﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2011v1.2">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2012-07-16T10:18:37-05:00</Timestamp>
    <TaxPeriodEndDate>2011-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <EIN>421489255</EIN>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>MB INVESTMENTS LLC</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>180 N WACKER DRIVE STE 001</AddressLine1>
        <City>CHICAGO</City>
        <State>IL</State>
        <ZIPCode>60606</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990PF</ReturnType>
    <TaxPeriodBeginDate>2011-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>426122182</EIN>
      <Name>
        <BusinessNameLine1>MARTIN BUCKSBAUM FAMILY FOUNDATION</BusinessNameLine1>
        <BusinessNameLine2>C/O MB INVESTMENTS LLC</BusinessNameLine2>
      </Name>
      <NameControl>MART</NameControl>
      <Phone>3129602524</Phone>
      <USAddress>
        <AddressLine1>180 N WACKER DRIVE NO 001</AddressLine1>
        <City>CHICAGO</City>
        <State>IL</State>
        <ZIPCode>60606</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>E MICHAEL GREAVES</Name>
      <Title>SECRETARY</Title>
      <Phone>3129602524</Phone>
      <DateSigned>2012-07-16</DateSigned>
      <AuthorizeThirdParty>1</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>RICHARD B DENNERT</Name>
      <PTIN>P00745803</PTIN>
      <Phone>3129602524</Phone>
    </Preparer>
    <TaxYear>2011</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="5">
    <IRS990PF documentId="RetDoc1235000001">
      <ExemptPF>X</ExemptPF>
      <FMVAssetsEOY>73033</FMVAssetsEOY>
      <MethodOfAccountingCash>X</MethodOfAccountingCash>
      <AnalysisOfRevenueAndExpenses>
        <ContriReceivedRevAndExpnss>300000</ContriReceivedRevAndExpnss>
        <InterestOnSavingsRevAndExpnss>178</InterestOnSavingsRevAndExpnss>
        <InterestOnSavingsNetInvstIncm>178</InterestOnSavingsNetInvstIncm>
        <DividendsRevAndExpnss>286</DividendsRevAndExpnss>
        <DividendsNetInvstIncm>286</DividendsNetInvstIncm>
        <NetGainSaleAssetsRevAndExpnss>1700122</NetGainSaleAssetsRevAndExpnss>
        <GrossSalesPrice>2322622</GrossSalesPrice>
        <CapitalGainNetIncmNetInvstIncm>1700122</CapitalGainNetIncmNetInvstIncm>
        <TotalRevenueAndExpenses>2000586</TotalRevenueAndExpenses>
        <TotalNetInvestmentIncome>1700586</TotalNetInvestmentIncome>
        <CompOfcrDirTrstRevAndExpnss>0</CompOfcrDirTrstRevAndExpnss>
        <CompOfcrDirTrstNetInvstIncm>0</CompOfcrDirTrstNetInvstIncm>
        <CompOfcrDirTrstDsbrsChrtblPrps>0</CompOfcrDirTrstDsbrsChrtblPrps>
        <TotOprExpensesRevAndExpnss>0</TotOprExpensesRevAndExpnss>
        <TotOprExpensesNetInvstIncm>0</TotOprExpensesNetInvstIncm>
        <TotOprExpensesDsbrsChrtblPrps>0</TotOprExpensesDsbrsChrtblPrps>
        <ContriGiftsPaidRevAndExpnss>2129200</ContriGiftsPaidRevAndExpnss>
        <ContriGiftsPaidDsbrsChrtblPrps>2129200</ContriGiftsPaidDsbrsChrtblPrps>
        <TotalExpensesRevAndExpnss>2129200</TotalExpensesRevAndExpnss>
        <TotalExpensesNetInvstIncm>0</TotalExpensesNetInvstIncm>
        <TotalExpensesDsbrsChrtblPrps>2129200</TotalExpensesDsbrsChrtblPrps>
        <ExcessOfRevenueOverExpenses>-128614</ExcessOfRevenueOverExpenses>
        <NetInvestmentIncome>1700586</NetInvestmentIncome>
      </AnalysisOfRevenueAndExpenses>
      <BalanceSheets>
        <CashBOY>186648</CashBOY>
