﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xsi:schemaLocation="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2024v5.2">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2026-04-15T00:21:09-05:00</ReturnTs>
    <TaxPeriodEndDt>2025-06-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>Baker Tilly Advisory Group LP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>2050 Main Street Suite 700</AddressLine1Txt>
        <CityNm>Irvine</CityNm>
        <StateAbbreviationCd>CA</StateAbbreviationCd>
        <ZIPCd>92614</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2024-07-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>770272230</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>THE MARKKULA FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <InCareOfNm>% ACM INVESTMENTS</InCareOfNm>
      <BusinessNameControlTxt>MARK</BusinessNameControlTxt>
      <PhoneNum>6508514425</PhoneNum>
      <USAddress>
        <AddressLine1Txt>C/O ACM INVESTMENTS PO BOX 620170</AddressLine1Txt>
        <CityNm>WOODSIDE</CityNm>
        <StateAbbreviationCd>CA</StateAbbreviationCd>
        <ZIPCd>94062</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>ARMAS MARKKULA</PersonNm>
      <PersonTitleTxt>DIRECTOR</PersonTitleTxt>
      <PhoneNum>6508514425</PhoneNum>
      <SignatureDt>2026-04-15</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>true</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>Brian Yacker</PreparerPersonNm>
      <PTIN>P00401346</PTIN>
      <PhoneNum>9492222999</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2024</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="10">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>10688733</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>75</ContriRcvdRevAndExpnssAmt>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <DividendsRevAndExpnssAmt>399450</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>399450</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>464873</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>4172199</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>464873</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="OtherIncomeSch2">4849</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>-20</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>869247</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>864303</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="AccountingFeesSch">23786</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>11893</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>0</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>11893</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="OthProfFeesSch">11367</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>11367</OtherProfFeesNetInvstIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule">5869</TaxesRevAndExpnssAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">10037</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>9962</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>75</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>51059</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>33222</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>0</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>11968</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>485246</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>485246</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>536305</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>33222</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>0</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>497214</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>332942</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>831081</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>148076</CashBOYAmt>
        <CashEOYAmt>118044</CashEOYAmt>
        <CashEOYFMVAmt>118044</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>153337</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>64275</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>64275</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>5630654</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestCorpStockSch">6096934</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>8992107</CorporateStockEOYFMVAmt>
        <OtherInvestmentsBOYAmt>1017259</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="InvOtherSch2">1041278</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>1514307</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>6949326</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>7320531</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>10688733</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <AdditionalPaidInCapitalBOYAmt>6949326</AdditionalPaidInCapitalBOYAmt>
        <AdditionalPaidInCapitalEOYAmt>7320531</AdditionalPaidInCapitalEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>6949326</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>7320531</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>6949326</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>7320531</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>6949326</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>332942</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="OtherIncreasesSch">38263</OtherIncreasesAmt>
        <SubtotalAmt>7320531</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>7320531</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PUBLICLY TRADED SECURITIES</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2000-01-01</AcquiredDt>
          <SoldDt>2025-06-30</SoldDt>
          <GrossSalesPriceAmt>4172199</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>3706120</CostOrOtherBasisAmt>
          <GainOrLossAmt>466079</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>466079</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>PARTNERSHIP CAPITAL LOSS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2000-01-01</AcquiredDt>
          <SoldDt>2025-06-30</SoldDt>
          <CostOrOtherBasisAmt>1206</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1206</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1206</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>464873</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>11552</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>11552</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>11552</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>4869</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <TotalPaymentsAndCreditsAmt>4869</TotalPaymentsAndCreditsAmt>
        <TaxDueAmt>6683</TaxDueAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>CA</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>ACM INVESTMENTS</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>6508514425</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>PO BOX 620170</AddressLine1Txt>
          <CityNm>WOODSIDE</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>940620170</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>A C MARKKULA JR</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O ACM INVESTMENTS PO BOX 62017</AddressLine1Txt>
            <CityNm>WOODSIDE</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94062</ZIPCd>
          </USAddress>
          <TitleTxt>DIR, PRES, CEO</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>LINDA MARKKULA</PersonNm>
          <USAddress>
            <AddressLine1Txt>C/O ACM INVESTMENTS PO BOX 62017</AddressLine1Txt>
            <CityNm>WOODSIDE</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94062</ZIPCd>
          </USAddress>
          <TitleTxt>DIR, VP, SEC</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp />
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>8689742</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>258919</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>1514307</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>10462968</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>10462968</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>156945</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>10306023</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>515301</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>515301</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>11552</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>11552</TotalTaxAmt>
