TY 2024 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
right arrow

Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0047

2024

Open to Public Inspection

For calendar year 2024, or tax year beginning 01-01-2024 , and ending 12-31-2024

Name of foundation
Telemachus and Irene Demoulas Family
Foundation

Number and street (or P.O. box number if mail is not delivered to street address)286 Chelmsford Street
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
Chelmsford, MA01824

A Employer identification number

04-3582759

B Telephone number (see instructions)

(978) 244-1024

C If exemption application is pending, check here right arrow

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. right arrow

2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... right arrow

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... right arrow

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) right arrow

$201,182,486J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)	0
2	Check .............
3	Interest on savings and temporary cash investments	5,581		5,581
4	Dividends and interest from securities...	5,750,877		5,750,877
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		759,473
b	Gross sales price for all assets on line 6a 13,815,069
7	Capital gain net income (from Part IV, line 2)...			759,473
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......
12	Total. Add lines 1 through 11........	6,515,931		6,515,931
13	Compensation of officers, directors, trustees, etc.	37,500		18,750	18,750
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	19,340	0	35,500
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	279,034	279,034	0
17	Interest...............
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	86,500	0	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......	List of Attached Documents: // Content	1,545	45	1,500
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	423,919		297,829	55,750
25	Contributions, gifts, grants paid.......	7,912,500			7,912,500
26	Total expenses and disbursements. Add lines 24 and 25	8,336,419		297,829	7,968,250
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-1,820,488
b	Net investment income (if negative, enter -0-)			6,218,102
c	Adjusted net income (if negative, enter -0-)...

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2024)

Form 990-PF (2024)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	887	2,002	2,002
	2	Savings and temporary cash investments.........	822,164	15,385,430	15,385,430
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)	19,099,211	List of Attached Documents: // Content 1,712,811	1,712,811
	b	Investments—corporate stock (attach schedule).......	14,631,247	List of Attached Documents: // Content 15,920,485	15,920,485
	c	Investments—corporate bonds (attach schedule).......	25,812,388	List of Attached Documents: // Content 26,249,992	26,249,992
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	20,914,886	List of Attached Documents: // Content 35,940,522	35,940,522
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	List of Attached Documents: // Content 119,533,239	List of Attached Documents: // Content 105,971,244	List of Attached Documents: // Content 105,971,244
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	200,814,022	201,182,486	201,182,486
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )	List of Attached Documents: // Content 47,081	List of Attached Documents: // Content 52,581
	23	Total liabilities (add lines 17 through 22).........	47,081	52,581
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........	200,766,941	201,129,905
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	200,766,941	201,129,905
	30	Total liabilities and net assets/fund balances (see instructions).	200,814,022	201,182,486

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............

200,766,941

Enter amount from Part I, line 27a .....................

-1,820,488

Other increases not included in line 2 (itemize) right arrow

List of Attached Documents:

// Content

2,183,452

Add lines 1, 2, and 3 ..........................

201,129,905

Decreases not included in line 2 (itemize) right arrow

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

201,129,905

Form 990-PF (2024)

Page 3

Part IV

Capital Gains and Losses for Tax on Investment Income

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(b) How acquired P—Purchase D—Donation
1 a	Publicly Traded Securities	P
b	Publicly Traded Securities	P
c
d
e

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	2,817,124	2,735,248	81,876
b	10,997,945	10,320,348	677,597
c
d
e

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			81,876
b			677,597
c
d
e

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	759,473
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Part V

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)	1	86,432
b	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	86,432
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	86,432
6	Credits/Payments:

a	2024 estimated tax payments and 2023 overpayment credited to 2024	6a	58,540
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	52,000
d	Backup withholding erroneously withheld ..........	6d	0

7	Total credits and payments. Add lines 6a through 6d..............		7	110,540
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. List of Attached Documents: // Content		8	133
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	23,975
11	Enter the amount of line 10 to be: Credited to 2025 estimated tax23,975	Refunded	11	0

Form 990-PF (2024)

Page 4

Part VI-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. right arrow

$ 0(2) On foundation managers. right arrow

$ 0

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. right arrow

$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....

Did the foundation have unrelated business gross income of $1,000 or more during the year?.........

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument? ................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),

and Part XIV..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If "No," attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2024 or the taxable year beginning in 2024? See the instructions for Part XIII.

If "Yes," complete Part XIII .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............

Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had

advisory privileges? If "Yes," attach statement. See instructions.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address right arrow

N/A

The books are in care of right arrow

Telemachus Irene Demoulas Fam Fnd Telephone no. right arrow

(978) 244-1024

Located at right arrow

286 Chelmsford StreetChelmsfordMA ZIP+4 right arrow

01824

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here ......... right arrow

and enter the amount of tax-exempt interest received or accrued during the year ........ right arrow

16 At any time during calendar year 2024, did the foundation have an interest in or a signature or other authority over YesNo

a bank, securities, or other financial account in a foreign country? .................

16 No

See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow

Form 990-PF (2024)

Page 5

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........

1a(1)

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person? ..............................

1a(2)

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........

1a(3)

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............

1a(4)

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)? ......................

1a(5)

(6) Agree to pay money or property to a government official? (Exception. Check "No"

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.) ...............

1a(6)

If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........

Organizations relying on a current notice regarding disaster assistance check here ........ right arrow

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2024? .............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2024, did the foundation have any undistributed income (Part XII, lines 6d

and 6e) for tax year(s) beginning before 2024?....................

If "Yes," list the years right arrow

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year? ..............................

If "Yes," did it have excess business holdings in 2024 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2024.) .....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2024? ..

Form 990-PF (2024)

Page 6

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........

5a(1)

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive? ....................

