TY 2011 Form 990

Part X Balance Sheet
	1	Cashnon-interest-bearing ..........		1
2	Savings and temporary cash investments .......		2
3	Pledges and grants receivable, net .........		3
4	Accounts receivable, net .........		4
5	Receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
	Schedule L ..........		5
6	Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B). Complete Part II of
	Schedule L ..........		6
7	Notes and loans receivable, net .............		7
8	Inventories for sale or use ..............		8
9	Prepaid expenses and deferred charges ............		9
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a
b	Less: accumulated depreciation. .....	10b			10c
11	Investments—publicly traded securities ..........		11
12	Investments—other securities. See Part IV, line 11 ......	719,633,534	12	802,208,892
13	Investments—program-related. See Part IV, line 11 ..		13
14	Intangible assets .........		14
15	Other assets. See Part IV, line 11 ...........	0	15	8,038,598
16	Total assets. Add lines 1 through 15 (must equal line 34)...	719,633,534	16	810,247,490
	17	Accounts payable and accrued expenses .		17
18	Grants payable ..........		18
19	Deferred revenue ..........		19
20	Tax-exempt bond liabilities ..........		20
21	Escrow or custodial account liability. Complete Part IV of Schedule D..		21
22	Payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........		22
23	Secured mortgages and notes payable to unrelated third parties ..		23
24	Unsecured notes and loans payable to unrelated third parties ....		24
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D.....		25
26	Total liabilities. Add lines 17 through 25.....	0	26	0
		Organizations that follow SFAS 117, check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets .....		27
28	Temporarily restricted net assets .....		28
29	Permanently restricted net assets .....		29
	Organizations that do not follow SFAS 117, check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds .....	0	30	0
31	Paid-in or capital surplus, or land, building or equipment fund .....	496,059,667	31	496,059,667
32	Retained earnings, endowment, accumulated income, or other funds	223,573,867	32	314,187,823
33	Total net assets or fund balances .....	719,633,534	33	810,247,490
34	Total liabilities and net assets/fund balances .....	719,633,534	34	810,247,490

- TIN:

SCHEDULE A
(Form 990 or 990EZ)

Department of the Treasury
Internal Revenue Service

Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section
4947(a)(1) nonexempt charitable trust.

Attach to Form 990 or Form 990-EZ. right arrow

See separate instructions.

OMB No. 1545-0047

2011

Open to Public
Inspection

Name of the organization

BLUE MARBLE HOLDINGS CORPORATION
C/O HARVARD MANAGEMENT COMPANY INC

Employer identification number

23-7014581

Part I

Reason for Public Charity Status (All organizations must complete this part.) See instructions

The organization is not a private foundation because it is: (For lines 1 through 11, check only one box.)

A church, convention of churches, or association of churches. section 170(b)(1)(A)(i).

A school described in section 170(b)(1)(A)(ii). (Attach Schedule E.)

A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).

A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the hospital's name, city, and state:

An organization operated for the benefit of a college or university owned or operated by a governmental unit described in

section 170(b)(1)(A)(iv). (Complete Part II.)

A federal, state, or local government or governmental unit described in section 170(b)(1)(A)(v).

An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in

section 170(b)(1)(A)(vi). (Complete Part II.)

A community trust described in section 170(b)(1)(A)(vi). (Complete Part II.)

An organization that normally receives: (1) more than 331/3% of its support from contributions, membership fees, and gross

receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 331/3% of

its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses

acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)

An organization organized and operated exclusively to test for public safety. Seesection 509(a)(4).

An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). Check the box that describes the type of supporting organization and complete lines 11e through 11h.

Type I

Type II

Type III - Functionally integrated

Type III - Other

By checking this box, I certify that the organization is not controlled directly or indirectly by one or more disqualified persons other than foundation managers and other than one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2).

If the organization received a written determination from the IRS that it is a Type I, Type II or Type III supporting organization, check this box ..................................................

Since August 17, 2006, has the organization accepted any gift or contribution from any of the
following persons?

(i) a person who directly or indirectly controls, either alone or together with persons described in (ii)

Yes

and (iii) below, the governing body of the the supported organization? ................

11g(i)

(ii) a family member of a person described in (i) above? ......................

11g(ii)

(iii) a 35% controlled entity of a person described in (i) or (ii) above? ................

11g(iii)

Provide the following information about the supported organization(s).

(i) Name of supported organization	(ii) EIN	(iii) Type of organization (described on lines 1- 9 above or IRC section (see instructions))	(iv) Is the organization in col. (i) listed in your governing document?		(v) Did you notify the organization in col. (i) of your support?		(vi) Is the organization in col. (i) organized in the U.S.?		(vii) Amount of support?
(i) Name of supported organization	(ii) EIN		Yes	No	Yes	No	Yes	No	(vii) Amount of support?
(1) PRESIDENT AND FELLOWS OF HARVARD COLLEGE	042103580	2	Yes						24,563,151

Total									24,563,151

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 11285F

Schedule A (Form 990 or 990-EZ) 2011

Page 2

Part II

Support Schedule for Organizations Described in IRC 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization fails to qualify under the tests listed below, please complete Part III.)

Section A. Public Support

Calendar year(or fiscal year beginning in)		(a) 2007	(b) 2008	(c) 2009	(d) 2010	(e) 2011	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") ....
2	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf.......
3	The value of services or facilities furnished by a governmental unit to the organization without charge..
4	Total. Add lines 1 through 3..
5	The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f)..
6	Public Support. Subtract line 5 from line 4.

Section B. Total Support

Calendar year(or fiscal year beginning in)		(a) 2007	(b) 2008	(c) 2009	(d) 2010	(e) 2011	(f) Total
7	Amounts from line 4..
8	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..
9	Net income from unrelated business activities, whether or not the business is regularly carried on..
10	Other income. (Explain in Part IV.) Do not include gain or loss from the sale of capital assets..
11	Total support (Add lines 7 through 10).

Gross receipts from related activities, etc. (See instructions.) ..................

First Five Years If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a 501(c)(3) organization,
check this box and stop here.......................................... right arrow

Section C. Computation of Public Support Percentage

Public Support Percentage for 2010 (line 6 column (f) divided by line 11 column (f)) .........

Public Support Percentage for 2009 Schedule A, Part II, line 14 ...............

16a

33 1/3% support test—2011. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization ...................... right arrow

33 1/3% support test—2010. If the organization did not check the box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization ..................... right arrow

17a

10%-facts-and-circumstances test—2011. If the organization did not check a box on line 13, 16a, or 16b and line 14
is 10% or more, and if the organization meets the "facts and circumstances" test, check this box and stop here. Explain
in Part IV how the organization meets the "facts and circumstances" test. The organization qualifies as a publicly supported
organization .................................................. right arrow

10%-facts-and-circumstances test—2010. If the organization did not check a box on line 13, 16a, 16b, or 17a and line
15 is 10% or more, and if the organization meets the "facts and circumstances" test, check this box and stop here.
Explain in Part IV how the organization meets the "facts and circumstances" test. The organization qualifies as a publicly
supported organization .............................................. right arrow

Private Foundation If the organization did not check a box on line 13, 16a, 16b, 17a or 17b, check this box and see
instructions ................................................... right arrow

Schedule A (Form 990 or 990-EZ) 2011

Page 3

Part III

Support Schedule for Organizations Described in IRC 509(a)(2)
(Complete only if you checked the box on line 9 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)

Section A. Public Support

Calendar year(or fiscal year beginning in)		(a) 2007	(b) 2008	(c) 2009	(d) 2010	(e) 2011	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .
2	Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose......
3	Gross receipts from activities that are not an unrelated trade or business under section 513..
4	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...
5	The value of services or facilities furnished by a governmental unit to the organization without charge..
6	Total. Add lines 1 through 5.
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons...
b	Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.
c	Add lines 7a and 7b..
8	Public Support (Subtract line 7c from line 6.)

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2007	(b) 2008	(c) 2009	(d) 2010	(e) 2011	(f) Total
9	Amounts from line 6...
10a	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..
b	Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.
c	Add lines 10a and 10b.
11	Net income from unrelated business activities not included in line 10b, whether or not the business is regularly carried on.
12	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part IV.)
13	Total support (Add lines 9, 10c, 11 and 12.).

Section C. Computation of Public Support Percentage

Public Support Percentage for 2011 (line 8 column (f) divided by line 13 column (f)) .........

Public support percentage from 2010 Schedule A, Part III, line 15 ...............

Section D. Computation of Investment Income Percentage

Investment income percentage for 2011 (line 10c column (f) divided by line 13 column (f)) ......

Investment income percentage from 2010 Schedule A, Part III, line 17 .............

19a

33 1/3% support tests—2011. If the organization did not check the box on line 14, and line 15 is more than 33 1/3% and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization .......... right arrow

33 1/3% support tests—2010. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization .... right arrow

Private Foundation If the organization did not check a box on line 14, 19a or 19b, check this box and see instructions ..... right arrow

Schedule A (Form 990 or 990-EZ) 2011

Page 4

Part IV

Supplemental Information. Supplemental Information. Complete this part to provide the explanation required by Part II, line 10; Part II, line 17a or 17b; or Part III, line 12. Also complete this part for any additional information. (See instructions).

Facts And Circumstances Test

Explanation

Schedule A (Form 990 or 990-EZ) 2011

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," to Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b
SchDMd Bullet

Attach to Form 990. SchDMd Bullet

See separate instructions.

OMB No. 1545-0047

2011

Open to Public Inspection

Name of the organization

BLUE MARBLE HOLDINGS CORPORATION
C/O HARVARD MANAGEMENT COMPANY INC

Employer identification number

23-7014581

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" to Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .......
2	Aggregate contributions to (during year) ...
3	Aggregate grants from (during year) ...
4	Aggregate value at end of year .......

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised
funds are the organization's property, subject to the organization's exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be
used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................

Yes No

Part II

Conservation Easements. Complete if the organization answered "Yes" to Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements .......................	2a
b	Total acreage restricted by conservation easements ..................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after 8/17/06, and not on a historic structure listed in the National Register ....................	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during
the tax year SchDMd Bullet

Number of states where property subject to conservation easement is located SchDMd Bullet

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and
enforcement of the conservation easements it holds? .............................

Yes No

Staff and volunteer hours devoted to monitoring, inspecting and enforcing conservation easements during the year SchDMd Bullet

Amount of expenses incurred in monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet

Does each conservation easement reported on line 2(d) above satisfy the requirements of section
170(h)(4)(B)(i) and 170(h)(4)(B)(ii)? ....................................

Yes No

In Part XIV, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" to Form 990, Part IV, line 8.

If the organization elected, as permitted under SFAS 116 (ASC 958), not to report in its revenue statement and balance sheet works of
art, historical treasures, or other similar assets held for public exhibition, education or research in furtherance of public service,
provide, in Part XIV, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under SFAS 116 (ASC 958), to report in its revenue statement and balance sheet works of art,
historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service,
provide the following amounts relating to these items:

(i)

Revenues included in Form 990, Part VIII, line 1 ........................ SchDMd Bullet

(ii)

Assets included in Form 990, Part X .............................. SchDMd Bullet

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 (ASC 958), relating to these items:

Revenues included in Form 990, Part VIII, line 1 .......................... SchDMd Bullet

Assets included in Form 990, Part X ............................... SchDMd Bullet

For Privacy Act and Paperwork Reduction Act Notice, see the Intructions for Form 990

Cat. No. 52283D

Schedule D (Form 990) 2011

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s accession and other records, check any of the following that are a significant use of its collection
items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIV.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?........

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" to Form 990,
Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No

If "Yes," explain the arrangement in Part XIV and complete the following table:


c	Beginning balance .................................	1c
d	Additions during the year ..............................	1d
e	Distributions during the year .............................	1e
f	Ending balance ...................................	1f

Did the organization include an amount on Form 990, Part X, line 21? .....................

Yes No

If “Yes,” explain the arrangement in Part XIV.

Part V

Endowment Funds. Complete if the organization answered "Yes" to Form 990, Part IV, line 10.

		(a)Current Year	(b)Prior Year	(c)Two Years Back	(d)Three Years Back	(e)Four Years Back
1a	Beginning of year balance ....
b	Contributions ........
c	Net investment earnings, gains, and losses ...
d	Grants or scholarships .....
e	Other expenditures for facilities and programs ........
f	Administrative expenses ....
g	End of year balance ......

Provide the estimated percentage of the year end balance (line 1g) held as:

Board designated or quasi-endowment SchDMd Bullet

Permanent endowment SchDMd Bullet

Temporarily restricted endowment SchDMd Bullet

The percentages in lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) unrelated organizations ........................

3a(i)

(ii) related organizations ........................

3a(ii)

If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R? .........

Describe in Part XIV the intended uses of the organization's endowment funds.

Part VI

Land, Buildings, and Equipment. See Form 990, Part X, line 10.

Description of property		(d) Book value
1a	Land .................
b	Buildings ................
c	Leasehold improvements ............
d	Equipment ................
e	Other .................
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).).......		0

Schedule D (Form 990) 2011

Page 3

Part VII

InvestmentsOther Securities. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)	(b)Book value	(c) Method of valuation: Cost or end-of-year market value
(1)Financial derivatives
(2)Closely-held equity interests	508,113,138	F
(3)Other (A) PARTNERSHIPS	294,095,754	F








Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)	802,208,892

Part VIII

InvestmentsProgram Related. See Form 990, Part X, line 13.

