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          <TitleTxt>DIR. CAREER SERVICES</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>240326</CompensationAmt>
          <EmployeeBenefitsAmt>193218</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>CHARLES R GARRIS</PersonNm>
          <USAddress>
            <AddressLine1Txt>345 PARK AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10154</ZIPCd>
          </USAddress>
          <TitleTxt>GLOBAL DIR/ADMISSION</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>308115</CompensationAmt>
          <EmployeeBenefitsAmt>14175</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>DEBRA L GOLDBERG</PersonNm>
          <USAddress>
            <AddressLine1Txt>345 PARK AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10154</ZIPCd>
          </USAddress>
          <TitleTxt>DIR OF DEVELOPMENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>305616</CompensationAmt>
          <EmployeeBenefitsAmt>14175</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>JOAN KAUFMAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>345 PARK AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10154</ZIPCd>
          </USAddress>
          <TitleTxt>DIR OF ACADEMICS</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>249774</CompensationAmt>
          <EmployeeBenefitsAmt>38546</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <OtherEmployeePaidOver50kCnt>25</OtherEmployeePaidOver50kCnt>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>INSTITUTE OF INTERNATIONAL EDUCATION</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>809 UNITED NATIONS PLAZA</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10017</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>PROGRAM DEVELOPMENT</ServiceTypeTxt>
          <CompensationAmt>3767100</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>GSA PROPERTY MGMT LIMITED BEIJING BRANCH</BusinessNameLine1Txt>
          </BusinessName>
          <ForeignAddress>
            <AddressLine1Txt>NO2 KEXUEYUAN SOUTH ROAD</AddressLine1Txt>
            <CityNm>BEIJING</CityNm>
            <ProvinceOrStateNm>HAIDIAN</ProvinceOrStateNm>
            <CountryCd>CH</CountryCd>
            <ForeignPostalCd>100190</ForeignPostalCd>
          </ForeignAddress>
          <ServiceTypeTxt>BUILDING MANAGEMENT</ServiceTypeTxt>
          <CompensationAmt>1765086</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>SIMPSON THACHER &amp; BARTLETT LLP</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>425 LEXINGTON AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10017</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>LEGAL SERVICES</ServiceTypeTxt>
          <CompensationAmt>360201</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>ROBERT A M STERN ARCHITECTS LLP</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>ONE PARK AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10016</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>ARCHITECTS</ServiceTypeTxt>
          <CompensationAmt>282815</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>PORTLAND POST-PRODUCTION</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>434 CUMBERLAND AVENUE</AddressLine1Txt>
            <CityNm>PORTLAND</CityNm>
            <StateAbbreviationCd>ME</StateAbbreviationCd>
            <ZIPCd>04101</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>VIDEO PRODUCTION</ServiceTypeTxt>
          <CompensationAmt>218594</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <ContractorPaidOver50kCnt>3</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>SCHWARZMAN SCHOLARS PROGRAM - SEE FEDERAL FOOTNOTE 1</Description1Txt>
        <Expenses1Amt>22728306</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>1931372</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>12165555</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>14096927</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>14096927</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>211454</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>13885473</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>694274</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>694274</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>21385</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>21385</TotalTaxAmt>
        <DistributableBeforeAdjAmt>672889</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>672889</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>672889</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>21132842</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>21132842</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>21385</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>21111457</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>672889</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <PriorYear1Yr>2015</PriorYear1Yr>
        <PriorYear2Yr>2014</PriorYear2Yr>
        <PriorYear3Yr>2013</PriorYear3Yr>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>3653109</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>4544577</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>10051315</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>38618016</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>34430901</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>91297918</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>21132842</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>672889</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>20459953</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>111757871</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>3653109</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>108104762</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>4544577</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>10051315</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>38618016</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>34430901</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>20459953</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp />
