TY 2021 Form 990PF

Part I	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books	(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)
	1	Contributions, gifts, grants, etc., received (attach schedule)	195,000
2	Check .............
3	Interest on savings and temporary cash investments	57,362	57,362
4	Dividends and interest from securities...	1,730,965	1,730,965
5a	Gross rents............	428,484
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		6,209,702
b	Gross sales price for all assets on line 6a 32,200,462
7	Capital gain net income (from Part IV, line 2)...		6,209,702
8	Net short-term capital gain.........			0
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......		1,170,060	1,170,060
12	Total. Add lines 1 through 11........	9,791,573	9,168,089
	13	Compensation of officers, directors, trustees, etc.	24,000	12,192		11,808
14	Other employee salaries and wages......		0	0	0
15	Pension plans, employee benefits.......	3,018	1,533	0	1,485
16a	Legal fees (attach schedule).........		4,921	4,921	0	0
b	Accounting fees (attach schedule).......		21,563	21,563	0	0
c	Other professional fees (attach schedule)....		427,090	427,090		0
17	Interest...............				0
18	Taxes (attach schedule) (see instructions)...		153,848	32,131		0
19	Depreciation (attach schedule) and depletion...		428,484	0
20	Occupancy..............
21	Travel, conferences, and meetings.......	63	0	0	63
22	Printing and publications..........		0	0
23	Other expenses (attach schedule).......		47,006	36,108		10,899
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	1,109,993	535,538	0	24,255
25	Contributions, gifts, grants paid.......	4,117,654			3,556,355
26	Total expenses and disbursements. Add lines 24 and 25	5,227,647	535,538	0	3,580,610
	27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	4,563,926
b	Net investment income (if negative, enter -0-)		8,632,551
c	Adjusted net income (if negative, enter -0-)...			0

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	501,978	1,186,540	1,186,540
	2	Savings and temporary cash investments.........	3,384,024	3,976,224	3,976,224
	3	Accounts receivable
		Less: allowance for doubtful accounts	91,603	0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts 0
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	50,280,634	54,978,399	54,978,399
	c	Investments—corporate bonds (attach schedule).......	8,292,059	11,695,570	11,695,570
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	23,606,132	23,384,978	23,384,978
	14	Land, buildings, and equipment: basis 25,766,529
		Less: accumulated depreciation (attach schedule) 4,963,274	21,231,740	20,803,255	20,803,255
	15	Other assets (describe )	14,862,896	12,947,508	12,947,508
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	122,251,066	128,972,474	128,972,474
	17	Accounts payable and accrued expenses..........	309,785	34,555
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........	309,785	34,555
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	121,941,281	128,937,919
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	121,941,281	128,937,919
	30	Total liabilities and net assets/fund balances (see instructions).	122,251,066	128,972,474

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............

121,941,281

Enter amount from Part I, line 27a .....................

4,563,926

Other increases not included in line 2 (itemize) bullet

2,435,412

Add lines 1, 2, and 3 ..........................

128,940,619

Decreases not included in line 2 (itemize) bullet

2,700

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

128,937,919

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(b) How acquired P—Purchase D—Donation	(c) Date acquired (mo., day, yr.)	(d) Date sold (mo., day, yr.)
1 a	1. MISC		2019-01-01	2021-12-31
b	CAPITAL GAIN DIVIDENDS	P
c
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	31,842,342	25,990,760	5,851,582
b			358,120
c
d
e

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			5,851,582
b
c
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	6,209,702
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	119,992
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	119,992
6	Credits/Payments:

a	2021 estimated tax payments and 2020 overpayment credited to 2021	6a	101,425
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	18,567
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	119,992
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2022 estimated tax0	Refunded	11	0

