TY 2011 Form 990

(A) Name and business address	(B) Description of services	(C) Compensation
Echo Street Capital MgtLLCVia HHM 850 Third Avenue NEW YORK,NY10022	Investment Mgt	6,051,552
Bridgewater AssocIncvia HHMI XVI 1 GLENDINNING PLACE WESTPORT,CT06880	Investment Mgt	5,554,383
Southeastern Asset Management 6410 Poplar Avenue Suite900 MEMPHIS,TN38119	Investment Mgt	3,967,614
Aramark Harrison Lodging 1101 Market St PHILADELPHIA,PA19107	Conference Ctr Mgt	3,394,128
Belltower Advisors LLC Via HHMI V 220 Horizon Drive Suite 121 RALEIGH,NC27615	INVESTMENT MGT	3,337,292
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 136

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	53,605,881	53,605,881
2	Grants and other assistance to individuals in the United States. See Part IV, line 22	7,952,469	7,952,469
3	Grants and other assistance to governments, organizations, and individuals outside the United States. See Part IV, lines 15 and 16	26,562,500	26,562,500
4	Benefits paid to or for members	0
5	Compensation of current officers, directors, trustees, and key employees ....	13,981,347	2,470,009	11,511,338	0
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) ....	1,308,193	1,214,025	94,168
7	Other salaries and wages	265,888,659	240,391,073	25,497,586
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	23,302,012	20,894,563	2,407,449
9	Other employee benefits .......	83,933,843	74,792,532	9,141,311
10	Payroll taxes ...........	17,469,687	15,435,288	2,034,399
11	Fees for services (non-employees):
a	Management ......	0
b	Legal .........	3,859,661	1,950,095	1,909,566
c	Accounting ...........	753,447		753,447
d	Lobbying ...........	0
e	Professional fundraising. See Part IV, line 17..	0
f	Investment management fees ......	71,473,092		71,473,092
g	Other ..........	60,793,376	52,670,785	8,122,591
12	Advertising and promotion ....	0
13	Office expenses .......	9,165,531	4,631,654	4,533,877
14	Information technology ......	7,694,986	352,330	7,342,656
15	Royalties ..	15,265		15,265
16	Occupancy ...........	100,637,406	98,413,074	2,224,332
17	Travel ............	8,060,677	6,812,898	1,247,779
18	Payments of travel or entertainment expenses for any federal, state, or local public officials ......	0
19	Conferences, conventions, and meetings ....	3,773,652	3,262,274	511,378
20	Interest ...........	43,346,735	895,534	42,451,201
21	Payments to affiliates .......	0
22	Depreciation, depletion, and amortization .....	102,056,186	90,410,576	11,645,610
23	Insurance ..............	313,085	16,481	296,604
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	LAB & OTHER SCIENTIFIC SUPPLIE	137,554,000	136,790,285	763,715
b	MINOR EQUIPMENT & RENOVATIONS	15,049,458	14,605,424	444,034
c	EQUIPMENT MAINTENANCE	13,170,485	11,922,520	1,247,965
d	PRINTING AND PUBLICATIONS	4,471,905	2,208,797	2,263,108
e
f	All other expenses	7,974,721	8,397,364	-422,643
25	Total functional expenses. Add lines 1 through 24f	1,084,168,259	876,658,431	207,509,828	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).

Part X Balance Sheet
	1	Cashnon-interest-bearing ..........	0	1	0
2	Savings and temporary cash investments .......	705,785,736	2	804,224,304
3	Pledges and grants receivable, net .........	0	3	0
4	Accounts receivable, net .........	0	4	0
5	Receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
	Schedule L ..........	0	5	0
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 ..........	0	6	0
7	Notes and loans receivable, net .............	0	7	0
8	Inventories for sale or use ..............	0	8	0
9	Prepaid expenses and deferred charges ............	3,292,970	9	2,313,253
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	1,752,977,666
b	Less: accumulated depreciation. .....	10b	919,282,441	855,274,809	10c	833,695,225
11	Investments—publicly traded securities ..........	8,077,485,060	11	7,333,976,572
12	Investments—other securities. See Part IV, line 11 ......	8,272,827,729	12	8,867,228,423
13	Investments—program-related. See Part IV, line 11 ..	0	13	0
14	Intangible assets .........	0	14	0
15	Other assets. See Part IV, line 11 ...........	323,127,649	15	276,105,290
16	Total assets. Add lines 1 through 15 (must equal line 34)...	18,237,793,953	16	18,117,543,067
	17	Accounts payable and accrued expenses .	340,996,712	17	379,269,548
18	Grants payable ..........	110,330,242	18	127,237,303
19	Deferred revenue ..........	0	19	0
20	Tax-exempt bond liabilities ..........	683,000,000	20	683,000,000
21	Escrow or custodial account liability. Complete Part IV of Schedule D..	0	21	0
22	Payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........	0	22	0
23	Secured mortgages and notes payable to unrelated third parties ..	0	23	0
24	Unsecured notes and loans payable to unrelated third parties ....	640,376,000	24	640,376,000
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.....	723,224,863	25	506,550,920
26	Total liabilities. Add lines 17 through 25.....	2,497,927,817	26	2,336,433,771
		Organizations that follow SFAS 117, check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets .....	15,739,866,136	27	15,781,109,296
28	Temporarily restricted net assets .....	0	28	0
29	Permanently restricted net assets .....	0	29	0
	Organizations that do not follow SFAS 117, check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds .....		30
31	Paid-in or capital surplus, or land, building or equipment fund .....		31
32	Retained earnings, endowment, accumulated income, or other funds		32
33	Total net assets or fund balances .....	15,739,866,136	33	15,781,109,296
34	Total liabilities and net assets/fund balances .....	18,237,793,953	34	18,117,543,067

- 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

HOWARD HUGHES MEDICAL INSTITUTE

Employer identification number

59-0735717

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:

BRIGHAM & WOMENS HOSPITAL,

BOSTON, MA

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	(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?


Total

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
THE INSTITUTE IS A MEDICAL RESEARCH ORGANIZATION FOR ITS TAXABLE YEAR ENDED AUGUST 31, 2012, AS ITS EXPENDITURES OF $812,132,587 ON A CASH BASIS FOR THE YEAR ENDED AUGUST 31, 2011 EXCEEDED THE MRO REQUIREMENT of $574,391,900 (3.5% OF THE HHMI ENDOWMENT).
List of hospital affiliations: Hospital, City, State, Zip Code/ B&W Hospital,Boston,MA,02115/ Children's Hosp,Boston,MA,02115/ Children's Hosp,Cincinnati,OH,45229/ Dana-Farber,Boston,MA,02115/ Fred Hutch,Seattle,WA,98109/ JHopkins Hosp,Baltimore,MD,21205/ Mass Gen Hosp,Boston,MA,02129/ MSKCC,New York,NY,10021/ Nat'l Jewish,Denver,CO,80206/ St. Jude,Memphis,TN,38105/ Duke-Duke Hosp,Durham,NC,27706/ Emory-Univ Hosp,Atlanta,GA,30322/ NYU-NYU Hosps,New York,NY,10016/ OHSU-OHSU Hosp,Portland,OR,97239/ Rockefeller-Hosp,New York,NY,10021/ Stanford-Hosp,Palo Alto,CA,94305/ UCLA-Med Ctr,Los Angeles,CA,90095/ UCSD-Med Ctr,San Diego,CA,92093/ UCSF-UCSF Hosps,San Francisco,CA,94143/ UIowa-UIowa Hosps,Iowa City,IA,52242/ UMass-Med Ctr,Worcester,MA,01605/ UMich-UMich Hosp,Ann Arbor,MI,48109/ UPenn-UPenn Hosp,Philadelphia,PA,19104/ UT-Austin-UT Hosp,Austin,TX,78712/ UTSW-UTSW Hosps,Dallas,TX,75390/ UUtah-UUtah Hosps,Salt Lake City,UT,84112/ UWash-Med Ctr,Seattle,WA,98195/ Vanderbilt-Hosp,Nashville,TN,37232/ ADARC-aff hosp,New York,NY,10016/ AECOM-affil hosps,New York,NY,10461/ Baylor-aff hosps,Houston,TX,77030/ BU-aff hosp,Boston,MA,02126/ Brandeis-aff hsps,Waltham,MA,02254/ CalTech-aff hosps,Pasadena,CA,91125/ Carnegie-aff hsps,Baltimore,MD,21210/ Case WR-aff hosps,Cleveland,OH,44106/ CSHL-affil hosps,Cold Spring Harbor,NY,11724/ CSU-affil hosp,Fort Collins,CO,80521/ Columbia-aff hsps,New York,NY,10027/ Cornell-aff hosps,New York,NY,14853/ Harvard-aff hosps,Cambridge,MA,02138/ Indiana-affil hosp,Bloomington,IN,47405/ TJL-affil hosps,Bar Harbor,ME,04609/ JHU-affil hosps,Baltimore,MD,21218/ MichSU-affil hosps,Lansing,MI,48824/ MIT-affil hosps,Boston,MA,02139/ NWU-affil hosps,Evanston,IL,60208/ OMRF-aff hosp,Oklahoma City,OK,73104/ Princeton-aff hosps,Princeton,NJ,08544/ Purdue-aff hosp,W. Lafayette,IN,47907/ Rutgers-affil hosp,Piscataway,NJ,08854/ Salk-affil hosps,La Jolla,CA,92093/ Stowers-aff hosps,Kansas City,MO,64110/ SUNY-affil hosps,Stony Brook,NY,11794/ Texas A&M-aff hsp,College Station,TX,77843/ Tufts-aff hosps,Boston,MA,02111/ UAZ-affil hosp,Tucson,AZ,85721/ UCB-affil hosps,Berkeley,CA,94720/ UC-Davis-affil hsps,Davis,CA,95616/ UCR-affil hosps,Riverside,CA,92521/ UCSC-aff hosps,Santa Cruz,CA,95064/ UChi-affil hosp,Chicago,IL,60637/ UColo-aff hosp,Boulder,CO,80309/ UColo-aff hosp,Denver,CO,80217/ UFla-aff hosps,Gainesville,FL,32611/ UIllinois-aff hsp,Urbana,IL,61801/ UMD-affil hosp,Baltimore,MD,21201/ UNC-affil hosps,Chapel Hill,NC,27599/ UOregon-aff hsp,Eugene,OR,97403/ UWisc-affil hosps,Madison,WI,53706/ WashU-aff hosp,St.Louis,MO,63130/ YaleU-affil hosp,New Haven,CT,06520/

Schedule A (Form 990 or 990-EZ) 2011

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE C
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Political Campaign and Lobbying Activities

For Organizations Exempt From Income Tax Under section 501(c) and section 527
SchCMd Bullet

Complete if the organization is described below.
SchCMd Bullet

Attach to Form 990 or Form 990-EZ. SchCMd Bullet

See separate instructions.

OMB No. 1545-0047

2011

Open to Public
Inspection

If the organization answered “Yes” to Form 990, Part IV, Line 3, or Form 990-EZ, Part V, line 46 (Political Campaign Activities), then
Round Bullet

Section 501(c)(3) organizations: Complete Parts I-A and B. Do not complete Part I-C.
Round Bullet

Section 501(c) (other than section 501(c)(3)) organizations: Complete Parts I-A and C below. Do not complete Part I-B.
Round Bullet

Section 527 organizations: Complete Part I-A only.
If the organization answered “Yes” to Form 990, Part IV, Line 4, or Form 990-EZ, Part VI, line 47 (Lobbying Activities), then
Round Bullet

Section 501(c)(3) organizations that have filed Form 5768 (election under section 501(h)) Complete Part II-A. Do not complete Part II-B.
Round Bullet

Section 501(c)(3) organizations that have NOT filed Form 5768 (election under section 501(h)): Complete Part II-B. Do not complete Part II-A.
If the organization answered “Yes” to Form 990, Part IV, Line 5 (Proxy Tax) or Form 990-EZ, line 35c (Proxy Tax), then
Round Bullet

Section 501(c)(4), (5), or (6) organizations: Complete Part III.

Name of the organization

HOWARD HUGHES MEDICAL INSTITUTE

Employer identification number

59-0735717

Part I-A

Complete if the organization is exempt under section 501(c) or is a section 527 organization.

Provide a description of the organization’s direct and indirect political campaign activities in Part IV.

Political expenditures .................................... SchCMd Bullet

Volunteer hours ........................................

Part I-B

Complete if the organization is exempt under section 501(c)(3).

Enter the amount of any excise tax incurred by the organization under section 4955 ......... SchCMd Bullet

Enter the amount of any excise tax incurred by organization managers under section 4955 ...... SchCMd Bullet

If the organization incurred a section 4955 tax, did it file Form 4720 for this year? ..............

Yes No

Was a correction made? .........................................

Yes No

If "Yes," describe in Part IV.

Part I-C

Complete if the organization is exempt under section 501(c) except section 501(c)(3).

Enter the amount directly expended by the filing organization for section 527 exempt function activities SchCMd Bullet

Enter the amount of the filing organization's funds contributed to other organizations for section 527 exempt function activities ................................... SchCMd Bullet

Total exempt function expenditures. Add lines 1 and 2. Enter here and on Form 1120-POL, line 17b.. SchCMd Bullet

Did the filing organization file Form 1120-POL for this year? ..........................

Yes No

Enter the names, addresses and employer identification number (EIN) of all section 527 political organizations to which the filing
organization made payments. For each organization listed, enter the amount paid from the filing organization’s funds. Also enter the amount of political contributions received that were promptly and directly delivered to a separate political organization, such as a separate segregated fund or a political action committee (PAC). If additional space is needed, provide information in Part IV.