      <SupplementaryInformationGrp>
        <ContributingManagerNm>STEPHEN A SCHWARZMAN</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Tsinghua University Education Foundation</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>TSINGHUA UNIVERSITY</AddressLine1Txt>
            <CityNm>BEIJING</CityNm>
            <CountryCd>CH</CountryCd>
            <ForeignPostalCd>100084</ForeignPostalCd>
          </RecipientForeignAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUPPORT FOR THE SCHWARZMAN SCHOLARS PROGRAM</GrantOrContributionPurposeTxt>
          <Amt>3910439</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TSINGHUA UNIVERSITY EDUCATION FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>TSINGHUA UNIVERSITY</AddressLine1Txt>
            <CityNm>BEIJING</CityNm>
            <CountryCd>CH</CountryCd>
            <ForeignPostalCd>100084</ForeignPostalCd>
          </RecipientForeignAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CHINESE TEXTILES COLLECTION</GrantOrContributionPurposeTxt>
          <Amt>400000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE RHODES TRUST</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>RHODES HOUSE SOUTH PARKS ROAD</AddressLine1Txt>
            <CityNm>OXFORD</CityNm>
            <CountryCd>UK</CountryCd>
            <ForeignPostalCd>0X1 3RG</ForeignPostalCd>
          </RecipientForeignAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>NC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>LEADERSHIP PROJECT COLLABORATION INITIATIVES</GrantOrContributionPurposeTxt>
          <Amt>1302086</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TSINGHUA UNIVERSITY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>TSINGHUA UNIVERSITY</AddressLine1Txt>
            <CityNm>BEIJING</CityNm>
            <CountryCd>CH</CountryCd>
            <ForeignPostalCd>100084</ForeignPostalCd>
          </RecipientForeignAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TEXTILES AND GARMENTS</GrantOrContributionPurposeTxt>
          <Amt>114828</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>WOODROW WILSON INTERNATIONAL CENTER FOR SCHOLARS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1300 PENNSYLVANIA AVENUE NW</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>200043002</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>ESTABLISH A YEAR-LONG ASSOCIATE POSITION AT THE WOODROW WILSON INTERNATIONAL CENTER FOR SCHOLARS FOR A 2017 GRADUATE OF THE SCHWARZMAN SCHOLARS PROGRAM AT TSINGHUA UNIVERSITY</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>5827353</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>8308</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>94367</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>-135577</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>REFUND OF INVESTMENT ADVISORY FEES</Desc>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>15551</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>-17351</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>-17351</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>
    <IRS990ScheduleB documentId="IRS990ScheduleB">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorPersonNm>STEPHEN A SCHWARZMAN</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>C/O THE BLACKSTONE GROUP 345 PARK A</AddressLine1Txt>
          <CityNm>NEW YORK</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>10154</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>5325516</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
        <NoncashContributionInd>X</NoncashContributionInd>
      </ContributorInformationGrp>
      <ContributorInformationGrp>
        <ContributorNum>2</ContributorNum>
        <ContributorPersonNm>TSINGHUA UNIVERSITY EDUCATION FOUND</ContributorPersonNm>
        <ContributorForeignAddress>
          <AddressLine1Txt>HAIDIAN DISTRICT</AddressLine1Txt>
          <CityNm>BEIJING</CityNm>
          <CountryCd>CH</CountryCd>
          <ForeignPostalCd>100084</ForeignPostalCd>
        </ContributorForeignAddress>
        <TotalContributionsAmt>6000000</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
      <NonCashPropertyContributionGrp>
        <ContributorNum>1</ContributorNum>
        <NoncashPropertyDesc>DONATED SECURITIES</NoncashPropertyDesc>
        <FairMarketValueAmt>5325516</FairMarketValueAmt>
        <ReceivedDt>2017-12-20</ReceivedDt>
      </NonCashPropertyContributionGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>PWC</CategoryTxt>
        <Amt>43960</Amt>
        <DisbursementsCharitablePrpsAmt>43960</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
      <AccountingFeesDetail>
        <CategoryTxt>KPMG</CategoryTxt>
        <Amt>40000</Amt>
        <DisbursementsCharitablePrpsAmt>40000</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
      <AccountingFeesDetail>
        <CategoryTxt>EISNERAMPER LLP</CategoryTxt>
        <Amt>22000</Amt>
        <DisbursementsCharitablePrpsAmt>22000</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <CompensationExplanation documentId="CompensationExpl">
      <CompensationExplanationGrp>
        <PersonNm>PAUL WHITE</PersonNm>
        <ShortExplanationTxt>THE FOUNDATION REIMBURSED THE BLACKSTONE GROUP FOR MR. WHITE'S COMPENSATION.</ShortExplanationTxt>
      </CompensationExplanationGrp>
    </CompensationExplanation>
    <DepreciationSchedule documentId="DepreciationSch" />
    <ExpenditureResponsibilityStmt documentId="ExpdturResponbltStmt">
      <ExpenditureResponsibilityGrp>
        <BusinessName>
          <BusinessNameLine1Txt>THE RHODES TRUST</BusinessNameLine1Txt>
        </BusinessName>
        <ForeignAddress>
          <AddressLine1Txt>RHODES HOUSE SOUTH PARKS ROAD</AddressLine1Txt>
          <CityNm>OXFORD</CityNm>
          <CountryCd>UK</CountryCd>
          <ForeignPostalCd>OX1 3RG</ForeignPostalCd>
        </ForeignAddress>