5a(2)

(3) Provide a grant to an individual for travel, study, or other similar purposes? .............

5a(3)

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions ........................

5a(4)

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals? .............

5a(5)

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........

Organizations relying on a current notice regarding disaster assistance check ......... right arrow

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant? .................

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract? .............................

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....

Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or

excess parachute payment during the year? .........................

Part VII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation. See instructions

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)
ARTHUR T DEMOULAS	TRUSTEE 2.00	0
286 CHELMSFORD STREET CHELMSFORD,MA01824	TRUSTEE 2.00	0
FRANCES I DEMOULAS	TRUSTEE 0.00	0
286 CHELMSFORD STREET CHELMSFORD,MA01824	TRUSTEE 0.00	0
GLORIANNE DEMOULAS	TRUSTEE 1.00	0
286 CHELMSFORD STREET CHELMSFORD,MA01824	TRUSTEE 1.00	0
CAREN L DEMOULAS	TRUSTEE 0.00	0
286 CHELMSFORD STREET CHELMSFORD,MA01824	TRUSTEE 0.00	0
SUSAN M DUFRESNE	ADMINISTRATOR 6.00	37,500
286 CHELMSFORD STREET CHELMSFORD,MA01824	ADMINISTRATOR 6.00	37,500

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









Total number of other employees paid over $50,000...................				0

Form 990-PF (2024)

Page 7

Part VII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
NONE

Total number of others receiving over $50,000 for professional services............. right arrow

Part VIII-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1	Hospital & Health Organizations	6,900,000
2	Schools, Colleges, Universities	637,500
3	Youth Organizations	250,000
4	Churches, Temples, & Religious	125,000

Part VIII-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1	N/A	0
2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... right arrow

Form 990-PF (2024)

Page 8

Part IX

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

84,316,520

Average of monthly cash balances.......................

87,378

Fair market value of all other assets (see instructions)................

Total (add lines 1a, b, and c).........................

84,403,898

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

84,403,898

Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see

instructions) .............................

1,266,058

Net value of noncharitable-use assets. Subtract line 4 from line 3. ............

83,137,840

Minimum investment return. Enter 5% (0.05) of line 5................

4,156,892

Part X

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow

and do not complete this part.)

Minimum investment return from Part IX, line 6..................

4,156,892

Tax on investment income for 2024 from Part V, line 5 .......

86,432

Income tax for 2024. (This does not include the tax from Part V.) ...

Add lines 2a and 2b............................

86,432

Distributable amount before adjustments. Subtract line 2c from line 1............

4,070,460

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

4,070,460

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...

4,070,460

Part XI

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

7,968,250

Program-related investments—total from Part VIII-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......

7,968,250

Form 990-PF (2024)

Page 9

Part XII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2023	(c) 2023	(d) 2024
1 Distributable amount for 2024 from Part X, line 7					4,070,460
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only.......				0
b Total for prior years:20 , 20, 20			0
3 Excess distributions carryover, if any, to 2024:
a From 2019......
b From 2020......
c From 2021......	512,846
d From 2022......	2,687,381
e From 2023......
f Total of lines 3a through e ........		3,200,227
4Qualifying distributions for 2024 from Part
XI, line 4: $ 7,968,250
a Applied to 2023, but not more than line 2a				0
b Applied to undistributed income of prior years (Election required—see instructions).....			0
c Treated as distributions out of corpus (Election required—see instructions)........		0
d Applied to 2024 distributable amount.....					4,070,460
e Remaining amount distributed out of corpus		3,897,790
5 Excess distributions carryover applied to 2024.		0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		7,098,017
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........			0
e Undistributed income for 2023. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2024. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2025 ..........					0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8 Excess distributions carryover from 2019 not applied on line 5 or line 7 (see instructions) ...		0
9 Excess distributions carryover to 2025. Subtract lines 7 and 8 from line 6a ......		7,098,017
10 Analysis of line 9:
a Excess from 2020....
b Excess from 2021....	512,846
c Excess from 2022....	2,687,381
d Excess from 2023....
e Excess from 2024....	3,897,790

Form 990-PF (2024)

Page 10

Part XIII

Private Operating Foundations (see instructions and Part VI-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2024, enter the date of the ruling ...... right arrow

b Check box to indicate whether the organization is a private operating foundation described in section 4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part IX for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2024	(b) 2023	(c) 2022	(d) 2021	(e) Total

b 85% (0.85) of line 2a .........
c Qualifying distributions from Part XI, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part IX, line 6 for each year listed ..
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XIV

Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here right arrow

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions

aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:

Arthur T Demoulas Telemachus Irene
286 Chelmsford Street
Chelmsford,MA01824
(978) 244-1024

bThe form in which applications should be submitted and information and materials they should include:

Letter request including need for contribution

cAny submission deadlines:

None

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

None

Form 990-PF (2024)

Page 11

Part XIV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
Sts Constantine and Helen Greek Orthodox Church 71 Chandler Road Andover,MA01810			Churches	25,000
Boston Children's Hospital 401 Park Drive Suite 602 Boston,MA02315			Health & Hospitals	300,000
Holy Trinity Greek Orthodox Church 62 Lewis Street Lowell,MA01852			Churches	100,000
Boston College 140 Commonwealth Ave Chestnut Hill,MA02467			Schools	337,500
Winchester Hospital 41 Highland Avenue Winchester,MA01890			Health & Hospitals	250,000
Boys & Girls Club of Greater Lowell 657 Middlesex Street Lowell,MA01851			Youth Groups	200,000
Boys & Girls Club of Greater Lawrence 136 Water Street Lawrence,MA01841			Youth Groups	50,000
Anatolia College 18 Tremont Street Suite 704 Boston,MA02108			Schools	25,000
Massachusetts General Hospital 125 Nashua Street Suite 540 Boston,MA02114			Health & Hospitals	6,350,000
Crocker Field Restoration Committee Inc 140 ArnHow Farm Road Fiitchburg,MA01420			Schools	25,000
Middlesex School 1400 Lowell Road Concord,MA01742			Schools	250,000
Total ................................. 3a				7,912,500

bApproved for future payment

Total ................................. 3b				0

Form 990-PF (2024)