(a) Description of investment type		(b) Book value	(c) Method of valuation: Cost or end-of-year market value









Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets. See Form 990, Part X, line 15.

(a) Description				(b) Book value









Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

Part X

Other Liabilities. See Form 990, Part X, line 25.

1.(a) Description of Liability		(b) Book value
Federal Income Taxes









Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)
2. Fin 48 (ASC 740) Footnote. In Part XIV, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC740).

Schedule D (Form 990) 2011

Page 4

Part XI Reconciliation of Change in Net Assets from Form 990 to Financial Statements
1	Total revenue (Form 990, Part VIII, column (A), line 12) ....................	1
2	Total expenses (Form 990, Part IX, column (A), line 25) .....................	2
3	Excess or (deficit) for the year. Subtract line 2 from line 1 .............	3
4	Net unrealized gains (losses) on investments ..........................	4
5	Donated services and use of facilities .............................	5
6	Investment expenses ...................................	6
7	Prior period adjustments ..................................	7
8	Other (Describe in Part XIV.) .................................	8
9	Total adjustments (net). Add lines 4 through 8 .........................	9
10	Excess or (deficit) for the year per financial statements. Combine lines 3 and 9 .........	10

Part XII Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
1	Total revenue, gains, and other support per audited financial statements .......		1
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains on investments ..........	2a
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIV.) ............	2d
e	Add lines 2a through 2d .....................		2e
3	Subtract line 2e from line 1.....................		3
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a
b	Other (Describe in Part XIV.) ...........	4b
c	Add lines 4a and 4b.......................		4c
5	Total Revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......		5

Part XIII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
1	Total expenses and losses per audited financial statements .............		1
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities ..........	2a
b	Prior year adjustments ..............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIV.) ............	2d
e	Add lines 2a through 2d......................		2e
3	Subtract line 2e from line 1.....................		3
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a
b	Other (Describe in Part XIV.) ............	4b
c	Add lines 4a and 4b.......................		4c
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......		5

Part XIV

Supplemental Information

Complete this part to provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b;
Part V, line 4; Part X; Part XI, line 8; Part XII, lines 2d and 4b; and Part XIII, lines 2d and 4b. Also complete this part to provide any additional information.

Identifier	Return Reference	Explanation
		THE ORGANIZATION'S CONSOLIDATED FINANCIAL STATEMENTS DO NOT INCLUDE A FIN 48 FOOTNOTE RELATING TO THIS ENTITY.

Schedule D (Form 990) 2011

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE F(Form 990)

Department of the Treasury
Internal Revenue Service

Statement of Activities Outside the United States

Complete if the organization answered "Yes" to Form 990,Part IV, line 14b, 15, or 16. Right pointing arrow large image

Attach to Form 990. Right pointing arrow large image

See separate instructions.

OMB No. 1545-0047

2011

Open to Public Inspection

Name of the organization
BLUE MARBLE HOLDINGS CORPORATION
C/O HARVARD MANAGEMENT COMPANY INC

Employer identification number

23-7014581

Part I

General Information on Activities Outside the United States. Complete if the organization answered
“Yes” to Form 990, Part IV, line 14b.

For grantmakers. Does the organization maintain records to substantiate the amount of its grants

and other assistance, the grantees' eligibility for the grants or assistance, and the selection criteria used

to award the grants or assistance? ..............................

Yes

For grantmakers. Describe in Part V the organization’s procedures for monitoring the use of its grants and other
assistance outside the United States.

Activites per Region. (Use Part V if additional space is needed.)

(a) Region		(b) Number of offices in the region	(c) Number of employees or agents in region or independent contractors	(d) Activities conducted in region (by type) (e.g., fundraising, program services, investments, grants to recipients located in the region)	(e) If activity listed in (d) is a program service, describe specific type of service(s) in region	(f) Total expenditures for region/investments in region
	CENTRAL AMERICA AND THE CARIBBEAN			PROGRAM SERVICE	INVESTMENT	370,883,984
	CENTRAL AMERICA AND THE CARIBBEAN			PROGRAM SERVICE	INVESTMENT MANAGEMENT	3,518,374
	EAST ASIA AND THE PACIFIC			PROGRAM SERVICE	INVESTMENT	13,123,330
	EAST ASIA AND THE PACIFIC			PROGRAM SERVICE	INVESTMENT MANAGEMENT	186,586
	SOUTH AMERICA			PROGRAM SERVICE	INVESTMENT	166,010,681
	SOUTH AMERICA			PROGRAM SERVICE	INVESTMENT MANAGEMENT	753,815











3a	Sub-total .....	0	0			554,476,770
b	Total from continuation sheets to Part I ...	0	0			0
c	Totals (add lines 3a and 3b)	0	0			554,476,770

For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.Cat. No. 50082W Schedule F (Form 990) 2011

Schedule F (Form 990) 2011

Page 2

Part II

Grants and Other Assistance to Organizations or Entities Outside the United States. Complete if the organization answered "Yes" to Form 990,

Part IV, line 15, for any recipient who received more than $5,000. Check this box if no one recipient received more than $5,000 ........ MediumBullet

Use Part V if additional space is needed.

1 (a) Name of organization		(b) IRS code section and EIN (if applicable)	(c) Region	(d) Purpose of grant	(e) Amount of cash grant	(f) Manner of cash disbursement	(g) Amount of of non-cash assistance	(h) Description of non-cash assistance	(i) Method of valuation (book, FMV, appraisal, other)

Enter total number of recipient organizations listed above that are recognized as charities by the foreign country, recognized as tax-exempt by the IRS, or for which the grantee or counsel has provided a section 501(c)(3) equivalency letter ..... MediumBullet

Enter total number of other organizations or entities ........................ MediumBullet

Schedule F (Form 990) 2011

Schedule F (Form 990) 2011Page 3

Part III

Grants and Other Assistance to Individuals Outside the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 16.

Use Part V if additional space is needed.

(a) Type of grant or assistance		(b) Region	(c) Number of recipients	(d) Amount of cash grant	(e) Manner of cash disbursement	(f) Amount of non-cash assistance	(g) Description of non-cash assistance	(h) Method of valuation (book, FMV, appraisal, other)

Schedule F (Form 990) 2011

Page 4

Part IV

Foreign Forms

Schedule F (Form 990) 2011

Page 5

Part V

Supplemental Information
Complete this part to provide the information required by Part I, line 2 (monitoring of funds); Part I, line 3, column (f) (accounting method; amounts of investments vs. expenditures per region); Part II, line 1 (accounting method); Part III (accounting method); and Part III, column (c) (estimated number of recipients), as applicable. Also complete this part to provide any additional information (see instructions).

Identifier	ReturnReference	Explanation

Schedule F (Form 990) 2011

Additional Data

Software ID:
Software Version:

- TIN:

Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet

Complete if the organization answered "Yes" to Form 990,
Part IV, question 23.
SchJMediumBullet

Attach to Form 990. SchJMediumBullet

See separate instructions.

OMB No. 1545-0047

2011

Open to Public Inspection

Name of the organization

BLUE MARBLE HOLDINGS CORPORATION
C/O HARVARD MANAGEMENT COMPANY INC

Employer identification number

23-7014581

Part I

Questions Regarding Compensation

Yes

Check the appropiate box(es) if the organization provided any of the following to or for a person listed in Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.

First-class or charter travel Housing allowance or residence for personal use

Travel for companions Payments for business use of personal residence

Tax idemnification and gross-up payments Health or social club dues or initiation fees

Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

If any of the boxes in line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all the expenses described above? If "No," complete Part III to explain....

Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
officers, directors, trustees, and the CEO/Executive Director, regarding the items checked in line 1a? ....

Indicate which, if any, of the following the organization uses to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

Form 990 of other organizations Approval by the board or compensation committee

During the year, did any person listed in Form 990, Part VII, Section A, line 1a with respect to the filing organization or a related organization:

Receive a severance payment or change-of-control payment? ...............

Participate in, or receive payment from, a supplemental nonqualified retirement plan? ........

Participate in, or receive payment from, an equity-based compensation arrangement? ........

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3) and 501(c)(4) organizations only must complete lines 5-9.

For persons listed in form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

The organization? ...........................

Any related organization? .........................

If "Yes," to line 5a or 5b, describe in Part III.

For persons listed in form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

The organization? ...........................

Any related organization? .........................

If "Yes," to line 6a or 6b, describe in Part III.

For persons listed in Form 990, Part VII, Section A, line 1a, did the organization provide any non-fixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............

Were any amounts reported in Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III .............................

If "Yes" to line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

For Privacy Act and Paperwork Reduction Act Notice, see the Intructions for Form 990

Cat. No. 50053T

Schedule J (Form 990) 2011

Page 2

Part II

Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.

For each individual whose compensation must be reported in Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.

Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and column (E) for that individual.

(A) Name		(B) Breakdown of W-2 and/or 1099-MISC compensation			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation reported as deferred in prior Form 990
(A) Name		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation reported as deferred in prior Form 990
(1) JANE L MENDILLO	(i) (ii)	0 1,089,255	0 4,187,102	0 1,242	0 24,500	0 21,654	0 5,323,753	0 0
(2) ROBERT A ETTL	(i) (ii)	0 608,429	0 2,234,569	0 17,742	0 24,500	0 22,954	0 2,908,194	0 0
(3) KATHRYN I MURTAGH	(i) (ii)	0 490,289	0 406,000	0 17,310	0 24,500	0 9,830	0 947,929	0 0

Schedule J (Form 990) 2011

Page 3

Part III

Supplemental Information

Complete this part to provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4c, 5a, 5b, 6a, 6b, 7, and 8. Also complete this part for any additional information.

Identifier	Return Reference	Explanation
SUPPLEMENTAL INFORMATION	PART III	SCHEDULE J, PART I, LINE 3: THE ORGANIZATION RELIED UPON HARVARD MANAGEMENT COMPANY, A RELATED ORGANIZATION, TO ESTABLISH THE PRESIDENT AND CEO'S COMPENSATION. HMC FOLLOWS A COMPENSATION APPROVAL PROCEDURE ANNUALLY THAT INVOLVES APPROVAL OF PROPOSED AND FINAL COMPENSATION ARRANGEMENTS BY HMC'S COMPENSATION COMMITTEE AND FULL BOARD OF DIRECTORS USING COMPARABILITY DATA, AS WELL AS CONTEMPORANEOUS DOCUMENTATION OF COMPENSATION DECISIONS IN THE MINUTES.

Schedule J (Form 990) 2011

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
MediumBullet

Attach to Form 990 or 990-EZ.

