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            <BusinessNameLine1Txt>VALERIE CONN</BusinessNameLine1Txt>
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            <CityNm>Los Angeles</CityNm>
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          <GrantOrContributionPurposeTxt>carry forth programs and provide administrative support for affiliate Foundations, the Michelson 20MM Foundation and the Michelson Found Animals Foundation.</GrantOrContributionPurposeTxt>
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            <AddressLine1Txt>100 UCLA MEDICAL PLAZA STE 525</AddressLine1Txt>
            <CityNm>LOS ANGELES</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
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            <BusinessNameLine1Txt>THE MILKEN INSTITUTE</BusinessNameLine1Txt>
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            <CityNm>SANTA MONICA</CityNm>
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          <GrantOrContributionPurposeTxt>INFRASTRUCTURE TO FACILITATE KNOWLEDGE AND RESOURCES TO ADVANCE ECONOMIC AND SOCIAL MOBILITY.</GrantOrContributionPurposeTxt>
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          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE SURGERY EDUCATION FUND (FUND 15)</BusinessNameLine1Txt>
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            <CityNm>LOS ANGELES</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90051</ZIPCd>
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          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>MEDICAL-SURGERY EDUCATION SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>2000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CA INSTITUTE FOR IMMUNOLOGY &amp; IMMUNOLOGY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>11755 WILSHIRE BLVD SUITE 1400</AddressLine1Txt>
            <CityNm>LOS ANGELES</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>90025</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>To cover legal and other expenses until the organization established its funding</GrantOrContributionPurposeTxt>
          <Amt>1000000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE UCLA FOUNDATION - CIII</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>UCLA EXTERNAL AFFAIRS BOX 951405</AddressLine1Txt>
            <AddressLine2Txt>2224 MURPHY HALL</AddressLine2Txt>
            <CityNm>LOS ANGELES</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>900951405</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TO FUND CIII FOR THE MICROBIOME AND RAPID VACCINE DEVELOPMENT INSTITUTE</GrantOrContributionPurposeTxt>
          <Amt>20000000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>40310700</TotalGrantOrContriPdDurYrAmt>
        <GrantOrContriApprvForFutGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>THE UCLA FOUNDATION - CIII</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>UCLA EXTERNAL AFFAIRS BOX 951405</AddressLine1Txt>
            <AddressLine2Txt>2224 MURPHY HALL</AddressLine2Txt>
            <CityNm>los angeles</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>900951405</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>TO FUND CIII FOR THE MICROBIOME AND RAPID VACCINE DEVELOPMENT INSTITUTES.</GrantOrContributionPurposeTxt>
          <Amt>80000000</Amt>
        </GrantOrContriApprvForFutGrp>
        <TotalGrantOrContriApprvFutAmt>80000000</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>16</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>10453511</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncomeGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>6948409</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>17401936</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>17401936</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>true</RelationshipsNonchrtblEOInd>
        <RelationshipScheduleDetail>
          <OrganizationBusinessName>
            <BusinessNameLine1Txt>MICHELSON CENTER FOR</BusinessNameLine1Txt>
          </OrganizationBusinessName>
          <OrganizationTypeDesc>501(C)(4)</OrganizationTypeDesc>
