﻿<?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="2018v3.1">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2019-11-15T12:26:43-06:00</ReturnTs>
    <TaxPeriodEndDt>2018-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>ERNST &amp; YOUNG US LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>121 RIVER STREET</AddressLine1Txt>
        <CityNm>HOBOKEN</CityNm>
        <StateAbbreviationCd>NJ</StateAbbreviationCd>
        <ZIPCd>07030</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2018-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>464978561</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>The Michelson Foundation</BusinessNameLine1Txt>
      </BusinessName>
      <InCareOfNm>% KKR ACCOUNTING SERVICES LLC</InCareOfNm>
      <BusinessNameControlTxt>MICH</BusinessNameControlTxt>
      <PhoneNum>6506532406</PhoneNum>
      <USAddress>
        <AddressLine1Txt>2755 Campus Drive Suite 240</AddressLine1Txt>
        <CityNm>San Mateo</CityNm>
        <StateAbbreviationCd>CA</StateAbbreviationCd>
        <ZIPCd>94403</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>SUSAN P DOELL</PersonNm>
      <PersonTitleTxt>Secretary/Treasurer</PersonTitleTxt>
      <PhoneNum>6506532419</PhoneNum>
      <SignatureDt>2019-05-01</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>Jessica Perna</PreparerPersonNm>
      <PTIN>P00844664</PTIN>
      <PhoneNum>2015515000</PhoneNum>
    </PreparerPersonGrp>
    <TaxYr>2018</TaxYr>
    <BuildTS>2022-09-23 18:48:47Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="9">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>19474556</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>5589004</ContriRcvdRevAndExpnssAmt>
        <DividendsRevAndExpnssAmt>227826</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>227826</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>312</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>1935000</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>312</CapGainNetIncmNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>5817142</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>228138</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="AccountingFeesSch">21600</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>5400</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>0</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>16200</AccountingFeesChrtblPrpsAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">10382</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>10117</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>265</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>31982</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>15517</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>0</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>16465</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>1110768</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>1110768</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>1142750</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>15517</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>0</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>1127233</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>4674392</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>212621</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>179510</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>1476728</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>1476728</SavAndTempCashInvstEOYFMVAmt>
        <USGovernmentObligationsBOYAmt>5632281</USGovernmentObligationsBOYAmt>
        <USGovernmentObligationsEOYAmt referenceDocumentId="InvGovtObligSch">5740662</USGovernmentObligationsEOYAmt>
        <USGovtObligationsEOYFMVAmt>5727924</USGovtObligationsEOYFMVAmt>
        <CorporateStockBOYAmt>9592252</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestCorpStockSch">12911742</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>12269904</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>1592</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="InvestCorpBondsSch">0</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>0</CorporateBondsEOYFMVAmt>
        <TotalAssetsBOYAmt>15405635</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>20129132</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>19474556</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowSFAS117Ind>X</OrgDoesNotFollowSFAS117Ind>
        <RetainedEarningBOYAmt>15405635</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>20129132</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>15405635</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>20129132</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>15405635</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>20129132</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>15405635</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>4674392</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="OtherIncreasesSch">49105</OtherIncreasesAmt>
        <SubtotalAmt>20129132</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>20129132</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>600,000 SHS FHLB</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2015-06-17</AcquiredDt>
          <SoldDt>2018-02-28</SoldDt>
          <GrossSalesPriceAmt>600000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>600000</CostOrOtherBasisAmt>
          <GainOrLossAmt>0</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>150,000 SHS FHLB</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2015-08-19</AcquiredDt>
          <SoldDt>2018-03-29</SoldDt>
          <GrossSalesPriceAmt>150000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>150000</CostOrOtherBasisAmt>
          <GainOrLossAmt>0</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>585,000 SHS FHLB</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2015-06-10</AcquiredDt>
          <SoldDt>2018-03-09</SoldDt>
          <GrossSalesPriceAmt>585000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>585000</CostOrOtherBasisAmt>
          <GainOrLossAmt>0</GainOrLossAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>600,000 SHS FFCB</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2015-06-25</AcquiredDt>
          <SoldDt>2018-03-01</SoldDt>
          <GrossSalesPriceAmt>600000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>599688</CostOrOtherBasisAmt>
          <GainOrLossAmt>312</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>312</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>312</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <QlfyUndSect4940eReducedTaxGrp>
        <LiableSection4942TaxInd>false</LiableSection4942TaxInd>
        <AdjustedQlfyDistriYr1Amt>1244340</AdjustedQlfyDistriYr1Amt>