OMB No. 1545-0047

2011

Open to Public
Inspection

Name of the organization

BLUE MARBLE HOLDINGS CORPORATION
C/O HARVARD MANAGEMENT COMPANY INC

Employer identification number

23-7014581

Identifier	Return Reference	Explanation
	FORM 990, PART VI	SCHEDULE A, LINE 1B: NONE OF THE VOTING MEMBERS OF THE GOVERNING BODY ARE CONSIDERED INDEPENDENT BECAUSE THEY ARE COMPENSATED AS EMPLOYEES BY A RELATED ORGANIZATION.
	FORM 990, PART VI, SECTION A, LINE 2	JANE L. MENDILLO IS THE PRESIDENT & CEO OF HARVARD MANAGEMENT COMPANY, INC. THE FOLLOWING BOARD MEMBERS ARE EMPLOYEES OF HARVARD MANAGEMENT COMPANY, INC.: ROBERT A. ETTL KATHRYN I. MURTAGH
	FORM 990, PART VI, SECTION A, LINE 6	THE ORGANIZATION'S SOLE STOCKHOLDER IS THE PRESIDENT AND FELLOWS OF HARVARD COLLEGE (HARVARD UNIVERSITY).
	FORM 990, PART VI, SECTION A, LINE 7A	THE ORGANIZATION'S SOLE STOCKHOLDER IS THE PRESIDENT AND FELLOWS OF HARVARD COLLEGE (HARVARD UNIVERSITY). DIRECTORS ARE ELECTED BY THE STOCKHOLDER.
	FORM 990, PART VI, SECTION A, LINE 7B	THE SOLE STOCKHOLDER HAS THE RIGHT TO ALTER AND REPEAL BY-LAWS MADE BY THE BOARD OF DIRECTORS.
	FORM 990, PART VI, SECTION B, LINE 11	IN ADVANCE OF FINALIZING THE FORM 990, A DRAFT OF THE RETURN IS REVIEWED BY A SUBSET OF THE BOARD OF DIRECTORS AND THE CHIEF FINANCIAL OFFICER OF HARVARD MANAGEMENT COMPANY, A RELATED ORGANIZATION. A FULL COPY OF THE FINAL FORM 990 IS DISTRIBUTED TO ALL MEMBERS OF THE FILING ORGANIZATION'S BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS.
	FORM 990, PART VI, SECTION B, LINE 12C	THE ORGANIZATION REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY, WHICH APPLIES TO ALL MEMBERS OF THE BOARD OF DIRECTORS AND PRINCIPAL OFFICERS. PROCEDURES ARE IN PLACE TO IDENTIFY CONFLICTS OF INDIVIDUALS TO WHICH THE POLICY APPLIES. IF AN INDIVIDUAL BECOMES AWARE OF A POTENTIAL CONFLICT, HE OR SHE IS REQUIRED TO IMMEDIATELY DISCLOSE SUCH CONFLICT TO THE CHIEF COMPLIANCE OFFICER OF HARVARD MANAGEMENT COMPANY, INC. A RELATED ORGANIZATION. CONFLICTS ARE HANDLED BY BOARD DELIBERATION AND BOARD VOTE FROM WHICH THE INTERESTED PARTY IS EXCLUDED. FORM 990, PART VI, LINE 13: ALTHOUGH THE ORGANIZATION (WHICH HAS NO EMPLOYEES) DOES NOT HAVE ITS OWN WHISTLEBLOWER POLICY, IT FOLLOWS THE POLICY OF HARVARD MANAGEMENT COMPANY, A RELATED ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 14: THE ORGANIZATION HAS A WRITTEN DOCUMENT RETENTION AND DESTRUCTION POLICY, HOWEVER, THE ORGANIZATION'S BOARD OF DIRECTORS HAS NOT FORMALLY ADOPTED THE POLICY.
		THE ORGANIZATION DOES NOT PAY COMPENSATION TO ITS OFFICERS AND DIRECTORS, AND HAS NO EMPLOYEES. ALL COMPENSATION IS PAID BY A RELATED ORGANIZATION FOR SERVICES PROVIDED TO THAT ORGANIZATION. THE RELATED ORGANIZATION FOLLOWS A COMPENSATION APPROVAL PROCEDURE ANNUALLY THAT INVOLVES APPROVAL OF PROPOSED AND FINAL COMPENSATION ARRANGEMENTS BY THE ORGANIZATION'S COMPENSATION COMMITTEE AND FULL BOARD OF DIRECTORS USING COMPARABILITY DATA, AS WELL AS CONTEMPORANEOUS DOCUMENTATION OF COMPENSATION DECISIONS IN THE MINUTES.
	FORM 990, PART VI, SECTION C, LINE 19	FINANCIAL STATEMENTS AND ARTICLES OF ORGANIZATION ARE MADE AVAILABLE TO THE GENERAL PUBLIC THROUGH THE COMMONWEALTH OF MASSACHUSETTS OFFICE OF THE ATTORNEY GENERAL AND THE OFFICE OF THE SECRETARY OF STATE OF THE COMMONWEALTH OF MASSACHUSETTS. THE ORGANIZATION'S CONFLICT OF INTEREST POLICY IS NOT AVAILABLE TO THE GENERAL PUBLIC.
	FORM 990, PART VII, COLUMN B - AVERAGE HOURS PER WEEK	THE ORGANIZATION'S DIRECTORS WHO RECEIVE COMPENSATION FROM A RELATED ORGANIZATION ARE EMPLOYEES OF HARVARD MANAGEMENT COMPANY, INC., A RELATED ORGANIZATION. THESE INDIVIDUALS ARE COMPENSATED BY HARVARD MANAGEMENT COMPANY, INC. FOR SERVICES PERFORMED AS EMPLOYEES OF THAT ORGANIZATION AND WORK AN AVERAGE OF 40 HOURS PER WEEK.
CHANGES IN NET ASSETS OR FUND BALANCES:	FORM 990, PART XI, LINE 5:	NET UNREALIZED LOSSES ON INVESTMENTS: -10,364,907. BOOK/TAX DIFFERENCES -4,369,951. TRANSFERS TO PARENT -24,563,151. TRANSFERS FROM PARENT 117,747,049. TOTAL TO FORM 990, PART XI, LINE 5: 78,449,040.
	FORM 990, PART XII, LINE 2C	IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) THE FINANCIAL INFORMATION FOR BLUE MARBLE HOLDINGS CORPORATION IS INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS OF PRESIDENT & FELLOWS OF HARVARD COLLEGE. PRESIDENT & FELLOWS OF HARVARD COLLEGE HAS A COMMITTEE THAT ASSUMES OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT ACCOUNTANTS.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2011

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" to Form 990, Part IV, line 33, 34, 35, 36, or 37.
MediumBullet

Attach to Form 990. MediumBullet

See separate instructions.

OMB No. 1545-0047

2011

Open to Public Inspection

Name of the organization

BLUE MARBLE HOLDINGS CORPORATION
C/O HARVARD MANAGEMENT COMPANY INC

Employer identification number

23-7014581

Part I

Identification of Disregarded Entities (Complete if the organization answered "Yes" on Form 990, Part IV, line 33.)

(a) Name, address, and EIN of disregarded entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Total income	(e) End-of-year assets	(f) Direct controlling entity
(1) GLOBAL FOREST INVESTMENTS LLC C/O HMC 600 ATLANTIC AVENUE BOSTON,MA02210 23-7014581	INVESTMENTS	DE	0	142,154,194	BLUE MARBLE HOLDINGS CORP
(2) PERFORMANCE FOREST LLC C/O HMC 600 ATLANTIC AVENUE BOSTON,MA02210 23-7014581	INVESTMENTS	DE	0	138,208,892	BLUE MARBLE HOLDINGS CORP
(3) SWT LP C/O MAPLES AND CALDER PO 309 UGLA GRAND CAYMANKY1-1104 CJ 98-0663000	INVESTMENTS	CJ	1,607,449	15,203,334	BLUE MARBLE HOLDINGS CORP

Part II

Identification of Related Tax-Exempt Organizations (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.)

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled organization
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No
(1) PRESIDENT AND FELLOWS OF HARVARD COLLEGE 1350 MASSACHUSETTS AVENUE CAMBRIDGE,MA02138 04-2103580	EDUCATION AND RESEARCH	MA	501(C)(3)	2	N/A		No
(2) DEMETER HOLDINGS CORPORATION 600 ATLANTIC AVE BOSTON,MA02210 04-3044742	INVESTMENT MANAGEMENT	MA	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(3) HARVARD MANAGEMENT COMPANY INC 600 ATLANTIC AVE BOSTON,MA02210 23-7361259	MANAGEMENT COMPANY	MA	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(4) HARVARD MANAGEMENT PRIVATE EQUITY CORPORATION 600 ATLANTIC AVE BOSTON,MA02210 04-3070522	INVESTMENT MANAGEMENT	MA	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(5) HARVARD PRIVATE CAPITAL HOLDINGS INC 600 ATLANTIC AVE BOSTON,MA02210 04-3070519	INVESTMENT MANAGEMENT	MA	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(6) HARVARD PRIVATE CAPITAL REALTY INC 600 ATLANTIC AVE BOSTON,MA02210 22-3138409	INVESTMENT MANAGEMENT	MA	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(7) PHEMUS CORPORATION 600 ATLANTIC AVE BOSTON,MA02210 04-2997367	INVESTMENT MANAGEMENT	MA	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(8) SHIPPING VENTURE CORPORATION 600 ATLANTIC AVE BOSTON,MA02210 04-3263656	INVESTMENT MANAGEMENT	MA	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(9) AMERICAN REPERTORY THEATRE COMPANY INC 62 BRATTLE ST CAMBRIDGE,MA02138 04-2665867	PERFORMING ARTS	MA	501(C)(3)	9	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(10) ASSOC D ROCKEFELLER CTR DE UNIV DE HVD AVENIDA PAULISTA 1337 17 ANDAR CJ SAO PAULO,SAO PAULO BR	EDUCATION	BR	FOREIGN/EXEMPT ENTIT	N/A	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(11) CENTRE RECHERCHE EUROPEEN DE LA HBS 62 RUE FRANCOIS 1ER PARIS 75008 FR	RESEARCH SUPPORT	FR	FOREIGN/EXEMPT ENTIT	N/A	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(12) DUBAI HARVARD FND FOR MED RSCH INC 401 PARK DR BOSTON,MA02215 52-2446955	EDUCATION AND RESEARCH	MA	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(13) ENDOWMENT FOR RESEARCH IN HUMAN BIOLOGY INC 160 FEDERAL ST BOSTON,MA02110 04-2702030	RESEARCH	MA	501(C)(3)	11, TYPE III - O	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(14) FUNDACION CENTRO DE INVESTIGACION DE LA ESCUELA DE ADMIN DE EMPRESA CERRITO 1320 PISO 11 BUENOS AIRES AR	RESEARCH SUPPORT	AR	FOREIGN/EXEMPT ENTIT	N/A	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(15) GIOVANNI ARMENISE-HVD FDN FOR SCI RSCH INC HMS C/O DEAN OF FAC OF MED BOSTON,MA02115 04-3293162	RESEARCH SUPPORT	MA	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(16) HARVARD BUSINESS SCHOOL INTERACTIVE INC C/O HBS SOLDIERS FIELD RD BOSTON,MA02163 04-3395140	EXECUTIVE EDUCATION	MA	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(17) HARVARD BUSINESS SCHOOL PUBLISHING CORP 300 NORTH BEACON ST WATERTOWN,MA02472 04-3177990	PUBLISHING	MA	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(18) HARVARD DEDICATED ENERGY LIMITED 1033 MASS AVE CAMBRIDGE,MA02138 03-0425512	ELECTRICITY PURCHASING	MA	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(19) HARVARD GLOBAL RSCH AND SUPPORT SVCS INC 1033 MASS AVE CAMBRIDGE,MA02138 45-4535664	GLOBAL SUPPORT	MA	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(20) HARVARD MAGAZINE INC 7 WARE ST CAMBRIDGE,MA02138 04-6112308	PUBLISHING	MA	501(C)(3)	11, TYPE III - FI	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(21) HARVARD NEURODISCOVERY CENTER INC 25 SHATTUCK ST BOSTON,MA02115 31-1745145	RESEARCH SUPPORT	MA	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(22) HARVARD REAL ESTATE - ALLSTON INC 1033 MASS AVE CAMBRIDGE,MA02138 04-3373410	TITLE HOLDING COMPANY	MA	501(C)(25)	N/A	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(23) HARVARD REAL ESTATE INC 1033 MASS AVE CAMBRIDGE,MA02138 04-2649303	REAL ESTATE BROKERAGE	MA	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(24) ION INC C/O HARVARD UNIVERSITY 1350 MASS AV CAMBRIDGE,MA02138 22-3032677	RESEARCH	MA	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(25) PUTNAM SQUARE APARTMENTS INC C/O HRES 1350 MASS AVE CAMBRIDGE,MA02138 04-6251287	REAL ESTATE	MA	501(C)(3)	9	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(26) RED TOP INC 1033 MASS AVE CAMBRIDGE,MA02138 51-0189788	ATHLETICS	CT	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(27) STUDENT CLUBS OF HBS INC SOLDIERS FIELD RD BOSTON,MA02163 57-1152691	STUDENT SUPPORT	MA	501(C)(3)	11, TYPE I	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes
(28) TRUSTEES FOR HARVARD UNIVERSITY 1033 MASS AVE CAMBRIDGE,MA02138 53-0199180	EDUCATION	DC	501(C)(3)	11, TYPE II	PRESIDENT AND FELLOWS OF HARVARD COLLEGE	Yes

For Privacy Act and Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50135Y

Schedule R (Form 990) 2011

Page 2

Part III

Identification of Related Organizations Taxable as a Partnership (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a partnership during the tax year.)