        <CashEOY>57926</CashEOY>
        <CashEOYFMV>57926</CashEOYFMV>
        <InvestmentsCorpStockBOY>12223</InvestmentsCorpStockBOY>
        <InvestmentsCorpStockEOY referenceDocumentId="RetDoc2018900001">12346</InvestmentsCorpStockEOY>
        <InvestmentsCorpStockEOYFMV>15107</InvestmentsCorpStockEOYFMV>
        <TotalAssetsBOY>198871</TotalAssetsBOY>
        <TotalAssetsEOY>70272</TotalAssetsEOY>
        <TotalAssetsEOYFMV>73033</TotalAssetsEOYFMV>
        <TotalLiabilitiesBOY>0</TotalLiabilitiesBOY>
        <TotalLiabilitiesEOY>0</TotalLiabilitiesEOY>
        <OrgThatDoNotFollowSFAS117>X</OrgThatDoNotFollowSFAS117>
        <CapitalStockBOY>198871</CapitalStockBOY>
        <CapitalStockEOY>70272</CapitalStockEOY>
        <PaidInOrCapitalSurplusBOY>0</PaidInOrCapitalSurplusBOY>
        <PaidInOrCapitalSurplusEOY>0</PaidInOrCapitalSurplusEOY>
        <RetainedEarningsBOY>0</RetainedEarningsBOY>
        <RetainedEarningsEOY>0</RetainedEarningsEOY>
        <TotalNetAssetsBOY>198871</TotalNetAssetsBOY>
        <TotalNetAssetsEOY>70272</TotalNetAssetsEOY>
        <TotalLiabilitiesNetAssetsBOY>198871</TotalLiabilitiesNetAssetsBOY>
        <TotalLiabilitiesNetAssetsEOY>70272</TotalLiabilitiesNetAssetsEOY>
      </BalanceSheets>
      <ChangesInNetAssetsFundBalances>
        <TotalNetAssetsFundBalancesBOY>198871</TotalNetAssetsFundBalancesBOY>
        <ExcessOfRevenueOverExpenses>-128614</ExcessOfRevenueOverExpenses>
        <OtherIncreases referenceDocumentId="RetDoc2049700001">73</OtherIncreases>
        <Subtotal>70330</Subtotal>
        <OtherDecreases referenceDocumentId="RetDoc2049800001">58</OtherDecreases>
        <TotalNetAssetsFundBalancesEOY>70272</TotalNetAssetsFundBalancesEOY>
      </ChangesInNetAssetsFundBalances>
      <CapitalGainsAndLosses>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>BOETTI ARTWORK</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <DateAcquired>2001-09-12</DateAcquired>
          <DateSold>2011-06-13</DateSold>
          <GrossSalesPrice>2322500</GrossSalesPrice>
          <CostOrOtherBasis>622500</CostOrOtherBasis>
          <GainOrLoss>1700000</GainOrLoss>
          <GainsMinusExcessOrLosses>1700000</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>CAPITAL GAINS DIVIDENDS</DescriptionOfAsset>
          <HowAcquired>P</HowAcquired>
          <GrossSalesPrice>122</GrossSalesPrice>
          <GainOrLoss>122</GainOrLoss>
          <GainsMinusExcessOrLosses>122</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainNetIncome>1700122</CapitalGainNetIncome>
      </CapitalGainsAndLosses>
      <QlfyUndSect4940eForReducedTax>
        <LiableFor4942Tax>0</LiableFor4942Tax>
        <QualifyingDistributionsYear1>670451</QualifyingDistributionsYear1>
        <NoncharitableAssetsYear1>301255</NoncharitableAssetsYear1>
        <DistributionRatioYear1>2.225527</DistributionRatioYear1>
        <QualifyingDistributionsYear2>750170</QualifyingDistributionsYear2>
        <NoncharitableAssetsYear2>475618</NoncharitableAssetsYear2>
        <DistributionRatioYear2>1.577253</DistributionRatioYear2>
        <QualifyingDistributionsYear3>942191</QualifyingDistributionsYear3>
        <NoncharitableAssetsYear3>405620</NoncharitableAssetsYear3>
        <DistributionRatioYear3>2.322842</DistributionRatioYear3>
        <QualifyingDistributionsYear4>1629176</QualifyingDistributionsYear4>
        <NoncharitableAssetsYear4>493374</NoncharitableAssetsYear4>