Page 12

Part XV-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments ....
3 Interest on savings and temporary cash investments ...........			14	5,581
4 Dividends and interest from securities ....			14	5,750,877
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property
7 Other investment income .....
8 Gain or (loss) from sales of assets other than inventory ............			18	759,473
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..		0		6,515,931	0

13Total. Add line 12, columns (b), (d), and (e)..................

6,515,931

(See worksheet in line 13 instructions to verify calculations.)

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

Form 990-PF (2024)

Page 13

Part XVI

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Yes

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........Yes No

If "Yes," complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2024)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2024 AccountingFeesSchedule

Name:

Telemachus and Irene Demoulas Family

Foundation

EIN:

04-3582759

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Sullivan Bille, PC	19,340	0		35,500

- TIN:

TY 2024 InvestmentsCorpBondsSchedule

Name:

Telemachus and Irene Demoulas Family

Foundation

EIN:

04-3582759

Name of Bond	End of Year Book Value	End of Year Fair Market Value
NETFLIX INC NOTE CPN: 4.375% DUE: 2026-11-15	275,531	275,531
THERMO FISHER SCIENTIFIC NOTE CPN: 5% DUE: 2026-12-05	278,611	278,611
ECOLAB INC NOTE CPN: 1.65% DUE: 2027-02-01	261,033	261,033
AMPHENOL CORP NOTE CPN: 5.05% DUE: 2027-04-05	153,161	153,161
APPLE INC NOTE CPN: 3% DUE: 2027-06-20	97,080	97,080
WASTE MANAGEMENT NOTE CPN: 4.95% DUE: 2027-07-03	279,396	279,396
MARCH & MCLENNAN NOTE CPN: 4.55% DUE: 2027-11-08	251,533	251,533
QUEST DIAGNOSTICS NOTE CPN: 4.6% DUE: 2027-12-15	100,081	100,081
QUEST DIAGNOSTICS NOTE CPN: 4.6% DUE: 2027-12-15	175,201	175,201
FED HOME LN BK NOTE CPN: 5% DUE: 2025-02-28	203,607	203,607
FED HOME LN BK NOTE CPN: 4.48% DUE: 2026-12-30	174,902	174,902
GLOBAL PAYMENTs INC NOTE CPN: 2.65% DUE: 2025-02-15	104,682	104,682
ZIMMER BIOMET HOLDINGS INC CPN: 3.55% Date: 04-01-2025	115,645	115,645
DOLLAR TREE CPN: 0.04% Due: 05-15-2025	62,087	62,087
DOLLAR TREE CPN: 0.04% Due: 05-15-2025	192,269	192,269
MICRO CHIP Tech NOTE CPN: 4.25% DUE: 09-01-2025	126,251	126,251
MICRO CHIP Tech CPN: 4.25% Date: 09-01-2025	156,551	156,551
MICRO CHIP Tech NOTE CPN: 4.25% DUE: 09-01-2025	124,231	124,231
CONAGRA BRANDS INC NOTE CPN: 4.6% DUE: 2025-11-01	53,345	53,345
BERRY GLOBAL NOTE CPN: 1.57% DUE: 2026-01-15	155,563	155,563
ZIMMER BIOMET HOLDINGS CPN: 0.0305% Due: 02-15-2026	169,723	169,723
ZIMMER BIOMET HOLDINGS NOTE CPN: 3.05% DUE: 2026-02-15	131,785	131,785
MOLSON COORS BEVERAGE CPN: 0.03% Due: 07-15-2026	264,055	264,055
HCA INC NOTE CPN: 5.375% DUE: 2026-09-01	32,709	32,709
HCA INC NOTE CPN: 5.375% DUE: 2026-09-01	90,970	90,970
STEEL DYNAMICS NOTE CPN: 5% DUE: 2026-12-15	174,958	174,958
BERRY GLOBAL NOTE CPN: 1.65% DUE: 2027-01-15	221,776	221,776
BERRY GLOBAL NOTE CPN: 1.65% DUE: 2027-01-15	47,186	47,186
SBA COMMUNICATIONS NOTE CPN: 3.875% DUE: 2027-02-15	198,557	198,557
CA INC CPN: 4.7% Due: 03-15-2027	112,325	112,325
CA INC CPN: 4.7% Due: 03-15-2027	179,919	179,919
HP INC CPN: 0.03% Due: 06-17-2027	301,461	301,461
EXPEDIA GROUP INC NOTE CPN: 4.625% DUE: 2027-08-01	133,981	133,981
ALLEGION US NOTE CPN: 3.55% DUE: 2027-10-01	407,796	407,796
STEEL DYNAMICS INC NOTE CPN: 1.65% DUE: 2027-10-15	99,738	99,738
TRANSDIGM INC CPN: 5.50% Date: 11-15-2027	59,446	59,446
TRANSDIGM INC CPN: 5.50% Date: 11-15-2027	46,566	46,566
TRANSDIGM INC CPN: 5.50% Date: 11-15-2027	77,280	77,280
TRANSDIGM INC CPN: 5.50% Date: 11-15-2027	136,726	136,726
TRANSDIGM INC NOTE CPN: 5.5% DUE: 2027-11-15	141,679	141,679
BOYD GAMING CPN: 4.75% Date: 12-01-2027	137,846	137,846
BOYD GAMING CPN: 4.75% Date: 12-01-2027	86,397	86,397