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Predominant income(related, unrelated, excluded from tax under sections 512-514)	(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity		(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No
(1) ALCION REAL ESTATE PARTNERS II LP ONE POST OFFICE SQUARE SUITE 4100 BOSTON,MA02109 26-3400946	INVESTMENTS	DE	N/A	N/A				No			No
(2) ALCION REAL ESTATE PARTNERS LP ONE POST OFFICE SQUARE SUITE 4100 BOSTON,MA02109 20-1973523	INVESTMENTS	DE	N/A	N/A				No			No
(3) AMERRA AGRI OPPORTUNITY FUND LP 1185 AVENUE OF THE AMERICAS 18TH FL NEW YORK,NY10036 27-3310646	INVESTMENTS	DE	N/A	N/A				No			No
(4) ATLANTIC TORONTO LP C/O HMC INC 600 ATLANTIC AVENUE BOSTON,MA02210 35-2384789	INVESTMENTS	DE	N/A	N/A				No			No
(5) BAYNORTH HPCH LLC ONE FINANCIAL CENTER FLOOR 23 BOSTON,MA02111 20-5305576	INVESTMENTS	DE	N/A	N/A				No			No
(6) BAYNORTH REALTY FUND V LP 200 CLARENDON STREET 54TH FLOOR BOSTON,MA02116 04-3537051	INVESTMENTS	MA	N/A	N/A				No			No
(7) B-BROOK-B SARL 20 RUE DE LA POSTE L-2346 LU 98-0558809	INVESTMENTS	LU	N/A	N/A				No			No
(8) BLUE ATLANTIC ACQUISITION GROUP LLC 111 SOUTH WACKER DRIVE SUITE 3300 CHICAGO,IL60606 27-4668306	INVESTMENTS	DE	N/A	N/A				No			No
(9) BPR CO-INVESTOR LLC 645 MADISON AVENUE 18TH FLOOR NEW YORK,NY10022 20-8376342	INVESTMENTS	DE	N/A	N/A				No			No
(10) CAPITAL PARTNERS (2) US TAX EXEMPT INVESTORS FUND LP LEVEL 8 AURORA PLACE 88 PHILLIP ST SYDNEY NSW 2000 AS 98-0542678	INVESTMENTS	DE	N/A	N/A				No			No
(11) CHARLESBANK EQUITY FUND IV LP 200 CLARENDON STREET 54TH FLOOR BOSTON,MA02116 04-3423448	INVESTMENTS	MA	N/A	N/A				No			No
(12) CHARLESBANK REALTY FUND IV LP 200 CLARENDON STREET 54TH FLOOR BOSTON,MA02116 04-3423446	INVESTMENTS	MA	N/A	N/A				No			No
(13) CHEROKEE INVESTMENT PARTNERS III PARALLEL FUND LP 111 E HARGETT ST SUITE 300 RALEIGH,NC27601 71-0890767	INVESTMENTS	DE	N/A	N/A				No			No
(14) COMPOSITION CAPITAL ASIA FUND II CV WORLD TRADE CENTER AMSTERDAM ZUIDP AMSTERDAM 1077 XV NL 98-0563996	INVESTMENTS	NL	N/A	N/A				No			No
(15) COMTEL TELECOM ASSETS LP 200 CLARENDON STREET BOSTON,MA02116 20-3237782	INVESTMENTS	TX	N/A	N/A				No			No
(16) CORAL SENIOR HOUSING LLC 975 F STREET NW 9TH FLOOR WASHINGTON,DC20004 27-3934030	INVESTMENTS	DE	N/A	N/A				No			No
(17) CROSSPOINT TECHNOLOGY HOLDINGS LLC 300 THIRD AVENUE SUITE 2 WALTHAM,MA02451 04-3520886	INVESTMENTS	DE	N/A	N/A				No			No
(18) CYPRESS REALTY IV LIMITED PARTNERSHIP 301 CONGRESS AVE SUITE 500 AUSTIN,TX78701 74-3000106	INVESTMENTS	DE	N/A	N/A				No			No
(19) DENHAM COMMODITY PARTNERS FUND II LP 200 CLARENDON ST 25TH FL BOSTON,MA02116 77-0644776	INVESTMENTS	DE	N/A	N/A				No			No
(20) DENHAM COMMODITY PARTNERS FUND III LP 200 CLARENDON ST 25TH FL BOSTON,MA02116 56-2502675	INVESTMENTS	DE	N/A	N/A				No			No
(21) DENHAM COMMODITY PARTNERS FUND LP 200 CLARENDON ST 25TH FL BOSTON,MA02116 20-1256865	INVESTMENTS	DE	N/A	N/A				No			No
(22) DEVONCB LLC 2000 POWELL STREET SUITE 1240 EMERYVILLE,CA94608 73-1665198	INVESTMENTS	DE	N/A	N/A				No			No
(23) DEVONIAN LLC C/O HMC INC 600 ATLANTIC AVENUE BOSTON,MA02110 90-0721046	INVESTMENTS	DE	N/A	N/A				No			No
(24) EMBARCADERO CAPITAL INVESTORS LP 1301 SHOREWAY RD STE 250 BELMONT,CA94002 05-0556547	INVESTMENTS	DE	N/A	N/A				No			No
(25) EMERGING COUNTRIES OPPORTUNITY MASTER FUND LP 68 FORT STREET PO BOX 705GT GRAND CAYMANKY1-1107 CJ 98-0548448	INVESTMENTS	CJ	N/A	N/A				No			No
(26) GBE INVESTMENTS LP PO BOX 309GT UGLAND HOUSE S CHURC GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	BLUE MARBLE HOLDINGS CORP	EXCLUDED	-3,775,071	139,728,136		No			No	98.700 %
(27) GERRITY ATLANTIC RETAIL PARTNERS LLC 977 LOMAS SANTA FE DRIVE SUITE A SOLANA BEACH,CA92075 27-4257497	INVESTMENTS	DE	N/A	N/A				No			No
(28) GREENFIELD BLR FINANCE PARTNERS LP 50 NORTH WATER STREET SOUTH NORWALK,CT06854 27-4267038	INVESTMENTS	DE	N/A	N/A				No			No
(29) GREENFIELD BLR PARTNERS LP 50 NORTH WATER STREET SOUTH NORWALK,CT06854 20-1221910	INVESTMENTS	DE	N/A	N/A				No			No
(30) GREENHAVEN APARTMENTS LLC 4970 EL CAMINO REAL SUITE 220 LOS ALTOS,CA94022 27-4746803	INVESTMENTS	DE	N/A	N/A				No			No
(31) HARVARD COMMINGLED ACCOUNT C/O HMC INC 600 ATLANTIC AVE BOSTON,MA02210 04-3344621	INVESTMENTS	MA	N/A	N/A				No			No
(32) HARVARD CV LLC 1033 MASS AVE CAMBRIDGE,MA02138 80-0641747	REAL ESTATE	MA	N/A	N/A				No			No
(33) HARVARD INVESTMENT ASSOCIATES C/O HMC INC 600 ATLANTIC AVENUE BOSTON,MA02210 04-3507407	INVESTMENTS	DE	N/A	N/A				No			No
(34) HB INSTITUTIONAL LIMITED PARTNERSHIP 10 ST JAMES AVE STE 1700 BOSTON,MA02116 04-3425685	INVESTMENTS	MA	N/A	N/A				No			No
(35) HELIOS ROYALTY PARTNERS I LP 5910 N CENTRAL EXPRESSWAY STE 1520 DALLAS,TX75225 20-0260138	INVESTMENTS	DE	N/A	N/A				No			No
(36) IEC ATLANTIC I LLC 4970 EL CAMINO REAL SUITE 220 LOS ALTOS,CA94022 27-3609237	INVESTMENTS	DE	N/A	N/A				No			No
(37) IEC ATLANTIC II LLC 4970 EL CAMINO REAL SUITE 220 LOS ALTOS,CA94022 37-1657369	INVESTMENTS	DE	N/A	N/A				No			No
(38) IEC BREAKWATER LLC 4970 EL CAMINO REAL SUITE 220 LOS ALTOS,CA94022 45-4447102	INVESTMENTS	DE	N/A	N/A				No			No
(39) IEC HIDDEN CREEK LLC 4970 EL CAMINO REAL SUITE 220 LOS ALTOS,CA94022 45-3083079	INVESTMENTS	DE	N/A	N/A				No			No
(40) IEC JEFFERSON 2 LLC 4970 EL CAMINO REAL SUITE 220 LOS ALTOS,CA94022 45-5466161	INVESTMENTS	DE	N/A	N/A				No			No
(41) IEC JEFFERSON LLC 4970 EL CAMINO REAL SUITE 220 LOS ALTOS,CA94022 45-3679129	INVESTMENTS	DE	N/A	N/A				No			No
(42) IEC NINTH AVENUE LLC 4970 EL CAMINO REAL SUITE 220 LOS ALTOS,CA94022 45-5466236	INVESTMENTS	DE	N/A	N/A				No			No
(43) IRON POINT CO-INVESTMENT I LLC 201 MAIN STREET SUITE 2300 FORT WORTH,TX76102 45-4748900	INVESTMENTS	DE	N/A	N/A				No			No
(44) IRON POINT REAL ESTATE PARTNERS - TE (H) LP 201 MAIN STREET STE 2300 FORT WORTH,TX76102 26-0526961	INVESTMENTS	TX	N/A	N/A				No			No
(45) IRON POINT REAL ESTATE PARTNERS II- TE (H) LP 201 MAIN STREET SUITE 2300 FORT WORTH,TX76102 45-2502061	INVESTMENTS	DE	N/A	N/A				No			No
(46) ISLA VISTA ACQUISITION GROUP LLC 111 SOUTH WACKER DRIVE SUITE 3300 CHICAGO,IL60606 27-2436234	INVESTMENTS	DE	N/A	N/A				No			No
(47) KLEINER PERKINS CAUFIELD & BYERS VI LP 2750 SAND HILL ROAD MENLO PARK,CA94025 94-3157816	INVESTMENTS	CA	N/A	N/A				No			No
(48) LIQUID REALTY PARTNERS IV (PF1) LP 199 E LINDA MESA AVE 10 DANVILLE,CA94526 26-0346359	INVESTMENTS	DE	N/A	N/A				No			No
(49) LIQUID REALTY PARTNERS IV INVESTMENT AIV (PF1) LP 199 E LINDA MESA AVE 10 DANVILLE,CA94526 26-0489609	INVESTMENTS	DE	N/A	N/A				No			No
(50) LIQUID REALTY PARTNERS IV INVESTMENTS II AIV (PF1) LP 199 E LINDA MESA AVE 10 DANVILLE,CA94526 26-1508955	INVESTMENTS	DE	N/A	N/A				No			No
(51) LIQUID REALTY PARTNERS IV TAX EXEMPT (PF1) LP 199 E LINDA MESA AVE 10 DANVILLE,CA94526 26-0489545	INVESTMENTS	DE	N/A	N/A				No			No
(52) LUBERT ADLER CAPITAL REAL ESTATE OPPORTUNITY FUND LP 2929 ARCH STREET CIRA CENTRE PHILADELPHIA,PA19104 22-3526698	INVESTMENTS	DE	N/A	N/A				No			No
(53) LUBERT-ADLER CAPITAL REAL ESTATE FUND III LP 2929 ARCH STREET CIRA CENTRE PHILADELPHIA,PA19104 52-2279515	INVESTMENTS	DE	N/A	N/A				No			No
(54) MCRS LLC 152 WEST 57TH STREET 46TH FLOOR NEW YORK,NY10019 27-3637201	INVESTMENTS	MA	N/A	N/A				No			No
(55) NORTH IDAHO APARTMENTS LLC 4970 EL CAMINO REAL SUITE 220 LOS ALTOS,CA94022 27-4596307	INVESTMENTS	DE	N/A	N/A				No			No
(56) OLD LANE HMA MASTER FUND LP PO BOX 309 UGLAND HOUSE S CHURCH GEORGE TOWN,GRAND CAYMAN CJ 98-0487260	INVESTMENTS	CJ	N/A	N/A				No			No
(57) OXFORD HPC INVESTMENT COMPANY LLC 350 WEST HUBBARD SUITE 450 CHICAGE,IL60610 36-4191828	INVESTMENTS	DE	N/A	N/A				No			No
(58) PATIO GARDENS LLC 4970 EL CAMINO REAL SUITE 220 LOS ALTOS,CA94022 45-5311665	INVESTMENTS	DE	N/A	N/A				No			No
(59) PINO LLC AVDA SANTA MARIA NO 6350 PISO 3 VITACURA,SANTIAGO CI 32-0302061	INVESTMENTS	DE	N/A	N/A				No			No
(60) PUTNAM SQUARE APTS CO LP C/O HRES 1350 MASS AVE CAMBRIDGE,MA02138 04-3183446	REAL ESTATE	MA	N/A	N/A				No			No
(61) ROUND TABLE ASSET RECOVERY MASTER FUND LTD WINDWARD I 2ND FLOOR REGATTA OFFI GRAND CAYMANKY1 1205 CJ 98-0550169	INVESTMENTS	CJ	ROUND TABLE ASSET RECOVERY INTERMEDIATE FUND LTD	EXCLUDED	-15,048,302	176,925,714		No			No	70.271 %
(62) ROUND TABLE GLOBAL MACRO MASTER FUND LTD WINDWARD I 2ND FLOOR REGATTA OFFI GRAND CAYMANKY1 1205 CJ 98-0645295	INVESTMENTS	CJ	ROUND TABLE GLOBAL MACRO INTERMEDIATE FUND LTD	EXCLUDED	-4,019,112	34,275,493		No			No	56.649 %
(63) SOIL INNOVATIONS LLC AV DR CARDOSO DE MELO 1340-11 AN SAO PAULO 04548-004 BR 90-0538481	INVESTMENTS	DE	N/A	N/A				No			No
(64) SOUTHWOOD GARDENS LLC 4970 EL CAMINO REAL SUITE 220 LOS ALTOS,CA94022 45-4154784	INVESTMENTS	DE	N/A	N/A				No			No
(65) STOLBERG MEEHAN & SCANO II-A LP 370 17TH STREET SUITE 3650 DENVER,CO80202 02-0537969	INVESTMENTS	DE	N/A	N/A				No			No
(66) TFO CO-INVESTOR LLC 645 MADISON AVENUE 18TH FLOOR NEW YORK,NY10022 06-1762649	INVESTMENTS	DE	N/A	N/A				No			No
(67) THE BREITHORN FUND LP PO BOX 1234 GT QUEENSGATE HOUSE S GEORGE TOWN,GRAND CAYMAN CJ 98-0549446	INVESTMENTS	CJ	N/A	N/A				No			No
(68) THE ECO PRODUCTS FUND 400 MADISON AVE SUITE 14A NEW YORK,NY10017 26-1329990	INVESTMENTS	DE	N/A	N/A				No			No
(69) THE TRITON FUND II NO 2 LP 22 GRENVILLE STREET ST. HELIER JE4 8PX JE	INVESTMENTS	JE	N/A	N/A				No			No
(70) THE VILLAGE 1 AT LAWRENCE STATION LLC 4970 EL CAMINO REAL SUITE 220 LOS ALTOS,CA94022 45-3419666	INVESTMENTS	DE	N/A	N/A				No			No
(71) THE VILLAGE 2 AT LAWRENCE STATION LLC 4970 EL CAMINO REAL SUITE 220 LOS ALTOS,CA94022 45-3159941	INVESTMENTS	DE	N/A	N/A				No			No
(72) THE WILDHORN FUND LP PO BOX 1234 GT QUEENSGATE HOUSE S GEORGE TOWN,GRAND CAYMAN CJ 98-0527266	INVESTMENTS	CJ	N/A	N/A				No			No
(73) TRAVIS COAL RESTRUCTURED HOLDINGS LLC 200 CLARENDON STREET BOSTON,MA02116 20-2595311	INVESTMENTS	DE	N/A	N/A				No			No
(74) USRA ATLANTIC CAPITAL PARTNERS LLC 1370 AVENUE OF AMERICAS NEW YORK,NY10019 45-2686195	INVESTMENTS	DE	N/A	N/A				No			No
(75) VERBENA LLC DBA PURPLE VERBENA LLC 5700 WILSHIRE BLVD STE 330 LOS ANGELES,CA90036 90-0708621	INVESTMENTS	DE	N/A	N/A				No			No
(76) WBH KIRBY HILL CO-INVESTMENT LLC 645 MADISON AVENUE 18TH FLOOR NEW YORK,NY10022 14-1933484	INVESTMENTS	DE	N/A	N/A				No			No
(77) WILLIAMSON ROYALTY VENTURES LLC 200 CLARENDON STREET BOSTON,MA02116 56-2563228	INVESTMENTS	DE	N/A	N/A				No			No
(78) WORLDWIDE BEAUTY ONSHORE LP 630 FIFTH AVENUE - 27TH FLOOR NEW YORK,NY10111 27-4577536	INVESTMENTS	DE	N/A	N/A				No			No

Part IV

Identification of Related Organizations Taxable as a Corporation or Trust (Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.)