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation
GONZALO VERA	DIRECTOR 1	0
C/O CLOVER FOUNDATION420 LEXINGTON NEW YORK,NY10170
WILLIAM ORCHARD	TREASURER 15	24,000	3,018
C/O CLOVER FOUNDATION420 LEXINGTON NEW YORK,NY10170
FEDERICO RIERA-MARSA	DIRECTOR/PRESIDENT 6	0
C/O CLOVER FOUNDATION420 LEXINGTON NEW YORK,NY10170
ROBERT MONIOT	DIRECTOR/VICE PRESIDENT 2	0
C/O CLOVER FOUNDATION420 LEXINGTON NEW YORK,NY10170
JULIEN NAGORE	DIRECTOR/VICE PRESIDENT 1	0
C/O CLOVER FOUNDATION420 LEXINGTON NEW YORK,NY10170
THOMAS WHITE	DIRECTOR/SECRETARY 1	0
C/O CLOVER FOUNDATION420 LEXINGTON NEW YORK,NY10170

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1


2


3


4

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

		(a) Corpus	(b) Years prior to 2020	(c) 2020	(d) 2021
1 Distributable amount for 2021 from Part X, line 7					5,471,697
2 Undistributed income, if any, as of the end of 2021:
a Enter amount for 2020 only.......				3,772,142
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2021:
a From 2016......	0
b From 2017......	0
c From 2018......	0
d From 2019......	0
e From 2020......	0
f Total of lines 3a through e ........		0
4Qualifying distributions for 2021 from Part
XI, line 4: $ 3,580,610
a Applied to 2020, but not more than line 2a				3,580,610
b Applied to undistributed income of prior years (Election required—see instructions).....			0
c Treated as distributions out of corpus (Election required—see instructions)........		0
d Applied to 2021 distributable amount.....					0
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2021.		0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		0
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........			0
e Undistributed income for 2019. Subtract line 4a from line 2a. Taxable amount—see instructions .............				191,532
f Undistributed income for 2021. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2022 ..........					5,471,697
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8 Excess distributions carryover from 2016 not applied on line 5 or line 7 (see instructions) ...		0
9 Excess distributions carryover to 2022. Subtract lines 7 and 8 from line 6a ......		0
10 Analysis of line 9:
a Excess from 2017....	0
b Excess from 2018....	0
c Excess from 2019....	0
d Excess from 2020....	0
e Excess from 2021....	0

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2021	(b) 2020	(c) 2019	(d) 2018	(e) Total

b 85% (0.85) of line 2a .........
c Qualifying distributions from Part XI, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, line 6 for each year listed ..
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

aThe name, address, and telephone number or email address of the person to whom applications should be addressed:

bThe form in which applications should be submitted and information and materials they should include:

cAny submission deadlines:

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
ASOCIACION CULTURAL INTERNACIONAL AC AV REVOLUCION 2042 PISO 5 La Otra Banda,MEXICO01090 MX	NONE	FC	MONTEFALCO SCHOOL - GRANT	75,000
Prelatura della Santa Croce e Opus Dei VIALE BRUNO BUOZZI 73 Rome,Rome00197 IT	NONE	FC	VILLA FONTANA PROJECT	2,309,520
Asociacion Venezolana de Promocion Ed Av Principal La Salle Edificio Pancho PLANTA BAJA APTO 1 URB EL RECRE Caracas,Caracas1050 VE	NONE	FC	GRANT FOR ARAYA STUDY	350,000
Asociacion Venezolana de Promocion Ed Av Principal La Salle Edificio Pancho PLANTA BAJA APTO 1 URB EL RECRE Caracas,Caracas1050 VE	NONE	FC	GRANT FOR MONTEAVILA UNIV	175,500
CUIR (Col Univ Int Roma) VIA ANICIA N 13 ROMA,ROMA800153 IT	NONE	FC	EXPANSION OF COLLEGIO SEDES	611,335
THE WITHERSPOON INSTITUTE 16 STOCKTON STREET PRINCETON,NJ08540	NONE	PC	TO SUPPORT SCHREYER SUMMER	25,000
YOUTH SERVICE INTERNATIONAL 5815 NORTH CICERO AVE Chicago,IL60646	NONE	PC	SERVICE PROJECT IN PERU	10,000
Total ................................. 3a				3,556,355