UNITED RENTALS NORTH AMERICA CPN: 4.88% Date: 01-15-2028	122,506	122,506
UNITED RENTALS NORTH AMERICA NOTE CPN: 4.875% DUE: 2028-01-15	154,439	154,439
ENCOMPASS HEALTH CORP CPN: 4.50% Date: 02-01-2028	41,361	41,361
EXPEDIA INC CPN: 3.80% Date: 02-15-2028	289,217	289,217
MOTOROLA SOLUTIONS INC CPN: 0.046% Due: 02-23-2028	64,458	64,458
MOTOROLA SOLUTIONS INC CPN: 0.046% Due: 02-23-2028	57,408	57,408
MOTOROLA SOLUTIONS INC CPN: 0.046% Due: 02-23-2028	59,422	59,422
MOTOROLA SOLUTIONS INC NOTE CPN: 4.6% DUE: 2028-02-23	134,956	134,956
DISCOVERY COMMUNICATIONS CPN: 0.0395% Due: 03-20-2028	271,106	271,106
DISCOVERY COMMUNICATIONS NOTE CPN: 3.95% DUE: 2028-03-20	140,823	140,823
CDW LLC / CDW FINANCE CORP CPN: 0.0425% Due: 04-01-2028	28,410	28,410
CDW LLC / CDW FINANCE CORP NOTE CPN: 4.25% DUE: 2028-04-01	131,274	131,274
DOLLAR TREE NOTE CPN: 4.2% DUE: 2028-05-15	149,598	149,598
TRIMBLE NOTE CPN: 4.9% DUE: 2028-06-15	56,066	56,066
TRIMBLE NOTE CPN: 4.9% DUE: 2028-06-15	144,168	144,168
TRIMBLE NOTE CPN: 4.9% DUE: 2028-06-15	210,247	210,247
BLOCK FINANCIAL LLC NOTE CPN: 2.5% DUE: 2028-07-15	101,381	101,381
BLOCK FINANCIAL LLC CPN: 2.50% Date: 07-15-2028	188,012	188,012
BLOCK FINANCIAL LLC NOTE CPN: 2.5% DUE: 2028-07-15	139,168	139,168
HCA INC NOTE CPN: 5.625% DUE: 2028-09-01	101,170	101,170
HCA INC NOTE CPN: 5.625% DUE: 2028-09-01	30,968	30,968
HCA INC NOTE CPN: 5.625% DUE: 2028-09-01	146,591	146,591
WESTINGHOUSE AIR BRAKE NOTE CPN: 4.95% DUE: 2028-06-15	44,220	44,220
WESTINGHOUSE AIR BRAKE NOTE CPN: 4.95% DUE: 2028-06-15	80,399	80,399
WESTINGHOUSE AIR BRAKE NOTE CPN: 4.95% DUE: 2028-06-15	30,150	30,150
WESTINGHOUSE AIR BRAKE NOTE CPN: 4.95% DUE: 2028-06-15	107,534	107,534
WESTINGHOUSE AIR BRAKE NOTE CPN: 4.95% DUE: 2028-06-15	147,729	147,729
WILLIS NORTH AMERICA NOTE CPN: 4.5% DUE: 2028-09-15	314,420	314,420
ALTRIA GROUP INC NOTE CPN: 6.2% DUE: 2028-11-01	75,636	75,636
CONAGRA BRANDS NOTE CPN: 4.85% DUE: 2028-11-01	125,353	125,353
GENUINE PARTS NOTE CPN: 6.5% DUE: 2028-11-01	106,085	106,085
IQVIA NOTE CPN: 6.25% DUE: 2029-2-1	343,431	343,431
SBA COMMUNICATIONS CPN: 3.13% Date: 02-01-2029	115,375	115,375
SBA COMMUNICATIONS NOTE CPN: 3.125% DUE: 2029-02-01	162,070	162,070
ALTRIA GROUP INC NOTE CPN: 4.8% DUE: 2029-02-14	203,349	203,349
ALTRIA GROUP INC CPN: 4.80% Date: 02-14-2029	43,287	43,287
CDW LLC / CDW FINANCE CORP CPN: 0.0325% Due: 04-01-2028	270,709	270,709
AT&T Inc NOTE CPN: 4.35% DUE: 2029-03-01	122,163	122,163
HP INC NOTE CPN: 4% DUE: 2029-04-15	116,081	116,081
MOTOROLA SOLUTIONS INC CPN: 4.60% Date: 05-23-2029	89,980	89,980
SERVICE CORP INTERNATIONAL/US CPN: 0.05125% Due: 06-01-2029	146,445	146,445
SERVICE CORP INTERNATIONAL/US NOTE CPN: 5.125% DUE: 2029-06-01	28,309	28,309
SERVICE CORP INTERNATIONAL/US NOTE CPN: 5.125% DUE: 2029-06-01	114,207	114,207
BATH & BODY WORKS NOTE CPN: 7.5% DUE: 2029-06-15	139,795	139,795
BATH & BODY WORKS NOTE CPN: 7.5% DUE: 2029-06-15	309,620	309,620
OLIN CORP NOTE CPN: 5.625% DUE: 2029-08-01	240,465	240,465
OLIN CORP NOTE CPN: 5.625% DUE: 2029-08-01	150,731	150,731
QORVO INV NOTE CPN: 4.375% DUE: 2029-10-15	44,512	44,512
QORVO INV NOTE CPN: 4.375% DUE: 2029-10-15	47,349	47,349
QORVO INV NOTE CPN: 4.375% DUE: 2029-10-15	79,554	79,554
QORVO INV NOTE CPN: 4.375% DUE: 2029-10-15	52,090	52,090
QORVO INV NOTE CPN: 4.375% DUE: 2029-10-15	27,465	27,465
QORVO INV NOTE CPN: 4.375% DUE: 2029-10-15	36,936	36,936
QORVO INV NOTE CPN: 4.375% DUE: 2029-10-15	138,273	138,273
ENCOMPASS HEALTH CORP NOTE CPN: 4.75% DUE: 2030-02-01	279,901	279,901
ENCOMPASS HEALTH CORP NOTE CPN: 4.75% DUE: 2030-02-01	157,851	157,851
STEEL DYNAMICX NOTE CPN: 3.45% DUE: 2030-04-15	143,898	143,898
FLEX LTF NOTE CPN: 4.875% DUE: 2030-05-12	407,399	407,399
GLOBAL PAYMENTS NOTE CPN: 2.9% DUE: 2030-05-15	61,705	61,705
GLOBAL PAYMENTS NOTE CPN: 2.9% DUE: 2030-05-15	200,319	200,319
UNITED RENTALS NORTH AMERICA NOTE CPN: 4% DUE: 2030-07-15	57,739	57,739
