﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2024v5.2">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2025-06-24T18:43:25-05:00</ReturnTs>
    <TaxPeriodEndDt>2024-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>953646608</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>JOEL A SCHOFF CPA A PROFESSIONAL CORP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>PO BOX 3252</AddressLine1Txt>
        <CityNm>MANHATTAN BEACH</CityNm>
        <StateAbbreviationCd>CA</StateAbbreviationCd>
        <ZIPCd>90266</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2024-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>463491365</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>DAVID P WATSON FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>DAVI</BusinessNameControlTxt>
      <PhoneNum>3104633785</PhoneNum>
      <USAddress>
        <AddressLine1Txt>PO BOX 2848</AddressLine1Txt>
        <CityNm>EL SEGUNDO</CityNm>
        <StateAbbreviationCd>CA</StateAbbreviationCd>
        <ZIPCd>902451948</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>TIMOTHY E CURRY</PersonNm>
      <PersonTitleTxt>CFO</PersonTitleTxt>
      <PhoneNum>3104633785</PhoneNum>
      <SignatureDt>2025-06-24</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>0</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>JOEL A SCHOFF CPA A PROFESSIONAL CO</PreparerPersonNm>
      <PTIN>P00000677</PTIN>
      <PhoneNum>3104183485</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2024</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="8">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>10518349</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>42849</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>42849</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>359359</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>359359</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>649653</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>4734018</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>649653</CapGainNetIncmNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>1051861</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>1051861</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>15000</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>13500</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>1500</CompOfcrDirTrstDsbrsChrtblAmt>
        <LegalFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002100001">4821</LegalFeesRevAndExpnssAmt>
        <LegalFeesNetInvstIncmAmt>4221</LegalFeesNetInvstIncmAmt>
        <LegalFeesDsbrsChrtblAmt>600</LegalFeesDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002200001">51038</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>49038</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>2000</AccountingFeesChrtblPrpsAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">23164</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>23164</TaxesNetInvstIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <OccupancyRevAndExpnssAmt>22000</OccupancyRevAndExpnssAmt>
        <OccupancyNetInvstIncmAmt>19800</OccupancyNetInvstIncmAmt>
        <OccupancyDsbrsChrtblAmt>2200</OccupancyDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc2003200001">113154</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>113154</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>0</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>229177</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>222877</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>6300</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>555000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>555000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>784177</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>222877</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>561300</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>267684</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>828984</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>3034289</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>489457</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>489457</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>7193321</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2018900001">10028892</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>10028892</CorporateStockEOYFMVAmt>
        <TotalAssetsBOYAmt>10227610</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>10518349</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>10518349</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
        <NoDonorRstrNetAssestsBOYAmt>10227610</NoDonorRstrNetAssestsBOYAmt>
        <NoDonorRstrNetAssestsEOYAmt>10518349</NoDonorRstrNetAssestsEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>10227610</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>10518349</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>10227610</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>10518349</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>10227610</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>267684</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="RetDoc2049700001">28055</OtherIncreasesAmt>
        <SubtotalAmt>10523349</SubtotalAmt>
        <OtherDecreasesAmt referenceDocumentId="RetDoc2049800001">5000</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>10518349</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MORGAN STANLEY A/C 55335043</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-01-03</AcquiredDt>
          <SoldDt>2024-12-20</SoldDt>
          <GrossSalesPriceAmt>1757582</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1682041</CostOrOtherBasisAmt>
          <GainOrLossAmt>75541</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>75541</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MORGAN STANLEY A/C 55335043</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2023-07-25</AcquiredDt>
          <SoldDt>2024-12-23</SoldDt>
          <GrossSalesPriceAmt>536565</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>464975</CostOrOtherBasisAmt>
          <GainOrLossAmt>71590</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>71590</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MORGAN STANLEY A/C 54093043</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-01-03</AcquiredDt>
          <SoldDt>2024-06-25</SoldDt>
          <GrossSalesPriceAmt>277396</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>251581</CostOrOtherBasisAmt>
          <GainOrLossAmt>25815</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>25815</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MORGAN STANLEY A/C 54093043</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2023-06-14</AcquiredDt>
          <SoldDt>2024-06-25</SoldDt>
