TY 2025 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.
Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0047

2025

Open to Public Inspection

For calendar year 2025, or tax year beginning 01 - 01 2025, and ending 12 - 31, 20 25

Name of foundation
ADAMS JESSE AND HERTHA CHARITABLE TR

Number and street (or P.O. box number if mail is not delivered to street address) 901 SOUTH BOND STREET STE 400
Room/suite

City or town
BALTIMORE

State or province
MD

Country

ZIP or foreign postal code
21231

A Employer identification number

25-6821173

B Telephone number (see instructions)

4105375562

C If exemption application is pending, check here

G Check all that apply: Initial returnInitial return of a former public charity

Address change Name change

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

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

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

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 .......

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$24,690,754J 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	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .................
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	348,997		338,117
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		1,984,322
b	Gross sales price for all assets on line 6a 15,485,461
7	Capital gain net income (from Part IV, line 2)...			1,984,322
8	Net short-term capital gain.........				0
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........	2,333,319		2,322,439
13	Compensation of officers, directors, trustees, etc.	30,840		30,840
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........					0
b	Accounting fees (attach schedule).......	List of Attached Documents: // Content	1,215	0	0	1,215
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	121,262	121,262		0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	52,244	4,262		0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......			0	0
22	Printing and publications..........			0	0
23	Other expenses (attach schedule).......
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	205,561		156,364	0	1,215
25	Contributions, gifts, grants paid.......	1,186,169				1,186,169
26	Total expenses and disbursements. Add lines 24 and 25 ................	1,391,730		156,364	0	1,187,384
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	941,589
b	Net investment income (if negative, enter -0-)			2,166,075
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2025)

Form 990-PF (2025)

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.............
	2	Savings and temporary cash investments.........	306,601	778,266	778,266
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	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 0
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)	1,164,513	List of Attached Documents: // Content 1,012,308	990,612
	b	Investments—corporate stock (attach schedule).......	12,351,151	List of Attached Documents: // Content 11,814,147	19,866,970
	c	Investments—corporate bonds (attach schedule).......	1,950,313	List of Attached Documents: // Content 3,090,302	3,054,906
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	6,092		0
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	15,778,670	16,695,023	24,690,754
	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 )
	23	Total liabilities (add lines 17 through 22).........		0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	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........	15,778,670	16,695,023
	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).....	15,778,670	16,695,023
	30	Total liabilities and net assets/fund balances (see instructions).	15,778,670	16,695,023

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) ...............

15,778,670

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

941,589

Other increases not included in line 2 (itemize)

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

16,720,259

Decreases not included in line 2 (itemize) Click to see attachment

List of Attached Documents:

// Content

25,236

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

16,695,023

Form 990-PF (2025)