VERIZON COMMUNICATIONS NOTE CPN: 2.55% DUE: 2031-03-21	410,205	410,205
DICK'S SPORTING GOODS NOTE CPN: 3.15% DUE: 2032-01-15	80,260	80,260
DICK'S SPORTING GOODS NOTE CPN: 3.15% DUE: 2032-01-15	87,347	87,347
DICK'S SPORTING GOODS NOTE CPN: 3.15% DUE: 2032-01-15	94,525	94,525
DICK'S SPORTING GOODS NOTE CPN: 3.15% DUE: 2032-01-15	117,455	117,455
CARLISELE COS INC NOTE CPN: 2.2% DUE: 2023-03-01	64,362	64,362
YUM Brands NOTE CPN: 5.375% DUE: 2032-04-01	476,941	476,941
ORACLE NOTE CPN: 6.25% DUE: 2032-11-09	413,888	413,888
PHILIP MORRIS INTERNATIONAL NOTE CPN: 5.375% DUE: 2033-02-15	59,305	59,305
PHILIP MORRIS INTERNATIONAL NOTE CPN: 5.375% DUE: 2033-02-15	68,509	68,509
WILLIS NORTH AMERICA NOTE CPN: 5.35% DUE: 2033-05-15	108,065	108,065
FORTUNE BRANDS INNOVATIONS NOTE CPN: 5.875% DUE: 2033-06-01	309,384	309,384
LXQ Corp NOTE CPN: 6.25% DUE: 2033-06-15	73,549	73,549
LXQ Corp NOTE CPN: 6.25% DUE: 2033-06-15	50,760	50,760
LXQ Corp NOTE CPN: 6.25% DUE: 2033-06-15	67,335	67,335
LXQ Corp NOTE CPN: 6.25% DUE: 2033-06-15	116,079	116,079
LXQ Corp NOTE CPN: 6.25% DUE: 2033-06-15	53,867	53,867
LOWE'S Co NOTE CPN: 5.15% DUE: 2033-07-01	299,972	299,972
LOWE'S Co NOTE CPN: 5.15% DUE: 2033-07-01	44,103	44,103
BAT CAPITAL NOTE CPN: 6.421% DUE: 2033-08-02	431,410	431,410
FISERV INC NOTE CPN: 5.625% DUE: 2033-08-21	54,757	54,757
ALTRIA GROUP NOTE CPN: 6.875% DUE: 2033-11-01	33,992	33,992
GENUINE PARTS NOTE CPN: 6.875% DUE: 2033-11-01	136,412	136,412
AT&T NOTE CPN: 2.55% DUE: 2033-12-01	61,420	61,420
AT&T NOTE CPN: 2.55% DUE: 2033-12-01	223,859	223,859
AMERICAN TOWER CORP NOTE CPN: 5.45% DUE: 2034-02-15	161,447	161,447
AMERICAN TOWER CORP NOTE CPN: 5.45% DUE: 2034-02-15	254,432	254,432
QUANTA SERVICES NOTE CPN: 5.25% DUE: 2034-08-09	129,949	129,949
BROADCOM NOTE CPN: 4.8% DUE: 2034-10-15	123,087	123,087
AERCAP IRELAND CAP DAC/AERCAP GLOBAL AVI NOTE CPN: 3.5% DUE: 2025-01-15	152,274	152,274
JPMORGAN CHASE $ CO NOTE CPN: 3.125% DUE: 2025-01-23	253,178	253,178
NEXTERA ENERGY CAPITAL HOLDINGS NOTE CPN: 6.051% DUE: 2025-03-01	270,814	270,814
JOHN DEERE CAPITAL NOTE CPN: 5.15% DUE: 2025-03-03	305,339	305,339
CATERPILLAR FINANCIAL SERVICES CORP NOTE CPN: 5.4% DUE: 2025-03-10	254,549	254,549
ABBVIE INC NOTE CPN: 3.8% DUE: 2025-03-15	252,347	252,347
EOG RESOURCE INC NOTE CPN: 3.15% DUE: 2025-04-01	200,726	200,726
GENERAL DYNAMICS CORP NOTE CPN: 3.25% DUE: 2025-04-01	200,963	200,963
HUMANA INC NOTE CPN: 4.5% DUE: 2025-04-01	151,443	151,443
AUTOZONE INC NOTE CPN: 3.625% DUE: 2025-04-15	200,844	200,844
HOME DEPOT INC NOTE CPN: 2.7% DUE: 2025-04-15	250,115	250,115
T-MOBILE USA INC NOTE CPN: 3.5% DUE: 2025-04-15	250,840	250,840
BANK OF AMERICA CORP NOTE CPN: 3.95% DUE: 2025-04-21	251,261	251,261
CVS HEALTH CORP NOTE CPN: 3.875% DUE: 2025-07-20	252,799	252,799
SOUTHERN CALIFORNIA EDISON NOTE CPN: 3.7% DUE: 2025-08-01	252,195	252,195
RYDER SYSTEM NOTE CPN: 3.35% DUE: 2025-09-01	225,247	225,247
DUKE ENERGY NOTE CPN: 5% DUE: 2025-12-08	150,954	150,954
TORONTO-DOMINION NOTE CPN: 5.103% DUE: 2026-01-09	282,981	282,981
LOCKHEED MARTIN CORP NOTE CPN: 3.55% DUE: 2026-01-15	151,055	151,055
ZIMMER BIOMET HOLDINGS INC NOTE CPN: 3.05% DUE: 2026-01-15	224,633	224,633
RTX NOTE CPN: 5% DUE: 2026-02-27	255,583	255,583
COLGATE-PALMOLIVE CO NOTE CPN: 4.8% DUE: 2026-03-02	255,249	255,249
STANLEY BALCK & DECKER NOTE CPN: 6.272% DUE: 2026-03-06	203,953	203,953
AMPHENOL Corp NOTE CPN: 4.751% DUE: 2026-03-30	161,962	161,962
TOYOTA MOTOR NOTE CPN: 4.45% DUE: 2026-05-18	301,364	301,364
AUTOZONE INC NOTE CPN: 5.05% DUE: 2026-07-15	102,927	102,927
BROADCOM INC NOTE CPN: 3.459% DUE: 2026-09-15	99,120	99,120
INTUIT INC NOTE CPN: 5.25% DUE: 2026-09-15	76,957	76,957
INTUIT INC NOTE CPN: 5.25% DUE: 2026-09-15	205,218	205,218
CITIGROUP NOTE CPN: 3.2% DUE: 2026-10-21	293,749	293,749
PACCAR FINANCIAL CORP NOTE CPN: 5.2% DUE: 2026-11-09	306,294	306,294
PEPSICO INC NOTE CPN: 5.125% DUE: 2026-11-10	127,461	127,461

