﻿<?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="2025v4.2">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2026-08-13T11:41:18-04:00</ReturnTs>
    <TaxPeriodEndDt>2025-12-31</TaxPeriodEndDt>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2025-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>200292721</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>STAR FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <InCareOfNm>% SHARIN A SCOTT</InCareOfNm>
      <BusinessNameControlTxt>STAR</BusinessNameControlTxt>
      <PhoneNum>7139510100</PhoneNum>
      <USAddress>
        <AddressLine1Txt>100 WAUGH DRIVE Suite 400</AddressLine1Txt>
        <CityNm>HOUSTON</CityNm>
        <StateAbbreviationCd>TX</StateAbbreviationCd>
        <ZIPCd>77007</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>RUSSEL GORDY</PersonNm>
      <PersonTitleTxt>TRUSTEE/DIRECTOR</PersonTitleTxt>
      <PhoneNum>7139510100</PhoneNum>
      <SignatureDt>2026-03-15</SignatureDt>
    </BusinessOfficerGrp>
    <TaxYr>2025</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="10">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>43586076</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>14400000</ContriRcvdRevAndExpnssAmt>
        <InterestOnSavRevAndExpnssAmt>407004</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>407004</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>464268</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>464268</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>61525</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>65847</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>61525</CapGainNetIncmNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>15332797</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>932797</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="OthProfFeesSch">24404</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>24404</OtherProfFeesNetInvstIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule">18896</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>24</TaxesNetInvstIncmAmt>
        <TotOprExpensesRevAndExpnssAmt>43300</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>24428</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>1600000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>1600000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>1643300</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>24428</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>1600000</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>13689497</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>908369</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>10580843</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>23797434</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>23797434</SavAndTempCashInvstEOYFMVAmt>
        <AcctRcvblAmt>7984</AcctRcvblAmt>
        <AcctRcvblEOYAmt>7984</AcctRcvblEOYAmt>
        <AcctRcvblEOYFMVAmt>7984</AcctRcvblEOYFMVAmt>
        <CorporateStockBOYAmt>2366211</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestCorpStockSch">2373141</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>11076335</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>8202442</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="InvestCorpBondsSch">8600709</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>8704323</CorporateBondsEOYFMVAmt>
        <TotalAssetsBOYAmt>21149496</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>34779268</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>43586076</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <RetainedEarningBOYAmt>21149496</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>34779268</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>21149496</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>34779268</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>21149496</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>34779268</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>21149496</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>13689497</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>34838993</SubtotalAmt>
        <OtherDecreasesAmt referenceDocumentId="OtherDecreasesSch">59725</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>34779268</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FIDELITY #3096</PropertyDesc>
          <GrossSalesPriceAmt>1512</GrossSalesPriceAmt>
          <GainOrLossAmt>1512</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1512</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FIDELITY #3096</PropertyDesc>
          <GrossSalesPriceAmt>2440</GrossSalesPriceAmt>
          <GainOrLossAmt>2440</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>2440</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FIDELITY #9785</PropertyDesc>
          <CostOrOtherBasisAmt>3076</CostOrOtherBasisAmt>
          <GainOrLossAmt>-3076</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-3076</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FIDELITY #9785</PropertyDesc>
          <CostOrOtherBasisAmt>1246</CostOrOtherBasisAmt>
          <GainOrLossAmt>-1246</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-1246</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FIDELITY #5613</PropertyDesc>
          <GrossSalesPriceAmt>19952</GrossSalesPriceAmt>
          <GainOrLossAmt>19952</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>19952</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FIDELITY #5613</PropertyDesc>
          <GrossSalesPriceAmt>41943</GrossSalesPriceAmt>
          <GainOrLossAmt>41943</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>41943</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>61525</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>12626</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>12626</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>12626</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>10000</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>6500</ExtsnRequestIncomeTaxPaidAmt>
        <TotalPaymentsAndCreditsAmt>16500</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="IRS2220">X</Form2220AttachedInd>
        <EsPenaltyAmt>53</EsPenaltyAmt>
        <OverpaymentAmt>3821</OverpaymentAmt>
        <AppliedToESTaxAmt>3821</AppliedToESTaxAmt>
        <RefundAmt>0</RefundAmt>
      </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>WY</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>true</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd referenceDocumentId="DonorAdvisedFundStmt">true</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>SHARIN A SCOTT</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>7139510100</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>100 WAUGH DRIVE SUITE 400</AddressLine1Txt>
          <CityNm>HOUSTON</CityNm>
          <StateAbbreviationCd>TX</StateAbbreviationCd>
          <ZIPCd>77007</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>
        <UndistrIncmSect4942a2NotAppInd>false</UndistrIncmSect4942a2NotAppInd>
        <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>RUSSELL D GORDY</PersonNm>
          <USAddress>