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.)		(c) Date acquired (mo., day, yr.)	(d) Date sold (mo., day, yr.)
1 a	124. BERKSHIRE HATHAWAY INC COM USD0.0033	2011-08-04	2025-01-03
b	86. BLACKSTONE INC	2024-02-05	2025-01-03
c	146. INTUITIVE SURGICAL INC	2020-03-17	2025-01-03
d	77. S&P GLOBAL INC COM	2020-12-24	2025-01-03
e	178. BLACKSTONE INC	2024-02-05	2025-01-08
	174. BLACKSTONE INC	2020-03-25	2025-01-08
	222. CONSTELLATION ENERGY CORP COM	2024-09-10	2025-01-14
	145. MICROSOFT CORP.	2024-01-10	2025-01-14
	63. SERVICENOW INC COM USD0.001	2024-05-15	2025-01-14
	1424.98 CNH EQUIP TR 6.040% 2/16/27	2023-09-19	2025-01-15
	1409.68 JOHN DEERE OWNER 5.760% 8/17/26	2023-09-12	2025-01-15
	51. BERKSHIRE HATHAWAY INC COM USD0.0033	2011-08-04	2025-01-16
	139. BLACKSTONE INC	2020-03-25	2025-01-16
	493. MARVELL TECHNOLOGY INC COM	2024-06-05	2025-01-16
	46. TJX COS INC	2024-02-06	2025-01-21
	1. TJX COS INC	2024-02-06	2025-01-21
	41. TJX COS INC	2024-03-11	2025-01-22
	7. TJX COS INC	2024-03-11	2025-01-23
	4. TJX COS INC	2024-03-11	2025-01-23
	20. TJX COS INC	2024-03-11	2025-01-23
	10. TJX COS INC	2024-03-11	2025-01-24
	47. TJX COS INC	2024-03-11	2025-01-24
	14. CONSTELLATION ENERGY CORP COM	2024-09-10	2025-01-27
	250. CONSTELLATION ENERGY CORP COM	2023-02-06	2025-01-27
	1003. MARVELL TECHNOLOGY INC COM	2024-06-05	2025-01-27
	185. BERKSHIRE HATHAWAY INC COM USD0.0033	2011-08-04	2025-01-29
	65. COSTCO WHOLESALE CORPORATION	2021-03-05	2025-01-29
	123. DANAHER CORP	2024-07-11	2025-01-29
	29. DANAHER CORP	2020-03-13	2025-01-29
	2016. FLUOR CORP NEW COM	2024-11-20	2025-01-29
	385. J P MORGAN CHASE & CO	2022-11-07	2025-01-29
	480. MICROSOFT CORP.	2024-01-10	2025-01-29
	153. SERVICENOW INC COM USD0.001	2024-06-17	2025-01-29
	86. THERMO ELECTRON CORP	2024-11-20	2025-01-29
	114. THERMO ELECTRON CORP	2024-09-10	2025-01-29
	63. THERMO ELECTRON CORP	2014-11-19	2025-01-29
	252. VISA INC COM CL A	2020-03-13	2025-01-29
	57. ADOBE SYS INCORP	2024-11-06	2025-01-30
	11. MASTERCARD INCORPORATED CL A	2024-03-11	2025-01-30
	74. SAFRAN SA UNSPON A D R	2024-10-03	2025-01-30
	1537. DANAHER CORP	2017-08-02	2025-01-31
	75. DANAHER CORP	2010-11-03	2025-01-31
	2. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2024-03-11	2025-02-04
	96. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2024-03-11	2025-02-05
	36. SAFRAN SA UNSPON A D R	2024-03-11	2025-02-05
	36. SAFRAN SA UNSPON A D R	2024-03-11	2025-02-07
	15000. FORTIS INC 3.055% 10/04/26	2020-09-16	2025-02-10
	36. MARVELL TECHNOLOGY INC COM	2024-03-11	2025-02-11
	1407.21 CNH EQUIP TR 6.040% 2/16/27	2023-09-19	2025-02-15
	31000. CARRIER GLOBAL 2.242% 2/15/25	2023-12-14	2025-02-15
	2114.34 JOHN DEERE OWNER 5.760% 8/17/26	2023-09-12	2025-02-15
	9. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2024-03-11	2025-02-18