(a) Name	(b) Address	(c) EIN	(d) Amount paid from filing organization's funds. If none, enter -0-.	(e) Amount of political contributions received and promptly and directly delivered to a separate political organization. If none, enter -0-.

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

Cat. No. 50084S

Schedule C (Form 990 or 990-EZ) 2011

Page 2

Part II-A

Complete if the organization is exempt under section 501(c)(3) and filed Form 5768 (election under section 501(h)).

A Check if the filing organization belongs to an affiliated group (and list in Part IV each affiliated group member's name, address, EIN, expenses, and share of excess lobbying expenditures).
B Check if the filing organization checked box A and "limited control" provisions apply.

Limits on Lobbying Expenditures (The term "expenditures" means amounts paid or incurred.)		(b) Affiliated group totals
1a	Total lobbying expenditures to influence public opinion (grass roots lobbying) ......
b	Total lobbying expenditures to influence a legislative body (direct lobbying) .......
c	Total lobbying expenditures (add lines 1a and 1b) ...................
d	Other exempt purpose expenditures ........................
e	Total exempt purpose expenditures (add lines 1c and 1d) ...............
f	Lobbying nontaxable amount. Enter the amount from the following table in both columns.
	If the amount on line 1e, column (a) or (b) is:The lobbying nontaxable amount is:
	Not over $500,00020% of the amount on line 1e.
	Over $500,000 but not over $1,000,000$100,000 plus 15% of the excess over $500,000.
	Over $1,000,000 but not over $1,500,000$175,000 plus 10% of the excess over $1,000,000.
	Over $1,500,000 but not over $17,000,000$225,000 plus 5% of the excess over $1,500,000.
	Over $17,000,000$1,000,000.

g	Grassroots nontaxable amount (enter 25% of line 1f) .................
h	Subtract line 1g from line 1a. If zero or less, enter -0-. ................
i	Subtract line 1f from line 1c. If zero or less, enter -0-. ................
j	If there is an amount other than zero on either line 1h or line 1i, did the organization file Form 4720 reporting section 4911 tax for this year? ......................................	Yes No

4-Year Averaging Period Under Section 501(h) (Some organizations that made a section 501(h) election do not have to complete all of the five columns below. See the instructions for lines 2a through 2f on page 4.)
Lobbying Expenditures During 4-Year Averaging Period
	Calendar year (or fiscal year beginning in)	(a) 2008	(b) 2009	(c) 2010	(d) 2011	(e) Total

2a	Lobbying non-taxable amount

b	Lobbying ceiling amount (150% of line 2a, column(e))

c	Total lobbying expenditures

d	Grassroots nontaxable amount

e	Grassroots ceiling amount (150% of line 2d, column (e))

f	Grassroots lobbying expenditures

Schedule C (Form 990 or 990-EZ) 2011

Page 3

Part II-B

Complete if the organization is exempt under section 501(c)(3) and has NOT filed Form 5768 (election under section 501(h)).

For each “Yes” response to lines 1a through 1i below, provide in Part IV a detailed description of the lobbying activity.

(a)

Yes

(b)

Amount

During the year, did the filing organization attempt to influence foreign, national, state or local legislation, including any attempt to influence public opinion on a legislative matter or referendum, through the use of:

Volunteers? .........................................

Paid staff or management (include compensation in expenses reported on lines 1c through 1i)? ....

Media advertisements? ....................................

Mailings to members, legislators, or the public? .........................

Yes

Publications, or published or broadcast statements? .......................

Grants to other organizations for lobbying purposes? .......................

Direct contact with legislators, their staffs, government officials, or a legislative body? ........

Rallies, demonstrations, seminars, conventions, speeches, lectures, or any similar means? ......

Other activities? ..........................

Yes

1,239

Total. Add lines 1c through 1i ...............................

1,239

Did the activities in line 1 cause the organization to be not described in section 501(c)(3)? .....

If "Yes," enter the amount of any tax incurred under section 4912 .................

If "Yes," enter the amount of any tax incurred by organization managers under section 4912 .....

If the filing organization incurred a section 4912 tax, did it file Form 4720 for this year? .......

Part III-A

Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6).

Yes

Were substantially all (90% or more) dues received nondeductible by members? ................

Did the organization make only in-house lobbying expenditures of $2,000 or less? ................

Did the organization agree to carry over lobbying and political expenditures from the prior year? ..........

Part III-B

Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6) and if either (a) BOTH Part III-A, lines 1 and 2 are answered “No” OR (b) Part III-A, line 3 is answered “Yes”.

Dues, assessments and similar amounts from members .....................

Section 162(e) nondeductible lobbying and political expenditures (do not include amounts of political
expenses for which the section 527(f) tax was paid).

Current year .........................................

Carryover from last year ....................................

Total ...........................................

Aggregate amount reported in section 6033(e)(1)(A) notices of nondeductible section 162(e) dues .

If notices were sent and the amount on line 2c exceeds the amount on line 3, what portion of the excess does the organization agree to carryover to the reasonable estimate of nondeductible lobbying and political expenditure next year? ................................

Taxable amount of lobbying and political expenditures (see instructions) ..............

Part IV

Supplemental Information

Complete this part to provide the descriptions required for Part l-A, line 1; Part l-B, line 4; Part l-C, Part II-A; line 5; and Part ll-B, line 1.
Also, complete this part for any additional information.

Identifier	Return Reference	Explanation
Mailings to members, legislators, or the public	Schedule C, Part II-B, line 1d (Mailings)	During the fiscal year, HHMI engaged in minimal lobbying activities in connection with proposed Loudoun County Board of Supervisors action regarding public transportation, specifically the extension of the Dulles Corridor Metrorail project. Members of HHMI management sent emails to Loudoun County Supervisors on this issue on behalf of HHMI, involving negligible amounts of staff time.
Other Activities	Schedule C, Part II-B, line 1i (Other Activities)	During the fiscal year, HHMI was a member of a number of non-profit organizations that engaged in lobbying activities on behalf of their memberships. HHMI is reporting as lobbying expenditures a portion of the membership dues that HHMI paid to these organizations.

Schedule C (Form 990 or 990EZ) 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

HOWARD HUGHES MEDICAL INSTITUTE

Employer identification number

59-0735717

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		(a) Cost or other basis (investment)	(b)Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value
1a	Land .................	807,737	37,588,922		38,396,659
b	Buildings ................	10,496,661	677,234,372	158,805,236	528,925,797
c	Leasehold improvements ............	2,878,464	451,383,379	382,161,009	72,100,834
d	Equipment ................		521,221,362	377,820,920	143,400,442
e	Other .................	921,448	50,445,321	495,276	50,871,493
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).).......					833,695,225

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
(3)Other (A) PRIVATE EQUITY & REAL ESTATE	8,348,986,797	F
(B) NATURAL RESOURCES	466,289,081	F
(C) ALTERNATIVE INVESTMENTS	51,952,545	F






Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)	8,867,228,423

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		0
SHORT POSITIONS		118,422,313
REPURCHASE OBLIGATIONS & INT P		103,199,481
INVESTMENT PURCHASES PENDING S		12,869,691
MANAGEMENT FEES PAYABLE		10,986,491
OPTIONS PAYABLE		1,220,060
DEFERRED COMPENSATION LIABILIT		19,101,797
CURRENCY EXCHANGE CONTRACTS PA		8,160,889
SWAP UNREALIZED LOSS		232,549,948
PAYABLE REALIZED GAINS ON FUTU		40,250
Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)		506,550,920
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	1,236,292,903
2	Total expenses (Form 990, Part IX, column (A), line 25) .....................	2	1,084,168,259
3	Excess or (deficit) for the year. Subtract line 2 from line 1 .............	3	152,124,644
4	Net unrealized gains (losses) on investments ..........................	4	-110,881,484
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	-110,881,484
10	Excess or (deficit) for the year per financial statements. Combine lines 3 and 9 .........	10	41,243,160

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	1,032,777,627
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains on investments ..........	2a	-110,881,484
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	-110,881,484
3	Subtract line 2e from line 1.....................			3	1,143,659,111
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	92,633,792
b	Other (Describe in Part XIV.) ...........	4b
c	Add lines 4a and 4b.......................			4c	92,633,792
5	Total Revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......			5	1,236,292,903

Part XIII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
1	Total expenses and losses per audited financial statements .............			1	991,534,468
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	991,534,468
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	92,633,791
b	Other (Describe in Part XIV.) ............	4b
c	Add lines 4a and 4b.......................			4c	92,633,791
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......			5	1,084,168,259

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

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
HOWARD HUGHES MEDICAL INSTITUTE

Employer identification number

59-0735717

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		(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
	Sub-Saharan Africa		Grantmaking	Grants for TB/HIV	527,500
	Europe (Including Iceland and Greenland)		Grantmaking	Int'l Research Scholar	12,010,000
	Europe (Including Iceland and Greenland)		Grantmaking	Grants for TB/HIV	75,000
	Europe (Including Iceland and Greenland)		Investments		891,600,509
	East Asia and the Pacific		Grantmaking	Int'l Research Scholar	6,220,000
	East Asia and the Pacific		Investments		557,505,454
	South America		Grantmaking	Int'l Research Scholar	3,145,000
	South America		Investments		81,429,303
	North America		Grantmaking	Int'l Research Scholar	2,500,000
	North America		Investments		233,479,174
	Sub-Saharan Africa		Grantmaking	Int'l Research Scholar	1,930,000
	Sub-Saharan Africa		Investments		11,719,440
	South Asia		Grantmaking	Int'l Research Scholar	715,000
	South Asia		Investments		86,769,465
	Central America and the Caribbean		Investments		3,076,491,299
	Sub-Saharan Africa	1	Program Services	MEDICAL RESEARCH	27,669,012

3a	Sub-total .....	1			4,993,786,156
b	Total from continuation sheets to Part I ...
c	Totals (add lines 3a and 3b)	1			4,993,786,156

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.

(c) Region	(d) Purpose of grant	(e) Amount of cash grant	(f) Manner of cash disbursement
Sub-Saharan Africa	HIV/TB research	527,500	WT
Europe/Iceland/Greenland	HIV/TB Research	75,000	Check
Sub-Saharan Africa	HIV/TB Research	300,000	WT & Check
Europe/Iceland/Greenland	Intl Early Career Scholar	1,430,000	WT
South America	Intl Early Career Scholar	715,000	WT
Europe/Iceland/Greenland	Intl Early Career Scholar	1,430,000	WT
Europe/Iceland/Greenland	Intl Early Career Scholar	1,430,000	WT
Europe/Iceland/Greenland	Intl Early Career Scholar	715,000	WT
Europe/Iceland/Greenland	Intl Early Career Scholar	715,000	WT
South America	Intl Early Career Scholar	715,000	WT
Europe/Iceland/Greenland	Intl Early Career Scholar	715,000	WT
Europe/Iceland/Greenland	Intl Early Career Scholar	715,000	WT
Europe/Iceland/Greenland	Intl Early Career Scholar	715,000	WT
East Asia/Pacific	Intl Early Career Scholar	715,000	WT
Europe/Iceland/Greenland	Intl Early Career Scholar	715,000	WT
South Asia	Intl Early Career Scholar	715,000	WT
South America	Intl Early Career Scholar	715,000	WT
East Asia/Pacific	Intl Early Career Scholar	2,860,000	WT
Europe/Iceland/Greenland	Intl Early Career Scholar	715,000	WT
East Asia/Pacific	Intl Early Career Scholar	715,000	WT
Europe/Iceland/Greenland	Intl Early Career Scholar	715,000	WT
East Asia/Pacific	Intl Early Career Scholar	715,000	WT
Sub-Saharan Africa	Intl Early Career Scholar	715,000	WT
Sub-Saharan Africa	Intl Early Career Scholar	715,000	WT
East Asia/Pacific	Intl Early Career Scholar	715,000	WT
North America	Senior Intl Research Scholar	500,000	WT
South America	Senior Intl Research Scholar	500,000	WT
North America	Senior Intl Research Scholar	500,000	WT
North America	Senior Intl Research Scholar	500,000	WT
Europe/Iceland/Greenland	Senior Intl Research Scholar	1,000,000	WT
Europe/Iceland/Greenland	Senior Intl Research Scholar	500,000	WT
North America	Senior Intl Research Scholar	500,000	WT
South America	Senior Intl Research Scholar	500,000	WT
Sub-Saharan Africa	Senior Intl Research Scholar	500,000	WT
Europe/Iceland/Greenland	Senior Intl Research Scholar	500,000	WT
North America	Senior Intl Research Scholar	500,000	WT
East Asia/Pacific	Senior Intl Research Scholar	500,000	WT

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
Monitoring of foreign grant funds	Schedule F, Part 1, Line 2	During its 2012 fiscal year, HHMI continued to support International Research Scholars selected through one or more competitions open to all eligible applicants. Eligibility requirements included, but were not limited to, a full-time appointment at a nonprofit scientific research organization in a country other than the United States, and a research focus on basic biological processes or disease mechanisms. Qualified applicants were evaluated by a panel of scientific experts with final selections made by HHMI leadership. The disbursement of grant funds to support the work of International Early Career Scientists and Senior International Research Scholars is made in accordance with all applicable U.S. laws. Funds are paid to an institutional account. In order to monitor the activities and productivity of the grants, each scientist is required to submit an annual progress report concerning his or her research and each grantee institution is required to submit annual financial reports. These reports are reviewed by HHMI staff. Site visits and audits are conducted if warranted and grantees attend scientific meetings of HHMI US-based scientists. HHMI makes regular expenditures as part of its commitment of over $70 million to support the KwaZulu-Natal Research Institute for Tuberculosis and HIV (K-RITH) over 10 years. As discussed in further detail on Schedule O, HHMI and the University of KwaZulu-Natal (UKZN) in South Africa have collaborated on establishing K-RITH as an international research center in Durban, South Africa. K-RITH's mission is the conduct of outstanding basic scientific research on tuberculosis (TB) and HIV, translating the scientific findings into new insights or tools to control the devastating co-epidemic of TB and HIV, and helping to train a new generation of scientists in Africa. K-RITH was registered in 2011 as an independent non-profit association incorporated under South African law. More information about K-RITH is available from its website, (http://www.k-rith.org/). As part of its oversight of the K-RITH project, HHMI receives regular, detailed financial and programmatic reporting on spending by UKZN and K-RITH of HHMI's financial support of K-RITH on at least a quarterly basis. In addition, HHMI has a one seat on the K-RITH governing board and its employees serve on various K-RITH advisory boards, make regular visits to K-RITH, and are in frequent contact with the K-RITH director and his staff to receive program and financial updates.

