﻿<?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="2023v5.1">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2024-08-21T15:22:38-05:00</ReturnTs>
    <TaxPeriodEndDt>2023-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>KUEHNIS &amp; ASSOCIATES CPAS LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>617 VETERANS BLVD SUITE 214</AddressLine1Txt>
        <CityNm>REDWOOD CITY</CityNm>
        <StateAbbreviationCd>CA</StateAbbreviationCd>
        <ZIPCd>94063</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2023-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>201986583</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>THE SAN SIMEON FUND INC</BusinessNameLine1Txt>
        <BusinessNameLine2Txt>c/o MR WILLIAM R HEARST III</BusinessNameLine2Txt>
      </BusinessName>
      <InCareOfNm>% CINDY LUND</InCareOfNm>
      <BusinessNameControlTxt>SANS</BusinessNameControlTxt>
      <USAddress>
        <AddressLine1Txt>765 MARKET STREET 34D</AddressLine1Txt>
        <CityNm>SAN FRANCISCO</CityNm>
        <StateAbbreviationCd>CA</StateAbbreviationCd>
        <ZIPCd>94103</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>WILLIAM HEARST III</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>6503623601</PhoneNum>
      <SignatureDt>2024-08-20</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>true</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>BRIAN KUEHNIS</PreparerPersonNm>
      <PTIN>P01256096</PTIN>
      <PhoneNum>6503623601</PhoneNum>
      <PreparationDt>2024-08-09</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2023</TaxYr>
    <BuildTS>2024-08-08 14:25:15Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="12">
    <IRS990PF documentId="IRS990PF">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>78012065</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>4311953</ContriRcvdRevAndExpnssAmt>
        <DividendsRevAndExpnssAmt>1261876</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>1261876</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>-940283</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>33832479</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>5413636</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="OtherIncomeSch2">12207</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>12207</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>4645753</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>6687719</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="AccountingFeesSch">11250</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>5625</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>0</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>5625</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="OthProfFeesSch">515</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesDsbrsChrtblAmt>515</OtherProfFeesDsbrsChrtblAmt>
        <InterestRevAndExpnssAmt>93049</InterestRevAndExpnssAmt>
        <InterestNetInvstIncmAmt>93049</InterestNetInvstIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">615369</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>615064</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>200</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>720183</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>713738</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>0</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>6340</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>250000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>250000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>970183</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>713738</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>0</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>256340</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>3675570</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>5973981</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>158450</CashBOYAmt>
        <CashEOYAmt>208435</CashEOYAmt>
        <CashEOYFMVAmt>208435</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>2901918</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>7224296</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>7224296</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>33679593</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestCorpStockSch">27093186</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>39831294</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>7612419</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="InvestCorpBondsSch">12895929</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>12995096</CorporateBondsEOYFMVAmt>
        <OtherInvestmentsBOYAmt>11600420</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="InvOtherSch2">12206524</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>17752944</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>55952800</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>59628370</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>78012065</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <RetainedEarningBOYAmt>55952800</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>59628370</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>55952800</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>59628370</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>55952800</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>59628370</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>55952800</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>3675570</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>59628370</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>59628370</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>RIDALLC (PER K-1)</PropertyDesc>
          <GrossSalesPriceAmt>0</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>332180</CostOrOtherBasisAmt>
          <GainOrLossAmt>-332180</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-332180</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>RIDALLC (PER K-1)</PropertyDesc>
          <GrossSalesPriceAmt>164901</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>0</CostOrOtherBasisAmt>
          <GainOrLossAmt>164901</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>164901</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>RIEFLLC (PER K-1)</PropertyDesc>
