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        <InvestmentEarningsOrLosses>871705</InvestmentEarningsOrLosses>
        <OtherExpenditures>507896</OtherExpenditures>
        <EndOfYearBalance>12560139</EndOfYearBalance>
      </CurrentYearMinus1Year>
      <BoardDesignatedEOYBalance>1.00000</BoardDesignatedEOYBalance>
      <EndowmentsHeldByUnrelatedOrgs>false</EndowmentsHeldByUnrelatedOrgs>
      <EndowmentsHeldByRelatedOrgs>false</EndowmentsHeldByRelatedOrgs>
      <Land />
      <Buildings />
      <LeaseholdImprovements>
        <OtherCostOrOtherBasis>731772</OtherCostOrOtherBasis>
        <Depreciation>356372</Depreciation>
        <BookValue>375400</BookValue>
      </LeaseholdImprovements>
      <Equipment>
        <OtherCostOrOtherBasis>207749</OtherCostOrOtherBasis>
        <Depreciation>200509</Depreciation>
        <BookValue>7240</BookValue>
      </Equipment>
      <OtherLandBuildings />
      <TotalOfBookValueLandBuildings>382640</TotalOfBookValueLandBuildings>
      <FinancialDerivatives />
      <CloselyHeldEquityInterests />
      <OtherSecurities>
        <Description>HEDGE FUNDS</Description>
        <BookValue>1470343</BookValue>
        <MethodOfValuation>F</MethodOfValuation>
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      <TotalOfBookValueSecurities>1470343</TotalOfBookValueSecurities>
      <TotalRevenue>9804595</TotalRevenue>
      <TotalExpenses>10635441</TotalExpenses>
      <ExcessOrDeficitForYear>-830846</ExcessOrDeficitForYear>
      <NetUnrealizedGLOnInvestments>795712</NetUnrealizedGLOnInvestments>
      <TotalAdjustments>795712</TotalAdjustments>
      <ExcessOrDeficitPerFS>-35134</ExcessOrDeficitPerFS>
      <TotRevenueEtcAuditedFinclStmt>10803924</TotRevenueEtcAuditedFinclStmt>
      <NetUnrealizedGainsInvestments>795712</NetUnrealizedGainsInvestments>
      <OtherRevenues>296232</OtherRevenues>
      <RevenueNotRptdF990>1091944</RevenueNotRptdF990>
      <RevenueSubtotal>9711980</RevenueSubtotal>
      <InvestmentExpensesNotIncluded>92615</InvestmentExpensesNotIncluded>
      <RevenueNotRptdOnFinStmt>92615</RevenueNotRptdOnFinStmt>
      <TotalRevenuePerForm990>9804595</TotalRevenuePerForm990>
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      <OtherExpensesIncluded>296232</OtherExpensesIncluded>
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      <ExpensesSubtotal>10542826</ExpensesSubtotal>
      <InvestmentExpensesNotIncluded2>92615</InvestmentExpensesNotIncluded2>
      <ExpensesNotRptdOnFinStmt>92615</ExpensesNotRptdOnFinStmt>
      <TotalExpensesPerForm990>10635441</TotalExpensesPerForm990>
      <Form990ScheduleDPartXIV>
        <Identifier>INTENDED USE OF ENDOWMENT FUNDS</Identifier>
        <ReturnReference>PART V, LINE 4</ReturnReference>
        <Explanation>HUDSON USES ITS ENDOWMENT FUNDS TO PROVIDE A PREDICTABLE STREAM OF REVENUE FOR OPERATIONS WHILE SEEKING TO MAINTAIN AND EXPAND THE PRINCIPAL.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>FIN 48 DISCLOSURE</Identifier>
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        <Explanation>MANAGEMENT HAS EVALUATED THEIR INCOME TAX POSITIONS UNDER THE GUIDANCE INCLUDED IN ASC 740. BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL UNCERTAIN TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS.</Explanation>
      </Form990ScheduleDPartXIV>
      <Form990ScheduleDPartXIV>
        <Identifier>OTHER ADJUSTMENTS</Identifier>
        <ReturnReference>PARTS XII &amp; XIII, LINE 2D</ReturnReference>
        <Explanation>SPECIAL EVENTS EXPENSE = 296,232</Explanation>
      </Form990ScheduleDPartXIV>
    </IRS990ScheduleD>
    <IRS990ScheduleF documentId="IRS990ScheduleF">
      <GrantRecordsMaintained>true</GrantRecordsMaintained>
      <AcctsActvsOutUSTable>
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        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>23</NumberOfEmployees>
        <TypeOfActivitiesConducted>Program Services</TypeOfActivitiesConducted>
        <SpecificServicesProvided>RESEARCH</SpecificServicesProvided>
        <TotalExpenditures>267700</TotalExpenditures>
      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
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        <NumberOfOffices>0</NumberOfOffices>
        <NumberOfEmployees>5</NumberOfEmployees>