          <RelationshipDescriptionTxt>SAME FOUNDER</RelationshipDescriptionTxt>
        </RelationshipScheduleDetail>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>98262</Amt>
        <NetInvestmentIncomeAmt>55131</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>43131</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="DepreciationSch" />
    <ExpenditureResponsibilityStmt documentId="ExpdturResponbltStmt">
      <ExpenditureResponsibilityGrp>
        <BusinessName>
          <BusinessNameLine1Txt>THE MICHELSON 20MM FOUNDATION INC</BusinessNameLine1Txt>
        </BusinessName>
        <USAddress>
          <AddressLine1Txt>11755 WILSHIRE BOULEVARD STE 1400</AddressLine1Txt>
          <CityNm>LOS ANGELES</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>90025</ZIPCd>
        </USAddress>
        <GrantAmt>2700000</GrantAmt>
        <PurposeOfGrantTxt>SEE STATEMENT 15.1.</PurposeOfGrantTxt>
        <ExpendedByGranteeAmt>2700000</ExpendedByGranteeAmt>
        <AnyDiversionByGranteeTxt>NO</AnyDiversionByGranteeTxt>
        <DatesOfReportsByGranteeTxt>various 2023</DatesOfReportsByGranteeTxt>
        <ResultsOfVerificationTxt>VERIFICATION CONFIRMED THAT $2,700,000 WAS SPENT TOWARD THE GRANT PURPOSE WITH NO DIVERSION.</ResultsOfVerificationTxt>
      </ExpenditureResponsibilityGrp>
      <ExpenditureResponsibilityGrp>
        <BusinessName>
          <BusinessNameLine1Txt>THE MICHELSON FOUND ANIMALS FOUNDATION</BusinessNameLine1Txt>
        </BusinessName>
        <USAddress>
          <AddressLine1Txt>3000 S ROBERTSON BLVD SUITE 105</AddressLine1Txt>
          <CityNm>LOS ANGELES</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>90034</ZIPCd>
        </USAddress>
        <GrantAmt>8300000</GrantAmt>
        <PurposeOfGrantTxt>BENEFIT OF ANIMALS THROUGH MULTIPLE ANIMAL WELFARE PROGRAMS, INCLUDING THE...SEE STATEMENT 15.1</PurposeOfGrantTxt>
        <ExpendedByGranteeAmt>8300000</ExpendedByGranteeAmt>
        <AnyDiversionByGranteeTxt>NO</AnyDiversionByGranteeTxt>
        <DatesOfReportsByGranteeTxt>various 2023</DatesOfReportsByGranteeTxt>
        <ResultsOfVerificationTxt>VERIFICATION CONFIRMED THAT $8,300,000 WAS SPENT TOWARD THE GRANT PURPOSE WITH NO DIVERSION.</ResultsOfVerificationTxt>
      </ExpenditureResponsibilityGrp>
      <ExpenditureResponsibilityGrp>
        <BusinessName>
          <BusinessNameLine1Txt>MICHELSON PHILANTHROPIES INC</BusinessNameLine1Txt>
        </BusinessName>
        <USAddress>
          <AddressLine1Txt>3000 S ROBERTSON BLVD SUITE 105</AddressLine1Txt>
          <CityNm>LOS ANGELES</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>90034</ZIPCd>
        </USAddress>
        <GrantAmt>8200000</GrantAmt>
        <PurposeOfGrantTxt>SEE STATEMENT 15.1.</PurposeOfGrantTxt>
        <ExpendedByGranteeAmt>8200000</ExpendedByGranteeAmt>
        <AnyDiversionByGranteeTxt>NO</AnyDiversionByGranteeTxt>
        <DatesOfReportsByGranteeTxt>various 2023</DatesOfReportsByGranteeTxt>
        <ResultsOfVerificationTxt>VERIFICATION CONFIRMED THAT $8,200,000 WAS SPENT TOWARD THE GRANT PURPOSE WITH NO DIVERSION.</ResultsOfVerificationTxt>
      </ExpenditureResponsibilityGrp>
    </ExpenditureResponsibilityStmt>
    <InvestmentsCorpBondsSchedule documentId="InvestCorpBondsSch">
      <InvestmentsCorporateBondsGrp>
        <BondNm>CHARLES SCHWAB - STATEMENT 10A</BondNm>
        <EOYBookValueAmt>5803168</EOYBookValueAmt>
        <EOYFMVAmt>5803168</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>105,000 SHS VANECK VECTORS RUS</StockNm>
        <EOYBookValueAmt>32414</EOYBookValueAmt>
        <EOYFMVAmt>32414</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>115,872 SHS NEUBERGER BERMAN</StockNm>
        <EOYBookValueAmt>1023150</EOYBookValueAmt>
        <EOYFMVAmt>1023150</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>1,947 SHS AVALONBAY COMMUNIT</StockNm>
        <EOYBookValueAmt>428282</EOYBookValueAmt>
        <EOYFMVAmt>428282</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>21,735 SHS BOSTON PROPERTIES</StockNm>
        <EOYBookValueAmt>1616215</EOYBookValueAmt>
        <EOYFMVAmt>1616215</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>58,450 SHS CALIFORNIA RESOURCE</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>156,166 SHS CRESCENT ENERGY</StockNm>
