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          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>YIXIN SANTALONE</PersonNm>
          <USAddress>
            <AddressLine1Txt>345 PARK AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10154</ZIPCd>
          </USAddress>
          <TitleTxt>CFO</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>222388</CompensationAmt>
          <EmployeeBenefitsAmt>25365</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>AMITAV ACHARYA AS OF 072016</PersonNm>
          <USAddress>
            <AddressLine1Txt>345 PARK AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10154</ZIPCd>
          </USAddress>
          <TitleTxt>VISITING PROFESSOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>140658</CompensationAmt>
          <EmployeeBenefitsAmt>0</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <OtherEmployeePaidOver50kCnt>6</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>3818491</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>CET - ACADEMIC TRAVEL ABROAD INC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>1155 CONNECTICUT AVENUE NW SUITE 3</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20036</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>STUDENT LIFE CONSULT</ServiceTypeTxt>
          <CompensationAmt>635679</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>ISAACSON MILLER INC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>263 SUMMER STREET</AddressLine1Txt>
            <CityNm>BOSTON</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>02110</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>EXECUTIVE RECRUTING</ServiceTypeTxt>
          <CompensationAmt>372001</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>285561</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>WAGNER-WEBER ASSOCIATES INC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>26 BROADWAY SUITE 967</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10004</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>IT CONSULTING</ServiceTypeTxt>
          <CompensationAmt>273076</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <ContractorPaidOver50kCnt>5</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>SCHWARZMAN SCHOLARS PRORGRAM - SEE FEDERAL FOOTNOTE 1</Description1Txt>
        <Expenses1Amt>11761820</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>13756979</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>13119625</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>26876604</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>26876604</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>403149</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>26473455</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>1323673</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>1323673</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>230576</TaxBasedOnInvestmentIncomeAmt>
        <IncomeTaxAmt>0</IncomeTaxAmt>
        <TotalTaxAmt>230576</TotalTaxAmt>
        <DistributableBeforeAdjAmt>1093097</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>1093097</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>1093097</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>35523998</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>35523998</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>230576</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>35293422</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>1093097</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <PriorYear1Yr>2014</PriorYear1Yr>
        <PriorYear2Yr>2013</PriorYear2Yr>
        <PriorYear3Yr>2012</PriorYear3Yr>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr4Amt>3653109</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>4544577</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>10051315</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>38618016</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>56867017</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>35523998</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>1093097</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>34430901</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>91297918</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>91297918</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>3653109</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>4544577</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>10051315</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>38618016</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>34430901</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp />
      <SupplementaryInformationGrp>
        <ContributingManagerNm>STEPHEN A SCHWARZMAN</ContributingManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TSINGUA UNIVERSITY EDUCATION FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>TSINGHUA UNIVERSITY</AddressLine1Txt>
            <CityNm>BEIJING</CityNm>
            <CountryCd>CH</CountryCd>
          </RecipientForeignAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>FUNDING FOR CONSTRUCTION OF A BUILDING ON THE COLLEGE CAMPUS.</GrantOrContributionPurposeTxt>
          <Amt>19347963</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Tsinghua University Education Foundation</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>TSINGHUA UNIVERSITY</AddressLine1Txt>
            <CityNm>BEJING</CityNm>
            <CountryCd>CH</CountryCd>
          </RecipientForeignAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>SUPPORT FOR THE SCHWARZMAN SCHOLARS PROGRAM</GrantOrContributionPurposeTxt>
          <Amt>2263890</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TSINGHUA UNIVERSITY EDUCATION FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientForeignAddress>
            <AddressLine1Txt>TSINGHUA UNIVERSITY</AddressLine1Txt>
            <CityNm>BEJING</CityNm>
            <CountryCd>CH</CountryCd>
          </RecipientForeignAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>PORTRAIT</GrantOrContributionPurposeTxt>
          <Amt>144151</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>2147713</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>23903717</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>1013</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>278371</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>1127856</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>REFUND OF UNRELATED BUSINESS INCOME TAX</Desc>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>636</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>1407876</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>1407876</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>29776570</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