Schedule F (Form 990) 2011

Additional Data

Software ID:
Software Version:

- TIN:

Schedule I
(Form 990)

Department of the Treasury
Internal Revenue Service

Grants and Other Assistance to Organizations,
Governments and Individuals in the United States

Complete if the organization answered "Yes," to Form 990, Part IV, line 21 or 22.
lBullet

Attach to Form 990

OMB No. 1545-0047

2011

Open to Public
Inspection

Name of the organization
HOWARD HUGHES MEDICAL INSTITUTE

Employer identification number
59-0735717

Part I

General Information on Grants and Assistance

Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ....................................

Yes No

Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.

Part II

Grants and Other Assistance to Governments and Organizations in the United States. Complete if the organization answered "Yes" to
Form 990, Part IV, line 21 for any recipient that received more than $5,000. Check this box if no one recipient received more than $5,000. Use
Part IV and Schedule I-1 (Form 990) if additional space is needed ......................... lBullet

(a) Name and address of organization or government	(b) EIN	(c) IRC Code section if applicable	(d) Amount of cash grant	(h) Purpose of grant or assistance
(1) Travel Exps paid-behalf-grantees-AMR Corp4333 Amon Carter Blvd Fort Worth,TX76155	75-1825172		8,937	EXROP Program - Housing
(2) Harvard UniversityHarvard University Cambridge,MA02138	04-2103580	501 (c) (3)	36,730	EXROP Program - Housing
(3) Housing paid-behalf-grantees-International House500 Riverside Drive New York,NY10027	13-1624048		20,101	EXROP Program - Housing
(4) UC - Los AngelesUC - Los Angeles Los Angeles,CA90095	95-6006143	501 (c) (3)	7,651	EXROP Program - Housing
(5) Harvard Stem Cell InstituteHarvard Stem Cell Institute Cambridge,MA02138	04-2103580	501 (c) (3)	13,230	EXROP Program - Housing
(6) Cold Spring Harbor LabCold Spring Harbor Lab Cold Spring Harbor,NY11724	11-2013303	501 (c) (3)	8,250	EXROP Program - Housing
(7) California Institute of TechnologyCalifornia Institute of Technology Pasadena,CA91125	95-1643307	501 (c) (3)	6,601	EXROP Program - Housing
(8) Travel Exps paid-behalf-grantees-Longwood Inn123 Longwood Avenue Brookline,MA02446	04-2932331		15,620	EXROP Program - Housing
(9) WETA3939 Campbell Avenue Arlington,VA22206	53-0242992	501 (c) (3)	125,000	Greater PBS Newshour
(10) Audubon Naturalist Soc8940 Jones Mill Road Chevy Chase,MD20815	53-0233715	501 (c) (3)	50,000	Precollege Local Inititative
(11) Chesapeake Bay Foundation162 Prince George Street Annapolis,MD21401	52-6065757	501 (c) (3)	150,000	Precollege Local Inititative
(12) Montgomery Cty PS Educ Found850 Hungerford Drive Rockville,MD20850	52-1804509	501 (c) (3)	545,000	Precollege Local Inititative
(13) PG County Public Schools14201 School Lane Upper Marlboro,MD20772	52-6000992	MD county	40,000	Precollege Local Inititative
(14) Loudoun Cty Public Schools21000 Education Court Leesburg,VA20176	54-6001395	VA county	1,000,000	PreCollege Science - Other
(15) NYUNew York University New York,NY10003	13-5562308	501 (c) (3)	30,000	NOVA
(16) Univ of MinnesotaUniv of Minnesota Minneapolis,MN55415	41-6007513	501 (c) (3)	120,000	Summer Institute
(17) Grinnell CollegeGrinnell College Grinnell,IA50112	43-0680387	501 (c) (3)	285,000	Summer Institute
(18) Evergreen State CollegeEvergreen State College Olypmia,WA98195	91-0826533	501 (c) (3)	120,000	Summer Institute
(19) Indiana Univ of PennsylvaniaIndiana Univ of Pennsylvania Indiana,PA15705	25-1753112	501 (c) (3)	55,000	Summer Institute
(20) Univ of ColoradoUniv of Colorado Boulder,CO80309	84-6000555	501 (c) (3)	120,000	Summer Institute
(21) Harvard UniversityHarvard University Cambridge,MA02138	04-2103580	501 (c) (3)	120,000	Summer Institute
(22) Louisiana State Univ-A&MLouisiana State Univ-AM Baton Rouge,LA70803	72-6000848	501 (c) (3)	120,000	Summer Institute
(23) University of GeorgiaUniversity of Georgia Athens,GA30602	58-6001998	501 (c) (3)	120,000	Summer Institute
(24) Biological Sciences Curriculum StudyColorado State University Colorado Springs,CO80918	84-0622557	501 (c) (3)	170,000	BSCS-NOVA
(25) ResearchAmerica1101 King Street Ste 520 Alexandria,VA22314	52-1609875	501 (c) (3)	25,000	Assessment
(26) National Academy of Sciences2101 Constitution Avenue NW Washington,DC20001	53-0196932	501 (c) (3)	300,000	Local Area
(27) Foundation for NIH9650 Rockville Pike Bethesda,MD20814	52-1986675	501 (c) (3)	140,000	Local Area
(28) UC - San DiegoUC - San Diego La Jolla,CA92093	39-6054285	501 (c) (3)	26,000	Interdisciplinary Research Training
(29) Massachusetts General HospitalMassachusetts General Hospital Boston,MA02129	04-2697983	501 (c) (3)	29,000	Interdisciplinary Research Training
(30) UC - IrvineUC - Irvine Irvine,CA92717	95-2226406	501 (c) (3)	30,000	Interdisciplinary Research Training
(31) Purdue UniversityPurdue University West Lafayette,IN47907	35-6002041	501 (c) (3)	300,000	Curricullum Collaborative
(32) University of MarylandUniversity of Maryland Baltimore,MD21201	52-6002033	501 (c) (3)	300,000	Curricullum Collaborative
(33) University of MarylandUniversity of Maryland College Park,MD21250	52-6002033	501 (c) (3)	300,000	Curricullum Collaborative
(34) University of MiamiUniversity of Miami Coral Gables,FL33146	59-0624458	501 (c) (3)	300,000	Curricullum Collaborative
(35) Allegheny CollegeAllegheny College Meadville,PA16335	25-0965212	501 (c) (3)	1,500,000	College
(36) Bard CollegeBard College AnnandaleonHudson,NY12504	14-1713034	501 (c) (3)	800,000	College
(37) Barnard CollegeBarnard College New York,NY10027	13-1628149	501 (c) (3)	1,000,000	College
(38) Bryn Mawr CollegeBryn Mawr College Bryn Mawr,PA19010	23-1352621	501 (c) (3)	1,000,000	College
(39) Cal-State FullertonCal-State Fullerton Fullerton,CA92831	95-2081258	501 (c) (3)	1,200,000	College
(40) Carleton CollegeCarleton College Northfield,MN55057	41-0694747	501 (c) (3)	1,000,000	College
(41) Carroll CollegeCarroll College Helena,MT59625	81-0231774	501 (c) (3)	1,000,000	College
(42) College of CharlestonCollege of Charleston Charleston,SC29424	57-6000265	501 (c) (3)	1,400,000	College
(43) CUNY Hunter CollegeCUNY Hunter College New York,NY10021	13-1988190	501 (c) (3)	1,000,000	College
(44) Franklin & Marshall CollegeFranklin Marshall College Lancaster,PA17604	23-1352635	501 (c) (3)	1,400,000	College
(45) Georgetown CollegeGeorgetown College Georgetown,KY40324	61-0444695	501 (c) (3)	1,100,000	College
(46) Gettysburg CollegeGettysburg College Gettysburg,PA17325	23-1352641	501 (c) (3)	1,300,000	College
(47) Gonzaga UniversityGonzaga University Spokane,WA99258	91-0236600	501 (c) (3)	1,200,000	College
(48) Grinnell CollegeGrinnell College Grinnell,IA50112	43-0680387	501 (c) (3)	1,000,000	College
(49) Hamline UniversityHamline University St Paul,MN55104	41-0693960	501 (c) (3)	1,100,000	College
(50) Harvey Mudd CollegeHarvey Mudd College Claremont,CA91711	95-1911219	501 (c) (3)	1,200,000	College
(51) Hope CollegeHope College Holland,MI49423	38-1381271	501 (c) (3)	1,000,000	College
(52) Juniata CollegeJuniata College Huntingdon,PA16652	23-1352652	501 (c) (3)	1,000,000	College
(53) Lafayette CollegeLafayette College Easton,PA18042	24-0795686	501 (c) (3)	800,000	College
(54) Lewis & Clark CollegeLewis Clark College Portland,OR97219	93-0386858	501 (c) (3)	1,000,000	College
(55) Luther CollegeLuther College Decorah,IA52101	42-0680466	501 (c) (3)	1,500,000	College
(56) Macalester CollegeMacalester College St Paul,MN55105	41-0693962	501 (c) (3)	1,300,000	College
(57) Milsaps CollegeMilsaps College Jackson,MS39210	64-0303084	501 (c) (3)	1,400,000	College
(58) Morehouse CollegeMorehouse College Atlanta,GA30314	58-0566205	501 (c) (3)	800,000	College
(59) North Carolina Central UniversityNorth Carolina Central University Durham,NC27707	56-6000730	501 (c) (3)	1,400,000	College
(60) Oberlin CollegeOberlin College Oberlin,OH44074	34-0714363	501 (c) (3)	800,000	College
(61) Pomona CollegePomona College Claremont,CA91711	95-1664112	501 (c) (3)	1,200,000	College
(62) San Francisco State UniversitySan Francisco State University San Francisco,CA94132	93-1137247	501 (c) (3)	1,500,000	College
(63) Scripps CollegeScripps College Claremont,CA91711	95-1664123	501 (c) (3)	1,200,000	College
(64) Smith CollegeSmith College Northampton,MA01063	04-1843040	501 (c) (3)	1,000,000	College
(65) Southwestern UniversitySouthwestern University Georgetown,TX78626	74-1233796	501 (c) (3)	1,300,000	College
(66) Spelman CollegeSpelman College Atlanta,GA30314	58-0566243	501 (c) (3)	1,000,000	College
(67) St Olaf CollegeSt Olaf College Northfield,MN55057	41-0693979	501 (c) (3)	1,000,000	College
(68) Swarthmore CollegeSwarthmore College Swarthmore,PA19081	23-1352683	501 (c) (3)	1,000,000	College
(69) Tougaloo CollegeTougaloo College Tougaloo,MS39174	64-0303093	501 (c) (3)	1,300,000	College
(70) Tuskegee UniversityTuskegee University Tuskegee,AL36088	63-0288878	501 (c) (3)	1,000,000	College
(71) Univ of Puerto Rico CayeyUniv of Puerto Rico Cayey Cayey,PR00736	66-0433766	501 (c) (3)	900,000	College
(72) Univ of Puerto Rico MayaguezUniv of Puerto Rico Mayaguez Mayaguez,PR00681	66-0433761	501 (c) (3)	1,300,000	College
(73) Univ of Minnesota-MorrisUniv of Minnesota-Morris Morris,MN56267	41-6007513	501 (c) (3)	1,200,000	College
(74) Univ of RichmondUniv of Richmond Richmond,VA23173	54-0505965	501 (c) (3)	1,400,000	College
(75) Univ of Texas Pan AmericanUniv of Texas Pan American Edinburg,TX78539	74-6003942	501 (c)(3)	1,200,000	College
(76) Ursinus CollegeUrsinus College Collegeville,PA19426	23-1177930	501 (c) (3)	800,000	College
(77) Washington & Lee UniversityWashington Lee University Lexington,VA24450	54-0505977	501 (c) (3)	1,000,000	College
(78) Whittier CollegeWhittier College Whittier,CA90608	95-1644048	501 (c) (3)	800,000	College
(79) Xavier University of LouisianaXavier University of Louisiana New Orleans,LA70125	72-0635884	501 (c) (3)	1,000,000	College

Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................. Bullet Image

Enter total number of other organizations listed in the line 1 table ......................... . Bullet Image

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

Cat. No. 50055P

Schedule I (Form 990) 2011

Page 2

Part III

Grants and Other Assistance to Individuals in the United States. Complete if the organization answered "Yes" to Form 990, Part IV, line 22.
Use Schedule I-1 (Form 990) if additional space is needed.

(a)Type of grant or assistance	(b)Number of recipients	(c)Amount of cash grant
(1) EXROP Program	93	507,650
(2) Gilliam Fellowships	26	604,500
(3) Science Education Fellows	1	36,915
(4) International Predoctoral Fellowship Program	89	3,805,500

Part IV

Supplemental Information. Complete this part to provide the information required in Part I, line 2, and any other additional information.