        <EOYBookValueAmt>2281585</EOYBookValueAmt>
        <EOYFMVAmt>2281585</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>51,905 SHS ISHARES S&amp;P 500</StockNm>
        <EOYBookValueAmt>9907626</EOYBookValueAmt>
        <EOYFMVAmt>9907626</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>14,989 SHS ISHARES CORE S&amp;P</StockNm>
        <EOYBookValueAmt>8823725</EOYBookValueAmt>
        <EOYFMVAmt>8823725</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>43,395 SHS ISHARES TR</StockNm>
        <EOYBookValueAmt>5737253</EOYBookValueAmt>
        <EOYFMVAmt>5737253</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>255,130 SHS ISHARES IBOXX</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>81,970 SHS ISHARES TRUST</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>73,240 SHS ISHARES CORE HIGH</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>600,610 SHS INVESCO EXCHANGE</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>28,077 SHS PROLOGIS INC</StockNm>
        <EOYBookValueAmt>2967739</EOYBookValueAmt>
        <EOYFMVAmt>2967739</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>31,300 SHS SPDR SER TR</StockNm>
        <EOYBookValueAmt>2818878</EOYBookValueAmt>
        <EOYFMVAmt>2818878</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>139,780 SHS TALOS ENERGY</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>164,845 SHS VANGUARD SHORT</StockNm>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>127,630 SHS VANGUARD FTSE EMER</StockNm>
        <EOYBookValueAmt>5620825</EOYBookValueAmt>
        <EOYFMVAmt>5620825</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>158,160 SHS VANGUARD FTSE DEV</StockNm>
        <EOYBookValueAmt>7563211</EOYBookValueAmt>
        <EOYFMVAmt>7563211</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>20,100 SHS ISHARES MSCI JAPAN</StockNm>
        <EOYBookValueAmt>1348710</EOYBookValueAmt>
        <EOYFMVAmt>1348710</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>27,435 SHS ISHARES MSCI TAIWAN</StockNm>
        <EOYBookValueAmt>1420036</EOYBookValueAmt>
        <EOYFMVAmt>1420036</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>41,850 SHS ISHARES MSCI MEXICO</StockNm>
        <EOYBookValueAmt>1959417</EOYBookValueAmt>
        <EOYFMVAmt>1959417</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>20,155 SHS ISHARES SOUTH KOREA</StockNm>
        <EOYBookValueAmt>1025687</EOYBookValueAmt>
        <EOYFMVAmt>1025687</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>81,300 SHS ISHARES MSCI BRAZIL</StockNm>
        <EOYBookValueAmt>1830063</EOYBookValueAmt>
        <EOYFMVAmt>1830063</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>16,750 SHS SPDR S&amp;P CHINA ETF</StockNm>
        <EOYBookValueAmt>1270990</EOYBookValueAmt>
        <EOYFMVAmt>1270990</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>35,385 SHS ISHARES RUSSELL MIC</StockNm>
        <EOYBookValueAmt>4613496</EOYBookValueAmt>
        <EOYFMVAmt>4613496</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>77,100 SHS SPDR S&amp;P REGIONAL</StockNm>
        <EOYBookValueAmt>4652985</EOYBookValueAmt>
        <EOYFMVAmt>4652985</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>11,010 SHS VANGUARD SMALL-CAP</StockNm>
        <EOYBookValueAmt>2645483</EOYBookValueAmt>
        <EOYFMVAmt>2645483</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>234,305 SHS VANECK VECTORS GOL</StockNm>
        <EOYBookValueAmt>7945282</EOYBookValueAmt>
        <EOYFMVAmt>7945282</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>180,000 SHS BURFORD CAPITAL</StockNm>
        <EOYBookValueAmt>2295000</EOYBookValueAmt>
        <EOYFMVAmt>2295000</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>600,000 SHS COMPASS MINERALS</StockNm>
        <EOYBookValueAmt>6750000</EOYBookValueAmt>
        <EOYFMVAmt>6750000</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>80,000 SHS ESTEE LAUDER COMP</StockNm>
        <EOYBookValueAmt>5998400</EOYBookValueAmt>
        <EOYFMVAmt>5998400</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>86,000 SHS VAIL RESORTS INC</StockNm>