          <GrossSalesPriceAmt>2041609</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1568540</CostOrOtherBasisAmt>
          <GainOrLossAmt>473069</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>473069</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>WELLS FARGO BANK A/C 97491000</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2023-06-14</AcquiredDt>
          <SoldDt>2024-06-13</SoldDt>
          <GrossSalesPriceAmt>62886</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>62710</CostOrOtherBasisAmt>
          <GainOrLossAmt>176</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>176</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>WELLS FARGO BANK A/C 97491000</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2023-02-09</AcquiredDt>
          <SoldDt>2024-06-13</SoldDt>
          <GrossSalesPriceAmt>57980</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>54518</CostOrOtherBasisAmt>
          <GainOrLossAmt>3462</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>3462</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>649653</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>11523</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>11523</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>11523</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>4461</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>0</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>4461</TotalPaymentsAndCreditsAmt>
        <EsPenaltyAmt>0</EsPenaltyAmt>
        <TaxDueAmt>7062</TaxDueAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>0</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>0</MoreThan100SpentInd>
        <Form1120POLFiledInd>0</Form1120POLFiledInd>
        <Section4955OrganizationTaxAmt>0</Section4955OrganizationTaxAmt>
        <Section4955ManagersTaxAmt>0</Section4955ManagersTaxAmt>
        <TaxReimbursedAmt>0</TaxReimbursedAmt>
        <ActivitiesNotPreviouslyRptInd>0</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>0</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>0</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>0</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>0</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>1</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>CA</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>0</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>DAVID P WATSON FOUNDATION</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>3104633785</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>PO BOX 2848</AddressLine1Txt>
          <CityNm>EL SEGUNDO</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>902451948</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>0</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>0</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>0</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>0</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>0</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>0</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>0</PaymentToGovernmentOfficialInd>
        <UncorrectedPriorActsInd>0</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>0</UndistributedIncomePYInd>
        <BusinessHoldingsInd>0</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>0</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>0</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>0</InfluenceLegislationInd>
        <InfluenceElectionInd>0</InfluenceElectionInd>
        <GrantsToIndividualsInd>0</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>0</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>0</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>0</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>0</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>0</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>AMY A BEAN</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO BOX 2848</AddressLine1Txt>
            <CityNm>EL SEGUNDO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90245</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>10.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>TIMOTHY E CURRY</PersonNm>
          <USAddress>
            <AddressLine1Txt>PO BOX 2848</AddressLine1Txt>
            <CityNm>EL SEGUNDO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90245</ZIPCd>
          </USAddress>
          <TitleTxt>CEO/CFO</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>15.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>15000</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <TotalAmt>0</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>9505028</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>1250004</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>10755032</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>10755032</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>161325</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>10593707</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>529685</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>529685</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>11523</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>11523</TotalTaxAmt>
        <DistributableBeforeAdjAmt>518162</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>0</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>518162</DistributableBeforeDedAmt>
        <DeductionFromDistributableAmt>0</DeductionFromDistributableAmt>
        <DistributableAsAdjustedAmt>518162</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>561300</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>561300</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>518162</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>54431</UndistributedIncomePYAmt>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <TotalExcessDistributionCyovAmt>0</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>561300</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>54431</AppliedToYear1Amt>
        <AppliedToPriorYearsAmt>0</AppliedToPriorYearsAmt>
        <TreatedAsDistriFromCorpusAmt>0</TreatedAsDistriFromCorpusAmt>
        <AppliedToCurrentYearAmt>506869</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>0</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <PriorYearDeficiencyOrTaxAmt>0</PriorYearDeficiencyOrTaxAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>11293</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>0</CorpusDistri170b1EOr4942g3Amt>
        <ExcessDistriCyovFromYr5Amt>0</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>0</ExcessDistriCyovToNextYrAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>ALBERTINA KERR CENTERS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>424 NE 22ND AVENUE</AddressLine1Txt>
            <CityNm>PORTLAND</CityNm>
            <StateAbbreviationCd>OR</StateAbbreviationCd>