        <DistributableBeforeAdjAmt>503749</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>5000</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>508749</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>508749</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>497214</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>497214</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>508749</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <PriorYear1Yr>2022</PriorYear1Yr>
        <PriorYear2Yr>2021</PriorYear2Yr>
        <PriorYear3Yr>2020</PriorYear3Yr>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr5Amt>295238</ExcessDistributionCyovYr5Amt>
        <ExcessDistributionCyovYr4Amt>143809</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr1Amt>222715</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>661762</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>497214</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>497214</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>11535</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>11535</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>650227</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovFromYr5Amt>283703</ExcessDistriCyovFromYr5Amt>
        <ExcessDistriCyovToNextYrAmt>366524</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>143809</ExcessFromYear4Amt>
        <ExcessFromYear1Amt>222715</ExcessFromYear1Amt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp></PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>NONE</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>armas c jr and linda markkula</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>po box 620170</AddressLine1Txt>
            <CityNm>woodside</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94062</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>6503654646</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>N/A</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>N/A</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>N/A</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Computer History Museum</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1401 N Shoreline Blvd</AddressLine1Txt>
            <CityNm>Mountain View</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94043</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>unrestricted</GrantOrContributionPurposeTxt>
          <Amt>4096</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CRISTO REY SAN JOSE JESUIT HIGH SCHOOL</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1390 Five Wounds LN</AddressLine1Txt>
            <CityNm>San Jose</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>95116</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>unrestricted</GrantOrContributionPurposeTxt>
          <Amt>275000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>San Francisco 49er Foundation</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>4949 Marie P Debartolo Way</AddressLine1Txt>
            <CityNm>Santa Clara</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>95054</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>unrestricted</GrantOrContributionPurposeTxt>
          <Amt>111200</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CityTeam Ministries</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2304 Zanker Rd</AddressLine1Txt>
            <CityNm>San Jose</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>95131</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>unrestricted</GrantOrContributionPurposeTxt>
          <Amt>1200</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Santa Clara University</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>500 El Camino Real</AddressLine1Txt>
            <CityNm>Santa Clara</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>95053</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>unrestricted</GrantOrContributionPurposeTxt>
          <Amt>43500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MILLS-PENINSULA HOSPITAL FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>C/O SH TAX 2200 RIVER PLAZA DR</AddressLine1Txt>
            <CityNm>SACRAMENTO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>95833</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>MONTALVO ASSOCIATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>15400 MONTALVO ROAD</AddressLine1Txt>
            <CityNm>SARATOGA</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>95070</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>RESURGE INTERNATIONAL</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>756 N PASTORIA AVE</AddressLine1Txt>
            <CityNm>SUNNYVALE</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94085</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>10250</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>INDEPENDENT INSTITUTE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>100 SWAN WAY</AddressLine1Txt>
            <CityNm>OAKLAND</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94621</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>20000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>JW HOUSE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>3850 HOMESTEAD ROAD</AddressLine1Txt>
            <CityNm>SANTA CLARA</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>95051</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>485246</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp />
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>399450</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncomeGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>464873</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>PARTNERSHIP LOSS</Desc>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>-20</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>EXCISE TAX REFUND</Desc>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>4869</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>869172</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>869172</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>23786</Amt>
        <NetInvestmentIncomeAmt>11893</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>11893</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>PUBLICLY TRADED SECURITIES</StockNm>
        <EOYBookValueAmt>6096934</EOYBookValueAmt>
        <EOYFMVAmt>8992107</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>PARTNERSHIP INVESTMENT</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>452200</BookValueAmt>
        <EOYFMVAmt>441504</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>REIT FUND</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>589078</BookValueAmt>
        <EOYFMVAmt>1072803</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>PARTNERSHIP INV FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>9962</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>9962</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FILING FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>75</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>75</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>PARTNERSHIP LOSS</Desc>
        <RevenueAndExpensesPerBooksAmt>-20</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>-20</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>EXCISE TAX REFUND</Desc>
        <RevenueAndExpensesPerBooksAmt>4869</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Desc>RETURN OF PRIOR DONATION</Desc>
        <Amt>5000</Amt>
      </OtherIncreasesDetail>
      <OtherIncreasesDetail>
        <Desc>CORRECTION OF PARTNERSHIP COST</Desc>
        <Amt>33263</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>BAILARD - INVESTMENT FEES</CategoryTxt>
        <Amt>11367</Amt>
        <NetInvestmentIncomeAmt>11367</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>EXCISE TAX</CategoryTxt>
        <Amt>5869</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>