        <EOYBookValueAmt>16120700</EOYBookValueAmt>
        <EOYFMVAmt>16120700</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>180,000 SHS RENTOKIL</StockNm>
        <EOYBookValueAmt>4557600</EOYBookValueAmt>
        <EOYFMVAmt>4557600</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>20,000 SHS SUN COMMUNITIES INC</StockNm>
        <EOYBookValueAmt>2459400</EOYBookValueAmt>
        <EOYFMVAmt>2459400</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
      <InvestmentsCorporateStockGrp>
        <StockNm>129,990 SHS ISHARES S&amp;P SMALL</StockNm>
        <EOYBookValueAmt>14118213</EOYBookValueAmt>
        <EOYFMVAmt>14118213</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>28,800.3239 SHS KENSICO OFFSHO</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>5830274</BookValueAmt>
        <EOYFMVAmt>5830274</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>1,309.531 SHS PALO ALTO HEALTH</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>5753955</BookValueAmt>
        <EOYFMVAmt>5753955</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>5,230.34 SHS PARK WEST INVESTO</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>14096790</BookValueAmt>
        <EOYFMVAmt>14096790</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>STRUCTURAL CAPITAL INVESTORS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>0</BookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>STRUCTURAL CAPITAL INVESTOR II</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>116626</BookValueAmt>
        <EOYFMVAmt>116626</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>STRUCTURAL CAPITAL GP II LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>3619</BookValueAmt>
        <EOYFMVAmt>3619</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>STRUCTURAL CAPITAL MGT GP</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>0</BookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>STRUCTURAL CAPITAL INVESTORS I</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>1689419</BookValueAmt>
        <EOYFMVAmt>1689419</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>NEUBERGER BERMAN LOAN ADVISERS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>10696384</BookValueAmt>
        <EOYFMVAmt>10696384</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>241,765.838 SHS DOUBLELINE TOT</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>2096110</BookValueAmt>
        <EOYFMVAmt>2096110</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>12,500.00 SHS SIMPLIFY MBS ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>621125</BookValueAmt>
        <EOYFMVAmt>621125</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>STRUCTURAL CAPITAL GP III, LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>177300</BookValueAmt>
        <EOYFMVAmt>177300</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>STRUCTURAL CAPITAL OFFSHORE IV</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>2936671</BookValueAmt>
        <EOYFMVAmt>2936671</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>37,230 SHS ALEXANDRIA REAL EST</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>3631787</BookValueAmt>
        <EOYFMVAmt>3631787</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>STRATEGIC PARTNERS OFF RE VII</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>7464635</BookValueAmt>
        <EOYFMVAmt>7464635</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>23,200 SHS ISHARES MBS ETF</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>2126976</BookValueAmt>
        <EOYFMVAmt>2126976</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>MMRF INVESTMENT 1 LLC</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>0</BookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>BNY MELON - SECURITIES</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>FMV</ListedAtCostOrFMVCd>
        <BookValueAmt>34674012</BookValueAmt>
        <EOYFMVAmt>34674012</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL FEES</CategoryTxt>
        <LegalFeesAmt>85973</LegalFeesAmt>
        <NetInvestmentIncomeAmt>20124</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>65849</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherAssetsSchedule documentId="OtherAssetsSch">