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership
(1) 2226081 ONTARIO LTD 333 BAY STREET SUITE 3400 TORONTO,ONM5H 2S7 CA	INVESTMENTS	CA	N/A	C
(2) 365 CHURCH STREET LIMITED PARTNERSHIP 4711 YONGE STREET SUITE 1400 TORONTO,ONM2N 7E4 CA	INVESTMENTS	CA	N/A	C
(3) ADELAIDE-PETER DEVELOPMENTS 4711 YONGE STREET SUITE 1400 TORONTO,ONM2N 7E4 CA 98-0684328	INVESTMENTS	CA	N/A	C
(4) AGRICOLA BRINZAL LIMITADA AVENIDA SANTA MARIA 6350 OFICINA 3 VITACURA,SANTIAGO CI	INVESTMENTS	CI	N/A	C
(5) AGRICOLA CRECER LIMITADA AVENIDA SANTA MARIA 6350 OFICINA 3 VITACURA,SANTIAGO CI	INVESTMENTS	CI	N/A	C
(6) AGRICOLA DURAMEN LIMITADA AVENIDA SANTA MARIA 6350 OFICINA 3 VITACURA,SANTIAGO CI	INVESTMENTS	CI	N/A	C
(7) AGRICOLA E INVERSIONES PAMPA ALEGRE SA AVENIDA SANTA MARIA 6350 OFICINA 3 VITACURA,SANTIAGO CI	INVESTMENTS	CI	N/A	C
(8) AGRICOLA FUNDO BUCALEMU LIMITADA DEL INCA NO 4446 OFICINA 1007 LAS CONDES,SANTIAGO CI 98-0639220	INVESTMENTS	CI	N/A	C
(9) AGRICOLA RAPEL LIMITADA DEL INCA NO 4446 OFICINA 1007 LAS CONDES,SANTIAGO CI 98-0639218	INVESTMENTS	CI	N/A	C
(10) AGRICOLA RETIRO LIMITADA DEL INCA NO 4446 OFICINA 1007 LAS CONDES,SANTIAGO CI	INVESTMENTS	CI	N/A	C
(11) AGRICOLA RIBERA LIMITADA DEL INCA NO 4446 OFICINA 1007 LAS CONDES,SANTIAGO CI	INVESTMENTS	CI	N/A	C
(12) AGROFLORESTAL VERDE SUL SA RODOVIA RS-473 KM 22 RINCAO SO SA DISTRICT MATARAZZO,RIO GRANDE DO SUL BR	INVESTMENTS	BR	N/A	C
(13) AQUILA INC WALKER HOUSE MARY STREET PO BOX 9 GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-0532782	INVESTMENTS	CJ	N/A	C
(14) ARA INC WALKER HOUSE MARY STREET PO BOX 9 GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-0543813	INVESTMENTS	CJ	N/A	C
(15) ATLANTIC AVENUE REALTY LTD WALKER HOUSE MARY STREET PO BOX 9 GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-0533323	INVESTMENTS	CJ	N/A	C
(16) ATLANTIC EUROPE INVESTMENTS GP LIMITED 50 LOTHIAN ROAD FESTIVAL SQUARE EDINBURGH EH39WJ UK	INVESTMENTS	UK	N/A	C
(17) ATLANTIC EUROPE INVESTMENTS LP 50 LOTHIAN ROAD FESTIVAL SQUARE EDINBURGH EH39WJ UK 98-0670648	INVESTMENTS	UK	N/A	C
(18) ATLANTIC PACIFIC REALTY INC 1301 SHOREWAY RD STE 250 BELMONT,CA94002 13-4283871	INVESTMENTS	MD	N/A	C
(19) ATLANTIC TORONTO 365 CHURCH STREET GENERAL PARTNER INC 355 BURRARD STREET STE 1900 VANCOUVER,BCV6C 2G8 CA	INVESTMENTS	CA	N/A	C
(20) ATLANTIC TORONTO A-P GENERAL PARTNER INC 355 BURRARD STREET STE 1900 VANCOUVER,BCV6C 2G8 CA 98-0668180	INVESTMENTS	CA	N/A	C
(21) ATLANTIC TORONTO GRENVILLE GENERAL PARTNER INC 355 BURRARD STREET STE 1900 VANCOUVER,BCV6C 2G8 CA	INVESTMENTS	CA	N/A	C
(22) ATLANTIC TORONTO HOLDINGS INC 355 BURRARD STREET STE 1900 VANCOUVER,BCV6C 2G8 CA 98-0668178	INVESTMENTS	CA	N/A	C
(23) BLACK KITE PTY LTD LEVEL 38 201 ELIZABETH STREET SYDNEY NSW 2000 AS	INVESTMENTS	AS	BLUE MARBLE HOLDINGS CORP	C			100.000 %
(24) BLACK KITE TRUST LEVEL 38 201 ELIZABETH STREET SYDNEY NSW 2000 AS 98-6063158	INVESTMENTS	AS	SWT LP	C	1,412,525	15,916,701	100.000 %
(25) BLUE ATLANTIC INVESTORS INC 111 SOUTH WACKER DRIVE SUITE 3300 CHICAGO,IL60606 45-1022813	INVESTMENTS	DE	N/A	C
(26) BLUE ATLANTIC SHUTTLE LLC 111 SOUTH WACKER DRIVE SUITE 3300 CHICAGO,IL60606 45-2542872	INVESTMENTS	DE	N/A	C
(27) BRASIL TIMBER LIMITADA AVENIDA CANDIDO DE ABREU 776 SALA CANTRO CIVICO 80.530-000 BR 98-0645399	INVESTMENTS	BR	N/A	C
(28) BRODIAEA INC 5757 PACIFIC AVE STE 222 STOCKTON,CA95207 90-0862085	INVESTMENTS	DE	N/A	C
(29) CAMPO GRANDE SA AVDA SANTA MARIA NO 6350 PISO 3 VITACURA,SANTIAGO CI	INVESTMENTS	CI	N/A	C
(30) CARACOL AGROPECUARIA LTDA RUA SETE DE SETEMBRO 730 11TH FLOO PORTO ALEGRE,RSCEP 90010 BR 98-0642730	INVESTMENTS	BR	GLOBAL FOREST INVESTMENTS LLC	C	-8,125,935	34,126,585	100.000 %
(31) CCA JAPAN INVESTMENT BV WORLD TRADE CENTER AMSTERDAM ZUIDP AMSTERDAM 1077 XV NL	INVESTMENTS	NL	N/A	C
(32) CHARITABLE LEAD TRUSTS (53)	CHARIT. TRUST	MA	N/A	T
(33) CHARITABLE REMAINDER TRUSTS (730)	CHARIT. TRUST	MA	N/A	T
(34) CHENNAI 2007 IFS COURT 28 CYBERCITY EBENE MP 98-0644770	INVESTMENTS	MP	N/A	C
(35) CHEVAL SP PARTICIPACOES LTDA RUA DO FORUM S/N SALA B CENTRO,GUADALUPECEP 64840 BR	INVESTMENTS	BR	GBE INVESTMENTS LIMITED	C			98.700 %
(36) CLAG (CHILE) SPA DEL INCA NO 4446 OFICINA 1007 LAS CONDES,SANTIAGO CI 98-0650099	INVESTMENTS	CI	N/A	C
(37) COMPOSITION CAPITAL ASIA FUND CV WORLD TRADE CENTER AMSTERDAM ZUIDP AMSTERDAM 1077 XV NL 98-0469927	INVESTMENTS	NL	N/A	C
(38) COMPOSITION CAPITAL ASIA II FEEDER CV WORLD TRADE CENTER AMSTERDAM ZUIDP AMSTERDAM 1077 XV NL 98-0563995	INVESTMENTS	NL	N/A	C
(39) COMPOSITION CAPITAL EUROPE FUND CV WORLD TRADE CENTER AMSTERDAM ZUIDP AMSTERDAM 1077 XV NL 98-0459793	INVESTMENTS	NL	N/A	C
(40) COMPOSITION CAPITAL EUROPE II FEEDER CV WORLD TRADE CENTER AMSTERDAM ZUIDP AMSTERDAM 1077 XV NL 98-0569903	INVESTMENTS	NL	N/A	C
(41) COMPOSITION FEEDER GMBH BORSENSTRASSE 2-4 60313 FRANKFURT AM MAIN GM	INVESTMENTS	GM	N/A	C
(42) COMTEL ASSETS CORP 433 E LAS CALINAS BL IRVING,TX75039 20-3239161	INVESTMENTS	DE	N/A	C
(43) COMTEL ASSETS INC 433 E LAS CALINAS BL IRVING,TX75039 20-3239269	INVESTMENTS	DE	N/A	C
(44) COOPERATIE CC ASIA KOREA FEEDER UA WORLD TRADE CENTER AMSTERDAM ZUIDP AMSTERDAM 1077 XV NL	INVESTMENTS	NL	N/A	C
(45) CSH PROGRAM REIT INC 975 F STREET NW 9TH FLOOR WASHINGTON,DC20004 27-4280903	INVESTMENTS	DE	N/A	C
(46) CSH TRS HOLDING LLC 975 F STREET NW 9TH FLOOR WASHINGTON,DC20004 27-4286092	INVESTMENTS	DE	N/A	C
(47) DAIRY FARMS PARTNERSHIP 113 RUTHERFORD RD PUKEKOHE E POB PUKEKOHE NZ 98-0594944	INVESTMENTS	NZ	N/A	C
(48) ECO CEBACO SOCIEDAD ANONIMA CALLE 52 Y ELVIRA MENDEZ PO BOX 08 PM	INVESTMENTS	PM	N/A	C
(49) ECONOMIZA AGROPECUARIA LTDA ESTADA GERAL CONDOMINIO BOA ESPERAN S/N GRANDE DO RIBEIRO,PIAUI BR	INVESTMENTS	BR	N/A	C
(50) ECUADOR TIMBER LP PO BOX 309 UGLAND HOUSE GRAND CAYMAN KY1-1104 CJ 98-0492706	INVESTMENTS	CJ	N/A	C
(51) EGRET INVESTMENTS LTD C/O MAPLES CALDER PO BOX 309 UG GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-0650989	INVESTMENTS	CJ	N/A	C
(52) EL MARIA SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(53) EMBARCADERO CAPITAL INVESTORS II REIT INC 1301 SHOREWAY ROAD SUITE 250 BELMONT,CA94002 37-1508503	INVESTMENTS	MD	N/A	C
(54) EMERALD CATASTROPHE FUND LTD SUITE 193 48 PAR-LA-VILLE ROAD HAMILTON HM 11 BD	INVESTMENTS	BD	BLUE MARBLE HOLDINGS CORP	C	3,696,223	77,741,400	61.780 %
(55) EMERGING COUNTRIES OPPORTUNITY FUND LTD 68 FORT STREET PO BOX 705GT GRAND CAYMANKY1-1107 CJ	INVESTMENTS	CJ	N/A	C
(56) EMPRESA ECOLOGICA DEL ORINOCO SAS CRA 9 NO 77 - 67 OFC 804 BOGOTA D.C CO	INVESTMENTS	CO	N/A	C
(57) EMPRESAS VERDES ARGENTINA SA CARLOS PELLEGRINI 1138 PISO 1 CORRIENTES W3400BAT AR	INVESTMENTS	AR	N/A	C
(58) ENKI HOLDINGS CORP WALKER HOUSE MARY STREET PO BOX 9 GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-0540586	INVESTMENTS	CJ	N/A	C
(59) ESTANCIA CELINA SA SUIPACHA 1111 -PISO 18 BUENOS AIRES C1008AAW AR	INVESTMENTS	AR	N/A	C
(60) FLORESTAS DO SUL AGROFLORESTAL LTDA RUA TAQUARY 335 DRISTAL PORTO ALEGRE CEP 90810 BR 98-0493906	INVESTMENTS	BR	N/A	C
(61) FORESTAL BOSQUEPALM CIA LTDA AVENIDA PATRIA E4-41 Y AVENIDA AM QUITO EC	INVESTMENTS	EC	N/A	C
(62) FORESTAL DEL RIO SA SUIPACHA 1111 - PISO 18 BUENOS AIRES C1008AAW AR	INVESTMENTS	AR	N/A	C
(63) FORESTAL FORESVERGAL CIA LTDA AVENIDA PATRIA E4-41 Y AVENIDA AM QUITO EC	INVESTMENTS	EC	N/A	C
(64) FRANCOLIN PO BOX 309 UGLAND HOUSE GRAND CAYMANKY1-1104 CJ 98-1006384	INVESTMENTS	CJ	N/A	C
(65) GALILEIA AGROINDUSTRIAL LTDA AV PEDROSO DE MORAES 1201 2 ANDA PINHEIROS,SAO PAULO BR	INVESTMENTS	BR	N/A	C
(66) GATEWAY REAL ESTATE FUND III-TE LP CRICKET SQUARE HUTCHINS DRIVE PO GEORGE TOWN,GRAND CAYMANKY1-1111 CJ	INVESTMENTS	CJ	N/A	C
(67) GAVEA INVESTMENT FUND II B LP PO BOX 986 GARDENIA COURT SUITE 3 CAMANA BAY,GRAND CAYMANKY1-1103 CJ 98-0537951	INVESTMENTS	CJ	N/A	C
(68) GBE DEVELOPMENT I LTD PO BOX 309GT UGLAND HOUSE S CHURC GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	GBE INVESTMENTS LIMITED	C	-3,226	6,390,825	98.700 %