        <DistributionRatioYear4>3.302112</DistributionRatioYear4>
        <QualifyingDistributionsYear5>1874918</QualifyingDistributionsYear5>
        <NoncharitableAssetsYear5>389553</NoncharitableAssetsYear5>
        <DistributionRatioYear5>4.812998</DistributionRatioYear5>
        <TotalDistributionRatio>14.240732</TotalDistributionRatio>
        <AverageDistributionRatio>2.848146</AverageDistributionRatio>
        <NetNoncharitableAssets>621981</NetNoncharitableAssets>
        <AdjustedNoncharitableAssets>1771493</AdjustedNoncharitableAssets>
        <OnePercentNetInvestmentIncome>17006</OnePercentNetInvestmentIncome>
        <AdjNonchrtblAssetsAndOnePct>1788499</AdjNonchrtblAssetsAndOnePct>
        <QualifyingDistributions>2129200</QualifyingDistributions>
      </QlfyUndSect4940eForReducedTax>
      <ExciseTaxBasedOnInvestmentIncm>
        <DomesticOrgMeetingSect4940e>X</DomesticOrgMeetingSect4940e>
        <InvestmentIncomeExciseTax>17006</InvestmentIncomeExciseTax>
        <TaxUnderSection511>0</TaxUnderSection511>
        <Subtotal>17006</Subtotal>
        <SubtitleATax>0</SubtitleATax>
        <TaxBasedOnInvestmentIncome>17006</TaxBasedOnInvestmentIncome>
        <EstTaxPaymentsAndOverpayment>78</EstTaxPaymentsAndOverpayment>
        <TotalCreditsAndPayments>78</TotalCreditsAndPayments>
        <TaxDue>16928</TaxDue>
      </ExciseTaxBasedOnInvestmentIncm>
      <StatementsRegardingActivities>
        <LegislativePoliticalActivities>0</LegislativePoliticalActivities>
        <MoreThan100Spent>0</MoreThan100Spent>
        <Form1120POLFiled>0</Form1120POLFiled>
        <Sect4955TaxOnOrganization>0</Sect4955TaxOnOrganization>
        <Sect4955TaxOnManagers>0</Sect4955TaxOnManagers>
        <ReimbursementOfTax>0</ReimbursementOfTax>
        <ActivitiesNotPrevReported>0</ActivitiesNotPrevReported>
        <ChangesToArticlesOrBylaws>0</ChangesToArticlesOrBylaws>
        <UnrelatedBusIncomeOver1000>0</UnrelatedBusIncomeOver1000>
        <TerminationEtc>0</TerminationEtc>
        <RequirementsOfSect508e>1</RequirementsOfSect508e>
        <AtLeast5000InAssets>1</AtLeast5000InAssets>
        <StatesFiledWith>IL</StatesFiledWith>
        <Form990PFFiledWithAG>1</Form990PFFiledWithAG>
        <PrivateOperatingFoundation>0</PrivateOperatingFoundation>
        <NewSubstantialContributors>0</NewSubstantialContributors>
        <InterestInControlledEntity>0</InterestInControlledEntity>
        <ApplicableInsuranceContract>0</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>1</ComplyWithPublicInspectionRqr>
        <WebsiteAddress>N/A</WebsiteAddress>
        <BooksInCareOfPersonName>MB INVESTMENTS LLC</BooksInCareOfPersonName>
        <BooksInCareOfPhoneNumber>3129602524</BooksInCareOfPhoneNumber>
        <BooksInCareOfUSAddress>
          <AddressLine1>180 N WACKER DRIVE SUITE 001</AddressLine1>
          <City>CHICAGO</City>
          <State>IL</State>
          <ZIPCode>60606</ZIPCode>
        </BooksInCareOfUSAddress>
        <ForeignBank>0</ForeignBank>
      </StatementsRegardingActivities>
      <StatementsRegardingActy4720>
        <SaleOrExchangeWithDsqflyPerson>0</SaleOrExchangeWithDsqflyPerson>
        <BorrowOrLendWithDsqflyPerson>0</BorrowOrLendWithDsqflyPerson>
        <FurnishedGoodsWithDsqflyPerson>0</FurnishedGoodsWithDsqflyPerson>
        <PayCompensationToDsqflyPerson>0</PayCompensationToDsqflyPerson>
        <TransferAssetsToDsqflyPerson>0</TransferAssetsToDsqflyPerson>