        <GrantDt>2017-12-31</GrantDt>
        <GrantAmt>1302086</GrantAmt>
        <PurposeOfGrantTxt>Support the Leadership Project</PurposeOfGrantTxt>
        <ExpendedByGranteeAmt>1302086</ExpendedByGranteeAmt>
        <AnyDiversionByGranteeTxt>NO</AnyDiversionByGranteeTxt>
        <DatesOfReportsByGranteeTxt>60 days after Rhodes Trust fiscal year-end - June 30</DatesOfReportsByGranteeTxt>
        <VerificationDt>2018-08-29</VerificationDt>
        <ResultsOfVerificationTxt>TO THE KNOWLEDGE OF THE FOUNDATION, THE GRANTEE HAS NOT DIVERTED ANY OF THE FUNDS FROM THE PURPOSE AS OUTLINED IN THE GRANT AGREEMENT.</ResultsOfVerificationTxt>
      </ExpenditureResponsibilityGrp>
    </ExpenditureResponsibilityStmt>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>BRIXMOR PROPERTY GROUP INC.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HILTON WORLDWIDE HOLDINGS INC.</StockNm>
        <EOYBookValueAmt>1174260</EOYBookValueAmt>
        <EOYFMVAmt>1174260</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>EXTENDED STAY AMERICA INC.</StockNm>
        <EOYBookValueAmt>1270759</EOYBookValueAmt>
        <EOYFMVAmt>1270759</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HILTON GRAND VACATIONS</StockNm>
        <EOYBookValueAmt>185042</EOYBookValueAmt>
        <EOYFMVAmt>185042</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>PARK HOTELS &amp; RESORTS</StockNm>
        <EOYBookValueAmt>253316</EOYBookValueAmt>
        <EOYFMVAmt>253316</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>SEAWORLD ENTERTAINMENT INC.</StockNm>
        <EOYBookValueAmt>678500</EOYBookValueAmt>
        <EOYFMVAmt>678500</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES CORE ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>0</BookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LiquidationExplanationStmt documentId="LiquidExpStmt">
      <ExplanationTxt>DURING THE YEAR, THE FOUNDATION REDUCED ITS ASSETS BY MORE THAN 25% AS A RESULT OF ITS GRANT-MAKING AND DIRECT CHARITABLE ACTIVITIES. THE FOUNDATION CONTINUES TO FUND THE FOUNDATION ACTIVITIES AS NEEDED, SO AS TO MAINTAIN THE NECESARY ASSET LEVEL FOR THE REQUIRED DISTRIBUTIONS.</ExplanationTxt>
    </LiquidationExplanationStmt>
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFeesGrp>
        <CategoryTxt>SIMPSON THACHER AND BARTLETT</CategoryTxt>
        <LegalFeesAmt>360201</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>360201</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
      <LegalFeesGrp>
        <CategoryTxt>HOGAN LOVELLS US LLP</CategoryTxt>
        <LegalFeesAmt>39099</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>39099</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
      <LegalFeesGrp>
        <CategoryTxt>BOND SCHOENECK &amp; KING</CategoryTxt>
        <LegalFeesAmt>6430</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>6430</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
      <LegalFeesGrp>
        <CategoryTxt>LAW OFFICE OF JULIE DINNERSTEI</CategoryTxt>
        <LegalFeesAmt>650</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>650</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>DUE FROM TSINGHUA UNIVERSITY -</Desc>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>SEE FOOTNOTE 2</Desc>
        <BOYBookValueAmt>189957</BOYBookValueAmt>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>CHINESE TEXTILES</Desc>
        <BOYBookValueAmt>114828</BOYBookValueAmt>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>SCHWARZMAN COLLEGE</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CONSTRUCTION PAYMENTS</Desc>
        <RevenueAndExpensesPerBooksAmt>1389695</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>1389695</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ALUMNI ACTIVITIES</Desc>
        <RevenueAndExpensesPerBooksAmt>17934</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>17934</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>REFUND OF 2016 INVESTMENT FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>15551</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>15551</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Desc>NET CHANGE IN UNREALIZED APPRECIATION</Desc>
        <Amt>68743</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>ADMISSIONS CONSULTING</CategoryTxt>
        <Amt>3767100</Amt>
        <DisbursementsCharitablePrpsAmt>3767100</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>ADMISSIONS AND PROGRAM</CategoryTxt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>MARKETING</CategoryTxt>
        <Amt>686735</Amt>
        <DisbursementsCharitablePrpsAmt>686735</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>ACADEMIC CONSULTING</CategoryTxt>
        <Amt>483722</Amt>
        <DisbursementsCharitablePrpsAmt>483722</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>IT CONSULTING</CategoryTxt>
        <Amt>326935</Amt>
        <DisbursementsCharitablePrpsAmt>326935</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>HUMAN RESOURCES CONSULTING</CategoryTxt>
        <Amt>173658</Amt>
        <DisbursementsCharitablePrpsAmt>173658</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>GSA PROPERTY MANAGEMENT -</CategoryTxt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>BEIJING BRANCH</CategoryTxt>
        <Amt>595965</Amt>
        <DisbursementsCharitablePrpsAmt>595965</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <SubstantialContributorsSch documentId="SubsContributorsSch">
      <SubstantialContributorDetail>
        <PersonNm>TSINGHUA UNIVERSITY EDUCATION FOUND</PersonNm>
        <ForeignAddress>
          <AddressLine1Txt>HAIDIAN DISTRICT</AddressLine1Txt>
          <CityNm>BEIJING</CityNm>
          <CountryCd>CH</CountryCd>
          <ForeignPostalCd>100084</ForeignPostalCd>
        </ForeignAddress>
      </SubstantialContributorDetail>
    </SubstantialContributorsSch>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAXES</CategoryTxt>
        <Amt>166000</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>