(69) GBE DEVELOPMENT II LTD PO BOX 309GT UGLAND HOUSE S CHURC GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	GBE INVESTMENTS LIMITED	C	-3,236	296,100	98.700 %
(70) GBE DEVELOPMENT III LTD PO BOX 309GT UGLAND HOUSE S CHURC GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	GBE INVESTMENTS LIMITED	C	-3,227	246,750	98.700 %
(71) GBE DEVELOPMENT IV LTD PO BOX 309GT UGLAND HOUSE S CHURC GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	GBE INVESTMENTS LIMITED	C	-5,039	3,784,158	98.700 %
(72) GBE DEVELOPMENT V LTD PO BOX 309GT UGLAND HOUSE S CHURC GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	GBE INVESTMENTS LIMITED	C	-3,989	16,852,429	98.700 %
(73) GBE DEVELOPMENT VI LTD PO BOX 309GT UGLAND HOUSE S CHURC GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	GBE INVESTMENTS LIMITED	C	-4,512		98.700 %
(74) GBE FAZENDAS LTDA AV DAS AMERICAS 700 BLOCO 5 CIDADE DO RIO DE JANEIRO CEP 22640 BR	INVESTMENTS	BR	GBE INVESTMENTS LIMITED	C	101,434	6,154,107	98.700 %
(75) GBE HOLDINGS LTD PO BOX 309GT UGLAND HOUSE S CHURC GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	GBE INVESTMENTS LIMITED	C	-622,245	969	98.700 %
(76) GBE INVESTMENTS LIMITED PO BOX 309GT UGLAND HOUSE S CHURC GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	GBE INVESTMENTS LP	C	-4,829	135,322,095	98.700 %
(77) GBE PROJETOS AGRICOLAS II LTDA AV DAS AMERICAS 700 BLOCO 5 CIDADE DO RIO DE JANEIRO CEP 22640 BR	INVESTMENTS	BR	GBE INVESTMENTS LIMITED	C	-57,587	142,938	98.700 %
(78) GBE PROPERTIES I LTD PO BOX 309GT UGLAND HOUSE S CHURC GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	GBE INVESTMENTS LIMITED	C	-2,831	7,264,320	98.700 %
(79) GBE PROPERTIES II LTD PO BOX 309GT UGLAND HOUSE S CHURC GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	GBE INVESTMENTS LIMITED	C	-3,234	6,525,057	98.700 %
(80) GBE PROPERTIES III LTD PO BOX 309GT UGLAND HOUSE S CHURC GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	GBE INVESTMENTS LIMITED	C	-2,607	1,579,200	98.700 %
(81) GBE PROPERTIES IV LTD PO BOX 309GT UGLAND HOUSE S CHURC GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	GBE INVESTMENTS LIMITED	C	-5,114	10,288,488	98.700 %
(82) GBE PROPERTIES V LTD PO BOX 309GT UGLAND HOUSE S CHURC GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	GBE INVESTMENTS LIMITED	C	-3,086	9,573,900	98.700 %
(83) GBE PROPERTIES VI LTD PO BOX 309GT UGLAND HOUSE S CHURC GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	GBE INVESTMENTS LIMITED	C	-4,504		98.700 %
(84) GBE PROPRIEDADES E EMPREENDIMENTOS IMOBILIARIOS I LTDA AV DAS AMERICAS 700 BLOCO 5 CIDADE DO RIO DE JANEIRO CEP 22640 BR	INVESTMENTS	BR	GBE INVESTMENTS LIMITED	C	-59,723	7,414,530	98.700 %
(85) GBE PROPRIEDADES E EMPREENDIMENTOS IMOBILIARIOS III LTDA AV DAS AMERICAS 700 BLOCO 5 CIDADE DO RIO DE JANEIRO CEP 22640 BR	INVESTMENTS	BR	GBE INVESTMENTS LIMITED	C	-63,351	6,038,154	98.700 %
(86) GBE PROPRIEDADES E EMPREENDIMENTOS IMOBILIARIOS IV LTDA AV DAS AMERICAS 700 BLOCO 5 CIDADE DO RIO DE JANEIRO CEP 22640 BR	INVESTMENTS	BR	GBE INVESTMENTS LIMITED	C	-146,131	23,222,239	98.700 %
(87) GBE PROPRIEDADES E EMPREENDIMENTOS IMOBILIARIOS V LTDA AV DAS AMERICAS 700 BLOCO 5 CIDADE DO RIO DE JANEIRO CEP 22640 BR	INVESTMENTS	BR	GBE INVESTMENTS LIMITED	C	-58,240	17,034,970	98.700 %
(88) GERRITY ATLANTIC RETAIL PARTNERS INC 977 LOMAS SANTA FE DRIVE SUITE A SOLANA BEACH,CA92075 27-4802513	INVESTMENTS	DE	N/A	C
(89) GLOBAL MARITIME INVESTMENTS LIMITED WALKER HOUSE 87 MARY STREET GEORGE TOWN,GRAND CAYMANKY1-9002 CJ	INVESTMENTS	CJ	N/A	C
(90) GRANARY INVESTMENTS IFS COURT TWENTY EIGHT CYBERCITY CYBERCITY,EBENE MP 98-0607880	INVESTMENTS	MP	N/A	C
(91) GUANARE AARL JUNCAL 1327 FLOOR 21 MONTEVIDEO 11000 UY 98-0641951	INVESTMENTS	UY	N/A	C
(92) GUANARE SA JUNCAL 1327 FLOOR 21 MONTEVIDEO 11000 UY	INVESTMENTS	UY	N/A	C
(93) GULF ATLANTIC OPERATIONS LLC 200 CLARENDON STREET BOSTON,MA02116 20-2386722	INVESTMENTS	TX	N/A	C
(94) HARVARD BUSINESS SCHOOL PUBLISHING EUROPE LTD 23 SICILIAN AVE LONDON UK	SALES SUPPORT	UK	N/A	C
(95) HARVARD BUSINESS SCHOOL PUBLISHING FRANCE 23 RUE DU ROULE PARIS FR	SALES SUPPORT	FR	N/A	C
(96) HARVARD BUSINESS SCHOOL PUBLISHING INDIA PRIVATE LTD UNIT 423 GRAND HYATT MUMBAI MUMBAI IN	PUBLISHING SUPPORT	IN	N/A	C
(97) HARVARD CENTER SHANGHAI CO LTD 5TH FL HSBC BLDG INTL FIN CTR NO 8 SHANGHAI 200120 CH	RESEARCH SUPPORT	CH	N/A	C
(98) HARVARD MANAGEMENT COMPANY ADVISOR LIMITED 21ST FLOOR EDINBURGH TOWER THE LA HK 98-1069444	INVESTMENTS	HK	N/A	C
(99) HARVARD MASTER TRUST 1033 MASS AVE CAMBRIDGE,MA02138 04-2636388	INVESTMENTS	MA	N/A	T
(100) HARVARD PRIVATE CAPITAL PROPERTIES II INC C/O HMC INC 600 ATLANTIC AVENUE BOSTON,MA02210 04-3140558	INVESTMENTS	DE	N/A	C
(101) HARVARD PRIVATE CAPITAL PROPERTIES III INC C/O HMC INC 600 ATLANTIC AVENUE BOSTON,MA02110 76-0254935	INVESTMENTS	DE	N/A	C
(102) HARVARD REAL ESTATE CV INC 1033 MASS AVE CAMBRIDGE,MA02138 61-1627962	REAL ESTATE	MA	N/A	C
(103) HARVARD UNIVERSITY PRESS OF NEW YORK C/O HU PRESS 79 GARDEN ST CAMBRIDGE,MA02138 13-3784301	PUBLISHING	NY	N/A	C
(104) HARVARD UNIVERSITY PRESS LTD VERNON HOUSE 23 SICILIAN AVE LONDON UK	BOOK DISTRIBUTION	UK	N/A	C
(105) HB CAYMAN LIMITED PO BOX 309GT UGLAND HOUSE S CHURC GRAND CAYMAN CJ	INVESTMENTS	CJ	N/A	C
(106) HMC ADAGE MANAGER INC C/O HMC INC 600 ATLANTIC AVENUE BOSTON,MA02210 04-3567988	INVESTMENTS	MA	N/A	S
(107) HPC PATRON SCOTLAND LP 50 LOTHIAN ROAD FESTIVAL SQUARE EDINBURGH UK 98-0438748	INVESTMENTS	UK	N/A	C
(108) INDIA CAPITAL OPPORTUNITIES 1 LIMITED IFS COURT TWENTYEIGHT CYBERCITY EBENE MP	INVESTMENTS	MP	N/A	C
(109) INSOLO AGROINDUSTRIAL SA AV PEDROSO DE MORAES 1201 2 ANDA PINHEIROS,SAO PAULO BR	INVESTMENTS	BR	N/A	C
(110) INVERSIONES ANAY Y ASOCIADOS SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(111) INVERSIONES BRASIL SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(112) INVERSIONES CATIVAL SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(113) INVERSIONES CORAL SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(114) INVERSIONES SANTA RITA SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(115) INVERSIONES TRES CUMBRES LTDA ROGER DE FLOR 2736 DP 8 COMUNA LAS CONDES,SANTIAGO CI 98-0446986	INVESTMENTS	CI	N/A	C
(116) IPE AGROINDUSTRIAL LTDA AV PEDROSO DE MORAES 1201 2 ANDA PINHEIROS,SAO PAULO BR	INVESTMENTS	BR	N/A	C
(117) ISLA VISTA FOOD SERVICES LLC 111 EAST WAYNE STREET SUITE 500 FORT WAYNE,IN46802 27-3070185	INVESTMENTS	DE	N/A	C
(118) ISLA VISTA INVESTORS LLC 111 SOUTH WACKER DRIVE SUITE 3300 CHICAGO,IL60606 27-3070148	INVESTMENTS	MD	N/A	C
(119) KAINGAROA TIMBERLANDS GROUND FLOOR 1243 RANOLF ST NZ 98-0412394	INVESTMENTS	NZ	N/A	C
(120) KTR LIMITED PO BOX 309 UGLAND HOUSE GRAND CAYMAN KY1-1104 CJ	INVESTMENTS	CJ	N/A	C
(121) KUPE SHIPPING LIMITED PO BOX 160 209 QUEEN ST AUCKLAND 1140 NZ	INVESTMENTS	NZ	N/A	C
(122) LA ARENOSA SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(123) LA JACARANDA SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(124) LA MORA SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(125) LA ZARZA SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(126) LABELLE SP PARTICIPACOES LTDA RUA DO FORUM S/N SALA B CENTRO,GUADALUPECEP 64840 BR	INVESTMENTS	BR	GBE INVESTMENTS LIMITED	C			98.700 %
(127) LAS ACACIAS SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(128) LAS MISIONES SA SUIPACHA 1111 -PISO 18 BUENOS AIRES C1008AAW AR	INVESTMENTS	AR	N/A	C
(129) LASALLE ASIA OPPORTUNITY CAYMAN I LTD WALKER HOUSE 87 MARY STREET GEORGE TOWN,GRAND CAYMAN CJ 98-0447511	INVESTMENTS	CJ	N/A	C
(130) LIFETIME CENTRECOURT GRENVILLE LIMITED PARTNERSHIP ANDREW HOFFMAN 1010-22 ST CHAIR A TORONTO,ON4MT 2S3 CA 98-0684331	INVESTMENTS	CA	N/A	C
(131) LINDENE LTD PO BOX 309 UGLAND HOUSE GEORGE TOWN,GRAND CAYMANKY1-1104 CJ	INVESTMENTS	CJ	N/A	C
(132) LONGSTOCKING INVESTMENT CORPORATION C/O HMC INC 600 ATLANTIC AVENUE BOSTON,MA02210 52-2116455	INVESTMENTS	MA	N/A	S