	2545. FLUOR CORP NEW COM	2024-06-20	2025-02-18
	5572. FLUOR CORP NEW COM	2024-07-08	2025-02-18
	. PROCEEDS FROM SECURITIES LITIGATION		2025-02-19
	30000. CLOROX CO DEL NOTE CALL MAKE WHOLE	2022-05-05	2025-02-20
	3. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2024-03-11	2025-02-21
	398. ABBVIE INC	2024-11-20	2025-02-24
	53. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2024-03-11	2025-02-24
	99. T MOBILE US INC COM	2024-01-10	2025-02-24
	2199. COGENT COMM HOLDINGS INC COM NEW	2024-11-21	2025-03-03
	104. INTUITIVE SURGICAL INC	2020-03-17	2025-03-03
	404. T MOBILE US INC COM	2024-01-10	2025-03-10
	469. ABBVIE INC	2024-11-20	2025-03-12
	23. SAFRAN SA UNSPON A D R	2024-03-11	2025-03-14
	8. SHERWIN WILLIAMS CO	2024-03-11	2025-03-14
	1041.03 CNH EQUIP TR 6.040% 2/16/27	2023-09-19	2025-03-15
	1475.72 JOHN DEERE OWNER 5.760% 8/17/26	2023-09-12	2025-03-15
	53. SAFRAN SA UNSPON A D R	2024-03-11	2025-03-17
	309. T MOBILE US INC COM	2023-12-05	2025-03-17
	126. ASML HOLDING NV NY REG SHS A D R	2025-02-19	2025-03-17
	109. CINTAS CORP.	2018-10-12	2025-03-24
	300. MARVELL TECHNOLOGY INC COM	2024-06-05	2025-03-24
	2901. MARVELL TECHNOLOGY INC COM	2024-06-05	2025-03-24
	40. S&P GLOBAL INC COM	2021-01-12	2025-03-24
	3730. COGENT COMM HOLDINGS INC COM NEW	2024-12-31	2025-03-26
	12000. CROWN CASTLE 3.300% 7/01/30	2020-04-01	2025-03-26
	4000. CROWN CASTLE 3.300% 7/01/30	2020-03-31	2025-03-26
	2419. MARVELL TECHNOLOGY INC COM	2024-05-08	2025-03-26
	5162. MICRON TECHNOLOGY INC	2025-03-17	2025-03-27
	146. IDEXX LABORATORIES CORP	2024-09-25	2025-04-07
	98.00002 THERMO ELECTRON CORP	2025-01-31	2025-04-07
	33.99998 THERMO ELECTRON CORP	2024-09-12	2025-04-07
	222. HOME DEPOT INC.	2025-03-26	2025-04-08
	307. IDEXX LABORATORIES CORP	2024-09-10	2025-04-08
	3. MOODYS CORP	2024-02-06	2025-04-08
	10. TAIWAN SEMICONDUCTOR MFG CO LTD SPONSORED ADR	2024-03-11	2025-04-08
	2. TAIWAN SEMICONDUCTOR MFG CO LTD SPONSORED ADR	2024-03-11	2025-04-08
	138. THERMO ELECTRON CORP	2025-01-31	2025-04-08
	1. BOOKING HOLDINGS INC COM	2024-02-06	2025-04-09
	2. MOODYS CORP	2024-02-06	2025-04-09
	7. TAIWAN SEMICONDUCTOR MFG CO LTD SPONSORED ADR	2024-03-11	2025-04-09
	546. BLACKSTONE INC	2020-03-25	2025-04-10
	33426.961 BROWN ADVISORY SM CP FUNDAMENTAL VAL	2024-03-11	2025-04-10
	31000. HASBRO INC NOTE CALL MAKE WHOLE	2022-01-04	2025-04-10
	222. THERMO ELECTRON CORP	2025-02-24	2025-04-10
	637. THERMO ELECTRON CORP	2014-11-19	2025-04-10
	1064. VERALTO CORP COM SHS	2024-11-12	2025-04-10
	3766. VERALTO CORP COM SHS	2024-02-29	2025-04-10
	25. VERALTO CORP COM SHS	2010-11-03	2025-04-10
	1453.73 CNH EQUIP TR 6.040% 2/16/27	2023-09-19	2025-04-15
	307. DEUTSCHE BOERSE AG UNSPON A D R	2025-04-10	2025-04-15
	1533.99 JOHN DEERE OWNER 5.760% 8/17/26	2023-09-12	2025-04-15
	200000. U S TREASURY NT 2.625% 4/15/25	2024-09-30	2025-04-15