        <PaymentToGovernmentOffical>0</PaymentToGovernmentOffical>
        <UncorrectedPriorActs>0</UncorrectedPriorActs>
        <UndistributedIncomePriorYears>0</UndistributedIncomePriorYears>
        <BusinessHoldings>0</BusinessHoldings>
        <JeopardyInvestments>0</JeopardyInvestments>
        <UncorrectedJeopardyInvestments>0</UncorrectedJeopardyInvestments>
        <InfluenceLegislation>0</InfluenceLegislation>
        <InfluenceElection>0</InfluenceElection>
        <GrantsToIndividuals>0</GrantsToIndividuals>
        <GrantsToOrganizations>0</GrantsToOrganizations>
        <NoncharitablePurpose>0</NoncharitablePurpose>
        <RcvFundsToPayPrsnlBnftContract>0</RcvFundsToPayPrsnlBnftContract>
        <PayPremiumsPrsnlBnftContract>0</PayPremiumsPrsnlBnftContract>
        <ProhibitedTaxShelterTransactn>0</ProhibitedTaxShelterTransactn>
      </StatementsRegardingActy4720>
      <OfcrDirTrusteesKeyEmployeeInfo>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>MELVA BUCKSBAUM</PersonName>
          <USAddress>
            <AddressLine1>C/O MB INVESTMENTS 180 N WACKER</AddressLine1>
            <AddressLine2>DRIVE SUITE 001</AddressLine2>
            <City>CHICAGO</City>
            <State>IL</State>
            <ZIPCode>60606</ZIPCode>
          </USAddress>
          <Title>PRESIDENT/DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>1.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>MARY BUCKSBAUM SCANLAN</PersonName>
          <USAddress>
            <AddressLine1>C/O MB INVESTMENTS 180 N WACKER</AddressLine1>
            <AddressLine2>DRIVE SUITE 001</AddressLine2>
            <City>CHICAGO</City>
            <State>IL</State>
            <ZIPCode>60606</ZIPCode>
          </USAddress>
          <Title>VICE PRESIDENT/DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>1.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>MICHAEL GREAVES</PersonName>
          <USAddress>
            <AddressLine1>C/O MB INVESTMENTS 180 N WACKER</AddressLine1>
            <AddressLine2>DRIVE SUITE 001</AddressLine2>
            <City>CHICAGO</City>
            <State>IL</State>
            <ZIPCode>60606</ZIPCode>
          </USAddress>
          <Title>SECRETARY</Title>
          <AvgHoursPerWkDevotedToPosition>1.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>MARSHALL EISENBERG</PersonName>
          <USAddress>
            <AddressLine1>C/O MB INVESTMENTS 180 N WACKER</AddressLine1>
            <AddressLine2>DRIVE SUITE 001</AddressLine2>
            <City>CHICAGO</City>
            <State>IL</State>
            <ZIPCode>60606</ZIPCode>
          </USAddress>
          <Title>DIRECTOR</Title>
          <AvgHoursPerWkDevotedToPosition>1.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <CompOfHighestPaidEmplNONE>NONE</CompOfHighestPaidEmplNONE>
        <TotNumberOfOthEmplPaidOver50k>0</TotNumberOfOthEmplPaidOver50k>
        <CompOfHghstPaidCntrctNONE>NONE</CompOfHghstPaidCntrctNONE>
        <TotNumberOfCntrctPaidOver50k>0</TotNumberOfCntrctPaidOver50k>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <SumOfProgramRelatedInvestments>
        <Total>0</Total>
      </SumOfProgramRelatedInvestments>
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>14970</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>616483</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>0</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>631453</TotalFMVOfUnusedAssets>