Identifier	Return Reference	Explanation
Monitoring of Grants funds	Schedule I, Part 1, Line 2	HHMI awards institutional grants in support of precollege, undergraduate, and graduate education in the U.S. through periodic national competitions for which select institutions are eligible to apply. Each program sets out specific criteria and objectives; proposals are evaluated by a panel of experts with the final selection made by HHMI leadership. The Institute also awards fellowships to international predoctoral students; to medical students seeking to conduct basic laboratory research; to doctoral students (the Gilliam Fellows), and to early career physician scientists. These grants are also awarded on a competitive basis. A small number of grants are awarded based on direct application to HHMI for specific initiatives directly related to science education. The disbursement of funds occurs principally through institutions: biomedical research institutions, universities, and colleges. HHMI grantees are required to file annual progress reports that detail expenditures in accordance with the terms of the grant, as well as full description of program activities undertaken with the funds. These are subject to careful review and analysis by HHMI staff with more detailed review by the Institute auditors as warranted. The Institute continues to assess reporting requirements to ensure the quality and timeliness of both financial and programmatic reports. In addition to site visits made by HHMI staff, program directors meet on a regular basis to discuss their activities and share information about best educational practices.

Schedule I (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

HOWARD HUGHES MEDICAL INSTITUTE

Employer identification number

59-0735717

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....

Yes

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? ....

Yes

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 ............

Yes

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 .............................

Yes

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

Yes

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) Robert Tjian PhD	(i) (ii)	1,133,137	0	15,000	22,000	29,300	1,199,437
(2) Cheryl A Moore	(i) (ii)	784,937	0	118,232	16,500	21,209	940,878
(3) Craig A Alexander Esq	(i) (ii)	549,678	0	16,500		24,608	590,786
(4) Sean B Carroll PhD	(i) (ii)	576,362	0	268,464	22,000	19,650	886,476
(5) Jack E Dixon PhD	(i) (ii)	699,364	0	58,278	22,000	28,648	808,290
(6) Mohamoud Jibrell	(i) (ii)	274,661	0	14,400	14,400	21,886	325,347
(7) Nitin V Kotak	(i) (ii)	305,327	0	16,500	16,775	17,495	356,097
(8) Avice A Meehan	(i) (ii)	395,116	0	16,500	21,984	9,875	443,475
(9) Gerald M Rubin PhD	(i) (ii)	660,026	0	16,500	21,750	84,090	782,366
(10) Landis Zimmerman	(i) (ii)	833,899	483,862	16,500		22,920	1,357,181
(11) Heidi E Henning Esq	(i) (ii)	405,185	0	16,500	21,960	20,244	463,889
(12) Susan S Plotnick	(i) (ii)	204,212	0	16,500	0	22,444	243,156
(13) Richard A Pender	(i) (ii)	459,661	427,564	16,500	0	20,006	923,731
(14) Robert J Kolyer Jr	(i) (ii)	402,240	270,511	16,500	22,000	22,873	734,124
(15) Stephen M Kitsoulis	(i) (ii)	349,188	242,883	0	22,000	21,502	635,573
(16) Mark A Barnard	(i) (ii)	348,512	157,626	16,500	22,000	21,986	566,624
(17) Peter J Bruns PhD	(i) (ii)	124,750	0	0	0	0	124,750
(18) Thomas R Cech PhD	(i) (ii)	545,705	400,000	17,000	0	22,407	985,112
(19) David A Clayton PhD	(i) (ii)	108,586	0	0	0	20,397	128,983
(20) Robert C Mullins	(i) (ii)	232,729	0	13,563	14,409	20,200	280,901
(21) Edward J Palmerino	(i) (ii)	115,567	254,907	5,500	7,333	6,937	390,244
(22) William R Bishai PhD	(i) (ii)	401,956	0	207,707	22,000	19,496	651,159
(23) Anil Madhok	(i) (ii)	322,116	219,373	16,500	16,500	19,746	594,235
(24) Eric R Kandel MD	(i) (ii)	519,686	0	15,250	20,500	31,423	586,859
(25) Matthew R Lee	(i) (ii)	320,934	194,895	16,500	16,500	21,574	570,403
(26) Roderick Mackinnon MD	(i) (ii)	429,576	0	21,350	22,000	23,512	496,438

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
Part 1 Line 1a		First-class travel: Under HHMI policies, HHMI reimburses its Trustees, President, Vice Presidents, and certain advisory group members for the reasonable cost of airfare at one class above coach for domestic or international flights of three hours or more. If a particular aircraft does not have a business class section, one class above coach may be first class. In this case HHMI would reimburse the traveling Trustee or officer for the reasonable cost of first-class travel if the flight is three hours or more. As an alternative, HHMI may reimburse for the cost of coach airfare plus the cost of an upgrade to travel at one level above coach for a flight of three hours or more. Housing for personal use: HHMI's President currently resides in an HHMI-owned apartment on the headquarters campus, for which he pays HHMI at a fair market rental rate. Because HHMI's President is also required to spend time at HHMI's Janelia campus, where he runs a research laboratory as well as attends meetings and participates in conferences, HHMI makes a one-bedroom apartment available to him at that location. HHMI's Vice President and Director, Janelia Farm Research Campus is required as a condition of employment to reside on the Janelia campus in housing built for that purpose. HHMI's Vice President and Chief Scientific Officer receives a mortgage subsidy from HHMI under a Housing Assistance Program for certain individuals who relocate to take positions with HHMI. The Executive Vice President and Chief Operating Officer also receives housing assistance from HHMI under this program. The Vice President for Science Education also receives housing assistance from HHMI under this program. In each case, the subsidy is treated as additional taxable compensation. Travel for companions: Under HHMI's moving expense reimbursement policy, if an employee is relocating at HHMI's request, HHMI may reimburse for up to two househunting trips by the relocating employee and members of his or her household. Under this policy, HHMI reimbursed a highly compensated employee who was relocating at HHMI's request for househunting travel by a companion. Tax gross-up payments: Under HHMI's moving expense reimbursement policy, if an employee is relocating at HHMI's request, HHMI will ordinarily provide a tax gross-up for the reimbursable moving expenses that must be treated as taxable to the employee. HHMI continued to follow this standard practice during the 2012 fiscal year.
Part I Line 7		HHMI has an incentive compensation plan for its senior investment staff under which a portion of their compensation is determined based on performance of HHMI's portfolio against market benchmarks. HHMI also makes one-time payments to some of its other employees, including but not limited to officers, in recognition of exceptional performance.
Part I Line 8		When recruiting individuals for high-level positions, HHMI typically enters into initial contracts. HHMI has entered into initial contracts with its President and a number of Vice Presidents. HHMI's standard practice is to have independent compensation consultants regularly review and confirm the reasonableness of compensation of HHMI's officers and key employees, regardless of whether the initial contract exception applies.

Schedule J (Form 990) 2011

Additional Data

Software ID:
Software Version:

- TIN:

Schedule K
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Information on Tax Exempt Bonds

Complete if the organization answered "Yes" to Form 990, Part IV, line 24a. Provide descriptions,
explanations, and any additional information in Part VI.
SchKMediumBullet

Attach to Form 990. SchKMediumBullet

See separate instructions.

OMB No. 1545-0047

2011

Open to Public
Inspection

Name of the organization
HOWARD HUGHES MEDICAL INSTITUTE

Employer identification number
59-0735717

Part I

Bond Issues

(a) Issuer Name		(b) Issuer EIN	(c) CUSIP #	(d) Date Issued	(e) Issue Price	(f) Description of Purpose	(g) Defeased		(h) On Behalf of Issuer		(i) Pool financing
(a) Issuer Name		(b) Issuer EIN	(c) CUSIP #	(d) Date Issued	(e) Issue Price	(f) Description of Purpose	Yes	No	Yes	No	Yes	No
A	Loudoun County IDA	52-1310230	545910AL5	02-27-2003	500,000,000	FINANCE CONSTRUCTION OF JANELIA FA		X		X		X
B	Loudoun Cty IDA	52-1310230	545910AP6	10-02-2009	23,000,000	FINANCE CONTRUCTION OF JANELIA FAR		X		X		X
C	MEDCO	52-1376562	574205FY1	02-15-2008	83,500,000	FINANCE CONSTRUCITON OF HQ EXPANSI		X		X		X
D	Medco	52-1376562	574205FZ8	05-15-2008	76,500,000	REFUNDING OF ISSUE TO FINANCE HQ C		X		X		X

Part II

Proceeds

	A		B		C		D
	1 Amount of bonds retired . . . . . . . . . . . . .	0		0		0		0
2 Amount of bonds legally defeased . . . . . . . . . .	0		0		0		0
3 Total proceeds of issue . . . . . . . . . . . . .	534,028,000		23,022,042		84,953,297		76,500,000
4 Gross proceeds in reserve funds . . . . . . . .	0		0		0		0
5 Capitalized interest from proceeds . . . . . . . . . .	54,203,000		904,914		5,954,687		0
6 Proceeds in refunding escrows . . . . . . . . . . .	0		0		0		0
7 Issuance costs from proceeds . . . . . . . . . . .	200,000		0		631,673		0
8 Credit enhancement from proceeds . . . . . . . . . .	0		0		0		0
9 Working capital expenditures from proceeds . . . . . . .	0		43,305		0		0
10 Capital expenditures from proceeds . . . . . . . . . .	479,625,000		22,073,823		78,366,937		0
11 Other spent proceeds . . . . . . . . . . .	0		0		0		76,500,000
12 Other unspent proceeds . . . . . . . . . . .	0		0		0		0
13 Year of substantial completion . . . . . . . . . . .	2006		2011		2010		1993
	Yes	No	Yes	No	Yes	No	Yes	No
14 Were the bonds issued as part of a current refunding issue? . . . .		X		X		X	X
15 Were the bonds issued as part of an advance refunding issue? . . . .		X		X		X		X
16 Has the final allocation of proceeds been made? . . . . . .	X		X		X		X
17 Does the organization maintain adequate books and records to support the final allocation of proceeds? . . . . . . . . . . . . .	X		X		X		X

Part III

Private Business Use

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
1 Was the organization a partner in a partnership, or a member of an LLC, which owned property financed by tax-exempt bonds? . . . . . . .		X		X		X
2 Are there any lease arrangements that may result in private business use of bond-financed property? . . . . . . . . .		X		X		X

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

Cat. No. 50193E

Schedule K (Form 990) 2011

Page 2

Part III

Private Business Use (Continued)

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
3a Are there any management or service contracts that may result in private business use of bond-financed property? . . . . . . . . .	X		X		X
b If ‘Yes’ to line 3a, does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property? . . . . .	X		X		X
c Are there any research agreements that may result in private business use of bond-financed property? . . . . . . .	X			X		X
d If ‘Yes’ to line 3c, does the organization routinely engage bond counsel or other outside counsel to review any research agreements relating to the financed property? .	X		X		X
4 Enter the percentage of financed property used in a private business use by entities other than a section 501(c)(3) organization or a state or local government . .	0.00000%		0.00000%		0.00000%		0%
5 Enter the percentage of financed property used in a private business use as a result of unrelated trade or business activity carried on by your organization, another section 501(c)(3) organization, or a state or local government . . . . . . .	0.00000%		0.00000%		0.00000%		%
6 Total of lines 4 and 5 . . .. . . . . . . . .	0.00000%		0.00000%		0.00000%		%
7 Does the bond issue meet the private security or payment test? . . .	X		X		X
8 Has the organization established written procedures to ensure that all nonqualified bonds of the issue are remediated in accordance with the requirements under Regulations sections 1.141-12 and 1.145-2?	X		X		X

Part IV

Arbitrage

	A		B		C		D
	Yes	No	Yes	No	Yes	No	Yes	No
1 Has a Form 8038-T, Arbitrage Rebate, Yield Reduction and Penalty in Lieu of Arbitrage Rebate, been filed with respect to the bond issue? . . .	X			X		X	X
2 Is the bond issue a variable rate issue?	X		X		X		X
3a Has the organization or the governmental issuer entered into a qualified hedge with respect to the bond issue?	X		X		X		X
b Name of provider . . . . . . . .	BARCLAYS		JP MORGAN CHASE		JP MORGAN
c Term of hedge . . . . . . . .	10.		30.		30.		30.
d Was the hedge superintegrated? . . . .		X		X		X		X
e Was a hedge terminated? . . . . .		X		X		X		X
4a Were gross proceeds invested in a guaranteed investment contract (GIC)? . . . . . .		X		X		X		X
b Name of provider . . . . . .	0		0		0		0
c Term of GIC . . . . . . .
d Was the regulatory safe harbor for establishing the fair market value of the GIC satisfied? . . . . . .
5 Were any gross proceeds invested beyond an available temporary period? . . . . . .		X		X		X		X
6 Did the bond issue qualify for an exception to rebate? .		X		X		X	X
7 Has the organization established written procedures to monitor the requirements of section 148? . . .		X		X		X	X

Schedule K (Form 990) 2011

Page 3

Part V

Procedures To Undertake Corrective Action

Has the organization established written procedures to ensure that violations of federal tax requirements are timely identified and corrected through the voluntary closing agreement program if self-remediation is not available under applicable regulations? . . . . . . . . . . . . . . YesNo

Part VI

Supplemental Information

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

Identifier	Return Reference	Explanation
Schedule O	0

Schedule K (Form 990) 2011

Additional Data

Software ID:
Software Version:

- TIN:

Schedule L
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Transactions with Interested Persons

Complete if the organization answered
"Yes" on Form 990, Part IV, lines 25a, 25b, 26, 27, 28a, 28b, or 28c,
or Form 990-EZ, Part V lines 38a or 40b.
MediumBullet

Attach to Form 990 or Form 990-EZ. MediumBullet

See separate instructions.

