﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xsi:schemaLocation="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2017v2.3">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2018-05-15T07:43:46-05:00</ReturnTs>
    <TaxPeriodEndDt>2017-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>The Leo Group LLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>100 Wood Avenue South 209</AddressLine1Txt>
        <CityNm>Iselin</CityNm>
        <StateAbbreviationCd>NJ</StateAbbreviationCd>
        <ZIPCd>08830</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2017-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>136122167</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>Waterfowl Research Foundation Inc</BusinessNameLine1Txt>
      </BusinessName>
      <InCareOfNm>% GERARD A DIMINO</InCareOfNm>
      <BusinessNameControlTxt>WATE</BusinessNameControlTxt>
      <PhoneNum>7323720191</PhoneNum>
      <USAddress>
        <AddressLine1Txt>100 Wood Avenue South Suite 209</AddressLine1Txt>
        <CityNm>Iselin</CityNm>
        <StateAbbreviationCd>NJ</StateAbbreviationCd>
        <ZIPCd>08830</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>GERARD A DIMINO</PersonNm>
      <PersonTitleTxt>Asst Treasurer</PersonTitleTxt>
      <PhoneNum>7323720191</PhoneNum>
      <SignatureDt>2018-08-08</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>Gerard A Dimino</PreparerPersonNm>
      <PTIN>P00916630</PTIN>
      <PhoneNum>7323720191</PhoneNum>
      <PreparationDt>2018-05-08</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2017</TaxYr>
    <BuildTS>2022-09-23 18:48:47Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="9">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>8529524</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>0</ContriRcvdRevAndExpnssAmt>
        <InterestOnSavRevAndExpnssAmt>954</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>954</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>120077</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>120077</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>154284</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>1076606</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>154284</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="OtherIncomeSch2">5852</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>5852</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>281167</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>281167</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="AccountingFeesSch">18790</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>18790</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>0</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>0</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="OthProfFeesSch">37792</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>37792</OtherProfFeesNetInvstIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule">308</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>308</TaxesNetInvstIncmAmt>
        <TravConfMeetingRevAndExpnssAmt>9847</TravConfMeetingRevAndExpnssAmt>
        <TravConfMeetingNetInvstIncmAmt>9847</TravConfMeetingNetInvstIncmAmt>
        <PrintingAndPubRevAndExpnssAmt>155</PrintingAndPubRevAndExpnssAmt>
        <PrintingAndPubDsbrsChrtblAmt>155</PrintingAndPubDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">1423</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>1173</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>250</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>68315</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>67910</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>0</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>405</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>453625</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>453625</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>521940</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>67910</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>0</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>454030</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-240773</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>213257</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>2614392</CashBOYAmt>
        <CashEOYAmt>1044234</CashEOYAmt>
        <CashEOYFMVAmt>1044234</CashEOYFMVAmt>
        <CorporateStockBOYAmt>4046587</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestCorpStockSch">5223552</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>6897707</CorporateStockEOYFMVAmt>
        <OtherInvestmentsBOYAmt>435163</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="InvOtherSch2">587583</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>587583</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>7096142</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>6855369</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>8529524</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowSFAS117Ind>X</OrgDoesNotFollowSFAS117Ind>
        <CapitalStockBOYAmt>8524747</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>8524727</CapitalStockEOYAmt>
        <RetainedEarningBOYAmt>-1428605</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>-1669358</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>7096142</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>6855369</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>7096142</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>6855369</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>7096142</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-240773</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>6855369</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>6855369</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CHARLES SCHWAB</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2017-01-01</AcquiredDt>
          <SoldDt>2017-12-31</SoldDt>
          <GrossSalesPriceAmt>306004</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>314005</CostOrOtherBasisAmt>
          <GainOrLossAmt>-8001</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-8001</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CHARLES SCHWAB</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2001-01-01</AcquiredDt>
          <SoldDt>2017-12-31</SoldDt>
          <GrossSalesPriceAmt>770542</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>608317</CostOrOtherBasisAmt>
          <GainOrLossAmt>162225</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>162225</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>CAPITAL GAIN DIVIDEND</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2016-12-31</AcquiredDt>
          <SoldDt>2017-12-31</SoldDt>
          <GrossSalesPriceAmt>60</GrossSalesPriceAmt>
          <GainOrLossAmt>60</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>60</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>154284</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>false</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>597652</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>7948964</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.075186</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>524616</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>8585875</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.061102</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>380390</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>9027666</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.042136</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>310385</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>8341541</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.03721</DistributionYr4Rt>
        <AdjustedQlfyDistriYr5Amt>310000</AdjustedQlfyDistriYr5Amt>
        <NetVlNoncharitableAssetsYr5Amt>8287020</NetVlNoncharitableAssetsYr5Amt>
        <DistributionYr5Rt>0.037408</DistributionYr5Rt>
        <TotalDistributionRt>0.253042</TotalDistributionRt>
        <AverageDistributionRt>0.050608</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>7693967</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>389376</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>2133</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>391509</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>454030</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <DomesticOrgMeetingSect4940eInd>X</DomesticOrgMeetingSect4940eInd>
        <InvestmentIncomeExciseTaxAmt>2133</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>2133</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>2133</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>3767</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>3767</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>1634</OverpaymentAmt>
        <AppliedToESTaxAmt>1634</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>false</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>NY</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>GERARD A DIMINO</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>7323720191</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>100 WOOD AVENUE SOUTH</AddressLine1Txt>