      <OtherAssetsScheduleGrp>
        <Desc>DIVIDEND RECEIVABLE</Desc>
        <BOYBookValueAmt>94701</BOYBookValueAmt>
        <EOYBookValueAmt>0</EOYBookValueAmt>
        <EOYFMVAmt>0</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>OTHER ASSETS</Desc>
        <BOYBookValueAmt>0</BOYBookValueAmt>
        <EOYBookValueAmt>97986</EOYBookValueAmt>
        <EOYFMVAmt>97986</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>LOANS RECEIVABLE</Desc>
        <BOYBookValueAmt>0</BOYBookValueAmt>
        <EOYBookValueAmt>7910367</EOYBookValueAmt>
        <EOYFMVAmt>7910367</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>4356</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>4356</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK CHARGES</Desc>
        <RevenueAndExpensesPerBooksAmt>44</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>44</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MMRF INVESTMENT 1 EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>48611</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>48611</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OTHER EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>1833</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>1833</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>PARTNERSHIP INCOME</Desc>
        <NetInvestmentIncomeAmt>140969</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>MMRF INVESTMENT 1, LLC</Desc>
        <NetInvestmentIncomeAmt>65652</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Desc>UNREALIZED GAIN ON INVESTMENTS</Desc>
        <Amt>6480796</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherLiabilitiesSchedule documentId="OtherLiabSch">
      <OtherLiabilitiesDetail>
        <Desc>DEFERRED FEDERAL EXCISE TAXES</Desc>
        <BOYBookValueAmt>195884</BOYBookValueAmt>
        <EOYBookValueAmt>195884</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
      <OtherLiabilitiesDetail>
        <Desc>GRANTS PAYABLE</Desc>
        <BOYBookValueAmt>0</BOYBookValueAmt>
        <EOYBookValueAmt>72014864</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
      <OtherLiabilitiesDetail>
        <Desc>ACCRUED EXPENSES</Desc>
        <BOYBookValueAmt>0</BOYBookValueAmt>
        <EOYBookValueAmt>54000</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
      <OtherLiabilitiesDetail>
        <Desc>OTHER PAYABLES</Desc>
        <BOYBookValueAmt>0</BOYBookValueAmt>
        <EOYBookValueAmt>12800</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CONSULTING</CategoryTxt>
        <Amt>193208</Amt>
        <DisbursementsCharitablePrpsAmt>193208</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT FEES</CategoryTxt>
        <Amt>240208</Amt>
        <NetInvestmentIncomeAmt>240208</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>INCOME TAXES</CategoryTxt>
        <Amt>250340</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>CA FILING FEES</CategoryTxt>
        <Amt>400</Amt>
        <DisbursementsCharitablePrpsAmt>400</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAX</CategoryTxt>
        <Amt>120333</Amt>
        <NetInvestmentIncomeAmt>120333</NetInvestmentIncomeAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>STATE TAXES - MMRF INV 1</CategoryTxt>
        <Amt>800</Amt>
        <NetInvestmentIncomeAmt>800</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
    <TransfersToControlledEntities documentId="TransToControlledEnt">
      <TransfersToControlledEntGrp>
        <BusinessName>
          <BusinessNameLine1Txt>MMRF INVESTMENT 1 LLC</BusinessNameLine1Txt>
        </BusinessName>
        <USAddress>
          <AddressLine1Txt>11755 WILSHIRE BOULEVARD STE 1400</AddressLine1Txt>
          <CityNm>LOS ANGELES</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>90025</ZIPCd>
        </USAddress>
        <EIN>453070530</EIN>
        <Desc>MMRF OWNS 100% OF THE MMRF INV 1 LLC, WHICH ASSETS ARE INCLUDED IN RETURN.</Desc>
        <Amt>7910367</Amt>
      </TransfersToControlledEntGrp>
      <TotalAmt>7910367</TotalAmt>
    </TransfersToControlledEntities>
  </ReturnData>
</Return>