OMB No. 1545-0047

2011

Open to Public Inspection

Name of the organization

HOWARD HUGHES MEDICAL INSTITUTE

Employer identification number

59-0735717

Part I

Excess Benefit Transactions (section 501(c)(3) and section 501 (c)(4) organizations only).
Complete if the organization answered "Yes" on Form 990, Part IV, line 25a or 25b, or Form 990-EZ, Part V, line 40b.

1(a) Name of disqualified person	(b) Description of transaction	(c) Corrected?
1(a) Name of disqualified person	(b) Description of transaction	Yes	No

Enter the amount of tax imposed on the organization managers or disqualified persons during the year under section 4958. ......................... Bullet Image

Enter the amount of tax, if any, on line 2, above, reimbursed by the organization ....... Bullet Image

Part II

Loans to and/or From Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 26, or Form 990-EZ, Part V, line 38a.

(a) Name of interested person and purpose	(b) Loan to or from the organization?		(c)Original principal amount	(d)Balance due	(e) In default?		(f) Approved by board or committee?		(g)Written agreement?
(a) Name of interested person and purpose	To	From	(c)Original principal amount	(d)Balance due	Yes	No	Yes	No	Yes	No






Total ............... $

Part III

Grants or Assistance Benefitting Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 27.

(a) Name of interested person	(b)Relationship between interested person and the organization	(c)Amount of grant or type of assistance

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

Cat. No. 50056A

Schedule L (Form 990 or 990-EZ) 2011

Page 2

Part IV

Business Transactions Involving Interested Persons.
Complete if the organization answered "Yes" on Form 990, Part IV, line 28a, 28b, or 28c.

(a) Name of interested person	(b) Relationship between interested person and the organization	(c) Amount of transaction	(d) Description of transaction	(e) Sharing of organization's revenues?
(a) Name of interested person		(c) Amount of transaction	(d) Description of transaction	Yes	No
(1) American Express Company	Shared Trustee/Director	447,040	see Supplemental Information		No

Part V

Supplemental Information

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

Identifier	Return Reference	Explanation
Reportable Business Transactions	Part IV, Line d	A trustee of HHMI is also a director of American Express Company. HHMI paid American Express Company for travel and related services provided to HHMI in the ordinary course of business.

Schedule L (Form 990 or 990-EZ) 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