          <CityNm>iselin</CityNm>
          <StateAbbreviationCd>NJ</StateAbbreviationCd>
          <ZIPCd>08830</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <UndistrIncmSect4942a2NotAppInd>false</UndistrIncmSect4942a2NotAppInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <ProceedsOrNetIncomeInd>false</ProceedsOrNetIncomeInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Arthur C Romaine</PersonNm>
          <USAddress>
            <AddressLine1Txt>100 Wood Avenue South</AddressLine1Txt>
            <CityNm>Iselin</CityNm>
            <StateAbbreviationCd>NJ</StateAbbreviationCd>
            <ZIPCd>08830</ZIPCd>
          </USAddress>
          <TitleTxt>Chairman</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Edward L Shugrue</PersonNm>
          <USAddress>
            <AddressLine1Txt>100 Wood Avenue South</AddressLine1Txt>
            <CityNm>Iselin</CityNm>
            <StateAbbreviationCd>NJ</StateAbbreviationCd>
            <ZIPCd>08830</ZIPCd>
          </USAddress>
          <TitleTxt>Treasurer</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Gerard A Dimino</PersonNm>
          <USAddress>
            <AddressLine1Txt>100 Wood Avenue South</AddressLine1Txt>
            <CityNm>Iselin</CityNm>
            <StateAbbreviationCd>NJ</StateAbbreviationCd>
            <ZIPCd>08830</ZIPCd>
          </USAddress>
          <TitleTxt>Asst Treasurer</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>N/A</Description1Txt>
        <Expenses1Amt>0</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>6043323</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>1767811</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>7811134</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>7811134</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>117167</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>7693967</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>384698</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>384698</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>2133</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>2133</TotalTaxAmt>
        <DistributableBeforeAdjAmt>382565</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>382565</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>382565</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>454030</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>454030</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>2133</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>451897</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>382565</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <PriorYear1Yr>2015</PriorYear1Yr>
        <PriorYear2Yr>2014</PriorYear2Yr>
        <PriorYear3Yr>2013</PriorYear3Yr>
        <ExcessDistributionCyovYr1Amt>39998</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>39998</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>454030</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>382565</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>71465</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>111463</TotalCorpusAmt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>111463</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear1Amt>39998</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>71465</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp />
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Delta Waterfowl Research</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO Box 3128</AddressLine1Txt>
            <CityNm>Bismarck</CityNm>
            <StateAbbreviationCd>ND</StateAbbreviationCd>
            <ZIPCd>58502</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>General Purpose</GrantOrContributionPurposeTxt>
          <Amt>250000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Ducks Unlimited</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>One Waterfowl Way</AddressLine1Txt>
            <CityNm>Memphis</CityNm>
            <StateAbbreviationCd>TN</StateAbbreviationCd>
            <ZIPCd>38120</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>General Purpose</GrantOrContributionPurposeTxt>
          <Amt>100125</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Biodiversity Research Institute</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>266 Canco Road</AddressLine1Txt>
            <CityNm>Portland</CityNm>
            <StateAbbreviationCd>ME</StateAbbreviationCd>
            <ZIPCd>04103</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>General Purpose</GrantOrContributionPurposeTxt>
          <Amt>32500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Long Island Wildfowl Heritage</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO Box 126</AddressLine1Txt>
            <CityNm>Aquebogue</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>11931</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>General Purpose</GrantOrContributionPurposeTxt>
          <Amt>30000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ESF College Foundation</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1 Forestry Drive</AddressLine1Txt>
            <CityNm>Syracuse</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>13210</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>None</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>General Purpose</GrantOrContributionPurposeTxt>
          <Amt>41000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>453625</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>954</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>120077</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>5852</ExclusionAmt>
        </OtherInvestmentIncmPartVIIGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>154284</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>281167</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>281167</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>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>18500</Amt>
        <NetInvestmentIncomeAmt>18500</NetInvestmentIncomeAmt>
      </AccountingFeesDetail>
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING SOFTWARE EXPENSE</CategoryTxt>
        <Amt>290</Amt>
        <NetInvestmentIncomeAmt>290</NetInvestmentIncomeAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>LIBERIAN DEVELOPEMENT CORP</StockNm>
        <EOYBookValueAmt>845</EOYBookValueAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>EQUITY INVESTMENTS - 8555</StockNm>
        <EOYBookValueAmt>2583259</EOYBookValueAmt>
        <EOYFMVAmt>4010923</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>BOND FUNDS - 8555</StockNm>
        <EOYBookValueAmt>336983</EOYBookValueAmt>
        <EOYFMVAmt>327102</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>OTHER INVESTMENTS - 8555</StockNm>
        <EOYBookValueAmt>450334</EOYBookValueAmt>
        <EOYFMVAmt>467860</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>EQUITY INVESTMENTS - 7128</StockNm>
        <EOYBookValueAmt>1852131</EOYBookValueAmt>
        <EOYFMVAmt>2091822</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>COMMONFUND CAP PARTNERS 2000</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>240936</BookValueAmt>
        <EOYFMVAmt>240936</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>COMMONFUND CAP PARTNERS VI</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>346647</BookValueAmt>
        <EOYFMVAmt>346647</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>1058</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1058</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>90</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>90</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>STATE FILING FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>250</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>250</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ADR FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>25</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>25</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>Litigation Settlement</Desc>
        <RevenueAndExpensesPerBooksAmt>411</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>411</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Partnership Income</Desc>
        <RevenueAndExpensesPerBooksAmt>9142</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>9142</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Other Income</Desc>
        <RevenueAndExpensesPerBooksAmt>-3701</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-3701</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>MANAGEMENT FEES</CategoryTxt>
        <Amt>37792</Amt>
        <NetInvestmentIncomeAmt>37792</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES</CategoryTxt>
        <Amt>308</Amt>
        <NetInvestmentIncomeAmt>308</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>