          <GrossSalesPriceAmt>0</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>51272</CostOrOtherBasisAmt>
          <GainOrLossAmt>-51272</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-51272</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>RIEFLLC (PER K-1)</PropertyDesc>
          <GrossSalesPriceAmt>444923</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>0</CostOrOtherBasisAmt>
          <GainOrLossAmt>444923</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>444923</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MS #3318 (S/T COVERED)</PropertyDesc>
          <GrossSalesPriceAmt>8420212</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>10448147</CostOrOtherBasisAmt>
          <GainOrLossAmt>-2013139</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-2027935</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MS #3318 (S/T COVERED)</PropertyDesc>
          <GrossSalesPriceAmt>2000000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1968066</CostOrOtherBasisAmt>
          <GainsMinusExcessOrLossesAmt>31934</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>MS #3318 (L/T COVERED)</PropertyDesc>
          <GrossSalesPriceAmt>14587366</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>14472038</CostOrOtherBasisAmt>
          <GainOrLossAmt>311634</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>115328</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>3,700 SHS ALPHABET INC CL C</PropertyDesc>
          <SoldDt>2023-09-06</SoldDt>
          <GrossSalesPriceAmt>500649</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>0</CostOrOtherBasisAmt>
          <GainOrLossAmt>500649</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>500649</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>5,700 SHS ALPHABET INC CL A</PropertyDesc>
          <SoldDt>2023-09-22</SoldDt>
          <GrossSalesPriceAmt>750809</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>0</CostOrOtherBasisAmt>
          <GainOrLossAmt>750809</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>750809</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>34,095 SHS ALPHABET INC CL A</PropertyDesc>
          <GrossSalesPriceAmt>3048365</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>0</CostOrOtherBasisAmt>
          <GainOrLossAmt>3048365</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>3048365</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>67,663 SHS APPLOVIN CORP</PropertyDesc>
          <SoldDt>2023-12-26</SoldDt>
          <GrossSalesPriceAmt>2748862</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1278897</CostOrOtherBasisAmt>
          <GainOrLossAmt>1469965</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1469965</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>30,751 SHS PROGYNY INC</PropertyDesc>
          <SoldDt>2023-12-26</SoldDt>
          <GrossSalesPriceAmt>1166392</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>47411</CostOrOtherBasisAmt>
          <GainOrLossAmt>1118981</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1118981</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>5413636</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>83038</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>83038</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>83038</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>54972</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>100000</ExtsnRequestIncomeTaxPaidAmt>
        <TotalPaymentsAndCreditsAmt>154972</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="IRS2220">X</Form2220AttachedInd>
        <EsPenaltyAmt>1078</EsPenaltyAmt>
        <OverpaymentAmt>70856</OverpaymentAmt>
        <AppliedToESTaxAmt>70856</AppliedToESTaxAmt>
      </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>CINDY LUND</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>4155383300</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>765 MARKET STREET 34D</AddressLine1Txt>
          <CityNm>SAN FRANCISCO</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>94103</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>
        <RelyingCurrentNtcDsstrAsst1Ind>X</RelyingCurrentNtcDsstrAsst1Ind>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <ProceedsOrNetIncomeInd>false</ProceedsOrNetIncomeInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>WILLIAM R HEARST III</PersonNm>
          <USAddress>
            <AddressLine1Txt>765 MARKET STREET 34D</AddressLine1Txt>
            <CityNm>SAN FRANCISCO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94103</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>MARGARET C HEARST</PersonNm>
          <USAddress>
            <AddressLine1Txt>765 MARKET STREET 34D</AddressLine1Txt>
            <CityNm>SAN FRANCISCO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94103</ZIPCd>
          </USAddress>
          <TitleTxt>VICE PRESIDENT &amp; CFO</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>CYNTHIA D LUND</PersonNm>
          <USAddress>
            <AddressLine1Txt>765 MARKET STREET 34D</AddressLine1Txt>
            <CityNm>SAN FRANCISCO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94103</ZIPCd>
          </USAddress>
          <TitleTxt>SECRETARY</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>NONE</Description1Txt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>NONE</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>49939325</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>3216890</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>17402180</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>70558395</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>70558395</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>1058376</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>69500019</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>3475001</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>3475001</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>83038</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>83038</TotalTaxAmt>
        <DistributableBeforeAdjAmt>3391963</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>3391963</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>3391963</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>256340</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>256340</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>3391963</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>0</UndistributedIncomePYAmt>