	56. ALPHABET INC CAP STK CL C	2025-04-10	2025-04-16
	40. ALPHABET INC CAP STK CL C	2024-11-06	2025-04-16
	13. BOOKING HOLDINGS INC COM	2025-01-16	2025-04-17
	47. COSTCO WHOLESALE CORPORATION	2020-01-10	2025-04-17
	667. UBER TECHNOLOGIES INC	2024-11-12	2025-04-17
	16. DEUTSCHE BOERSE AG UNSPON A D R	2025-04-10	2025-04-25
	161. DEUTSCHE BOERSE AG UNSPON A D R	2025-04-10	2025-04-28
	149. DEUTSCHE BOERSE AG UNSPON A D R	2025-04-10	2025-04-29
	150. DEUTSCHE BOERSE AG UNSPON A D R	2025-04-10	2025-04-30
	17. TAIWAN SEMICONDUCTOR MFG CO LTD SPONSORED ADR	2025-04-10	2025-05-02
	13. TAIWAN SEMICONDUCTOR MFG CO LTD SPONSORED ADR	2025-04-10	2025-05-02
	90. BERKSHIRE HATHAWAY INC COM USD0.0033	2025-04-10	2025-05-05
	95. HOME DEPOT INC.	2025-03-26	2025-05-05
	110. INTUITIVE SURGICAL INC	2025-03-24	2025-05-05
	74.00093 LINDE PLC SHS	2024-11-12	2025-05-05
	51.99907 LINDE PLC SHS	2024-11-12	2025-05-05
	72. ASML HOLDING NV NY REG SHS A D R	2024-10-18	2025-05-05
	314. WASTE CONNECTIONS INC	2025-01-08	2025-05-06
	398. WASTE CONNECTIONS INC	2023-07-07	2025-05-06
	8000. STRYKER CORPORATION 1.950% 6/15/30	2024-12-16	2025-05-08
	62. ALPHABET INC CAP STK CL C	2025-04-10	2025-05-09
	53. ILLUMINA INC COM	2024-12-12	2025-05-09
	36. TAIWAN SEMICONDUCTOR MFG CO LTD SPONSORED ADR	2025-04-10	2025-05-09
	160. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2024-03-11	2025-05-12
	45. ILLUMINA INC COM	2024-12-13	2025-05-12
	2000. STRYKER CORPORATION 1.950% 6/15/30	2024-12-16	2025-05-12
	566. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2024-03-11	2025-05-13
	17. ILLUMINA INC COM	2024-12-13	2025-05-13
	16. ILLUMINA INC COM	2024-12-13	2025-05-13
	2000. STRYKER CORPORATION 1.950% 6/15/30	2024-12-16	2025-05-13
	770. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2024-04-08	2025-05-14
	30. ILLUMINA INC COM	2025-01-30	2025-05-14
	11. ILLUMINA INC COM	2025-01-30	2025-05-14
	18000. STRYKER CORPORATION 1.950% 6/15/30	2024-12-16	2025-05-14
	2078.36 CNH EQUIP TR 6.040% 2/16/27	2023-09-19	2025-05-15
	177. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2025-04-01	2025-05-15
	308. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2024-02-06	2025-05-15
	60. ILLUMINA INC COM	2025-01-30	2025-05-15
	5. ILLUMINA INC COM	2024-12-19	2025-05-15
	2245.88 JOHN DEERE OWNER 5.760% 8/17/26	2023-09-12	2025-05-15
	2000. U S TREASURY NT 4.625% 2/15/35	2025-03-17	2025-05-15
	161. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2025-04-10	2025-05-16
	41. ILLUMINA INC COM	2025-04-10	2025-05-16
	7. ILLUMINA INC COM	2025-04-10	2025-05-16
	498. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2025-04-10	2025-05-19
	25. ILLUMINA INC COM	2025-04-10	2025-05-19
	24. ILLUMINA INC COM	2025-04-10	2025-05-19
	5000. STRYKER CORPORATION 1.950% 6/15/30	2024-12-16	2025-05-19
	. PROCEEDS FROM SECURITIES LITIGATION		2025-05-19