        <ReductionClaimed>0</ReductionClaimed>
        <AcquisitionIndebtedness>0</AcquisitionIndebtedness>
        <AdjTotalFMVOfUnusedAssets>631453</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable>9472</CashDeemedCharitable>
        <NetNoncharitableAssets>621981</NetNoncharitableAssets>
        <MinimumInvestmentReturn>31099</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>31099</MinimumInvestmentReturn>
        <TaxBasedOnInvestmentIncome>17006</TaxBasedOnInvestmentIncome>
        <TotalTax>17006</TotalTax>
        <DistributableAmountBeforeAdj>14093</DistributableAmountBeforeAdj>
        <RecoveriesQlfyDistributions>0</RecoveriesQlfyDistributions>
        <DistributableAmountBeforeDed>14093</DistributableAmountBeforeDed>
        <DeductionFrDistributableAmount>0</DeductionFrDistributableAmount>
        <DistributableAmountAsAdjusted>14093</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
        <ExpensesAndContributions>2129200</ExpensesAndContributions>
        <ProgramRelatedInvestmentsTotal>0</ProgramRelatedInvestmentsTotal>
        <QualifyingDistributions>2129200</QualifyingDistributions>
        <OnePctSect4940eOrgNetInvstIncm>17006</OnePctSect4940eOrgNetInvstIncm>
        <AdjQualifyingDistributions>2112194</AdjQualifyingDistributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>14093</DistributableAmountAsAdjusted>
        <UndistributedIncomePriorYear>0</UndistributedIncomePriorYear>
        <PriorYear1>2009</PriorYear1>
        <PriorYear2>2008</PriorYear2>
        <PriorYear3>2007</PriorYear3>
        <TotalForPriorYears>0</TotalForPriorYears>
        <ExcessDistriCarryoverYear5>1853601</ExcessDistriCarryoverYear5>
        <ExcessDistriCarryoverYear4>1604768</ExcessDistriCarryoverYear4>
        <ExcessDistriCarryoverYear3>922102</ExcessDistriCarryoverYear3>
        <ExcessDistriCarryoverYear2>726436</ExcessDistriCarryoverYear2>
        <ExcessDistriCarryoverYear1>655406</ExcessDistriCarryoverYear1>
        <TotalExcessDistriCarryover>5762313</TotalExcessDistriCarryover>
        <QualifyingDistributions>2129200</QualifyingDistributions>
        <AppliedToYear1>0</AppliedToYear1>
        <AppliedToPriorYears>0</AppliedToPriorYears>
        <TreatedAsDistriFromCorpus>0</TreatedAsDistriFromCorpus>
        <AppliedToCurrentYear>14093</AppliedToCurrentYear>
        <RemainingDistriFromCorpus>2115107</RemainingDistriFromCorpus>
        <ExcessDistriCyovAppCYCorpus>0</ExcessDistriCyovAppCYCorpus>
        <ExcessDistriCyovAppliedCY>0</ExcessDistriCyovAppliedCY>
        <TotalCorpus>7877420</TotalCorpus>
        <PriorYearUndistributedIncome>0</PriorYearUndistributedIncome>
        <PriorYearDeficiencyOrTax>0</PriorYearDeficiencyOrTax>
        <TaxableAmount1>0</TaxableAmount1>
        <TaxableAmount2>0</TaxableAmount2>
        <UndistributedIncomeCY>0</UndistributedIncomeCY>
        <DistriFromCorpus170b1EOr4942g3>0</DistriFromCorpus170b1EOr4942g3>
        <ExcessDistriCyovFromYear5>1853601</ExcessDistriCyovFromYear5>
        <ExcessDistriCyovToNextYear>6023819</ExcessDistriCyovToNextYear>
        <ExcessFromYear4>1604768</ExcessFromYear4>
        <ExcessFromYear3>922102</ExcessFromYear3>
        <ExcessFromYear2>726436</ExcessFromYear2>
        <ExcessFromYear1>655406</ExcessFromYear1>
        <ExcessFromCurrentYear>2115107</ExcessFromCurrentYear>
      </UndistributedIncome>
      <SupplementaryInformation>
