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            <ZIPCd>02903</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501(C)(3) PUBLIC CHA</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GRANT TO ANOTHER 501(C)(3) ORG</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MUSEUM OF THE AMERICAN REVOLUTION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>101 SOUTH THIRD STREET</AddressLine1Txt>
            <CityNm>PHILADELPHIA</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>19106</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501(C)(3) PUBLIC CHA</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GRANT TO ANOTHER 501(C)(3) ORG</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>PHILADELPHIA POLICE FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 22404</AddressLine1Txt>
            <CityNm>PHILADELPHIA</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>19110</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501(C)(3) PUBLIC CHA</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GRANT TO ANOTHER 501(C)(3) ORG</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>PROVIDENCE ANIMAL CENTER</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>555 SANDY BANK ROAD</AddressLine1Txt>
            <CityNm>MEDIA</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>19063</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501(C)(3) PUBLIC CHA</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GRANT TO ANOTHER 501(C)(3) ORG</GrantOrContributionPurposeTxt>
          <Amt>3500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE MCKEOWN FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 291</AddressLine1Txt>
            <CityNm>DRESHER</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>19025</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501(C)(3) PUBLIC CHA</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GRANT TO ANOTHER 501(C)(3) ORG</GrantOrContributionPurposeTxt>
          <Amt>4300</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FOUNDING FORWARD</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>140 SOUTH BROAD STREET</AddressLine1Txt>
            <CityNm>PHILADELPHIA</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>19102</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501(C)(3) PUBLIC CHA</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GRANT TO ANOTHER 501(C)(3) ORG</GrantOrContributionPurposeTxt>
          <Amt>37500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>LODIGIANO FILM DEVELOPMENT INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>700 HENDERSON RD</AddressLine1Txt>
            <CityNm>KING OF PRUSSIA</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>19406</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501(C)(3) PUBLIC CHA</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GRANT TO ANOTHER 501(C)(3) ORG</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>VERTEX PARTNERSHIP ACADEMIES</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1143 TAYLOR AVE</AddressLine1Txt>
            <CityNm>BRONX</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10472</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501(C)(3) PUBLIC CHA</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GRANT TO ANOTHER 501(C)(3) ORG</GrantOrContributionPurposeTxt>
          <Amt>20000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>PHILADELPHIA EDUCATION FUND</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>718 ARCH STREET STE 700N</AddressLine1Txt>
            <CityNm>PHILADELPHIA</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>19106</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501(C)(3) PUBLIC CHA</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GRANT TO ANOTHER 501(C)(3) ORG</GrantOrContributionPurposeTxt>
          <Amt>2500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NKF DEVELOPMENT</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1900 MARKET STREET</AddressLine1Txt>
            <CityNm>PHILADELPHIA</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>19103</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501(C)(3) PUBLIC CHA</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GRANT TO ANOTHER 501(C)(3) ORG</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FOUNDATION FOR FREE ENTERPRISE EDUCATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>3076 WEST 12TH STREET</AddressLine1Txt>
            <CityNm>ERIE</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>16505</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501(C)(3) PUBLIC CHA</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GRANT TO ANOTHER 501(C)(3) ORG</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MISES INSTITUTE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>518 WEST MAGNOLIA AVE</AddressLine1Txt>
            <CityNm>AUBURN</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>638324501</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501(C)(3) PUBLIC CHA</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GRANT TO ANOTHER 501(C)(3) ORG</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UATX</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>522 CONGRESS AVENUE STE 300</AddressLine1Txt>
            <CityNm>AUSTIN</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78701</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501(C)(3) PUBLIC CHA</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GRANT TO ANOTHER 501(C)(3) ORG</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THREEFOLD EDUCATION ASSOCIATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>201 MEADOW LANE</AddressLine1Txt>
            <CityNm>MECHANICSBURG</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>17055</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501(C)(3) PUBLIC CHA</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GRANT TO ANOTHER 501(C)(3) ORG</GrantOrContributionPurposeTxt>
          <Amt>20000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>AMERICAN INSTITUTE FOR ECONOMIC RESEARCH</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>250 DIVISION STREET PO BOX 1000</AddressLine1Txt>
            <CityNm>GREAT BARRINGTON</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>01230</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>501(C)(3) PUBLIC CHA</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GRANT TO ANOTHER 501(C)(3) ORG</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>213800</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>133122</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>29269</ExclusionAmt>
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        <OtherInvestmentIncomeGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>47</ExclusionAmt>
        </OtherInvestmentIncomeGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>-101311</ExclusionAmt>
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        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>61127</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>61127</TotalIncomeProducingActyAmt>
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      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>0</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>0</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>0</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>0</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>0</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>0</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>0</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>0</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>0</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>0</RelationshipsNonchrtblEOInd>
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    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc2002200001">
      <AccountingFeesDetail>
        <CategoryTxt>TAX PREP</CategoryTxt>
        <Amt>6988</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>6988</DisbursementsCharitablePrpsAmt>
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      <AccountingFeesDetail>
        <CategoryTxt>CONSULTING FEES</CategoryTxt>
        <Amt>25000</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>25000</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SOLEUS CAPITAL OFFSHORE LTD</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>500000</BookValueAmt>
        <EOYFMVAmt>632482</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ROCK SPRINGS CAPITAL FUND LP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>386746</BookValueAmt>
        <EOYFMVAmt>392847</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>GREENHOUSE OVERSEES FUND LTD</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>500000</BookValueAmt>
        <EOYFMVAmt>683329</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>RADCLIFFE SHORT DURATION FUND LP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1867567</BookValueAmt>
        <EOYFMVAmt>1883039</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>VANGUARD SHORT-TERM INVESTMENT GRADE</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>595706</BookValueAmt>
        <EOYFMVAmt>572389</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>RADCLIFFE INTERNATIONAL SPAC FUND LTD - LIQUIDATION ACCOUNT</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>2569</BookValueAmt>
        <EOYFMVAmt>2906</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherDecreasesSchedule documentId="RetDoc2049800001">
      <OtherDecreasesDetail>
        <Desc>N/D PORTION OF CONTRIBUTIONS</Desc>
        <Amt>3200</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>ROCK SPRINGS - INV. INT. EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>3109</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>3109</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ROCK SPRINGS - PORTFOLIO DEDUCTIONS</Desc>
        <RevenueAndExpensesPerBooksAmt>6139</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>5835</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>RADCLIFFE SHORT DURATION FUND LP - PORTFOLIO DEDUCTIONS</Desc>
        <RevenueAndExpensesPerBooksAmt>19621</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>19621</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CONTRACT LABOR</Desc>
        <RevenueAndExpensesPerBooksAmt>60000</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>60000</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>COMPUTER EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>1289</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1289</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>ROCK SPRINGS OTHER INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>47</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>47</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>47</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="RetDoc2049700001">
      <OtherIncreasesDetail>
        <Desc>CHANGE IN MARKET VALUE OF INVESTMENTS</Desc>
        <Amt>3884</Amt>
      </OtherIncreasesDetail>
      <OtherIncreasesDetail>
        <Desc>CONTRIBUTIONS PAYABLE</Desc>
        <Amt>500</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
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      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT MANAGEMENT</CategoryTxt>
        <Amt>324</Amt>
        <NetInvestmentIncomeAmt>324</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>BANKING FEES</CategoryTxt>
        <Amt>379</Amt>
        <NetInvestmentIncomeAmt>379</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
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  </ReturnData>
</Return>