	286. ALPHABET INC CAP STK CL C	2025-03-27	2025-05-20
	209. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2025-04-10	2025-05-20
	162. CONSTELLATION ENERGY CORP COM	2023-02-06	2025-05-20
	25. ILLUMINA INC COM	2025-04-10	2025-05-20
	116. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2025-04-10	2025-05-21
	24. ILLUMINA INC COM	2025-04-10	2025-05-21
	112. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2025-04-10	2025-05-27
	15000. COMCAST CORP NEW NOTE CALL MAKE WHOLE	2020-03-26	2025-05-28
	26. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2025-04-10	2025-05-29
	188. CONSTELLATION ENERGY CORP COM	2023-02-06	2025-05-29
	467. UBER TECHNOLOGIES INC	2024-11-12	2025-05-29
	56. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2025-04-10	2025-05-30
	59. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2025-04-10	2025-06-02
	60. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2025-04-10	2025-06-04
	36000. U S TREASURY NT 4.625% 2/15/35	2025-03-17	2025-06-04
	8. GE AEROSPACE COM NEW	2025-04-10	2025-06-09
	18. GE AEROSPACE COM NEW	2025-04-10	2025-06-09
	139. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2025-04-10	2025-06-10
	2. GE AEROSPACE COM NEW	2025-04-10	2025-06-10
	3. GE AEROSPACE COM NEW	2025-04-10	2025-06-10
	73. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2025-04-10	2025-06-11
	17. GE AEROSPACE COM NEW	2025-04-10	2025-06-11
	5000. AIR LEASE CORP MTN 5.100% 3/01/29	2024-01-22	2025-06-12
	303. ALPHABET INC CAP STK CL C	2025-03-27	2025-06-12
	21. AMAZON.COM INC	2024-11-12	2025-06-12
	3000. AMERICAN TOWER CORP 3.600% 1/15/28	2020-07-01	2025-06-12
	8000. ANALOG DEVICES INC 1.700% 10/01/28	2021-09-28	2025-06-12
	2983.326 ARTISAN INTL VALUE FUND INSTL	2023-05-11	2025-06-12
	5000. BROADCOM INC SR NT 4.550% 2/15/32	2024-09-27	2025-06-12
	22024.472 BROWN ADVISORY MORTG SECURITIES CL INSTL	2016-02-26	2025-06-12
	5000. CITIGROUP INC NOTE CALL MAKE WHOLE	2021-02-02	2025-06-12
	195. COLOPLAST SPON ADS EACH REPR 0.1 OD SHS	2025-04-10	2025-06-12
	3000. COMCAST CORP NEW NOTE CALL MAKE WHOLE	2025-05-28	2025-06-12
	3. COSTCO WHOLESALE CORPORATION	2020-01-10	2025-06-12
	6000. DOLLAR TREE INC 4.200% 5/15/28	2020-09-10	2025-06-12
	9000. EASTMAN CHEM CO 5.750% 3/08/33	2025-01-06	2025-06-12
	11. GE AEROSPACE COM NEW	2025-04-10	2025-06-12
	5000. GOLDMAN SACHS GROUP 5.049% 7/23/30	2025-02-20	2025-06-12
	35. HEICO CORP NEW COM	2025-03-27	2025-06-12
	5000. HUNT J B TRANS SVCS INC NOTE	2019-03-26	2025-06-12
	42. IDEXX LABORATORIES CORP	2025-02-19	2025-06-12
	129. INTUITIVE SURGICAL INC	2025-03-24	2025-06-12
	5000. KEYSIGHT TECHNOLOGIES INC	2021-04-14	2025-06-12
	5000. KROGER CO SR 5.000% 9/15/34	2025-05-09	2025-06-12
	6000. LKQ CORP SER B NOTE	2025-01-28	2025-06-12
	117. MICROSOFT CORP.	2025-02-19	2025-06-12
	6000. MORGAN STANLEY SER F MTN	2023-01-05	2025-06-12