        <ContributingManager>MELVA BUCKSBAUM</ContributingManager>
        <ContributingManager>MARY BUCKSBAUM SCANLAN</ContributingManager>
        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>ASPEN JEWISH CONGREGATION</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>0077 MEADOWOOD DRIVE</AddressLine1>
            <City>ASPEN</City>
            <State>CO</State>
            <ZIPCode>81611</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE ARE INDIVIDUALS. ALL ARE PUBLIC CHARITIES</RecipientRelationship>
          <PurposeOfGrantOrContribution>ALL CONTRIBUTIONS MADE FOR THE INTENT ESTABLISHED BY THE VARIOUS CHARITIES</PurposeOfGrantOrContribution>
          <Amount>25000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>MISCELLANEOUS CONTRIBUTIONS UNDER 20000 AVAILABLE UPON REQUEST FROM MB IN</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>180 N WACKER DRIVE SUITE 001</AddressLine1>
            <City>CHICAGO</City>
            <State>IL</State>
            <ZIPCode>60606</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE ARE INDIVIDUALS. ALL ARE PUBLIC CHARITIES</RecipientRelationship>
          <PurposeOfGrantOrContribution>ALL CONTRIBUTIONS MADE FOR THE INTENT ESTABLISHED BY THE VARIOUS CHARITIES</PurposeOfGrantOrContribution>
          <Amount>69200</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>THE ASPEN INSTITUTE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>ONE DUPONT CIRCLE NW SUITE 700</AddressLine1>
            <City>WASHINGTON</City>
            <State>DC</State>
            <ZIPCode>20036</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE ARE INDIVIDUALS. ALL ARE PUBLIC CHARITIES</RecipientRelationship>
          <PurposeOfGrantOrContribution>ALL CONTRIBUTIONS MADE FOR THE INTENT ESTABLISHED BY THE VARIOUS CHARITIES</PurposeOfGrantOrContribution>
          <Amount>35000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>WHITNEY MUSEUM OF AMERICAN ART</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>945 MADISON AVENUE</AddressLine1>
            <City>NEW YORK</City>
            <State>NY</State>
            <ZIPCode>10021</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>NONE ARE INDIVIDUALS. ALL ARE PUBLIC CHARITIES</RecipientRelationship>
          <PurposeOfGrantOrContribution>ALL CONTRIBUTIONS MADE FOR THE INTENT ESTABLISHED BY THE VARIOUS CHARITIES</PurposeOfGrantOrContribution>
          <Amount>2000000</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>2129200</TotGrantOrContriPaidDuringYear>
        <TotGrantOrContriApprovedFuture>0</TotGrantOrContriApprovedFuture>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <IntOnSavingsAndTempCashInvst>
          <RelatedOrExemptFunctionIncome>178</RelatedOrExemptFunctionIncome>
        </IntOnSavingsAndTempCashInvst>
        <DividendsAndIntFromSecPartVII>
          <RelatedOrExemptFunctionIncome>286</RelatedOrExemptFunctionIncome>
        </DividendsAndIntFromSecPartVII>
        <GainSalesAssetsOthThanInvntry>
          <RelatedOrExemptFunctionIncome>1700122</RelatedOrExemptFunctionIncome>
        </GainSalesAssetsOthThanInvntry>
        <SubtotalsPartXVIA>
          <UnrelatedBusinessIncomeAmount>0</UnrelatedBusinessIncomeAmount>
          <ExclusionAmount>0</ExclusionAmount>
          <RelatedOrExemptFunctionIncome>1700586</RelatedOrExemptFunctionIncome>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>1700586</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <RlnOfActyToAccomOfExemptPrps>