(133) LONGTERM FOREST PARTNERS CIA LTDA AVENIDA PATRIA E4-41 Y AVENIDA AM QUITO EC	INVESTMENTS	EC	N/A	C
(134) LOS ALMENDROS SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(135) LOS AROMOS SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(136) LOS ARRAYANES SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(137) LOS BOLDOS SA AVDA SANTA MARIA NO 6350 PISO 3 VITACURA,SANTIAGO CI	INVESTMENTS	CI	N/A	C
(138) LOS LAURELES SA AVDA SANTA MARIA NO 6350 PISO 3 VITACURA,SANTIAGO CI	INVESTMENTS	CI	N/A	C
(139) LOS LAURELES SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(140) LRP IV TAX EXEMPT (PF1) II LP 199 E LINDA MESA AVE 10 DANVILLE,CA94526 98-0560775	INVESTMENTS	JE	N/A	C
(141) LRP IV TAX EXEMPT (PF1) LIMITED 199 E LINDA MESA AVE 10 DANVILLE,CA94526 98-0555927	INVESTMENTS	JE	N/A	C
(142) MCRS REAL ESTATE INVESTMENT TRUST INC 152 WEST 57TH STREET 46TH FLOOR NEW YORK,NY10019 27-3605599	INVESTMENTS	MD	N/A	C
(143) MCRS TENANT HOLDCO LLC 152 WEST 57TH STREET 46TH FLOOR NEW YORK,NY10019 27-3869467	INVESTMENTS	DE	N/A	C
(144) MIRABILIS SA CALLE LAS BEGONIAS NO 475 DPTO 7 SAN ISIDRO,LIMA PE	INVESTMENTS	PE	N/A	C
(145) NAZARE AGROINDUSTRIAL LTDA AV PEDROSO DE MORAES 1201 2 ANDA PINHEIROS,SAO PAULO BR	INVESTMENTS	BR	N/A	C
(146) NCH AGRIBUSINESS INVESTORS CORP UGLAND HOUSE SOUTH CHURCH STREET GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-0559097	INVESTMENTS	CJ	N/A	C
(147) NEANDERTHAL INVESTMENTS IFS COURT TWENTY EIGHT CYBERCITY CYBERCITY,EBENE MP 98-0607884	INVESTMENTS	MP	N/A	C
(148) NEW VERNON INDIA (CAYMAN) FUND LP 2330 PLAZA FIVE JERSEY CITY 07311 CJ 20-1577934	INVESTMENTS	CJ	N/A	C
(149) NGL HOLDINGS INC 200 CLARENDON STREET BOSTON,MA02116 33-1101243	INVESTMENTS	DE	N/A	C
(150) NICA TECA SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(151) NICARAO I LTD PO BOX 309 UGLAND HOUSE GRAND CAYMAN KY1-1104 CJ 98-0643167	INVESTMENTS	CJ	N/A	C
(152) NICARAO II LTD PO BOX 309 UGLAND HOUSE GRAND CAYMAN KY1-1104 CJ 98-0643169	INVESTMENTS	CJ	N/A	C
(153) NICARAO LTD PO BOX 309 UGLAND HOUSE GRAND CAYMAN KY1-1104 CJ 98-0643164	INVESTMENTS	CJ	N/A	C
(154) NICATECA INC WALKER HOUSE 87 MARY ST GEORGE TOWN,GRAND CAYMAN CJ 98-0520487	INVESTMENTS	CJ	N/A	C
(155) OLD LANE HMAFF LP PO BOX 309 UGLAND HOUSE S CHURCH GEORGE TOWN,GRAND CAYMAN CJ 98-0487312	INVESTMENTS	CJ	N/A	C
(156) OPERA SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(157) PARFEN SA JUNCAL 1305 FLOOR 21 MONTEVIDEO UY	INVESTMENTS	UY	N/A	C
(158) PATRIOT INTEREST HOLDINGS INC 200 CLARENDON STREET BOSTON,MA02116 01-0938844	INVESTMENTS	DE	N/A	C
(159) PEARL RETAIL INC C/O MAPLES AND CALDER PO BOX 309 GEORGE TOWN,GRAND CAYMANKY1-1104 CJ 98-1048757	INVESTMENTS	CJ	N/A	C
(160) PERMIAN MIDSTREAM CORPORATION 200 CLARENDON STREET BOSTON,MA02116 01-0938834	INVESTMENTS	TX	N/A	C
(161) PINARES AARL JUNCAL 1327 FLOOR 21 MONTEVIDEO 11000 UY 98-0641950	INVESTMENTS	UY	N/A	C
(162) POLARIS WINES INC 855 BORDEAUX WAY STE 260A NAPA,CA94658	INVESTMENTS	DE	N/A	C
(163) POOLED INCOME FUNDS (4)	CHARIT. TRUST	MA	N/A	T
(164) PRADARIA AGROFLORESTAL LTDA RUA LUIZ DODERO 28 SALA 3 CAMPO GRANDE,MSCEP 79004 BR 98-0642732	INVESTMENTS	BR	GLOBAL FOREST INVESTMENTS LLC	C	-227,039,878	119,826,849	100.000 %
(165) QUEBRADA HONDA SA AVDA SANTA MARIA NO 6350 PISO 3 VITACURA,SANTIAGO CI	INVESTMENTS	CI	N/A	C
(166) QUETZAL BLUE SA CALLE 52Y ELVIRA MENDEZ PANAMAN PM	INVESTMENTS	PM	N/A	C
(167) REPRESA PROPERTIES LTD PO BOX 309GT UGLAND HOUSE S CHURC GEORGE TOWN,GRAND CAYMAN CJ	INVESTMENTS	CJ	GBE INVESTMENTS LIMITED	C	-4,015	71,255,451	98.700 %
(168) RIO MIRA PARTICIPACOES LTDA AV DAS AMERICAS 700 BLOCO 5 CIDADE DO RIO DE JANEIRO CEP 22640 BR	INVESTMENTS	BR	GBE INVESTMENTS LIMITED	C	-10,684	35,151,894	98.700 %
(169) ROMPLY MEROPS SRL 28-C C-TIN BUDISTEANUI STREET 3RD BUCHAREST RO 98-0646095	INVESTMENTS	RO	N/A	C
(170) ROUND TABLE ASSET RECOVERY INTERMEDIATE FUND LTD WINDWARD I 2ND FLOOR REGATTA OFFI GRAND CAYMANKY1 1205 CJ	INVESTMENTS	CJ	ROUND TABLE ASSET RECOVERY FUND LTD	C			76.360 %
(171) ROUND TABLE ASSET RECOVERY FUND LTD WINDWARD I 2ND FLOOR REGATTA OFFI GRAND CAYMANKY1 1205 CJ	INVESTMENTS	CJ	BLUE MARBLE HOLDINGS CORP	C	-15,178,157	117,755,148	76.440 %
(172) ROUND TABLE GLOBAL MACRO FUND LTD WINDWARD I 2ND FLOOR REGATTA OFFI GRAND CAYMANKY1 1205 CJ	INVESTMENTS	CJ	BLUE MARBLE HOLDINGS CORP	C	-4,739,124	27,027,798	69.270 %
(173) ROUND TABLE GLOBAL MACRO INTERMEDIATE FUND LTD WINDWARD I 2ND FLOOR REGATTA OFFI GRAND CAYMANKY1 1205 CJ	INVESTMENTS	CJ	ROUND TABLE GLOBAL MACRO FUND LTD	C			69.240 %
(174) SANTA FILOMENA AGROINDUSTRIAL LTDA AV PEDROSO DE MORAES 1201 2 ANDA PINHEIROS,SAO PAULO BR	INVESTMENTS	BR	N/A	C
(175) SCOLOPAX SRL BRASOV 8 VICTORIEI ST B1 42 BIS A BRASOV COUNTY RO	INVESTMENTS	RO	N/A	C
(176) SERRA GRANDE AGROINDUSTRIAL LTDA AV PEDROSO DE MORAES 1201 2 ANDA PINHEIROS,SAO PAULO BR	INVESTMENTS	BR	N/A	C
(177) SIA EMPETRUM KULDIGAS RAJONS KURMALES PAGASTS PRIEDAINE BRALI 3301 LG 98-0648693	INVESTMENTS	LG	N/A	C
(178) SOCIEDAD EXPLOTADORA AGRICOLA SPA DEL INCA NO 4446 OFICINA 1007 LAS CONDES,SANTIAGO CI 98-0632838	INVESTMENTS	CI	N/A	C
(179) SOROTIVO AGROPECUARIA LTDA AV PEDROSO DE MORAES 1201 2 ANDA PINHEIROS,SAO PAULO BR	INVESTMENTS	BR	N/A	C
(180) SUSTAINABLE TEAK PARTCIPACOES LTDA AVENIDA GOVERNADOR PONCE DE ARRUDA VAREZEA GRANDE,MATO GROSSOCEP 78110 BR 98-0639215	INVESTMENTS	BR	N/A	C
(181) SUSTAINABLE TIMBERS SA AVE JUSTO AROSEMANA 32 ST E CORREGIMIENTO DE CALIDONIA PM	INVESTMENTS	PM	N/A	C
(182) TDR SCOTLAND LP ONE STANHOPE GATE LONDON W1K 1AF UK 98-0471766	INVESTMENTS	UK	N/A	C
(183) TERENA SA JUNCAL 1327 FLOOR 21 MONTEVIDEO 11000 UY	INVESTMENTS	UY	N/A	C
(184) TERRACAL ALIMENTOS E BIOENERGIA - UNIDADE BAHIA LTDA FAZENDA BOQUEIRAO S/N ZONA RURAL,BARRACEP 47100 BR	INVESTMENTS	BR	GBE INVESTMENTS LIMITED	C	-340,840	492,544	98.700 %
(185) TERRACAL ALIMENTOS E BIOENERGIA - UNIDADE MARANHAO LTDA FAZENDA SANTO ANTONIO DA MANGA S/N ZONA RURAL,MARANHAOCEP 65660 BR	INVESTMENTS	BR	GBE INVESTMENTS LIMITED	C	-27,916	60,321	98.700 %
(186) TERRACAL ALIMENTOS E BIOENERGIA - UNIDADE MINAS GERAIS LTDA FAZENDA FLEXAS S/N ZONA RURAL,MINAS GERAISCEP 39290 BR	INVESTMENTS	BR	GBE INVESTMENTS LIMITED	C	-1,665,897	2,503,627	98.700 %
(187) TERRACAL ALIMENTOS E BIOENERGIA - UNIDADE PIAUI LTDA FAZENDA OITEIROS S/N ZONA RURAL,GUADALUPECEP 64840 BR	INVESTMENTS	BR	GBE INVESTMENTS LIMITED	C	-1,222,228	1,833,526	98.700 %
(188) TERRACAL ALIMENTOS E BIOENERGIA - UNIDADE TOCANTINS LTDA FAZENDA ESPIANADA RODOVIA ESTADUAL PEIXE CEP 77460 BR	INVESTMENTS	BR	GBE INVESTMENTS LIMITED	C	-161,119	3,425,456	98.700 %
(189) TERRACAL ALIMENTOS E BIOENERGIA LTDA AV DAS AMERICAS 700 BLOCO 5 CIDADE DO RIO DE JANEIRO CEP 22640 BR	INVESTMENTS	BR	GBE INVESTMENTS LIMITED	C	-4,540,509	9,465,114	98.700 %
(190) TERRACAL PARTICIPACOES LTDA AV DAS AMERICAS 700 BLOCO 5 CIDADE DO RIO DE JANEIRO CEP 22640 BR	INVESTMENTS	BR	GBE INVESTMENTS LIMITED	C	-8,794	2	98.700 %
(191) TERRACAL PROPRIEDADES LTDA AV DAS AMERICAS 700 BLOCO 5 CIDADE DO RIO DE JANEIRO CEP 22640 BR	INVESTMENTS	BR	GBE INVESTMENTS LIMITED	C	84,228	83,511,493	98.700 %
(192) TINAMOU PO BOX 309 UGLAND HOUSE GRAND CAYMANKY1-1104 CJ 98-1014421	INVESTMENTS	CJ	N/A	C
(193) TOUCANET SA PLAZA 2000 16TH FLOOR 50TH STREET REPUBLIC OF PANAMA PM	INVESTMENTS	PM	N/A	C
(194) TUNUYAN SA VILLA FINTANA DEL CLUB TERRAZA 2 C MANAGUA NU	INVESTMENTS	NU	N/A	C
(195) UNITECA AGROFLORESTAL SA AVENIDA GOVERNADOR PONCE DE ARRUDA VAREZEA GRANDE,MATO GROSSOCEP 78110 BR	INVESTMENTS	BR	N/A	C
(196) USRA ATLANTIC NET LEASE CAPITAL CORP 1370 AVENUE OF AMERICAS NEW YORK,NY10019 45-2732642	INVESTMENTS	DE	N/A	C
(197) VALHOLL LTD PO BOX 309 UGLAND HOUSE GRAND CAYMAN KY1-1104 CJ 98-0668673	INVESTMENTS	CJ	N/A	C
(198) VERIWASTE LP 20-22 BEDFORD ROW LONDON WC1R 4JS UK 98-0656246	INVESTMENTS	UK	N/A	C
(199) VISTA VERDE AGROINDUSTRIAL LTDA AV PEDROSO DE MORAES 1201 2 ANDA PINHEIROS,SAO PAULO BR	INVESTMENTS	BR	N/A	C