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      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>North America</Region>
        <NumberOfOffices>0</NumberOfOffices>
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      </AcctsActvsOutUSTable>
      <AcctsActvsOutUSTable>
        <Region>Central America and the Caribbean</Region>
        <NumberOfOffices>0</NumberOfOffices>
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        <TypeOfActivitiesConducted>Program Services</TypeOfActivitiesConducted>
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      <AcctsActvsOutUSTable>
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      <AcctsActvsOutUSTable>
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        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
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        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
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        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
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        <TotalCompensationFilingOrg>208186</TotalCompensationFilingOrg>
        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
      </Form990ScheduleJPartII>
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        <BaseCompensationFilingOrg>196721</BaseCompensationFilingOrg>
        <CompBasedOnRelatedOrgs>0</CompBasedOnRelatedOrgs>
        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
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        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
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      <Form990ScheduleJPartII>
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        <BonusFilingOrg>0</BonusFilingOrg>
        <BonusRelatedOrgs>0</BonusRelatedOrgs>
        <OtherCompensationFilingOrg>0</OtherCompensationFilingOrg>
        <OtherCompensationRelatedOrgs>0</OtherCompensationRelatedOrgs>
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        <TotalCompensationRelatedOrgs>0</TotalCompensationRelatedOrgs>
      </Form990ScheduleJPartII>
      <Form990ScheduleJPartIII>
        <Identifier>BONUSES</Identifier>
        <ReturnReference>PART I, LINE 7</ReturnReference>
        <Explanation>THE EXECUTIVE COMMITTEE OF THE BOARD DETERMINES THE AMOUNTS OF THE BONUSES GIVEN EACH YEAR.</Explanation>
      </Form990ScheduleJPartIII>
      <Form990ScheduleJPartIII>
        <Identifier>SEVERANCE PAYMENTS</Identifier>
        <ReturnReference>PART I, LINE 4A</ReturnReference>
        <Explanation>AMANDA SOKOLSKI, VICE PRESIDENT AND DIRECTOR OF DEVELOPMENT, RECEIVED SEVERANCE PAYMENTS IN THE AMOUNT OF $21,250 OVER THE PERIOD OF AUGUST 10, 2010 THROUGH OCTOBER 25, 2010.</Explanation>
      </Form990ScheduleJPartIII>
    </IRS990ScheduleJ>
    <IRS990ScheduleL documentId="IRS990ScheduleL">
      <Form990ScheduleLPartIV>
        <NameOfInterestedPerson>
          <NamePerson>Amy Kauffman</NamePerson>
        </NameOfInterestedPerson>
        <Relationship>Spouse of K. Weinstein</Relationship>
        <AmountOfTransaction>91707</AmountOfTransaction>
        <DescriptionOfTransaction>Employee of Hudson</DescriptionOfTransaction>
        <SharingOfRevenues>false</SharingOfRevenues>
      </Form990ScheduleLPartIV>
    </IRS990ScheduleL>
    <IRS990ScheduleM documentId="IRS990ScheduleM">
      <WorksOfArt />
      <ArtHistoricalTreasures />
      <ArtFractionalInterest />
      <BooksAndPublications />
      <ClothingAndHouseholdGoods />
      <CarsAndOtherVehicles />
      <BoatsAndPlanes />
      <IntellectualProperty />
      <SecuritiesPubliclyTraded>
        <NonCashCheckbox>X</NonCashCheckbox>
        <NumberOfContributions>4</NumberOfContributions>
        <NoncashContribsRptdF990>163979</NoncashContribsRptdF990>
        <MethodOfDeterminingRevenues>Stock quote</MethodOfDeterminingRevenues>
      </SecuritiesPubliclyTraded>
      <SecuritiesCloselyHeldStock />
      <SecuritiesPrtnrshpTrustIntrsts />
      <SecuritiesMiscellaneous />
      <QualifiedContribHistStruct />
      <QualifiedContribOther />
      <RealEstateResidential />
      <RealEstateCommercial />
      <RealEstateOther />
      <Collectibles />
      <FoodInventory />
      <DrugsAndMedicalSupplies />
      <Taxidermy />
      <HistoricalArtifacts />
      <ScientificSpecimens />
      <ArchaeologicalArtifacts />