        <RlnOfActyToAccomOfExemptPrps>
          <LineNumber>3</LineNumber>
          <RelationshipStatement>ALL FUNDS PROVIDED FOR EXEMPT GIFTS</RelationshipStatement>
        </RlnOfActyToAccomOfExemptPrps>
        <RlnOfActyToAccomOfExemptPrps>
          <LineNumber>4</LineNumber>
          <RelationshipStatement>ALL FUNDS PROVIDED FOR EXEMPT GIFTS</RelationshipStatement>
        </RlnOfActyToAccomOfExemptPrps>
        <RlnOfActyToAccomOfExemptPrps>
          <LineNumber>8</LineNumber>
          <RelationshipStatement>ALL FUNDS PROVIDED FOR EXEMPT GIFTS</RelationshipStatement>
        </RlnOfActyToAccomOfExemptPrps>
      </RlnOfActyToAccomOfExemptPrps>
      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>0</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>0</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>0</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>0</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>0</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>0</ReimbursementArrangements>
        <LoansOrLoanGuarantees>0</LoansOrLoanGuarantees>
        <PerformanceOfServicesEtc>0</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>0</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>0</RelationshipsNoncharitableEOs>
      </TrnsfrTrRlnWithNoncharitableEO>
    </IRS990PF>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <Organization501c3ExemptPF>X</Organization501c3ExemptPF>
      <GeneralRule>X</GeneralRule>
      <ContributorInfo>
        <ContributorNumber>1</ContributorNumber>
        <ContributorNameIndividual>MELVA BUCKSBAUM</ContributorNameIndividual>
        <ContributorAddressUS>
          <AddressLine1>180 N WACKER DRIVE SUITE 001</AddressLine1>
          <City>CHICAGO</City>
          <State>IL</State>
          <ZIPCode>60606</ZIPCode>
        </ContributorAddressUS>
        <AggregateContributions>300000</AggregateContributions>
        <NoncashContributionType>X</NoncashContributionType>
      </ContributorInfo>
      <NoncashProperty>
        <ContributorNumberFromPartI>1</ContributorNumberFromPartI>
        <NoncashPropertyDescription>ARTWORK - MAPPA DEL MONDO BY BOETTI</NoncashPropertyDescription>
        <FairMarketValue>300000</FairMarketValue>
        <DateReceived>2011-06-01</DateReceived>
      </NoncashProperty>
    </IRS990ScheduleB>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorpStock>
        <NameOfStock>SEQUOIA FUND, INC.</NameOfStock>
        <EOYBookValue>10088</EOYBookValue>
        <EOYFMV>11398</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>GENERAL GROWTH PROPERTIES, INC.</NameOfStock>
        <EOYBookValue>1823</EOYBookValue>
        <EOYFMV>2914</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>HOWARD HUGHES CORP</NameOfStock>
        <EOYBookValue>435</EOYBookValue>
        <EOYFMV>795</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <OtherDecreasesSchedule documentId="RetDoc2049800001">
      <OtherDecreases>
        <Description>CAPITAL GAINS PER TAX GREATER THAN BOOK</Description>
        <Amount>58</Amount>
      </OtherDecreases>
    </OtherDecreasesSchedule>
    <OtherIncreasesSchedule documentId="RetDoc2049700001">
      <OtherIncreases>
        <Description>INTEREST &amp; DIVIDENDS PER TAX LESS THAN BOOK</Description>
        <Amount>73</Amount>
      </OtherIncreases>
    </OtherIncreasesSchedule>
  </ReturnData>
</Return>