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
CITI PRIVATE BANK	INVESTMENT SERVICES	412,090
388 GREENWICH STREET 19TH FLOOR NEW YORK,NY10013	INVESTMENT SERVICES	412,090

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........			14	57,362
4 Dividends and interest from securities ....
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property
7 Other investment income .....
8 Gain or (loss) from sales of assets other than inventory ............			18	6,209,702
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aW ST DF ONSHORE FE			1	7,418
bBTO II OFFSHORE FE			1	189,240
cEUROPEAN PRIMARY L			1	1,800
dEUROPEAN SPEC SITS			1	9,753
eHH PRE-IPO OFFSHOR			1	602,224
fG ROCKIES OFFSHORE			1	23,082
gDGP OWNERSHIP OFFS			1	62,996
hWELLINGTON HH PRE-			1	173,384
i601 WEST OFFSHORE			1	30,065
jAREOF III OFFSHORE			1	-2,985
kC VIII REAL ESTATE			1	-23,870
lCLASS ACTION SETTL			1	4,206
mPROGRAM LOAN INTER					92,747
12 Subtotal. Add columns (b), (d), and (e) ..				9,075,342	92,747

Line No.	Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)
11	INTEREST FROM LOW INTEREST LOANS TO QUALIFYING CHARITABLE RECIPIENTS

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements
1a(1)	75,000	ASOCIACION CULTURAL INTERNACIONAL	SCHOLARSHIPS
1a(1)	611,335	COLLEGIO UNIVERSITARIO INTERNAZIONA	Expansion of Collegio Sedes Sapientiae
1a(1)	525,500	ASOCIACION VENEZOLANA DE PROMOCION	ARAYA STUDY CENTER AND MONTEVAVILA UNIV RESIDENCE
1a(1)	2,309,520	PRELATURA DELLA SANTA CROCE E OPUS	VILLA FONTANA PROJECT

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









Total number of other employees paid over $50,000...................				0

bApproved for future payment

Total ................................. 3b

Software ID:
Software Version:
Part VI Line 7 -Original Return Overpayment:	-1,725

Name of organization CLOVER FOUNDATION

Part I Contributors	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
1	Mr Ricardo Manuel Gomez 99 Overlook Circle New Rochelle, NY10804	$ 150,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
2	Mr Ignacio Torras 13 E Rivercrest Dr Houston, TX770422513	$ 45,000	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990) (2021)

Name of organization CLOVER FOUNDATION		Employer identification number 74-2390003

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990) (2021)


Name of organization CLOVER FOUNDATION			Employer identification number 74-2390003
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

Description of Property	Date Acquired	Cost or Other Basis	Prior Years' Depreciation	Computation Method	Rate / Life (# of years)	Current Year's Depreciation Expense	Net Investment Income	Adjusted Net Income	Cost of Goods Sold Not Included
BUILDING	2010-05-28	12,854,528	4,534,789	SL	30	428,484
LAND	2010-05-28	12,912,000		L

Grantee's Name	Grantee's Address	Grant Date	Grant Amount	Grant Purpose
ASOCIACION CULTURAL INTERNACIONAL AC	AV REVOLUCION 2042 PISO 5 COL LA MEXICO,MEXICO06600 MX	2021-06-01	75,000	MAINTENANCE COSTS OF MONTEFALCO SCHOOL ($15,000) 86 SCHOLARSHIPS ($60,000)
COLLEGIO UNIVERSITARIO INTERNAZIONALE DI ROMA CUIR	VIA ANICIA N 13 ROMA,ROMA00153 IT	2021-05-27	611,335	GRANT FOR EXPANSION OF COLLLEGIO SEDES SAPIENTIAE
Prelatura della Santa Croce e Opus Dei	Viale Bruno Buozzi 73 ROME,ROME00197 IT	2021-12-20	2,309,520	VILLA FONTANA PROJECT
Asociacion Venezolana de Promocion Ed (AVPE)	Planta Baja Apto 1 Caracas,CARACAS1050 VE	2021-09-07	175,500	GRANT FOR MONTEVILA UNIV RESIDENCE
Asociacion Venezolana de Promocion Ed (AVPE)	Planta Baja Apto 1 Caracas,CARACAS1050 VE	2021-07-21	350,000	GRANT FOR ARAYA STUDY CENTER
COLLEGIO UNIVERSITARIO INTERNAZIONALE DI ROMA CUIR	VIA ANICIA N 13 ROMA,ROMA IT	2020-12-17	614,715	GRANT FOR EXPANSION OF COLLLEGIO SEDES SAPIENTIAE