        <NoncashContributionInd>X</NoncashContributionInd>
      </ContributorInformationGrp>
      <NonCashPropertyContributionGrp>
        <ContributorNum>1</ContributorNum>
        <NoncashPropertyDesc>donated securities - $29,517,591 donated artwork - $144,151 donated chinese textiles - $114,828</NoncashPropertyDesc>
        <FairMarketValueAmt>29776570</FairMarketValueAmt>
        <ReceivedDt>2016-12-31</ReceivedDt>
      </NonCashPropertyContributionGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>EISNERAMPER LLP</CategoryTxt>
        <Amt>12000</Amt>
        <DisbursementsCharitablePrpsAmt>12000</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>
      <CompensationExplanationGrp>
        <PersonNm>AMY STURSBERG</PersonNm>
        <ShortExplanationTxt>The Foundation reimbursed the Blackstone Group for Ms. Stursberg's compensation and related benefits.</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>OXI 3RG</ForeignPostalCd>
        </ForeignAddress>
        <GrantDt>2016-12-31</GrantDt>
        <GrantAmt>5000000</GrantAmt>
        <PurposeOfGrantTxt>$3,474,355 for operating support; $1,525,645 to support the Leadership Project</PurposeOfGrantTxt>
        <ExpendedByGranteeAmt>2147713</ExpendedByGranteeAmt>
        <AnyDiversionByGranteeTxt>NO</AnyDiversionByGranteeTxt>
        <DatesOfReportsByGranteeTxt>60 days after Rhodes Trust fiscal year-end - June 30</DatesOfReportsByGranteeTxt>
        <VerificationDt>2017-07-19</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>193640</EOYBookValueAmt>
        <EOYFMVAmt>193640</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>HILTON WORLDWIDE HOLDINGS INC.</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>FIDELITY BIOTECH ETF</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>EXTENDED STAY AMERICA INC.</StockNm>
        <EOYBookValueAmt>259827</EOYBookValueAmt>
        <EOYFMVAmt>259827</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>ISHARES CORE ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>4862034</BookValueAmt>
        <EOYFMVAmt>4862034</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFeesGrp>
        <CategoryTxt>SIMPSON THACHER AND BARTLETT</CategoryTxt>
        <LegalFeesAmt>285561</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>285561</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
      <LegalFeesGrp>
        <CategoryTxt>EPSTEIN BECKER GREEN</CategoryTxt>
        <LegalFeesAmt>13045</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>13045</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
      <LegalFeesGrp>
        <CategoryTxt>HOGAN LOVELLS US LLP</CategoryTxt>
        <LegalFeesAmt>12919</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>12919</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
      <LegalFeesGrp>
        <CategoryTxt>BORSTEIN LEGAL</CategoryTxt>
        <LegalFeesAmt>5737</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>5737</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
      <LegalFeesGrp>
        <CategoryTxt>SEWARD &amp; KISSEL LLP</CategoryTxt>
        <LegalFeesAmt>1064</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>1064</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>DUE FROM TSINGUA UNIVERSITY -</Desc>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>SEE FOOTNOTE 2</Desc>
        <BOYBookValueAmt>0</BOYBookValueAmt>
        <EOYBookValueAmt>189957</EOYBookValueAmt>
        <EOYFMVAmt>189957</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>DIVIDEND RECEIVABLE</Desc>
        <BOYBookValueAmt>16620</BOYBookValueAmt>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>CHINESE TEXTILES</Desc>
        <BOYBookValueAmt>0</BOYBookValueAmt>
        <EOYBookValueAmt>114828</EOYBookValueAmt>
        <EOYFMVAmt>114828</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>RECRUITING AND MARKETING COSTS</Desc>
        <RevenueAndExpensesPerBooksAmt>561816</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>561816</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>CONVOCATION CEREMONY AND</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BOARD MEETING COSTS HELD IN</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BEIJING</Desc>
        <RevenueAndExpensesPerBooksAmt>43409</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>43409</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OTHER OPERATING EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>43520</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>43520</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>REFUND OF FEDERAL UNRELATED BUSINESS TAX</Desc>
        <RevenueAndExpensesPerBooksAmt>636</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Desc>NET CHANGE IN UNREALIZED APPRECIATION</Desc>
        <Amt>1511372</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>PROGRAM DEVELOPMENT</CategoryTxt>
        <Amt>3818491</Amt>
        <DisbursementsCharitablePrpsAmt>3818491</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>EXECUTIVE RECRUITING</CategoryTxt>
        <Amt>372001</Amt>
        <DisbursementsCharitablePrpsAmt>372001</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>STUDENT LIFE CONSULTING</CategoryTxt>
        <Amt>635679</Amt>
        <DisbursementsCharitablePrpsAmt>635679</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>ACADEMIC AND STUDENT LIFE</CategoryTxt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CONSULTING</CategoryTxt>
        <Amt>1474900</Amt>
        <DisbursementsCharitablePrpsAmt>1474900</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>IT CONSULTING</CategoryTxt>
        <Amt>273076</Amt>
        <DisbursementsCharitablePrpsAmt>273076</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>GSA PROPERTY MANAGEMENT</CategoryTxt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>LIMITED BEIJING BRANCH</CategoryTxt>
        <Amt>222903</Amt>
        <DisbursementsCharitablePrpsAmt>222903</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>JPMORGAN INVESTMENT FEES</CategoryTxt>
        <Amt>15551</Amt>
        <NetInvestmentIncomeAmt>15551</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FEDERAL EXCISE TAXES</CategoryTxt>
        <Amt>270000</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>VAT TAXES</CategoryTxt>
        <Amt>33870</Amt>
        <DisbursementsCharitablePrpsAmt>33870</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>