- TIN:

TY 2024 InvestmentsCorpStockSchedule

Name:

Telemachus and Irene Demoulas Family

Foundation

EIN:

04-3582759

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ABBVIE INC COM UNSOLICITED TRADE	66,460	66,460
AMGEN INC	66,463	66,463
ALEXANDRIA REAL ESTATE	57,359	57,359
AMCOR PLC	33,867	33,867
AMERICAN ELECTRIC POWER CO	62,716	62,716
AT&T INC UNSOLICITED TRADE	61,980	61,980
BK Montreal	64,247	64,247
Bristol Myers	113,855	113,855
CDN IMPL BK COMMERCE UNSOLICITED TRADE	31,236	31,236
CHEVRON CORP UNSOLICITED TRADE	101,967	101,967
COCA COLA	55,660	55,660
DIAGEO PLC	57,844	57,844
DUKE ENERGY CORP NEW UNSOLICITED TRADE	70,677	70,677
ENBRIDGE INC	114,391	114,391
ENTERGY CORP NEW	56,410	56,410
EXXON MOBILE	42,383	42,383
GILEAD SCIENCE	114,446	114,446
HUNTINGTON BANCSHARES	71,100	71,100
JOHNSON AND JOHNSON	80,987	80,987
KENVUE	52,372	52,372
LYONDELLBASELL	75,013	75,013
MORGAN STANLEY	46,768	46,768
NATIONAL GRID PLC SPON ADR UNSOLICITED TRADE	90,913	90,913
PAYCHEX INC	46,413	46,413
PEPSICO	62,649	62,649
PFIZER INC	67,280	67,280
PHILIP MORRIS INTL INC UNSOLICITED TRADE	85,449	85,449
PNC FINL SVCS GP	85,240	85,240
PPL CORPORATION UNSOLICITED TRADE	46,548	46,548
PROLOGIS	71,136	71,136
REALTY INCOME CORP	70,394	70,394
SANOFI ADR	91,782	91,782
SOUTHERN CO UNSOLICITED TRADE	50,215	50,215
TC ENERGY CORP	86,406	86,406
TOTALENERGIES SE	101,043	101,043
TRUIST FINL CORP	76,002	76,002
US BANCORP COM NEW	99,534	99,534
UNITED PARCEL SER INC	41,361	41,361
VERIZON COMMUNICATIONS UNSOLICITED TRADE	117,331	117,331
WEC ENERGY	35,265	35,265
WILLIAMS CO INC	38,642	38,642
XCEL ENERGY	98,174	98,174
ABBOTT LAB	97,727	97,727
ABBVIE	78,543	78,543
ACCENTURE PLC IRELAND CL A UNSOLICITED TRADE	89,003	89,003
AMERICAN EXPRESS CO	82,211	82,211
ANALOG DEVICES	92,845	92,845
AON PLC SHS CL-A UNSOLICITED TRADE	110,980	110,980
BOEING	93,810	93,810
CHUBB LTD UNSOLICITED TRADE	75,983	75,983
CITIGROUP INC NEW	67,715	67,715
CIGNA CORPORATION COM UNSOLICITED TRADE	138,622	138,622
CONOCOPHILLIPS	112,260	112,260
DIAGEO PLC SPON ADR	62,294	62,294
DOMINION ENERGY	98,187	98,187
DUKE ENERGY CORP NEW UNSOLICITED TRADE	96,966	96,966
EATON CORP PLC SHS UNSOLICITED TRADE	62,392	62,392
EXXON MOBIL	117,682	117,682
GENL DYNAMICS CORP	86,425	86,425
ILL TOOL WORKS INC UNSOLICITED TRADE	63,897	63,897
JOHNSON & JOHNSON UNSOLICITED TRADE	87,206	87,206
JPMORGAN CHASE & CO UNSOLICITED TRADE	168,996	168,996
KENVUE	60,186	60,186
KKR & CO	82,534	82,534
KLA Corp	44,560	44,560
LOWES COMPANIES	74,534	74,534
MARRIOTT INTL INC	78,661	78,661
MARSH & MCLENNAN COS INC	79,017	79,017
MCKESSON CORP UNSOLICITED TRADE	131,649	131,649
MONDELEZ INTL	59,969	59,969
MORGAN STANLEY	102,965	102,965
NASDAQ INC COM UNSOLICITED TRADE	63,317	63,317
NESTLE SPON ADR REP REG SHR UNSOLICITED TRADE	55,525	55,525
NXP SEMICONDUCTORS NV	53,210	53,210
PACCAR INC	98,923	98,923
PEPSICO INC NC	77,855	77,855
PFIZER INC	77,521	77,521
PROGRESSIVE CORP OHIO	151,913	151,913
PROLOGIS INC	83,434	83,434
RTX Corp	88,999	88,999
SOUTHERN CO	92,198	92,198
TARGET CORPORATION	42,582	42,582
UNION PACIFIC CORP UNSOLICITED TRADE	85,515	85,515
AMERICAN EAGLE OUTFITTERS	84,384	84,384
APTARGROUP	102,901	102,901
BOOZ ALLEN HAMILTON HLDG CL-A	100,129	100,129
Brown and Brown	123,648	123,648
CASEY'S GENERAL STORES	113,718	113,718
CHURCH & DWIGHT CO INC UNSOLICITED TRADE	114,762	114,762
COOPER CO INC NEW UNSOLICITED TRADE	90,091	90,091
COPART INC UNSOLICITED TRADE	118,109	118,109
CRANE COMPANY	105,011	105,011
CURTIS WRIGHT	129,528	129,528
DECKER OUTDOOR CORP	132,212	132,212
DESCARTES SYSTEMS GROUP	119,734	119,734