HOWARD HUGHES MEDICAL INSTITUTE

Employer identification number

59-0735717

Identifier	Return Reference	Explanation
Authority over Financial Account in a Foreign Country	Core Form, Part V, Line 4b	HHMI has signature authority over investment accounts in the above foreign countries through their custodian, Bank of New York Mellon: ARGENTINA AUSTRALIA AUSTRIA BELGIUM BERMUDA BRAZIL CANADA CHILE CHINA COLOMBIA CZECH REPUBLIC DENMARK EGYPT ESTONIA FINLAND FRANCE GERMANY GREECE HONG KONG HUNGARY INDIA INDONESIA IRELAND ISRAEL ITALY JAPAN JORDAN LUXEMBOURG MALAYSIA MAURITIUS MEXICO MOROCCO NETHERLANDS NEW ZEALAND NORWAY PERU PHILIPPINES POLAND PORTUGAL ROMANIA SINGAPORE SLOVENIA SOUTH AFRICA SOUTH KOREA SPAIN SRI LANKA SWEDEN SWITZERLAND TAIWAN THAILAND TURKEY UKRAINE UNITED KINGDOM URUGUAY VENEZUELA ZIMBABWE. HHMI also has direct signature authority in Mauritius and Singapore.
Description of 990 Review Process	Core Form, Part VI, Section B, Line 11A	The Howard Hughes Medical Institute's Form 990 is initially prepared by its Tax Compliance Department, in coordination with other HHMI departments as needed. The draft return is reviewed by senior management of HHMI and by attorneys in HHMI's Office of the General Counsel. Following these reviews and the resolution of any questions that have been raised, the draft return is reviewed by HHMI's outside tax preparer. Finally, a copy of the return is provided to the members of HHMI's Board of Trustees so that they have an opportunity to review and comment on the return before it is filed.
Conflict of Interest Policy	Core Form, Part VI, Section B, Line 12a-12c	In addition to HHMI's code of conduct, which addresses conflicts of interest and applies to all HHMI employees, officers, Trustees, and advisors, HHMI has specific conflict of interest policies for different categories of personnel. Under the HHMI policies that apply to Trustees, officers, and key employees, these individuals must disclose annually interests that could give rise to conflicts of interest, and must certify annually their compliance with the conflict of interest policy that applies to them. Annual disclosures and certifications are reviewed by HHMI's Office of the General Counsel, and by other HHMI managers as needed. The conflict of interest policy covering HHMI's Trustees also requires each Trustee to disclose to the other Trustees any actual or apparent conflict of interest with respect to a proposed HHMI transaction. If the other Trustees decide that there is only the appearance of a conflict of interest, and that it could not reasonably be considered to affect the independent, unbiased judgment of the disclosing Trustee with respect to the transaction at issue, no further action is required to address the apparent conflict. In all other cases, including all actual conflicts of interest, the disclosing Trustee is not permitted to participate in the deliberation or decision regarding the transaction under consideration, and must leave the room during the deliberation and vote. The conflict of interest policy covering HHMI's officers and key employees requires each covered individual to obtain supervisory approval up to the level of HHMI's President before entering into an affiliation with or acquiring an interest of 1% or more in any entity that is or may become a recipient of HHMI funds. HHMI's President, in consultation with HHMI's General Counsel, may permit the affiliation or interest if it would not interfere with the covered individual's performance of his or her HHMI responsibilities, would not create the appearance of a conflict of interest, and would be consistent with sound business judgment. HHMI's President may set conditions on approval, for example that there be no remuneration to the covered individual. Proposed affiliations and interests of 1% or more of HHMI's President are subject to the approval of the Chairman of the Trustees.
Process for determining compensation	Core Form, Part VI, Section B, Lines 15a-b	The compensation for HHMI's President, other officers, and key employees is set using the following procedures. Every other year, the Audit and Compensation Committee of HHMI's Board of Trustees engages one or more independent compensation consultants to conduct a study of comparable market data. The study includes data for HHMI's President, other officers, and key employees. The independent compensation consultants also provide an opinion regarding the reasonableness of the compensation arrangements for the positions included in the study. The study includes comparable market data for all components of compensation for each person covered by the study, including base salary, incentive compensation (if any), and benefits. The Committee relies on the market data and opinion provided by the compensation consultant in making recommendations to the Board of Trustees regarding compensation for HHMI's President, other officers and key employees. The decision is made by independent Trustees. Any Trustee who has a conflict of interest with respect to a specific officer or key employee must recuse himself or herself from the decision on that person's compensation, and leave the meeting room during the debate and voting on it. In the alternate years when a study is not done, the Audit and Compensation Committee confirms with the independent compensation consultants that the range of any proposed merit increases for HHMI employees, including senior management, is reasonable compared with generally prevailing compensation increases in the market over the past year. The Committee relies on this advice in recommending compensation for HHMI's President, other officers and key employees, and the Board of Trustees relies on this advice in making compensation decisions. Recusal procedures are the same in as in the years when a study is done. In each year, minutes of the discussions and decisions regarding compensation are prepared after each meeting and are submitted for approval at the next meeting. Approved minutes are kept in HHMI's records. All minutes include the date of the meeting, identify those Trustees who attended and voted on the compensation arrangements, and note any recusals of Trustees with a conflict of interest. The comparability studies and opinions relied on at the meeting are referenced in the minutes, and copies of these materials are also kept in HHMI's records. HHMI's Board of Trustees followed this process in August 2011 in determining compensation for the following positions: President; Vice Presidents; and Managing Directors - Investments.
Governing documents etc available to the public	Core Form, Part VI, Section C, Line 19	HHMI's practice has been to make a copy of its charter and by-laws available on request. HHMI's code of conduct, which addresses conflicts of interest, is available to the public on the HHMI web site. A downloadable copy of HHMI's most recent audited financial statements is also available to the public on the web site. In addition, HHMI publishes an annual report that provides a summary of each year's activity, expenditures, and financial performance; this publication is widely distributed in print and is posted on the HHMI web site.
Whistleblower policy	Core Form, Part VI, Section B, Line 13	HHMI has had a written whistleblower policy in place since 2003. This policy was approved by the Trustees during this past fiscal year.
Document Retention & Destruction Policy	Core Form, Part VI, Section B, Line 14	HHMI has had written document retention and destruction policies in place for many years. These policies were adopted by HHMI's Trustees before the end of the tax year covered by this Form 990.
Other Changes of Net Assets	Core Form, Part XI, Line 5	Unrealized gains on investments
Statement 1	Part III, Program Service, line 4a - Medical Research	Medical Research (A) The HHMI Investigator Program (B) Janelia Farm Research Campus (C) Highlights from HHMI Research Laboratories (Fiscal Year 2012) (D) Honors and Awards Received by HHMI Scientists (A) The HHMI Investigator Program The Howard Hughes Medical Institute's approach to biomedical research can be summarized in three words: people, not projects. By appointing scientists as HHMI investigators - rather than awarding research grants - the Institute provides long-term, flexible funding that enables its researchers to pursue their scientific interests wherever they lead. HHMI believes that scientists of exceptional talent and imagination will make fundamental discoveries of lasting scientific value and benefit to humanity if they are given the resources, time, and freedom to pursue challenging questions. The Institute nurtures the creativity and intellectual daring of scientists who are willing to set aside conventional wisdom or the "easy" question for a fundamental problem that may take many years to solve. Among the characteristics that distinguish this group of scientists are qualities such as creativity, a penchant for risk-taking, and a commitment to discovery, productivity, and perseverance. This unique research model is an imaginative and powerful alternative to funding biomedical research through grants. The flagship HHMI Investigator Program employs more than 316 HHMI researchers, among them 13 Nobel laureates and 161 members of the National Academy of Sciences. In the last decade, HHMI investigators have won 9 Nobel Prizes. These exceptional scientists direct Institute research laboratories on the campuses of 72 universities and other research organizations throughout the United States. Since the early 1990s, investigators have been selected through rigorous national competitions. Beginning in 2006, the Institute began soliciting applications directly from scientists at medical schools and other research institutions in the United States, with the aim of identifying those who have the potential to make significant contributions to science. HHMI employs an open application process to ensure that it is selecting its researchers from a broad and deep pool of scientific talent. In 2012, HHMI announced that it would seek to appoint up to 30 new HHMI investigators through a national open competition. The competition was open to eligible applicants in 2012 and HHMI will select finalists in 2013. The initiative represents an additional, annual investment of approximately $200 million in basic biomedical research by the Institute. Once selected, HHMI investigators continue to be based at their home institutions, typically leading a research group of 10-25 students, postdoctoral associates and technicians, but they become Institute employees and are supported by HHMI field staff throughout the country. With freedom and flexibility come high expectations for intellectual output. HHMI demands creativity and innovation. Investigators are expected to work at the frontiers of their chosen field, to ask fundamental questions, and to take risks. HHMI prizes impact over publication volume in its merit-based renewal of investigator appointments and recognizes that some areas of research will proceed more slowly than others. The renewal of an investigator's five-year appointment is dependent on a rigorous peer-review process that centers on an evaluation of the originality and creativity of the investigator's work relative to others in the field, as well as the investigator's plan for future research. Those investigators whose appointments are not renewed remain HHMI employees for multi-year phase-out periods to facilitate their ability to obtain other funding for their research. A summary of research highlights and related information is attached. Highlights of research conducted, and awards received, by HHMI investigators during its year ended August 31, 2012 are included below. (B) Janelia Farm Research Campus The Janelia Farm Research Campus, open since 2006, offers a collaborative research environment for scientists across an array of disciplines who have focused on two broad scientific areas of scientific inquiry: the identification of general principles governing how neuronal circuits process information and development of imaging technologies and computational methods that support image analysis. It houses 53 laboratory groups, in addition to supporting graduate students and other scientific trainees, visiting scientists, and a vibrant scientific conference program. (C) Highlights from HHMI Research Laboratories (Fiscal Year 2012) (1) Demilitarized Zone Keeps Bacteria Where They Belong Lora V. Hooper, University of Texas Southwestern Medical Center http://www.hhmi.org/news/hooper20111013.html At least 100 trillion bacteria live in the mammalian gut, where they make essential contributions to food digestion and energy production. One thing that has puzzled scientists about this diverse microbial community is how it avoids triggering chronic immune activation and inflammation. According to a new study in mice, an antibacterial protein called RegIII? is secreted by cells in the lining of the small intestine, killing any bacteria within a 50-micrometer radius - about the size of a speck of dust. The loss of this protective barrier, which the researchers call the 'demilitarized zone,' could be involved in inflammatory bowel disease or other diseases characterized by an inflamed intestine. (2) Genetic Controller Prepares Immune System for Diverse Threats Frederick W. Alt, Boston Children's Hospital http://www.hhmi.org/news/alt20110911.html Because the immune system cannot predict what invaders it will confront, it must be prepared to fend off virtually any foreign pathogen. This means manufacturing billions of distinct antibodies and pathogen-recognizing receptors, a feat that immune cells manage by reshuffling the segments of a limited number of antibody-encoding genes. Scientists have now identified a genetic regulator that controls this reshuffling. Mutating the regulatory region causes a cell to create an incorrect mishmash of antibody parts. The finding is important not only for understanding how antibodies are made, but for understanding how gene regulation can be coordinated across distant regions of the genome. (3) Rival, Predator, Mate: Detecting the Chemical Cues Catherine Dulac, Harvard University http://www.hhmi.org/news/dulac20110922.html The vomeronasal organ (VNO) is a tubular structure located in the nose of most mammals. It has long been assumed to be primarily devoted to detecting the pheromones that tell individuals how to behave in the presence of a member of their own species - whether to mate or fight, for example. By studying the response of neurons in the VNOs of mice to chemical cues collected from a variety of species, researchers have discovered that the VNO is also sensitive to predators and competitors. Most neurons and receptors in the VNO are actually dedicated to the detection of animals from other species, they found.
Statement 1-continued	Part III, Program Service, line 4a - Medical Research	(C) Highlights from HHMI Research Laboratories (Fiscal Year 2012) continued (4) Getting a Look at Toxic Amyloid Structures David Eisenberg, University of California, Los Angeles http://www.hhmi.org/news/eisenberg20120319.html In neurodegenerative diseases like Alzheimer's, the needle-like fibers that accumulate in the brain are not the real damage-doers. The culprits are intermediate protein structures, called small amyloid oligomers, made of a few proteins that misfold and aggregate. The oligomers' fleeting existence makes them nearly impossible to study. By taking advantage of one amyloid protein that forms fibers more slowly than most, scientists have pinned down the structure of an amyloid oligomer. The structure-a cylinder of six protein chains-is unlike any of the 70,000 structures catalogued in the Protein Data Bank. (5) New Clues to Brain Development David H. Rowitch, University of California, San Francisco http://www.hhmi.org/news/rowitch20110928.html A new study concludes that in the subventricular zone of the human brain, where new brain cells are made throughout development, new cells are generated only until 18 months of age. The findings are different than what's been seen in rodents and birds, and could explain some of the complexity of the human brain, the researchers say. The work relied on a new collection of specially prepared brain samples established with HHMI support, which has also provided clues to why the brain can't reverse the cellular damage that results from certain diseases. (6) In the Brain, Each Taste has a Place Charles Zuker, Columbia University College of Physicians and Surgeons http://www.hhmi.org/news/zuker20110902.html A new map charts out the brain's representations of taste, revealing that each taste, from sweet to salty, is sensed by a unique set of neurons. Selectively-tuned cells in the tongue are specialized to detect each of the five senses - sweet, bitter, salty, sour, and umami. But how does the brain know what the tongue is sensing? By watching neurons in the brain fire as mice tasted sweet, bitter, salty, sour, or umami, or as the corresponding receptors on the tongue were stimulated, scientists have shown that each taste corresponds to a different hotspot in the brain. (7) Swatting Insects' Sense of Smell Leslie B. Vosshall, The Rockefeller University http://www.hhmi.org/news/vosshall20110921.html The U.S. military developed DEET more than fifty years ago, and although it has been used to thwart mosquitoes and other bugs ever since, scientists have not really understood how it works. A new study in fruit flies suggests that DEET confuses insects by jamming their odor receptors. Understanding how the chemical works may help researchers develop compounds that are equally effective, but longer-lasting or more convenient to use - of particular importance in parts of the world where mosquitoes and the diseases they transmit are prevalent. (8) Reversing Sickle Cell Anemia Stuart H. Orkin, Boston Children's Hospital http://www.hhmi.org/news/orkin20111013.html Not long after birth, human babies begin producing blood bearing adult hemoglobin, the oxygen-carrying protein in blood. For children with sickle cell disease, the transition from the fetal to adult form of hemoglobin marks the onset of painful symptoms and anemia. Biomedical researchers have spent decades trolling for the basic molecular mechanisms that control the shift from fetal to adult hemoglobin. New research shows that silencing a protein known as BCL11A can reactivate fetal hemoglobin production and reverse sickle cell disease in adult mice. Knowing that BCL11A is one of the key players in regulating the production of fetal hemoglobin means the search for new drugs can shift to a higher gear, and that in the future, gene therapy for sickle cell disease may be feasible. (9) Record of Evolution in the Genome of a Spiny Fish David M. Kingsley, Stanford University School of Medicine http://www.hhmi.org/news/kingsley20120404.html Biologists treasure the small fish known as three-spine sticklebacks for their lessons about the genetic changes that drive evolution. Researchers have sequenced the stickleback genome for the first time, and they have discovered that as fish in different parts of the world adapted to live in fresh water, the same sites in the genome were changed time and again. Researchers have disagreed as to whether changes to the segments of the genome that encode proteins or alterations to regulatory DNA are more important in spurring evolution. The team's analysis of the stickleback genome suggests that both kinds of changes occurred as the fish evolved, but regulatory changes were about four times as common. (10) Structural CLOCKwork of Circadian Rhythms Joseph S. Takahashi, University of Texas Southwestern Medical Center http://www.hhmi.org/news/takahashi20120531.html Every 24 hours, millions of 'clocks' inside our cells reset, helping to tune sleep patterns, blood pressure, and metabolism. Scientists have now determined the three-dimensional structure of two proteins that help keep those clocks in sync. The activity of thousands of genes fluctuates over the course of a day to drive the body's circadian rhythms and the proteins CLOCK and BMAL1 are the key activators of that system. When CLOCK and BMAL1 bind to one another inside cells, they initiate the first genetic events that coordinate the 24-hour cycle. Knowing the structure of the CLOCK:BMAL1 complex will help researchers understand the intricacies of how this regulation is carried out and how mutations in the proteins cause the biological clock to go awry. (11) First Picture of a Protein Family Vital to Human Health K. Christopher Garcia, Stanford University School of Medicine http://www.hhmi.org/news/garcia20120601.html The 20 proteins in the Wnt family are some of the most important proteins that control how an organism develops and grows, and they have long been considered potential drug targets for cancer and other diseases. But since they were discovered 30 years ago, scientists have not known what Wnt proteins look like. This year, scientists solved the first structure of a Wnt protein, revealing an unexpected three-dimensional shape that offers clues to how the proteins function. The new structure also clarifies the nature of the protein's receptor target for drug developers working to design anti-Wnt therapies. (12) Camera Captures Life Taking Shape Cell-by-Cell Philipp J. Keller, Janelia Farm Research Campus http://www.hhmi.org/news/keller20120603.html A new imaging technology developed at HHMI's Janelia Farm Research Campus lets users track each cell in an embryo as it takes shape over hours or days, a transformation that involves intricate rearrangements and thousands of cell divisions. The technique captures images at high-speed and from four different angles, then compiles them to produce dramatic images of biology in action. In a single movie, comprising a million images captured over about 20 hours, viewers can see biological structures begin to emerge as a simple cluster of cells morphs into the elongated body of a fruit fly with tens of thousands of densely packed cells. (13) DNA-Slicing System Borrowed from Bacteria Jennifer A. Doudna, University of California, Berkeley http://www.hhmi.org/news/doudna20120628.html For bacteria, snipping apart DNA that bears certain signature sequences is a defense mechanism. For scientists working in the lab, the same strategy can be a powerful research tool. Scientists have identified a method some bacteria use to guide a DNA-cutting enzyme to specific sites in the genomes of viruses and other invaders. From this bacterial complex, they have crafted a system in which an easily programmable guide RNA can be used to direct cleavage of double-stranded DNA at a desired target sequence. The system can be customized for a variety of applications, such as engineering biofuel-producing microorganisms or enabling cell-based medical therapies. (14) Kinetochore Structure Reveals How It Takes Hold Tamir Gonen, Janelia Farm Research Campus http://www.hhmi.org/news/gonen20120820.html When cells divide, it is crucial that the resulting daughter cells receive the same genetic information contained in the parent. To enable this, cells prepare to divide by making copies of their chromosomes. As the cell elongates, pairs of identical chromosomes separate and each partner is drawn toward an opposite end of the cell by a component of the cellular skeleton known as a microtubule. To form an attachment site for the microtubule, hundreds of proteins come together on the chromosome to assemble the kinetochore complex. With the first-ever three-dimensional image of an isolated kinetochore, scientists can now see how the machine establishes and maintains its grip, even as the microtubule tip it holds on to shrinks away.
Statement 1-continued 2	Part III, Program Service, line 4a - Medical Research	(D) Honors and Awards Received by HHMI Scientists (1) Horwich Wins Lasker Award and Shaw Prize HHMI investigator Arthur L. Horwich at Yale University and Franz-Ulrich Hartl of the Max Planck Institute of Biochemistry shared the 2011 Albert Lasker Basic Medical Research Award. The Lasker Awards - considered among the most respected science prizes in the world - honor visionaries whose insight and perseverance have led to dramatic advances that will prevent disease and prolong life. Horwich and Hartl were honored for discovering that proteins cannot fold inside cells by themselves. They determined that a protein - dubbed "chaperonin" because of its assisting role - acts as a cage-like folding "machine" that provides a safe place for proteins to fold, away from outside interference. The Shaw Prize Foundation also awarded Arthur L. Horwich, and Dr. Hartl the $1 million Shaw Prize in Life Science and Medicine in recognition of their contributions to the understanding of the molecular mechanism of protein folding. (2) 2012 Gairdner Awards Go to Jessell, Rosbash The Gairdner Foundation selected HHMI researchers Thomas M. Jessell and Michael Rosbash as recipients of the prestigious 2012 Canada Gairdner International Awards in recognition of their contributions to medical science. The awards, which are presented annually, recognize scientists responsible for some of the world's most significant medical discoveries. Jessell, an HHMI investigator at Columbia University, was honored for discovering basic principles of communication within the nervous system. The Foundation states that Jessell's work has been instrumental in revealing important steps in the process that guides the early development of neurons, as they establish the precise connections between the spinal cord and muscles. Rosbash, an HHMI investigator at Brandeis University, was highlighted for discoveries that have revealed the genetic underpinnings of the circadian clock. Circadian clocks are active throughout the body's cells, where they use a common genetic mechanism to control the rhythmic activities of various tissues. Rosbash, Jeffrey C. Hall, emeritus professor of biology at Brandeis University, and Michael W. Young of the Laboratory of Genetics at The Rockefeller University, were honored by the Gairdner Foundation for pioneering discoveries concerning the biological clock responsible for circadian rhythms. (3) Carroll Wins Franklin Institute Award Sean B. Carroll, HHMI's vice president for science education and a long-time HHMI investigator, has been awarded the 2012 Benjamin Franklin Medal in Life Science from the Franklin Institute. The Franklin Institute Awards are among the oldest and most prestigious science awards in the world, and recipients are recognized for their formidable and ground-breaking contributions to science. The international awards have been bestowed upon such luminaries as Albert Einstein, Thomas Edison, Marie and Pierre Curie, Orville Wright, Jane Goodall, and more recently Bill Gates. (4) Druker Receives Japan Prize The Japan Prize Foundation announced that HHMI investigator Brian Druker was one of four scientists to receive the 2012 Japan Prize, one of the world's most prestigious awards in science and technology. Druker, who is at Oregon Health and Science University, was honored with Janet Rowley of the University of Chicago and Nicholas Lydon of Blueprint Medicines for their contribution to the "development of a new therapeutic drug targeting cancer-specific molecules," according to the prize citation. (5) Trio Share 2012 Kavli Prize in Neuroscience The Norwegian Academy of Sciences and Letters awarded the 2012 Kavli Prize in Neuroscience to Cornelia Bargmann, an HHMI investigator at Rockefeller University, Winfried Denk, a senior fellow at the Janelia Farm Research Campus who is also at the Max Planck Institute for Medical Research, and Ann M. Graybiel of the Massachusetts Institute of Technology. The three scientists, who are recognized for elucidating basic neuronal mechanisms underlying perception and decision, will share an award of one million dollars. The Kavli Prizes, which have been awarded biennially since 2008, recognize scientists for seminal advances in astrophysics, nanoscience, and neuroscience. They are awarded through a partnership between the Norwegian Academy of Science and Letters, the Kavli Foundation and the Norwegian Ministry of Education and Research. (6) HHMI Scientists Join National Academy of Sciences Twelve HHMI investigators, an HHMI-Gordon and Betty Moore Foundation investigator, and an HHMI Early Career Scientist have been elected to the National Academy of Sciences. The scientists are Nancy M. Bonini, University of Pennsylvania; Karl Deisseroth, Stanford University; Xinnian Dong, Duke University; Gideon Dreyfuss, University of Pennsylvania School of Medicine; Evan E. Eichler, University of Washington School of Medicine; K. Christopher Garcia, Stanford University School of Medicine; Rachel Green, Johns Hopkins School of Medicine; Gregory J. Hannon, Cold Spring Harbor Laboratory; Liqun Luo, Stanford University; Roy Parker, University of Arizona; Nikola P. Pavletich, Memorial Sloan Kettering Cancer Center; Louis J. Pt?ek, University of California, San Francisco; Alexander Y. Rudensky, Memorial Sloan Kettering Cancer Center; and Xiaowei Zhuang, Harvard University. (7) Quake Awarded Lemelson-MIT Prize HHMI investigator Stephen Quake, who is at Stanford University, has been named recipient of the 2012 $500,000 Lemelson-MIT Prize, which honors outstanding mid-career inventors dedicated to improving the world through technological invention. Quake is being recognized for his work in drug discovery, genome analysis and personalized medicine. (8) Seven HHMI Researchers Elected to Institute of Medicine Elected this year to the National Academy of Sciences' Institute of Medicine were HHMI investigators Frederick W. Alt, Children's Hospital Boston; Carolyn R. Bertozzi, University of California, Berkeley; Vivian G. Cheung, University of Pennsylvania School of Medicine; George Q. Daley, Children's Hospital Boston; Richard L. Huganir, Johns Hopkins University School of Medicine; Jeremy Nathans, Johns Hopkins University School of Medicine; and Li-Huei Tsai Massachusetts Institute of Technology. (9) Bassler and Dixon Elected to Royal Society HHMI investigator Bonnie Bassler of Princeton University and Jack E. Dixon, HHMI's vice president and chief scientific officer, were elected foreign members of the Fellowship of the Royal Society, the world's oldest scientific academy. Bassler has made seminal studies of the process of cell-cell signaling in bacteria that have revolutionized the study of microbiology. Dixon's research has focused on a group of proteins called protein tyrosine phosphatases that govern a key biochemical reaction in which a phosphate group is added to another protein. The reaction, called phosphorylation, serves as a signaling mechanism between living cells.
Statement 2	Part III, Program Service, line 4b - Science Education Programs	Science Education Programs (A) Graduate Science Education and Medical Research Training (B) Precollege and Undergraduate Science Education Program (C) Educational Resources (D) Tangled Bank Studios (E) eLife - Open Access Journal HHMI's Department of Science Education emphasizes initiatives with the power to transform graduate, undergraduate, and precollege education in the life sciences. HHMI is the largest private funder of science education in the United States. During the fiscal year ended August 31, 2012, the Institute distributed $62 million in grants to support science education. The Institute's science education programs support ties between scientific research and teaching with the goal of increasing and enhancing student research opportunities; improving science courses, curricula, and instruction; and providing enhanced graduate and medical training opportunities. Most HHMI grants are awarded through competitions with specific objectives and eligibility criteria and awards are generally made following a stringent process of peer review. HHMI does not encourage and rarely funds unsolicited grant proposals. HHMI's educational activities are funded through three major programs; the goals of each program and the major activities for the year are summarized below. (A) Graduate Science Education and Medical Research Training This program focuses on the development of innovative graduate education programs through grants to institutions. It also supports research fellowships for medical students, doctoral fellowships for students who are disadvantaged or from groups underrepresented in the sciences, and awards research grants to physician-scientists at the outset of their careers as independent scientists. 70 medical, dental, and veterinary students were selected to participate in the Medical Research Fellows Program. The fellowships enable students to take a year off from professional school to conduct laboratory research. The hope is that these students will one day choose to work at the crossroads of basic and clinical research. To expand the program, HHMI has entered into partnerships with several foundations that fund students who have specific research interests. The Foundation Fighting Blindness will support two medical research fellows conducting research in the area of retinal degenerative diseases. One student each will be supported by the Burroughs Wellcome Fund (veterinary research), the GM Trust (Duchenne muscular dystrophy research), and the Society of Interventional Radiology Foundation (preclinical interventional radiology research). Nine promising students were selected as recipients of HHMI's Gilliam Fellowships for Advanced Study. The fellowships provide full support for up to five years of study toward a Ph.D. in the sciences to students who are disadvantaged or who come from groups underrepresented in the sciences. The Gilliam Fellows Program, which is now in its sixth year, aims to enrich science research and increase the diversity of college and university faculty members by supporting the education of top student scientists who will themselves either become professors or are committed to creating a more diverse academic community. Fellowship recipients previously participated in HHMI's Exceptional Research Opportunities Program (EXROP), which provides summer research experiences in HHMI laboratories. HHMI also selected 50 exceptionally promising graduate students from 19 countries to receive International Student Research Fellowships. This support will enable these individuals to devote their full attention to research during their third, fourth, and fifth year of graduate school. Total HHMI funding for this year's fellowships is more than $2 million. HHMI began this program because it recognized that international students in U.S. graduate schools often have difficulty getting funding to support their studies. The fellowships are designed to fund the students' graduate education at a pivotal point in their scientific careers when they delve into intense laboratory research for their doctoral dissertations. (B) Precollege and Undergraduate Science Education Program Through this program, HHMI seeks to recruit and develop the future leaders of science, science education, and enhance science literacy among all students. Precollege grants support teacher training and inquiry-based student learning. Grants to colleges and universities support undergraduate student research, faculty and curriculum development, and science education outreach activities. Through the HHMI professors program, HHMI provides support to distinguished scientists with a commitment to teaching. In the 2012 fiscal year: HHMI selected 47 small colleges and universities in the United States as the recipients of grants totaling more than $50 million that will enable the schools to work together to create more engaging science classes, bring real-world research experiences to students, and increase the diversity of students who study science. Each four-year grant is in the range of $800,000 to $1.5 million - an amount that can have a big impact at these schools, which are collectively described as "primarily undergraduate institutions," or PUIs. A total of 60 college students were selected to participate in HHMI's Exceptional Research Opportunities Program (EXROP). The EXROP program provides summer research experiences in the labs of HHMI investigators, professors, and at the Janelia Farm Research Campus. Now in its tenth year, the EXROP program is designed to encourage the students to pursue careers in science. (C) Educational Resources This program produces science education materials that feature some of the cutting-edge research conducted by HHMI investigators and other scientists. The materials are designed primarily for the nation's high school biology students and their teachers, but they also find an audience among the general public and undergraduate-level students and educators. The 2011 Holiday Lectures on Science in December 2011 featured three of the nation's top scientists who discussed, "Bones, Stones, and Genes: The Origin of Modern Humans." Tim White, a paleoanthropologist at the University of California, Berkeley, John Shea, an archeologist and anthropologist at Stony Brook University, and Sarah Tishkoff, a geneticist at the University of Pennsylvania, delivered their lectures live to an audience of nearly 200 high school students from the Washington, DC area. Those lectures are later made available to a national and international audience through the distribution of free DVDs and the development of accompanying teaching materials. Each year, more than 100,000 copies of the DVDs are distributed; the supporting website receives more than two million visits each year. At the National Association of Biology Teachers annual meeting, HHMI unveiled three short science films that use vivid storytelling to teach the vital concepts of adaptation and natural selection. The films were created for use in classrooms and cover a wide range of current topics in evolutionary biology. The films, produced by HHMI's Biointeractive team and the Institute's new film production unit, each run for about 10 minutes, a length optimized for use in the classroom. The first three films in the "Making of the Fittest" series were provided to teachers at the premiere and have been made available to the wider education community for download or DVD order. The Holiday Lectures and short science films are all available on the Biointeractive website, www.hhmi.org/biointeractive.
Statement 2-continued	Part III, Program Service, line 4b - Science Education Programs	(D) Tangled Bank Studios Launched in July 2011, Tangled Bank Studios, LLC, HHMI's documentary film production unit, aims to bring high-quality, educational science features to television. The film production unit is working with producers and broadcasters to produce and distribute informative films, about such topics as evolution, biology and earth science. A series of short-form films and materials for science educators will be produced in tandem. The film production unit is an initiative of the HHMI science education department, whose mission is to enhance education about all fields of science. Michael Rosenfeld, head of television and film at HHMI, is leading the initiative, working with writer and producer David Elisco as director of development. Rosenfeld, Elisco and colleagues currently have several projects in production and development for broadcast on PBS. (E) eLife - Open Access Journal HHMI, the Max Planck Society, and the Wellcome Trust have supported the establishment of a new, top tier scientific journal called eLife. The online journal is following an open access model and is directed by practicing scientists. eLife Sciences Publications, Ltd. is an independent non-profit entity governed by a separate board of directors. In 2012, eLife announced its senior editorial team: Editor-in-chief Randy Schekman and managing executive editor Mark Patterson will be joined by deputy editors, Fiona Watt, currently at the University of Cambridge, UK, and Detlef Weigel from the Max Planck Institute for Developmental Biology, Tubingen, Germany. They will be supported by around 15-20 senior editors - researchers who represent a broad range of biomedical and life science research fields. Also in 2012, the editorial board of eLife announced the names of the more than 150 reviewing editors who will help deliver on the initiative's commitment to change peer review. Additional information about eLife can be found at www.elifesciences.org.
Statement 3	PART III, Program Service, Line 4c - Support for International Science	Support for International Science (A)International Early Career Scientist Program (B)International Student Research Fellowships Program (C)The KwaZulu-Natal Research Institute for Tuberculosis and HIV (K-RITH) (A) International Early Career Scientist Program In 2012, HHMI began the International Early Career Scientist Program, which awards each selected scientist $650,000 over a period of five years with the goal of helping these talented individuals establish independent research programs. In this pilot program, HHMI identified scientists who are, or have the potential to become, scientific leaders. The 28 HHMI International Early Career scientists are at 22 institutions in 12 countries. Each scientist who was selected has directed his or her own laboratory for less than seven years. The countries represented by the HHMI International Early Career scientists are Argentina, Brazil, Chile, China, Hungary, India, Italy, Poland, Portugal, South Africa, Spain, and South Korea. (B) International Student Research Fellowships Program In 2012, HHMI awarded more than $2 million in fellowships to 50 promising graduate students from 19 countries. The fellowships are designed to fund the students' graduate education at a pivotal point in their scientific careers - a time when they delve into intense laboratory research for their doctoral dissertations. (C) The KwaZulu-Natal Research Institute for Tuberculosis and HIV (K-RITH) HHMI, in partnership with the University of KwaZulu-Natal (UKZN) in South Africa, has established an international research center focused on making major scientific contributions to the worldwide effort to control the devastating co-epidemic of tuberculosis (TB) and HIV. The KwaZulu-Natal Research Institute for Tuberculosis and HIV (K-RITH) is placing a major emphasis on establishing a world-class research program focused on the scientific discoveries about the infecting organisms and helping to train a new generation of scientists in Africa. HHMI has committed over $70 million to K-RITH over 10 years, including support provided during its fiscal year ended August 31, 2012. UKZN is making substantial financial and in-kind commitments to K-RITH as well. The need for more research on TB and HIV is substantial. South Africa has more residents infected with HIV than any other nation in the world. The nation, which accounts for <1% of the world's population, accounts for 17 percent of the global HIV disease burden- an estimated 5.4 million people are infected. In addition, it has one of the highest per capita rates of TB in the world. Tuberculosis, a major problem in the pre-AIDS South Africa, emerged as a public health crisis in its own right, particularly with the emergence of both multi-drug resistant (MDR) and extensively drug resistant (XDR) strains of TB, especially in persons already infected with HIV. K-RITH, which was registered in 2011 as an independent non-profit association incorporated under South African law, formally opened its new research building in 2012 on the campus of the Nelson R. Mandela School of Medicine in Durban. The new facility includes high-level biosafety (BSL-3) laboratories equipped for HIV and TB research. K-RITH has been actively recruiting early career and established research scientists, in addition to awarding grants to support collaborative research and educational activities between South African scientists and their international colleagues. K-RITH aims to be fully established and integrated into the overall South African and global research enterprise by 2018.
Goverance Document Changes	Core Form, Part VI, Section A, Line 4	The Institute's Certificate of Incorporation was Amended & Restated on February 21, 2012 to update provisions in accordance with changes in Delaware law and to restate prior amendments into a single, restated Certificate of Incorporation. The Institute's Bylaws were amended by its Trustees on February 7, 2012 to update certain provisions in accordance with the changes in Delaware law and to clarify procedures relating to indemnification rights provided for in the Bylaws.
Tax Exempt Bond Liabilities Supplemental Information	Schedule K, Part VI	PART I The bond issued February 27, 2003 and described in A also includes CUSIPS 545910AM3, 545910AG6, 545910AH4,545910AJ0, and 545910AK7. PART II, Line 3 The bonds issued in A, B and C included interest income that made up the difference between the amount of the bond issue and the total proceeds. PART IV $375 million of the $500 million of swaps pertaining to this bond were integrated. The other swaps were Bank of America (30 years), Goldman (30 years), JP Morgan (35 years) and JP Morgan Chase (30 years). PART IV, Line 3 Yes, In part.
HOURS DEVOTED FOR RELATED ORGANIZATION	FORM 990 PART VII	NAME:James A Baker, III, Esq TITLE:Trustee HOURS:

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

HOWARD HUGHES MEDICAL INSTITUTE

Employer identification number

59-0735717

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) HHMI Cayman I Company Walker Walkers House Mary Street George Town,Grand Cayman CJ	Investment	CJ	5,253,737	720,000	HHMI
(2) HHMI II LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	40,949,774	357,341,422	HHMI
(3) HHMI IV LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	-4,300	46,593	HHMI
(4) HHMI V LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	-5,914,799	12,018	HHMI
(5) HHMI XII LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	-3,447	25,700	HHMI
(6) HHMI XVI LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	1,509,291	484,708,163	HHMI
(7) Sprugos Mauritius I Ltd 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	MP	-12,367,788	93,922,730	HHMI
(8) Sprugos Investments II LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	-22,616,679	111,471,497	HHMI
(9) Sprugos Investments V LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	-22,022,846	154,199,355	HHMI
(10) Sprugos Investments VII LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	-13,694,199	166,125,214	HHMI
(11) Sprugos Investments VIII LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(12) Sprugos Investments X LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	-8,560,964	146	HHMI
(13) Sprugos Investments XI LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	-4,702,022	130,510,809	HHMI
(14) Sprugos Investments XII LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	-7,839,078	26,391,524	HHMI
(15) Sprugos Investments XIII LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	-4,467,068	23,382,664	HHMI
(16) Private Equity Holding LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(17) Private Equity Holding-Ahead LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	-685,834	4,508,720	HHMI
(18) Private Equity Holding-Alexa LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	-431,186	28,446	HHMI
(19) Private Equity Holding-CS Capital LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	3,774,768	18,568,467	HHMI
(20) Private Equity Holding-Eurocastle LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	-50,545	3,955,297	HHMI
(21) Private Equity Holding-Favrille LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(22) Private Equity Holding-KAP LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE		1	HHMI
(23) Private Equity Holding-Royce LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	7	3,465	HHMI
(24) Private Equity Holding-Storeretro LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE		1	HHMI
(25) Private Equity Holding-Xenoport LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(26) Fortress Pinnacle Investment Fund I LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(27) Janelia Farm Holding LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	VA			HHMI
(28) Selden Island Holding LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	VA			HHMI
(29) HHMI I LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(30) HHMI III LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(31) HHMI VI LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(32) HHMI VII LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	1,573,074	29,019,281	HHMI
(33) HHMI VIII LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(34) HHMI IX LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(35) HHMI X LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(36) HHMI XI LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(37) HHMI XIII LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(38) HHMI XIV LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(39) HHMI XV LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(40) Sprugos Investments LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(41) Sprugos Investments III LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(42) Sprugos Investment IV LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(43) Sprugos Investment VI LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(44) Sprugos Investments IX LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(45) Sprugos-French LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(46) Private Equity Holding II LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(47) Private Equity Holding III LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(48) Relative Value Strategies LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE			HHMI
(49) PSG LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Investment	DE	286,788	35,256,626	HHMI
(50) HHMI-SA LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Research	DE		576,509	HHMI
(51) Tangled Bank Studios LLC 4000 Jones Bridge Road Chevy Chase,MD20815	Film Prod.	DE			HHMI
(52) K-RITH Real Estate Holding LLC 4000 Jones Bridge Rd Chevy Chase,MD20815	Real Estate	DE			HHMI