	564. NVIDIA CORP COM	2024-11-12	2025-06-12
	9000. ORACLE CORP NOTE CALL MAKE WHOLE	2024-09-12	2025-06-12
	4000. PNC FINL SVCS GROUP INC NOTE	2023-12-15	2025-06-12
	7000. PERKINELMER INC 1.900% 9/15/28	2021-09-08	2025-06-12
	5000. PROLOGIS LP 5.000% 3/15/34	2025-06-04	2025-06-12
	6000. REGENERON 1.750% 9/15/30	2024-05-16	2025-06-12
	5000. ROPER TECHNOLOGIES INC NOTE	2024-08-19	2025-06-12
	70. SERVICENOW INC COM USD0.001	2025-04-08	2025-06-12
	3000. SYSCO CORP SR NT 5.950% 4/01/30	2020-03-31	2025-06-12
	1488. UBER TECHNOLOGIES INC	2024-11-12	2025-06-12
	201. UBER TECHNOLOGIES INC	2024-02-05	2025-06-12
	6000. US BANCORP MTN 5.384% 1/23/30	2024-02-05	2025-06-12
	5002.40346 U S TREASURY NT 2.875% 11/30/25	2025-04-15	2025-06-12
	64997.59654 U S TREASURY NT 2.875% 11/30/25	2025-04-15	2025-06-12
	23000. U S TREASURY NT 4.500% 11/15/33	2024-12-24	2025-06-12
	140000. U S TREASURY NT 4.375% 5/15/34	2024-07-12	2025-06-12
	25999.58907 U S TREASURY NT 4.625% 2/15/35	2025-03-17	2025-06-12
	4000.41093 U S TREASURY NT 4.625% 2/15/35	2025-03-17	2025-06-12
	5000. VERISIGN INC 5.250% 6/01/32	2025-03-31	2025-06-12
	103. VULCAN MATERIALS CO	2025-03-03	2025-06-12
	7000. WASTE CONNECTIONS INC NOTE	2024-02-15	2025-06-12
	6000. WELLS FARGO &CO NOTE	2021-03-26	2025-06-12
	14. SPOTIFY TECHNOLOGY S.A. COM EUR0.000625	2025-03-26	2025-06-12
	2102.5 CNH EQUIP TR 6.040% 2/16/27	2023-09-19	2025-06-15
	18. GE AEROSPACE COM NEW	2025-04-10	2025-06-16
	827.54 JOHN DEERE OWNER 5.760% 8/17/26	2023-09-12	2025-06-16
	86. ALPHABET INC CAP STK CL C	2025-03-27	2025-06-17
	102. ALPHABET INC CAP STK CL C	2020-03-25	2025-06-17
	5. BOOKING HOLDINGS INC COM	2025-01-16	2025-06-17
	635. ALPHABET INC CAP STK CL C	2020-03-25	2025-06-23
	4. BOOKING HOLDINGS INC COM	2025-01-16	2025-06-23
	4. BOOKING HOLDINGS INC COM	2024-03-12	2025-06-23
	323. HEICO CORP NEW COM	2025-04-10	2025-06-23
	221.00003 ACCENTURE PLC	2024-09-27	2025-06-23
	2.99997 ACCENTURE PLC	2024-09-27	2025-06-23
	209. ACCENTURE PLC	2024-02-05	2025-06-23
	25. BOOKING HOLDINGS INC COM	2024-03-12	2025-06-30
	160. CONSTELLATION ENERGY CORP COM	2023-02-06	2025-06-30
	158. HEICO CORP NEW COM	2025-04-10	2025-06-30
	239. MICROSOFT CORP.	2025-03-26	2025-06-30
	342. NVIDIA CORP COM	2024-11-12	2025-06-30
	403. ALPHABET INC CAP STK CL C	2020-03-25	2025-07-01
	421. AMAZON.COM INC	2025-03-27	2025-07-01
	144. BERKSHIRE HATHAWAY INC COM USD0.0033	2025-06-23	2025-07-01
	12. BERKSHIRE HATHAWAY INC COM USD0.0033	2025-04-10	2025-07-01
	376. CONSTELLATION ENERGY CORP COM	2023-02-06	2025-07-01
	180. S&P GLOBAL INC COM	2025-06-23	2025-07-01
	96. HEICO CORP NEW COM	2025-04-10	2025-07-02
	19. HOME DEPOT INC.	2025-03-26	2025-07-02
	158. HOME DEPOT INC.	2022-11-07	2025-07-02
	131. IDEXX LABORATORIES CORP	2025-02-19	2025-07-02
	93. MICROSOFT CORP.	2025-03-26	2025-07-02