DEXCOM	103,745	103,745
DYNATRACE	109,896	109,896
EMCOR GROUP	121,191	121,191
FACTSET RESEARCH	105,181	105,181
GODADDY	107,764	107,764
HALOZYME THERAPEUTICS	81,516	81,516
MARKETAXESS HOLDINGS	84,313	84,313
MONOLITHIC PWR SYSTEMS INC UNSOLICITED TRADE	68,046	68,046
NVENT ELECTRIC	89,085	89,085
OLLIES BARGAIN OUTLET	117,631	117,631
ONTO INNOVATION	80,002	80,002
PENUMBRA	124,440	124,440
PTC INC COM	99,658	99,658
PURE STORAGE INC	110,083	110,083
QUALYS INC COM UNSOLICITED TRADE	87,918	87,918
RAYMOND JAMES FINCL INC UNSOLICITED TRADE	131,565	131,565
RESMED INC UNSOLICITED TRADE	109,314	109,314
SAIA INC	105,729	105,729
SPROUTS FARMERS MARKET	92,761	92,761
SPS COMMERCE INC	110,762	110,762
TAKE TWO INTERACTIVE SOFTWARE	113,025	113,025
TELEDYNE TECH INC	96,075	96,075
US FOODS HOLDING	109,623	109,623
Valvoline INC	84,878	84,878
WEATHERFORD	63,464	63,464
WEST PHARMACEUTICAL	96,958	96,958
WATTS WTR TECH	100,430	100,430
ALBANY INTL A NEW	54,460	54,460
ARMSTRONG WORLD INDS INC	124,088	124,088
BADGER METER INC UNSOLICITED TRADE	42,636	42,636
BANK OF HAWAII CORP UNSOLICITED TRADE	85,488	85,488
AZENTA INC	76,200	76,200
CHEESE CAKE FACTORY INC UNSOLICITED TRADE	115,042	115,042
CHOICE HOTELS	88,028	88,028
CONSTRUCTION PARTNERS	167,720	167,720
CSW INDUSTRIALS	59,623	59,623
EVERTEC INC	85,393	85,393
FIRST FINANCIAL BANKSHARES INC UNSOLICITED TRADE	89,981	89,981
FULLER H B & Company	79,087	79,087
GETTY REALTY	82,707	82,707
HILLMAN SOLUTIONS	99,494	99,494
HOULIHAN LOKEY INC CL A UNSOLICITED TRADE	192,242	192,242
JACK HENRY & ASSOC INC UNSOLICITED TRADE	46,455	46,455
JOHN BEAN TECHNOLOGIES	104,730	104,730
LAKELAND FINCL	26,541	26,541
LANDSTAR SYSTEM INC UNSOLICITED TRADE	90,742	90,742
NATL BEVERAGE CORP UNSOLICITED TRADE	68,869	68,869
PRESTIGE CONSMR HEALTHCARE	62,706	62,706
PRIMERICA INC UNSOLICITED TRADE	123,768	123,768
RBC BEARINGS INC UNSOLICITED TRADE	115,169	115,169
RLI CORP UNSOLICITED TRADE	87,195	87,195
SITEONE LANDSCAPE SUPPLY INC UNSOLICITED TRADE	73,791	73,791
THE SCOTTS MIRACLE-GRO COMPANY UNSOLICITED TRADE	55,925	55,925
THOR INDUSTRIES INC UNSOLICITED TRADE	69,581	69,581
UNIFIRST CP	72,884	72,884
WATSCO INC UNSOLICITED TRADE	140,745	140,745
WD 40 COMPANY UNSOLICITED TRADE	83,239	83,239
AMCOR PLC	92,547	92,547
BK MONTREAL UNSOLICITED TRADE	107,240	107,240
BRITISH AMER TOB SPON ADR UNSOLICITED TRADE	67,664	67,664
CDN IMPL BK COMMERCE UNSOLICITED TRADE	90,040	90,040
COCA-COLA EUROPACIFIC Partners	42,630	42,630
COCA-COLA FEMSA	69,322	69,322
DEUTSCHE TELEKOM	42,959	42,959
DIAGEO SPON ADR	94,458	94,458
ENBRIDGE INC UNSOLICITED TRADE	126,654	126,654
ENEL SOCIETA PER AZIONI ADR	63,486	63,486
FORTIS INC UNSOLICITED TRADE	115,107	115,107
GSK PLC	54,180	54,180
MAGNA INTERNATIONAL	40,745	40,745
MUENCHENER RUECK-UNSPONS ADR UNSOLICITED TRADE	51,893	51,893
NATIONAL GRID PLC SPON ADR UNSOLICITED TRADE	105,411	105,411
NESTLE SPON	58,417	58,417
NOVARTIS AG ADR	101,786	101,786
PEMBINA PIPELINE CORP	113,658	113,658
PHILIP MORRIS INTL INC UNSOLICITED TRADE	102,779	102,779
RECKITT BENCKISER	55,918	55,918
ROCHE HOLDINGS	91,037	91,037
TAKEDA PHARMACEUTCL	83,147	83,147
ROYAL BANK OF CANADA	91,708	91,708
SANOFI ADR UNSOLICITED TRADE	115,125	115,125
SHELL PLC ADR	88,274	88,274
TELENOR ASA ADS UNSOLICITED TRADE	31,642	31,642
TELUS CORP NEW UNSOLICITED TRADE	96,181	96,181
TOTAL S A ADR	103,550	103,550
SUMITOMO MITSUI FINL GROUP INC	30,023	30,023
TC ENERGY	99,435	99,435
UNILEVER PLC (NEW) ADS UNSOLICITED TRADE	79,153	79,153
ZURICH INSURANCE GRP LTD ADR UNSOLICITED TRADE	128,123	128,123
TELEFONICA BRASIL SA SPON ADR UNSOLICITED TRADE	53,595	53,595