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

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) Leland Hughes Investment Fund LLC 4000 Jones Bridge Road Chevy Chase,MD20815 06-1746533	Investment	DE	HHMI	EXCLUDED	-18,912			No			No	54.000 %
(2) HH Ellington Master Fund LTD 53 Forest Avenue Old Greenwich,CT06870 98-1020904	Investment	CT	HHMI	EXCLUDED	75,322	39,934,752		No			No	97.000 %
(3) Alchemy Plan (Aviator) LP Trafalgar Court Les Banques St. Peter Port GY1 3QL GK 98-0186264	Investment	GK	HHMI	EXCLUDED	-479,693	232,169		No			No	99.000 %
(4) JP Morgan Global Emerging Markets Fund L 245 Park Avenue New York,NY10167 04-3395941	Investment	NY	HHMI	EXCLUDED	26,132,377	174,450,950		No			No	45.000 %
(5) GEM HLT CO-INV Fund LP 900 North Michigan Avenue Suite 14 Chicago,IL60611 26-3195475	Investment	IL	HHMI	EXCLUDED	1,545,615	21,105,745		No			No	62.000 %
(6) HHMI Investment LP 300 Crescent Court Suite 1111 Dallas,TX75201 20-3752378	Investment	DE	HHMI	EXCLUDED	1,325,265	158,000,597		No			No	97.000 %
(7) Harrington Partners LP 601 Carlson Pkwy Suite 200 Minnetonka,MN55305 20-1953018	Investment	MN	HHMI	EXCLUDED	20,037,767	67,715,242		No	3,411,365		No	48.000 %
(8) Luminus Credit Opportunities PIE I LP 1700 Broadway 38th Floor New York,NY10019 26-1963557	Investment	NY	HHMI	EXCLUDED	34,055,392	130,606,269		No			No	99.000 %
(9) Oz Global Credit Overseas Fund I LP PO Box 309 Ugland House Grand Cayman CJ 98-0581241	Investment	CJ	HHMI	EXCLUDED	2,599,111			No			No	97.000 %

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) HHMI Real Estate Inc 4000 Jones Bridge Road Chevy Chase,MD20815 20-3967202	Investment	DE	HHMI	C Corp	16,747,718	8,335,046	100.000 %
(2) Pleasant Valley Investments LP 80 Raffles Place 35-41UOB Plaza 1 Singapore 048624 SN 98-0586696	Investment	CJ	HHMI	For. LP/US Corp	-8,396,719	29,387,078	51.000 %

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) . . . . . . . . . . . . . . . . . . . . .

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

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

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
(1) HHMI Real Estate Inc	q	9,809,141
(2) Pleasant Valley Investments LP	q	8,973,608
(3) HH Ellington Master Fund LTD	b	40,000,000
(4) HHMI Investment LP	b	2,595,216
(5) Alchemy Plan (Aviator)LP	r	757,508
(6) GEM HLT Co-inv Fund LP	r	1,000,000
(7) Harrington Partners LP	r	50,801,491
(8) Luminus Credit Opportunities PIE I LP	r	43,623,313
(9) OZ Global Credit Overseas Fund I LP	r	86,226,114

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

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: The Howard Hughes Medical Institute is a philanthropy that serves society through the direct conduct of biomedical research and support for programs in science education.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a).....	3	11
4	Number of independent voting members of the governing body (Part VI, line 1b) ....	4	10
5	Total number of individuals employed in calendar year 2011 (Part V, line 2a) ...	5	3,619
6	Total number of volunteers (estimate if necessary) ....	6
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ..	7a	-36,597,401
b	Net unrelated business taxable income from Form 990-T, line 34 ..	7b

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	0	0
9	Program service revenue (Part VIII, line 2g) .........	1,252,708	1,613,333
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	1,036,998,849	1,223,789,752
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	8,481,921	10,889,818
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)...................	1,046,733,478	1,236,292,903
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	22,826,292	88,120,850
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)	359,525,011	405,883,741
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)....	601,296,308	590,163,668
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	983,647,611	1,084,168,259
19	Revenue less expenses. Subtract line 18 from line 12.......	63,085,867	152,124,644
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	18,237,793,953	18,117,543,067
21	Total liabilities (Part X, line 26).............	2,497,927,817	2,336,433,771
22	Net assets or fund balances. Subtract line 21 from line 20.....	15,739,866,136	15,781,109,296

Sign Here

	Signature of officer	Date

	Type or print name and title.


4a	(Code: ) (Expenses $ 730,557,881 including grants of $ ) (Revenue $ )
	Statement 1 on Schedule O Medical Research Organization Activities (A) The HHMI Investigator Program (B) Janelia Farm Research Campus

4b	(Code: ) (Expenses $ 91,869,038 including grants of $ 61,558,350 ) (Revenue $ )
	Statement 2 On Schedule O Science Education Programs (A) Graduate Science Education and Medical Research Training (B) Precollege and Undergraduate Science Education Program (C) Educational Resources (D) Tangled Bank Studios (E) eLife - Open Access Journal

4c	(Code: ) (Expenses $ 54,231,512 including grants of $ 26,562,500 ) (Revenue $ )
	Statement 3 On Schedule O Support for International Science (A)International Early Career Scientist Program (B)International Student Research Fellowships Program (C)The KwaZulu-Natal Research Institute for Tuberculosis and HIV (K-RITH)

4d	Other program services (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses$ 876,658,431

(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) James A Baker III Esq Trustee	2.0	X		40,000	0	0
(2) Charlene Barshefsky Esq Trustee	2.0	X		40,000		0
(3) Joseph L Goldstein MD Trustee	2.0	X		45,250		0
(4) Hanna H Gray PhD Trustee	2.0	X		40,000		0
(5) Garnett L Keith Trustee, Chairman Finance Comm	4.0	X		50,000		0
(6) Fred R Lummis Trustee	2.0	X		40,000		0
(7) Paul M Nurse PhD Trustee	2.0	X		41,000		0
(8) Alison M Richard PhD Trustee, Chairman Ed&Intl Comm	2.0	X		50,000		0
(9) Clayton S Rose PhD Trustee, Chairman Audit & Comp	6.0	X		50,000		0
(10) Kurt L Schmoke Esq Trustee, Chairman	6.0	X		60,000		0
(11) Anne M Tatlock Trustee	2.0	X		40,000		0
(12) Robert Tjian PhD President	40.0		X	1,148,137		51,300
(13) Cheryl A Moore Executive VP & COO	40.0		X	903,169		37,709
(14) Craig A Alexander Esq VP, General Counsel&Secretary	40.0		X	566,178		24,608
(15) Sean B Carroll PhD VP for Science Education	40.0		X	844,826		41,650
(16) Jack E Dixon PhD VP & Chief Scientific Officer	40.0		X	757,642		50,648
(17) Mohamoud Jibrell VP for Information Technology	40.0		X	289,061		36,286

(A) Name and Title	(B) Average hours per week (describe hours for related organizations in Schedule O)					(D) Reportable compensation from the organization (W- 2/1099-MISC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and Title
(18) Nitin V Kotak VP,CFO&Treasurer	40.0	X				321,827	34,270
(19) Avice A Meehan VP, Communications-thru 3/12	40.0	X				411,616	31,859
(20) Gerald M Rubin PhD VP&Exec Director, Janelia Farm	40.0	X				676,526	105,840
(21) Landis Zimmerman VP & Chief Investment Officer	40.0	X				1,334,261	22,920
(22) Heidi E Henning Esq Deputy Gen. Counsel & Asst Sec	40.0	X				421,685	42,204
(23) Susan S Plotnick Assistant Treasurer	40.0	X				220,712	22,444
(24) Monique L Marcus Assistant Controller-Eff 11/11	40.0	X				28,461	6,423
(25) Richard A Pender Man Dir - US Equities	40.0		X			903,725	20,006
(26) Robert J Kolyer Jr Man Dir - Absolute Return	40.0		X			689,251	44,873
(27) Stephen M Kitsoulis Man Dir - Fixed Income	40.0		X			592,071	43,502
(28) Mark A Barnard Man Dir - Private Equities	40.0		X			522,638	43,986
(29) William R Bishai PhD Director, K-RITH	40.0			X		609,663	41,496
(30) Anil Madhok Man Dir - Investments & COO	40.0			X		557,989	36,246
(31) Eric R Kandel MD Senior Investigator	40.0			X		534,936	51,923
(32) Matthew R Lee Man Dir - Portfolio Strategies	40.0			X		532,329	38,074
(33) Roderick Mackinnon MD Investigator	40.0			X		450,926	45,512
(34) Peter J Bruns PhD Consultant	1.0				X	124,750	0
(35) Thomas R Cech PhD Investigator	40.0				X	962,705	22,407
(36) David A Clayton PhD Group Leader	40.0				X	108,586	20,397
(37) Robert C Mullins Controller - Ret 11/11	40.0				X	246,292	34,609
(38) Edward J Palmerino VP Finance&Treasurer-Ret 4/11	40.0				X	375,974	14,270

1b	Sub-Total................
c	Total from continuation sheets to Part VII, Section A....
d	Total (add lines 1b and 1c)............	15,632,186	0	965,462

				(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.......			0
			Business Code
2a	RENTAL INCOME		900,099	1,613,333	1,613,333
b
c
d
e
f	All other program service revenue .
g	Total. Add lines 2a–2f........			1,613,333
3	Investment income (including dividends, interest
	and other similar amounts).....			236,278,337		-36,391,161	272,669,498
4	Income from investment of tax-exempt bond proceeds..			44			44
5	Royalties............			10,527,775			10,527,775
		(i) Real	(ii) Personal
6a	Gross rents	1,614,939
b	Less: rental expenses	1,766,537
c	Rental income or (loss)	-151,598
d	Net rental income or (loss).......			-151,598		-206,240	54,642
		(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory	37,323,018,071
b	Less: cost or other basis and sales expenses	36,335,506,700
c	Gain or (loss)	987,511,371
d	Net gain or (loss)..........			987,511,371			987,511,371
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..			0
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...			0
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..			0
Miscellaneous Revenue			Business Code
11a	INVESTMENT EXPENSE REBATE		900,099	256,748			256,748
b	CAFETERIA INCOME		900,099	189,840			189,840
c	CASH DISCOUNTS		900,099	73,055			73,055
d	All other revenue ....			-6,002			-6,002
e	Total. Add lines 11a–11d ......			513,641
12	Total revenue. See Instructions....			1,236,292,903	1,613,333	-36,597,401	1,271,276,971


				(A) Beginning of year		(B) End of year
1	Cashnon-interest-bearing ..........			0	1	0
2	Savings and temporary cash investments .......			705,785,736	2	804,224,304
3	Pledges and grants receivable, net .........			0	3	0
4	Accounts receivable, net .........			0	4	0
5	Receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of
	Schedule L ..........			0	5	0
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 ..........			0	6	0
7	Notes and loans receivable, net .............			0	7	0
8	Inventories for sale or use ..............			0	8	0
9	Prepaid expenses and deferred charges ............			3,292,970	9	2,313,253
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	1,752,977,666
b	Less: accumulated depreciation. .....	10b	919,282,441	855,274,809	10c	833,695,225
11	Investments—publicly traded securities ..........			8,077,485,060	11	7,333,976,572
12	Investments—other securities. See Part IV, line 11 ......			8,272,827,729	12	8,867,228,423
13	Investments—program-related. See Part IV, line 11 ..			0	13	0
14	Intangible assets .........			0	14	0
15	Other assets. See Part IV, line 11 ...........			323,127,649	15	276,105,290
16	Total assets. Add lines 1 through 15 (must equal line 34)...			18,237,793,953	16	18,117,543,067
17	Accounts payable and accrued expenses .			340,996,712	17	379,269,548
18	Grants payable ..........			110,330,242	18	127,237,303
19	Deferred revenue ..........			0	19	0
20	Tax-exempt bond liabilities ..........			683,000,000	20	683,000,000
21	Escrow or custodial account liability. Complete Part IV of Schedule D..			0	21	0
22	Payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........			0	22	0
23	Secured mortgages and notes payable to unrelated third parties ..			0	23	0
24	Unsecured notes and loans payable to unrelated third parties ....			640,376,000	24	640,376,000
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.....			723,224,863	25	506,550,920
26	Total liabilities. Add lines 17 through 25.....			2,497,927,817	26	2,336,433,771
	Organizations that follow SFAS 117, check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets .....			15,739,866,136	27	15,781,109,296
28	Temporarily restricted net assets .....			0	28	0
29	Permanently restricted net assets .....			0	29	0
	Organizations that do not follow SFAS 117, check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds .....				30
31	Paid-in or capital surplus, or land, building or equipment fund .....				31
32	Retained earnings, endowment, accumulated income, or other funds				32
33	Total net assets or fund balances .....			15,739,866,136	33	15,781,109,296
34	Total liabilities and net assets/fund balances .....			18,237,793,953	34	18,117,543,067

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