt>IMPRESA SERVIZI SRLS</CategoryTxt>
        <LegalFeesAmt>23414</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>23414</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
      <LegalFeesGrp>
        <CategoryTxt>MICALI FABIO</CategoryTxt>
        <LegalFeesAmt>11859</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>11859</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>ARTWORK</Desc>
        <BOYBookValueAmt>1398048177</BOYBookValueAmt>
        <EOYBookValueAmt>1380798177</EOYBookValueAmt>
        <EOYFMVAmt>1380798177</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>SECURITY DEPOSITS</Desc>
        <BOYBookValueAmt>15485</BOYBookValueAmt>
        <EOYBookValueAmt>25323</EOYBookValueAmt>
        <EOYFMVAmt>25323</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherDecreasesSchedule documentId="OtherDecreasesSch">
      <OtherDecreasesDetail>
        <Desc>UNREALIZED DEPRECIATION ON INVESTMENTS</Desc>
        <Amt>2208577</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>COMPUTER EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>1839</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>1839</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ART HANDLING &amp; RELATED EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>569058</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>569058</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>341620</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>34162</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>307458</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CATALOGUES, PHOTOS, PROMOTION</Desc>
        <RevenueAndExpensesPerBooksAmt>101413</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>101413</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>REPAIRS AND MAINTENANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>1047</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>1047</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SECURITY EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>18198</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>18198</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>3038</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>3038</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>PACKING AND SHIPPING</Desc>
        <RevenueAndExpensesPerBooksAmt>5648</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>5648</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OFFICE AND MISC EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>54949</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>54949</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>Loss on currency translation</Desc>
        <RevenueAndExpensesPerBooksAmt>-388231</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-388231</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT MANAGEMENT FEES</CategoryTxt>
        <Amt>261196</Amt>
        <NetInvestmentIncomeAmt>261196</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>ART APPRAISAL</CategoryTxt>
        <Amt>57615</Amt>
        <DisbursementsCharitablePrpsAmt>57615</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>ART GALLERY SALES COMMISSIONS</CategoryTxt>
        <Amt>2497500</Amt>
        <NetInvestmentIncomeAmt>2497500</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>STUDIO GUILI</CategoryTxt>
        <Amt>76035</Amt>
        <DisbursementsCharitablePrpsAmt>76035</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>NYS FILING FEE</CategoryTxt>
        <Amt>1500</Amt>
        <DisbursementsCharitablePrpsAmt>1500</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>TAXES - ROME</CategoryTxt>
        <Amt>4395</Amt>
        <DisbursementsCharitablePrpsAmt>4395</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>PROPERTY TAXES</CategoryTxt>
        <Amt>73982</Amt>
        <DisbursementsCharitablePrpsAmt>73982</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>EXCISE TAX</CategoryTxt>
        <Amt>419476</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>