- TIN:

TY 2024 InvestmentsGovtObligationsSch

Name:

Telemachus and Irene Demoulas Family

Foundation

EIN:

04-3582759

US Government Securities - End of Year Book Value:

1,712,811

US Government Securities - End of Year Fair Market Value:

1,712,811

State & Local Government Securities - End of Year Book Value:

State & Local Government Securities - End of Year Fair Market Value:

- TIN:

TY 2024 InvestmentsOtherSchedule2

Name:

Telemachus and Irene Demoulas Family

Foundation

EIN:

04-3582759

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
AB HIGH INCOME ADV	FMV	1,611,494	1,611,494
FIDELITY ADV REAL ESTATE INC I	FMV	2,087,951	2,087,951
GUGGENHEIM MACRO OPPORT I	FMV	920,522	920,522
HARTFORD FLOATING RT HI INC I	FMV	878,097	878,097
JOHN HANCOCK INTL GROWTH I	FMV	1,997,788	1,997,788
OAKMARK INTERNATIONAL ADVISOR	FMV	1,748,316	1,748,316
MSILF Governement PTF INST	FMV	2,502,091	2,502,091
VANGUARD INFO TECH ETF	FMV	4,601,320	4,601,320
VANGUARD MID CAP VALUE ETF	FMV	3,005,687	3,005,687
VANGUARD SM CAP GROWTH ETF	FMV	2,170,465	2,170,465
MSILF GOVERNMENT PTF INST	FMV	14,416,791	14,416,791

- TIN:

TY 2024 OtherAssetsSchedule

Name:

Telemachus and Irene Demoulas Family

Foundation

EIN:

04-3582759

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
Receivable from IDRT	119,533,239	105,971,244	105,971,244

- TIN:

TY 2024 OtherExpensesSchedule

Name:

Telemachus and Irene Demoulas Family

Foundation

EIN:

04-3582759

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
Filing Fees	1,000	0	1,000
Bank Charges	45	45	0
Miscellaneous	500	0	500

- TIN:

TY 2024 OtherIncreasesSchedule

Name:

Telemachus and Irene Demoulas Family

Foundation

EIN:

04-3582759

Description	Amount
Unrealized gain on investments	2,183,452

- TIN:

TY 2024 OtherLiabilitiesSchedule

Name:

Telemachus and Irene Demoulas Family

Foundation

EIN:

04-3582759

Description	Beginning of Year - Book Value	End of Year - Book Value
Accrued investment fees	25,581	25,581
Accrued Federal Tax	5,500	27,000
Accrued Fees	16,000	0

- TIN:

TY 2024 OtherProfessionalFeesSchedule

Name:

Telemachus and Irene Demoulas Family

Foundation

EIN:

04-3582759

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Morgan Stanley	279,034	279,034		0

- TIN:

TY 2024 TaxesSchedule

Name:

Telemachus and Irene Demoulas Family

Foundation

EIN:

04-3582759

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
Federal Excise Tax	86,500	0		0