        <PriorYear1Yr>2021</PriorYear1Yr>
        <PriorYear2Yr>2020</PriorYear2Yr>
        <PriorYear3Yr>2019</PriorYear3Yr>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr4Amt>1211391</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>2091396</ExcessDistributionCyovYr3Amt>
        <TotalExcessDistributionCyovAmt>3302787</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>256340</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>0</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>256340</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>3135623</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>3135623</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>167164</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <Taxable2Amt>0</Taxable2Amt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>167164</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear3Amt>167164</ExcessFromYear3Amt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp></PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>WILLIAM R MARGARET HEARST III</ContributingManagerNm>
        <ShareholderManagerNm>NA</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>UNIVERSITY OF WASHINGTON FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 359505</AddressLine1Txt>
            <CityNm>SEATTLE</CityNm>
            <StateAbbreviationCd>WA</StateAbbreviationCd>
            <ZIPCd>981959504</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>TO UW MEDICINE FOR MISCARRIAGE MANAGEMENT TRAINING FUND; AND TO SUPPORT ECHO GIFT</GrantOrContributionPurposeTxt>
          <Amt>100000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>AMERICAN MUSEUM OF NATURAL HISTORY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>200 CENTRAL PARK WEST</AddressLine1Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>100245102</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <GrantOrContributionPurposeTxt>ANNUAL CHAIRMAN'S APPEAL</GrantOrContributionPurposeTxt>
          <Amt>150000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>250000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp />
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>1261876</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncomeGrp>
          <ExclusionAmt>12207</ExclusionAmt>
        </OtherInvestmentIncomeGrp>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>-940283</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>333800</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>333800</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>WILLIAM R MARGARET HEARST III</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>765 MARKET STREET 34D</AddressLine1Txt>
          <CityNm>SAN FRANCISCO</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>94103</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>4311953</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
        <NoncashContributionInd>X</NoncashContributionInd>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>11250</Amt>
        <NetInvestmentIncomeAmt>5625</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>5625</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <AllOthProgRltdInvestmentsSch documentId="AllOthProgInvSch">
      <AllOtherProgramRelatedInvstGrp>
        <Desc>NONE</Desc>
      </AllOtherProgramRelatedInvstGrp>
    </AllOthProgRltdInvestmentsSch>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpBondsSchedule documentId="InvestCorpBondsSch">
      <InvestmentsCorporateBondsGrp>
        <BondNm>BONDS - MS</BondNm>
        <EOYBookValueAmt>12895929</EOYBookValueAmt>
        <EOYFMVAmt>12995096</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>VARIOUS - MS</StockNm>
        <EOYBookValueAmt>27093186</EOYBookValueAmt>
        <EOYFMVAmt>39831294</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>RENAISSANCE INST EQUITIES FUND</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>5896257</BookValueAmt>
        <EOYFMVAmt>9622085</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>RENAISSANCE INST DIVERSIFIED A</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>3129898</BookValueAmt>
        <EOYFMVAmt>3938827</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>BOND CAPITAL FUND LP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1664937</BookValueAmt>
        <EOYFMVAmt>2727792</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>BOND II LP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1249807</BookValueAmt>
        <EOYFMVAmt>1180951</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>BOND III LP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>265625</BookValueAmt>
        <EOYFMVAmt>283289</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>MANAGEMENT FEES-MORGAN STANLEY</Desc>
        <RevenueAndExpensesPerBooksAmt>237227</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>237227</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FOREIGN TAX</Desc>
        <RevenueAndExpensesPerBooksAmt>15497</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>15497</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>FILING FEES</Desc>
        <RevenueAndExpensesPerBooksAmt>200</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>200</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SERVICE CHARGES</Desc>
        <RevenueAndExpensesPerBooksAmt>15</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>15</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>NONDEDUCTIBLE EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>105</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OTHER DEDUCTIBLE (K-1)</Desc>
        <RevenueAndExpensesPerBooksAmt>362325</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>362325</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>OTHER INCOME/(LOSSES) (K-1)</Desc>
        <RevenueAndExpensesPerBooksAmt>12207</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>12207</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>AUDITING FEES</CategoryTxt>
        <Amt>515</Amt>
        <DisbursementsCharitablePrpsAmt>515</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>FEDERAL TAXES</CategoryTxt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>