            <ZIPCd>97232</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>501(C)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TO BE USED FOR CHARITY'S EXEMPT PURPOSE &amp; CHARITABLE ACTIVITIES</GrantOrContributionPurposeTxt>
          <Amt>40000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>DOERNBECHER CHILDRENS HOSPITAL FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1121 SW SALMON ST STE 100</AddressLine1Txt>
            <CityNm>PORTLAND</CityNm>
            <StateAbbreviationCd>OR</StateAbbreviationCd>
            <ZIPCd>97205</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>501(C)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TO BE USED FOR CHARITY'S EXEMPT PURPOSE &amp; CHARITABLE ACTIVITIES</GrantOrContributionPurposeTxt>
          <Amt>80000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>GENERATION U INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 770975</AddressLine1Txt>
            <CityNm>STEAMBOAT SPRINGS</CityNm>
            <StateAbbreviationCd>CO</StateAbbreviationCd>
            <ZIPCd>80477</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>501(C)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TO BE USED FOR CHARITY'S EXEMPT PURPOSE &amp; CHARITABLE ACTIVITIES</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>GROWING GREAT</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2711 N SEPULVEDA BLVD 279</AddressLine1Txt>
            <CityNm>MANHATTAN BEACH</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90266</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>501(C)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TO BE USED FOR CHARITY'S EXEMPT PURPOSE &amp; CHARITABLE ACTIVITIES</GrantOrContributionPurposeTxt>
          <Amt>80000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>JIMMY MILLER FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2711 N SEPULVEDA BLVD 331</AddressLine1Txt>
            <CityNm>MANHATTAN BEACH</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90266</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>501(C)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TO BE USED FOR CHARITY'S EXEMPT PURPOSE &amp; CHARITABLE ACTIVITIES</GrantOrContributionPurposeTxt>
          <Amt>80000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>RICHSTONE FAMILY CENTER</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>13620 CORCARY AVE</AddressLine1Txt>
            <CityNm>HAWTHORNE</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90250</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>501(C)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TO BE USED FOR CHARITY'S EXEMPT PURPOSE &amp; CHARITABLE ACTIVITIES</GrantOrContributionPurposeTxt>
          <Amt>80000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SOUND EQUINE OPTIONS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 1150</AddressLine1Txt>
            <CityNm>GRESHAM</CityNm>
            <StateAbbreviationCd>OR</StateAbbreviationCd>
            <ZIPCd>97030</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>501(C)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TO BE USED FOR CHARITY'S EXEMPT PURPOSE &amp; CHARITABLE ACTIVITIES</GrantOrContributionPurposeTxt>
          <Amt>120000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THRIVE IN JOY NICK FAGNANO FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>849 S BROADWAY 810</AddressLine1Txt>
            <CityNm>LOS ANGELES</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90014</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>501(C)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TO BE USED FOR CHARITY'S EXEMPT PURPOSE &amp; CHARITABLE ACTIVITIES</GrantOrContributionPurposeTxt>
          <Amt>20000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FORWARD STRIVE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>23839 SW DANIEL RD</AddressLine1Txt>
            <CityNm>BEAVERTON</CityNm>
            <StateAbbreviationCd>OR</StateAbbreviationCd>
            <ZIPCd>97078</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>501(C)(3)</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TO BE USED FOR CHARITY'S EXEMPT PURPOSE &amp; CHARITABLE ACTIVITIES</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>555000</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>42849</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>359359</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>649653</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>1051861</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>0</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>1051861</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>0</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>0</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>0</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>0</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>0</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>0</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>0</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>0</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>0</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>0</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc2002200001">
      <AccountingFeesDetail>
        <CategoryTxt>PROFESSIONAL FEES</CategoryTxt>
        <Amt>51038</Amt>
        <NetInvestmentIncomeAmt>49038</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2000</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>WELLS FARGO ADV A/C XXX1000</StockNm>
        <EOYBookValueAmt>31219</EOYBookValueAmt>
        <EOYFMVAmt>31219</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MORGAN STANLEY A/C XXX55335</StockNm>
        <EOYBookValueAmt>9997673</EOYBookValueAmt>
        <EOYFMVAmt>9997673</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <LegalFeesSchedule documentId="RetDoc2002100001">
      <LegalFeesGrp>
        <CategoryTxt>PROFESSIONAL FEES</CategoryTxt>
        <LegalFeesAmt>4821</LegalFeesAmt>
        <NetInvestmentIncomeAmt>4221</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>600</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherDecreasesSchedule documentId="RetDoc2049800001">
      <OtherDecreasesDetail>
        <Desc>FEDERAL TAX DEPOSIT</Desc>
        <Amt>5000</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT ADVISORY FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>113154</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>113154</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncreasesSchedule documentId="RetDoc2049700001">
      <OtherIncreasesDetail>
        <Desc>UNREALIZED NET GAIN ON INVESTMENTS</Desc>
        <Amt>28055</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>FOREIGN, EXCISE &amp; OTHER TAXES</CategoryTxt>
        <Amt>23164</Amt>
        <NetInvestmentIncomeAmt>23164</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>