Schedule R (Form 990) 2011

Page 3

Part V

Transactions With Related Organizations (Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35, 35A, or 36.)

Note. Complete line 1 if any entity is listed in Parts II, III or IV.

Yes

1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?

a Receipt of (i) interest (ii) annuities (iii) royalties (iv) rent from a controlled entity . . . . . . . . . . . . . . . . . . . . . . .

b Gift, grant, or capital contribution to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

c Gift, grant, or capital contribution from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

d Loans or loan guarantees to or for related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

e Loans or loan guarantees by related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

f Sale of assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

g Purchase of assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

h Exchange of assets with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

i Lease of facilities, equipment, or other assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . .

j Lease of facilities, equipment, or other assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . .

k Performance of services or membership or fundraising solicitations for related organization(s) . . . . . . . . . . . . . . . . . . . .

l Performance of services or membership or fundraising solicitations by related organization(s) . . . . . . . . . . . . . . . . . . . .

m Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) . . . . . . . . . . . . . . . . . . . . .

Yes

n Sharing of paid employees with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

o Reimbursement paid to related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

p Reimbursement paid by related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

q Other transfer of cash or property to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

r Other transfer of cash or property from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.

(a) Name of other organization	(b) Transaction type(a-r)	(c) Amount involved	(d) Method of determining amount involved
(1) PRADARIA AGROFLORESTAL LTDA	B	13,967,493	ACTUAL CASH TRANSFERRED
(2) CARACOL AGROPECUARIA LTDA	B	174,884	ACTUAL CASH TRANSFERRED
(3) BLACK KITE TRUST	B	5,407,735	ACTUAL CASH TRANSFERRED
(4) ROUND TABLE ASSET RECOVERY FUND LTD	B	50,000,000	ACTUAL CASH TRANSFERRED
(5) GBE INVESTMENTS LP	B	25,407,044	ACTUAL CASH TRANSFERRED
(6)

Schedule R (Form 990) 2011

Page 4

Part VI

Unrelated Organizations Taxable as a Partnership (Complete if the organization answered "Yes" on Form 990, Part IV, line 37.)

Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.

(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(e) Are all partners section 501(c)(3) organizations?		(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?
(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	Yes	No	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code VUBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No

Schedule R (Form 990) 2011

Page 5

Part VII

Supplemental Information

Complete this part to provide additional information for responses to questions on Schedule R (see instructions).

Identifier	Return Reference	Explanation
SPLIT INTEREST TRUSTS	RELATED ORGANIZATIONS TAXABLE AS A TRUST	IN ORDER TO PRESERVE DONOR PRIVACY, AND IN ACCORDANCE WITH THE 2011 IRS INSTRUCTIONS FOR SCHEDULE R, THE ORGANIZATION HAS REFRAINED FROM DISCLOSING THE DETAILS OF SPLIT INTEREST TRUSTS AND HAS INSTEAD REPORTED THE AGGREGATE NUMBER OF CHARITABLE REMAINDER TRUSTS, CHARITABLE LEAD TRUSTS, AND POOLED INCOME FUNDS. THE TRUSTS LISTED ARE DOMICILED IN MASSACHUSETTS, NEW YORK, AND WASHINGTON, D.C.

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: INVEST FUNDS FOR THE BENEFIT OF THE PRESIDENT & FELLOWS OF HARVARD COLLEGE (SEE SCHEDULE O) INVEST FUNDS FOR THE BENEFIT OF THE PRESIDENT & FELLOWS OF HARVARD COLLEGE, A RELATED 501(C)(3) SUPPORTED ORGANIZATION.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a).....	3	3
4	Number of independent voting members of the governing body (Part VI, line 1b) ....	4	0
5	Total number of individuals employed in calendar year 2011 (Part V, line 2a) ...	5	0
6	Total number of volunteers (estimate if necessary) ....	6	0
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ..	7a	-44,137
b	Net unrelated business taxable income from Form 990-T, line 34 ..	7b	-56,525

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	0	0
9	Program service revenue (Part VIII, line 2g) .........	0	0
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	-96,082,137	20,548,726
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	0	0
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)...................	-96,082,137	20,548,726
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	0	0
14	Benefits paid to or for members (Part IX, column (A), line 4).....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	0	0
16a	Professional fundraising fees (Part IX, column (A), line 11e).....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24f)....	11,922,463	8,383,810
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	11,922,463	8,383,810
19	Revenue less expenses. Subtract line 18 from line 12.......	-108,004,600	12,164,916
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	719,633,534	810,247,490
21	Total liabilities (Part X, line 26).............	0	0
22	Net assets or fund balances. Subtract line 21 from line 20.....	719,633,534	810,247,490

Sign Here

	Signature of officer	Date

	Type or print name and title.


4a	(Code: ) (Expenses $ 8,383,810 including grants of $ ) (Revenue $ )
	BLUE MARBLE HOLDINGS CORPORATION INVESTS FUNDS FOR THE BENEFIT OF THE PRESIDENT & FELLOWS OF HARVARD COLLEGE, A RELATED 501(C)(3) SUPPORTED ORGANIZATION.

4b	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4c	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4d	Other program services (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses$ 8,383,810

(A) Name and Title	(B) Average hours per week (describe hours for related organizations in Schedule O)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)		(D) Reportable compensation from the organization (W- 2/1099-MISC)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and Title
(1) JANE L MENDILLO DIRECTOR & PRESIDENT	1.00	X	X	0	5,277,599	46,154
(2) ROBERT A ETTL DIRECTOR & TREASURER	1.00	X	X	0	2,860,740	47,454
(3) KATHRYN I MURTAGH DIRECTOR & CLERK	1.00	X	X	0	913,599	34,330

1b	Sub-Total................
c	Total from continuation sheets to Part VII, Section A....
d	Total (add lines 1b and 1c)............	0	9,051,938	127,938

(A) Name and business address	(B) Description of services	(C) Compensation
MB CONSULTORIA EM GESTAO ESTRATEGICA LTD AVENDIA TAQUARY RIO GRANDE DO SUL BR	INVESTMENT CONSULTING	710,843




2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 1

				(A) Total revenue	(B) Related or exempt function revenue	(C) Unrelated business revenue	(D) Revenue excluded from tax under sections 512, 513, or 514
1a	Federated campaigns..1a
b	Membership dues....1b
c	Fundraising events....1c
d	Related organizations...1d
e	Government grants (contributions)1e

f	All other contributions, gifts, grants, and similar amounts not included above1f
g	Noncash contributions included in lines 1a-1f:$
h	Total. Add lines 1a-1f.......
			Business Code
2a
b
c
d
e
f	All other program service revenue .
g	Total. Add lines 2a–2f........
3	Investment income (including dividends, interest
	and other similar amounts).....			2,497,170		-46,587	2,543,757
4	Income from investment of tax-exempt bond proceeds..
5	Royalties............
		(i) Real	(ii) Personal
6a	Gross rents
b	Less: rental expenses
c	Rental income or (loss)
d	Net rental income or (loss).......
		(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory	12,392,036	98,599,785
b	Less: cost or other basis and sales expenses	0	92,940,265
c	Gain or (loss)	12,392,036	5,659,520
d	Net gain or (loss)..........			18,051,556		2,450	18,049,106
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ...
	a
b	Less: direct expenses ...b
c	Net income or (loss) from fundraising events..
9a	Gross income from gaming activities. See Part IV, line 19 ...
	a
b	Less: direct expenses ...b
c	Net income or (loss) from gaming activities...
10a	Gross sales of inventory, less returns and allowances .
	a
b	Less: cost of goods sold ..b
c	Net income or (loss) from sales of inventory..
Miscellaneous Revenue			Business Code
11a
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......
12	Total revenue. See Instructions....			20,548,726	0	-44,137	20,592,863

Do not include amounts reported on lines 6b, 7b, 8b, 9b, and 10b of Part VIII.		(A) Total expenses	(B) Program service expenses	(C) Management and general expenses	(D) Fundraising expenses
1	Grants and other assistance to governments and organizations in the United States. See Part IV, line 21
2	Grants and other assistance to individuals in the United States. See Part IV, line 22
3	Grants and other assistance to governments, organizations, and individuals outside the United States. See Part IV, lines 15 and 16
4	Benefits paid to or for members
5	Compensation of current officers, directors, trustees, and key employees ....
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) ....
7	Other salaries and wages
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....
9	Other employee benefits .......
10	Payroll taxes ...........
11	Fees for services (non-employees):
a	Management ......
b	Legal .........	69,985	69,985
c	Accounting ...........
d	Lobbying ...........
e	Professional fundraising. See Part IV, line 17..
f	Investment management fees ......
g	Other ..........	4,403,013	4,403,013
12	Advertising and promotion ....
13	Office expenses .......
14	Information technology ......
15	Royalties ..
16	Occupancy ...........
17	Travel ............
18	Payments of travel or entertainment expenses for any federal, state, or local public officials ......
19	Conferences, conventions, and meetings ....
20	Interest ...........
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization .....
23	Insurance ..............
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24f. If line 24f amount exceeds 10% of line 25, column (A) amount, list line 24f expenses on Schedule O.)
a	PORT. DEDUCTIONS - K-1S	3,885,141	3,885,141
b	STATE TAX & FILING FEES	500	500
c
d
e
f	All other expenses	25,171	25,171
25	Total functional expenses. Add lines 1 through 24f	8,383,810	8,383,810	0	0
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).


			(A) Beginning of year		(B) End of year
1	Cashnon-interest-bearing ..........			1
2	Savings and temporary cash investments .......			2
3	Pledges and grants receivable, net .........			3
4	Accounts receivable, net .........			4
5	Receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
	Schedule L ..........			5
6	Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B). Complete Part II of
	Schedule L ..........			6
7	Notes and loans receivable, net .............			7
8	Inventories for sale or use ..............			8
9	Prepaid expenses and deferred charges ............			9
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a
b	Less: accumulated depreciation. .....	10b		10c
11	Investments—publicly traded securities ..........			11
12	Investments—other securities. See Part IV, line 11 ......		719,633,534	12	802,208,892
13	Investments—program-related. See Part IV, line 11 ..			13
14	Intangible assets .........			14
15	Other assets. See Part IV, line 11 ...........		0	15	8,038,598
16	Total assets. Add lines 1 through 15 (must equal line 34)...		719,633,534	16	810,247,490
17	Accounts payable and accrued expenses .			17
18	Grants payable ..........			18
19	Deferred revenue ..........			19
20	Tax-exempt bond liabilities ..........			20
21	Escrow or custodial account liability. Complete Part IV of Schedule D..			21
22	Payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........			22
23	Secured mortgages and notes payable to unrelated third parties ..			23
24	Unsecured notes and loans payable to unrelated third parties ....			24
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D.....			25
26	Total liabilities. Add lines 17 through 25.....		0	26	0
	Organizations that follow SFAS 117, check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets .....			27
28	Temporarily restricted net assets .....			28
29	Permanently restricted net assets .....			29
	Organizations that do not follow SFAS 117, check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds .....		0	30	0
31	Paid-in or capital surplus, or land, building or equipment fund .....		496,059,667	31	496,059,667
32	Retained earnings, endowment, accumulated income, or other funds		223,573,867	32	314,187,823
33	Total net assets or fund balances .....		719,633,534	33	810,247,490
34	Total liabilities and net assets/fund balances .....		719,633,534	34	810,247,490

1	Was the organization a U.S. transferor of property to a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 926 (see instructions for Form 926).................	Yes	No
2	Did the organization have an interest in a foreign trust during the tax year? If " Yes," the organization may be required to file Form 3520 and/or Form 3520-A. (see instructions for Forms 3520 and 3520-A)..........	Yes	No
3	Did the organization have an ownership interest in a foreign corporation during the tax year? If "Yes," the organization may be required to file Form 5471, Information Return of U.S. Persons with respect to Certain Foreign Corporations. (see instructions for Form 5471)..............................	Yes	No
4	Was the organization a direct or indirect shareholder of a passive foreign investment company or a qualified electing fund during the tax year? If "Yes," the organization may be required to file Form 8621, Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. (see instructions for Form 8621)	Yes	No
5	Did the organization have an ownership interest in a foreign partnership during the tax year? If "Yes," the organization may be required to file Form 8865, Return of U.S. Persons with respect to Certain Foreign Partnerships. (see instructions for Form 8865)....................................	Yes	No
6	Did the organization have any operations in or related to any boycotting countries during the tax year? If "Yes," the organization may be required to file Form 5713, International Boycott Report (see instructions for Form 5713)................................................	Yes	No