            <AddressLine1Txt>100 WAUGH DRIVE SUITE 400</AddressLine1Txt>
            <CityNm>HOUSTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77007</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE/DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>GLENDA J GORDY</PersonNm>
          <USAddress>
            <AddressLine1Txt>100 WAUGH DRIVE SUITE 400</AddressLine1Txt>
            <CityNm>HOUSTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77007</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>SHAUN C GORDY</PersonNm>
          <USAddress>
            <AddressLine1Txt>100 WAUGH DRIVE SUITE 400</AddressLine1Txt>
            <CityNm>HOUSTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77007</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>GARRETT R GORDY</PersonNm>
          <USAddress>
            <AddressLine1Txt>100 WAUGH DRIVE SUITE 400</AddressLine1Txt>
            <CityNm>HOUSTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77007</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>N/A</Description1Txt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>0</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>11273323</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>17450007</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>28723330</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>28723330</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>430850</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>28292480</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>1414624</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>1414624</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>12626</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>12626</TotalTaxAmt>
        <DistributableBeforeAdjAmt>1401998</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>1401998</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>1401998</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>1600000</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>1600000</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>1401998</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <PriorYear1Yr>2023</PriorYear1Yr>
        <PriorYear2Yr>2022</PriorYear2Yr>
        <PriorYear3Yr>2021</PriorYear3Yr>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <QualifyingDistributionsAmt>1600000</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>1401998</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>198002</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>198002</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>198002</ExcessDistriCyovToNextYrAmt>
        <ExcessFromCurrentYearAmt>198002</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp></PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>RUSSELL D GORDY</ContributingManagerNm>
        <ShareholderManagerNm>NA</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NATIONAL PHILANTHROPIC TRUST</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>270 PARK AVENUE</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10017</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>none</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>NC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>TO PROVIDE GENERAL SUPPORT FOR FUTURE DISTRIBUTIONS TO VARIOUS QUALIFIED 501(C)(3) PUBLIC CHARITIES. THESE FUNDS WILL BE USED EXCLUSIVELY FOR CHARITABLE, EDUCATIONAL, OR OTHER EXEMPT PURPOSES.</GrantOrContributionPurposeTxt>
          <Amt>1400000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>STAGES</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>800 ROSINE ST</AddressLine1Txt>
            <CityNm>HOUSTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77019</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>none</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>NC</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>TO SUPPORT THEIR YEAR-ROUND SERIES OF SHOWS AND PROVIDING MEANINGFUL EMPLOYMENT FOR HUNDREDS OF HOUSTON PERFORMERS, CREATORS, WRITERS, MUSICIANS, TECHNICIANS, AND STAFF.</GrantOrContributionPurposeTxt>
          <Amt>200000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1600000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>407004</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>464268</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncomeGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>61525</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>932797</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>932797</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>
    <IRS990ScheduleB documentId="IRS990ScheduleB">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorPersonNm>RUSSELL D GORDY</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>100 WAUGH DRIVE SUITE 400</AddressLine1Txt>
          <CityNm>HOUSTON</CityNm>
          <StateAbbreviationCd>TX</StateAbbreviationCd>
          <ZIPCd>77007</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>14400000</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <AllOthProgRltdInvestmentsSch documentId="AllOthProgInvSch">
      <AllOtherProgramRelatedInvstGrp>
        <Desc>NONE</Desc>
      </AllOtherProgramRelatedInvstGrp>
    </AllOthProgRltdInvestmentsSch>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpBondsSchedule documentId="InvestCorpBondsSch">
      <InvestmentsCorporateBondsGrp>
        <BondNm>FIDELITY (-3096)</BondNm>
        <EOYBookValueAmt>373174</EOYBookValueAmt>
        <EOYFMVAmt>377834</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>FIDELITY (-5613)</BondNm>
        <EOYBookValueAmt>5722710</EOYBookValueAmt>
        <EOYFMVAmt>5805223</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
      <InvestmentsCorporateBondsGrp>
        <BondNm>FIDELITY (-5648)</BondNm>
        <EOYBookValueAmt>2504825</EOYBookValueAmt>
        <EOYFMVAmt>2521266</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>FIDELITY (-9785)</StockNm>
        <EOYBookValueAmt>257253</EOYBookValueAmt>
        <EOYFMVAmt>334710</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>MERRILL LYNCH (-2062)</StockNm>
        <EOYBookValueAmt>1066393</EOYBookValueAmt>
        <EOYFMVAmt>534846</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>FIDELITY (-3409)</StockNm>
        <EOYBookValueAmt>1049495</EOYBookValueAmt>
        <EOYFMVAmt>10206779</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <OtherDecreasesSchedule documentId="OtherDecreasesSch">
      <OtherDecreasesDetail>
        <Desc>OTHER DECREASES</Desc>
        <Amt>59725</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>PORTFOLIO INCOME FROM AVALON K-1</Desc>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>REGISTERED AGENT FEE</CategoryTxt>
        <Amt>422</Amt>
        <NetInvestmentIncomeAmt>422</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>TRANSACTION COSTS &amp; FEES</CategoryTxt>
        <Amt>23982</Amt>
        <NetInvestmentIncomeAmt>23982</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FEDERAL TAXES PAID</CategoryTxt>
        <Amt>18872</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES PAID</CategoryTxt>
        <Amt>24</Amt>
        <NetInvestmentIncomeAmt>24</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>