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
MEXICO R/E - TORRE CENTENARIO	FMV	5,000,000	5,000,000
CTP OFFSHORE FEEDER FUND, L.P.	FMV	178,267	178,267
CVC EUROPN PRIM LENDING FUND	FMV	182,994	182,994
WELLINGTON HH PRE-IPO OFFSHORE	FMV	679,249	679,249
BTO II OFFSHORE FEEDER FUND	FMV	1,252,581	1,252,581
G ROCKIES OFFSHORE FEEDER FUND	FMV	5,195	5,195
W ST DF ONSHORE FEEDER FUND LP	FMV	34,459	34,459
DGP OWNERSHIP OFFSHR FEEDER LP	FMV	776,723	776,723
EUROPEAN SPEC SITS FUND	FMV	481,076	481,076
HEDGEFORUM PORTFOLIOS LLC- HF	FMV	11,126,908	11,126,908
HH PRE-IPO OFFSHORE FUND II	AT COST	617,564	617,564
CVII REAL ESTATE OPP ONSHOREA	AT COST	350,305	350,305
601 WEST ONSHORE FEEDER FUND	AT COST	1,181,749	1,181,749
HF MILLENNIUM LTD CI A CTP	AT COST	676,823	676,823
HF RENAISSANCE LTD	AT COST	550,019	550,019
AREOF III OFFSHORE FEEDER FUND	AT COST	291,066	291,066

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
PROGRAM LOANS RECEIVABLE	14,768,985	12,857,202	12,857,202
ACCRUED INVESTMENT INCOME	93,911	90,306	90,306

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
ADMINISTRATIVE SERVICES	21,870	11,111	10,760
REGULATORY AND COMPLIANCE	99	0	99
INFORMATION TECHNOLOGY	10	0	10
BANK SERVICE CHARGES	30	0	30
CURRENCY LOSSES	24,997	24,997	0

Description	Revenue And Expenses Per Books	Net Investment Income
W ST DF ONSHORE FEEDER FUND, LP	7,418	7,418
BTO II OFFSHORE FEEDER FUND	189,240	189,240
EUROPEAN PRIMARY LENDING OP	1,800	1,800
EUROPEAN SPEC SITS FUND	9,753	9,753
HH PRE-IPO OFFSHORE FUND II	602,224	602,224
G ROCKIES OFFSHORE FEEDER FUND	23,082	23,082
DGP OWNERSHIP OFFSHR FEEDER LP	62,996	62,996
WELLINGTON HH PRE-IPO OFFSHORE	173,384	173,384
601 WEST OFFSHORE	30,065	30,065
AREOF III OFFSHORE FEEDER FUND	-2,985	-2,985
C VIII REAL ESTATE OPP	-23,870	-23,870
CLASS ACTION SETTLEMENT	4,206	4,206
PROGRAM LOAN INTEREST	92,747	92,747

Description	Amount
UNREALIZED GAIN ON INVESTMENTS	1,780,989
PARTNERSHIP INCOME ADJUSTMENT	645,164
INVESTMENT TAX RECEIVABLE	9,259

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FOREIGN TAXES WITHHELD	32,131	32,131		0
PY EXCISE TAX DUE	121,717	0		0