        <NetVlNoncharitableAssetsYr1Amt>9788850</NetVlNoncharitableAssetsYr1Amt>
        <DistributionYr1Rt>0.127118</DistributionYr1Rt>
        <AdjustedQlfyDistriYr2Amt>221749</AdjustedQlfyDistriYr2Amt>
        <NetVlNoncharitableAssetsYr2Amt>6068027</NetVlNoncharitableAssetsYr2Amt>
        <DistributionYr2Rt>0.036544</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>375172</AdjustedQlfyDistriYr3Amt>
        <NetVlNoncharitableAssetsYr3Amt>5688535</NetVlNoncharitableAssetsYr3Amt>
        <DistributionYr3Rt>0.065952</DistributionYr3Rt>
        <AdjustedQlfyDistriYr4Amt>209597</AdjustedQlfyDistriYr4Amt>
        <NetVlNoncharitableAssetsYr4Amt>4005524</NetVlNoncharitableAssetsYr4Amt>
        <DistributionYr4Rt>0.052327</DistributionYr4Rt>
        <TotalDistributionRt>0.281941</TotalDistributionRt>
        <AverageDistributionRt>0.070485</AverageDistributionRt>
        <NetVlNoncharitableAssetsAmt>16150890</NetVlNoncharitableAssetsAmt>
        <AdjNetVlNoncharitableAssetsAmt>1138395</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>2126</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>1140521</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>1127233</QualifyingDistributionsAmt>
      </QlfyUndSect4940eReducedTaxGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>4252</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>4252</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>4252</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>46279</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>46279</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="IRS2220">X</Form2220AttachedInd>
        <OverpaymentAmt>42027</OverpaymentAmt>
        <AppliedToESTaxAmt>42027</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd referenceDocumentId="BinaryAttach BinaryAttachN1">false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd referenceDocumentId="BinaryAttach BinaryAttachN1">false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd referenceDocumentId="BinaryAttach BinaryAttachN1">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>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>KKR ACCOUNTING SERVICES LLC</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>6506532419</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>2755 CAMPUS DRIVE SUITE 240</AddressLine1Txt>
          <CityNm>SAN MATEO</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>94403</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>
        <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>MICHAEL W MICHELSON</PersonNm>
          <USAddress>
            <AddressLine1Txt>2755 Campus Drive</AddressLine1Txt>
            <AddressLine2Txt>Suite 240</AddressLine2Txt>
            <CityNm>San Mateo</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94403</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR AND CHARIMAN</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>SUSAN P DOELL</PersonNm>
          <USAddress>
            <AddressLine1Txt>2755 Campus Drive</AddressLine1Txt>
            <AddressLine2Txt>Suite 240</AddressLine2Txt>
            <CityNm>San Mateo</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94403</ZIPCd>
          </USAddress>
          <TitleTxt>SECRETARY AND TREASURER</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>3.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>KATE M GOLDKAMP</PersonNm>
          <USAddress>
            <AddressLine1Txt>2755 Campus Drive</AddressLine1Txt>
            <AddressLine2Txt>Suite 240</AddressLine2Txt>
            <CityNm>San Mateo</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94403</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>LAURA E MICHELSON</PersonNm>
          <USAddress>
            <AddressLine1Txt>2755 Campus Drive</AddressLine1Txt>
            <AddressLine2Txt>Suite 240</AddressLine2Txt>
            <CityNm>San Mateo</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94403</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp />
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>16138569</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>258274</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>16396843</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>16396843</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>245953</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>16150890</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>807545</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>807545</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>4252</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>4252</TotalTaxAmt>
        <DistributableBeforeAdjAmt>803293</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>803293</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>803293</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>1127233</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>1127233</QualifyingDistributionsAmt>
        <AdjustedQualifyingDistriAmt>1127233</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>803293</DistributableAsAdjustedAmt>
        <PriorYear1Yr>2016</PriorYear1Yr>
        <PriorYear2Yr>2015</PriorYear2Yr>
        <PriorYear3Yr>2014</PriorYear3Yr>
        <ExcessDistributionCyovYr4Amt>58823</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>112601</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr1Amt>756433</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>927857</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>1127233</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>803293</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>323940</RemainingDistriFromCorpusAmt>
        <TotalCorpusAmt>1251797</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <CorpusDistri170b1EOr4942g3Amt>1251797</CorpusDistri170b1EOr4942g3Amt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp />
      <SupplementaryInformationGrp>
        <ContributingManagerNm>MICHAEL W MICHELSON</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>SUSAN P DOELL</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>2755 CAMPUS DRIVE SUITE 240</AddressLine1Txt>
            <CityNm>SAN MATEO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94403</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>6506532406</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>APPLICATIONS SHOULD BE MADE AS A FORMAL WRITTEN REQUEST</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>NONE</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>NONE</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE BASIC FUND (PLEDGE PAYMENT)</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1301 CLAY STREET 70450</AddressLine1Txt>