      <AnyPropertyThatMustBeHeld>false</AnyPropertyThatMustBeHeld>
      <ReviewProcessUnusualNCGifts>false</ReviewProcessUnusualNCGifts>
      <ThirdPartiesUsed>true</ThirdPartiesUsed>
      <Form990ScheduleMPartII>
        <Identifier>Noncash contributions</Identifier>
        <ReturnReference>Schedule M, Part I, Line 32a</ReturnReference>
        <Explanation>Wells Fargo sells non-cash contributions of publicly traded stock for Hudson.</Explanation>
      </Form990ScheduleMPartII>
    </IRS990ScheduleM>
    <IRS990ScheduleO documentId="IRS990ScheduleO">
      <GeneralExplanation>
        <Identifier>FAMILY AND/OR BUSINESS RELATIONSHIPS BETWEEN OFFICERS/DIRECTORS/TRUSTEES</Identifier>
        <ReturnReference>FORM 990, PART VI, LINE 2</ReturnReference>
        <Explanation>SARAH MAY STERN AND WALTER STERN HAVE A FAMILY RELATIONSHIP. PROCESS TO REVIEW FROM 990 FORM 990, PART VI, LINE 11B THE FORM 990 IS REVIEWED IN DETAIL BY THE PRESIDENT, CEO, AND CFO. IT IS ALSO PROVIDED TO THE FULL BOARD BEFORE FILING.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>CONFLICT OF INTEREST POLICY</Identifier>
        <ReturnReference>FORM 990, PART VI, LINE 12C</ReturnReference>
        <Explanation>THE BOARD OF DIRECTORS AND OFFICERS SIGN THE CONFLICT OF INTEREST QUESTIONNAIRE ANNUALLY. RESPONSES ARE REVIEWED BY THE CEO. IF A CONFLICT OF INTEREST IS DISCOVERED, THE EXECUTIVE COMMITTEE MEETS TO DISCUSS HOW TO HANDLE THE CONFLICT. ANY BOARD MEMBER OR OFFICER WITH A CONFLICT OF ITNEREST ABSTAINS FORM VOTING ON THE RELATED ISSUE.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>PROCESS FOR DETERMINING PRESIDENT/CEO AND OFFICER COMPENSATION</Identifier>
        <ReturnReference>FORM 990, PART VI, LINES 15A &amp; 15B</ReturnReference>
        <Explanation>THE PRESIDENT AND CEO'S COMPENSATION IS DETERMINED AND APPROVED BY THE COMPENSATION COMMITTEE. THE FORM 990 OF OTHER ORGANIZATIONS IS ALSO USED IN DETERMINING THE PRESIDENT AND CEO'S COMPENSATION. THE PRESIDENT AND CEO DETERMINE OTHER OFFICERS' COMPENSATION. OFFICER COMPENSATION WAS LAST REVIEWED IN JULY 2010.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS</Identifier>
        <ReturnReference>FORM 990, PART VI, LINE 19</ReturnReference>
        <Explanation>THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>INDEPENDENT CONTRACTOR</Identifier>
        <ReturnReference>FORM 990, PART VII</ReturnReference>
        <Explanation>HERBERT I LONDON IS PAID AS AN INDEPENDENT CONTRACTOR THROUGH HERBERT I LONDON, INC.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
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          <BusinessNameLine1>Hudson Analytical Services Inc</BusinessNameLine1>
        </NameOfRelatedOrg>
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          <AddressLine1>1015 15th Street NW Suite 600</AddressLine1>
          <City>Washington</City>
          <State>DC</State>
          <ZIPCode>20005</ZIPCode>
        </AddressUS>
        <EIN>351645201</EIN>
        <PrimaryActivity>Research</PrimaryActivity>
        <LegalDomicileState>NY</LegalDomicileState>
        <DirectControllingEntityName>
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        <ShareOfTotalIncome>0</ShareOfTotalIncome>
        <ShareOfEOYAssets>0</ShareOfEOYAssets>
        <PercentageOwnership>1.00000</PercentageOwnership>
      </Form990ScheduleRPartIV>
      <ReceiptOfIntAnnRentsRoyalties>false</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>false</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>false</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>false</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>false</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>false</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>false</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>false</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>false</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>false</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>false</SharingOfFacilities>
      <SharingOfPaidEmployees>false</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>false</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>false</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>false</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>false</OtherTransferFromOtherOrg>
    </IRS990ScheduleR>
  </ReturnData>
</Return>