            <CityNm>OAKLAND</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94612</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>12000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE METROPOLITAN OPERA</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>LINCOLN CENTER</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10023</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SMITHSONIAN INSTITUTION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1000 JEFFERSON DR SW</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20560</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>5000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THOMAS JEFFERSON UNIVERSITY HOSPITAL (PLEDGE PMT)</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>111 SOUTH 11TH STREET</AddressLine1Txt>
            <CityNm>PHILADELPHIA</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>19107</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>50000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BRYN MAWR COLLEGE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>101 NORTH MERION AVENUE</AddressLine1Txt>
            <CityNm>BRYN MAWR</CityNm>
            <StateAbbreviationCd>PA</StateAbbreviationCd>
            <ZIPCd>19010</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>509309</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>VANDERBILT UNIVERSITY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2301 VANDERBILT PLACE</AddressLine1Txt>
            <CityNm>NASHVILLE</CityNm>
            <StateAbbreviationCd>TN</StateAbbreviationCd>
            <ZIPCd>37235</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>509309</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HARVARD MAGAZINE</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>7 WARE STREET</AddressLine1Txt>
            <CityNm>CAMBRIDGE</CityNm>
            <StateAbbreviationCd>MA</StateAbbreviationCd>
            <ZIPCd>02138</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>150</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1110768</TotalGrantOrContriPdDurYrAmt>
        <GrantOrContriApprvForFutGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FRANCISCO PARK CONSERVANCY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 475035</AddressLine1Txt>
            <CityNm>SAN FRANCISCO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94147</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>250000</Amt>
        </GrantOrContriApprvForFutGrp>
        <GrantOrContriApprvForFutGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE METROPOLITAN OPERA</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>LINCOLN CENTER</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10023</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED</GrantOrContributionPurposeTxt>
          <Amt>125000</Amt>
        </GrantOrContriApprvForFutGrp>
        <TotalGrantOrContriApprvFutAmt>375000</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp />
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>227826</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>312</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>228138</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>228138</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>MICHAEL W MICHELSON</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>2755 CAMPUS DRIVE SUITE 240</AddressLine1Txt>
          <CityNm>SAN MATEO</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>94403</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>5589004</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
        <NoncashContributionInd>X</NoncashContributionInd>
      </ContributorInformationGrp>
      <NonCashPropertyContributionGrp>
        <ContributorNum>1</ContributorNum>
        <NoncashPropertyDesc>100,000 SHS KKR &amp; CO INC.</NoncashPropertyDesc>
        <FairMarketValueAmt>2289000</FairMarketValueAmt>
        <ReceivedDt>2018-11-14</ReceivedDt>
      </NonCashPropertyContributionGrp>
      <NonCashPropertyContributionGrp>
        <ContributorNum>2</ContributorNum>
        <NoncashPropertyDesc>21,725 SHS PROCTER &amp; GAMBLE</NoncashPropertyDesc>
        <FairMarketValueAmt>2000004</FairMarketValueAmt>
        <ReceivedDt>2018-12-28</ReceivedDt>
      </NonCashPropertyContributionGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>TAX PREP FEES</CategoryTxt>
        <Amt>11600</Amt>
        <NetInvestmentIncomeAmt>2900</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>8700</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
      <AccountingFeesDetail>
        <CategoryTxt>BOOKKEEPING FEES</CategoryTxt>
        <Amt>10000</Amt>
        <NetInvestmentIncomeAmt>2500</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>7500</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpBondsSchedule documentId="InvestCorpBondsSch">
      <InvestmentsCorporateBondsGrp>
        <BondNm>PURCHASED INTEREST - FIXED INC</BondNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>83,103 SHS OF AMPHENOL CORP</StockNm>
        <EOYBookValueAmt>6604514</EOYBookValueAmt>
        <EOYFMVAmt>6733005</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>19,242 SHS OF CHARLES SCHWAB</StockNm>
        <EOYBookValueAmt>999622</EOYBookValueAmt>
        <EOYFMVAmt>799120</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>100,000 SHS OF KKR &amp; CO INC</StockNm>
        <EOYBookValueAmt>2289000</EOYBookValueAmt>
        <EOYFMVAmt>1963000</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>21,970 SHS OF PROCTOR &amp; GAMBLE</StockNm>
        <EOYBookValueAmt>2022443</EOYBookValueAmt>
        <EOYFMVAmt>2019482</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>16,391 SHS OF WELLS FARGO</StockNm>
        <EOYBookValueAmt>996163</EOYBookValueAmt>
        <EOYFMVAmt>755297</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="InvGovtObligSch">
      <USGovtObligationsBookVlEOYAmt>5740662</USGovtObligationsBookVlEOYAmt>
      <USGovtObligationsEOYFMVAmt>5727924</USGovtObligationsEOYFMVAmt>
    </InvestmentsGovtObligationsSch>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>MISCELLANEOUS EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>255</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>255</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>10117</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>10117</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FILING FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>10</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>10</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Desc>UNREALIZED GAIN ON DISTRIBUTION OF</Desc>
        <Amt>0</Amt>
      </OtherIncreasesDetail>
      <OtherIncreasesDetail>
        <Desc>APPRECIATED STOCK TO CHARITABLE GRANTEE</Desc>
        <Amt>49105</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
  </ReturnData>
</Return>