	537. NVIDIA CORP COM	2025-02-19	2025-07-02
	358. UBER TECHNOLOGIES INC	2024-02-05	2025-07-02
	129. SPOTIFY TECHNOLOGY S.A. COM EUR0.000625	2025-03-26	2025-07-02
	99. ASML HOLDING NV NY REG SHS A D R	2024-10-18	2025-07-02
	7. INTUIT INC.	2025-06-16	2025-07-10
	11. INTUIT INC.	2024-03-11	2025-07-10
	6. INTUIT INC.	2024-03-11	2025-07-10
	173. SAFRAN SA UNSPON A D R	2025-06-16	2025-07-10
	2197.15 CNH EQUIP TR 6.040% 2/16/27	2023-09-19	2025-07-15
	593. ASML HOLDING NV NY REG SHS A D R	2025-01-27	2025-07-21
	25000. ROPER TECHNOLOGIES INC NOTE	2024-08-19	2025-07-22
	50000. U S TREASURY NT 2.875% 11/30/25	2025-03-22	2025-07-23
	16. MOODYS CORP	2025-06-16	2025-07-25
	8. MOODYS CORP	2025-04-10	2025-07-25
	308. HEICO CORP NEW COM	2025-01-31	2025-07-30
	125. J P MORGAN CHASE & CO	2020-03-12	2025-07-30
	88. MICROSOFT CORP.	2025-03-26	2025-07-30
	131. MICROSOFT CORP.	2023-10-30	2025-07-30
	177. NVIDIA CORP COM	2024-09-25	2025-07-30
	150. WOLTERS KLUWER N V SPONSORED A D R	2025-06-16	2025-08-07
	168. WOLTERS KLUWER N V SPONSORED A D R	2024-03-11	2025-08-07
	200. ALPHABET INC CAP STK CL C	2020-03-20	2025-08-11
	269. BERKSHIRE HATHAWAY INC COM USD0.0033	2025-06-23	2025-08-11
	125. CONSTELLATION ENERGY CORP COM	2023-03-01	2025-08-11
	100. MICROSOFT CORP.	2020-03-02	2025-08-11
	250. NVIDIA CORP COM	2024-09-25	2025-08-11
	202. CINTAS CORP.	2025-07-21	2025-08-13
	88. HEICO CORP NEW COM	2025-01-31	2025-08-13
	49. HOME DEPOT INC.	2022-11-07	2025-08-13
	97. J P MORGAN CHASE & CO	2020-03-12	2025-08-13
	104. T MOBILE US INC COM	2025-05-06	2025-08-13
	333.85 CNH EQUIP TR 6.040% 2/16/27	2023-09-19	2025-08-15
	. PROCEEDS FROM SECURITIES LITIGATION		2025-08-15
	294. ALPHABET INC CAP STK CL C	2020-03-20	2025-08-18
	263. BLACKSTONE INC	2025-06-30	2025-08-18
	1072. DRAFTKINGS INC NEW	2025-06-17	2025-08-18
	264. NVIDIA CORP COM	2024-09-25	2025-08-18
	109. S&P GLOBAL INC COM	2025-06-23	2025-08-18
	15000. HUNT J B TRANS SVCS INC NOTE	2024-12-18	2025-08-20
	10000. HUNT J B TRANS SVCS INC NOTE	2019-03-26	2025-08-20
	25000. U S TREASURY NT 2.875% 11/30/25	2025-04-15	2025-08-20
	13000. PERKINELMER INC 1.900% 9/15/28	2021-09-08	2025-08-22
	40000. U S TREASURY NT 2.875% 11/30/25	2025-04-15	2025-08-22
	25000. MORGAN STANLEY SER F MTN	2023-01-05	2025-08-25
	443.00002 FISERV INC	2025-07-01	2025-08-26
	1087.99998 FISERV INC	2025-07-01	2025-08-26
	118. MARVELL TECHNOLOGY INC COM	2025-06-25	2025-09-03
	8. MARVELL TECHNOLOGY INC COM	2025-06-25	2025-09-03
	37. MARVELL TECHNOLOGY INC COM	2024-03-11	2025-09-03
	41. MARVELL TECHNOLOGY INC COM	2024-03-11	2025-09-03
	9. MARVELL TECHNOLOGY INC COM	2025-06-16	2025-09-03
	38. MARVELL TECHNOLOGY INC COM	2024-03-11	2025-09-03
	28. MARVELL TECHNOLOGY INC COM	2025-06-16	2025-09-04
	51. MARVELL TECHNOLOGY INC COM	2024-02-06	2025-09-04
	27. MARVELL TECHNOLOGY INC COM	2024-02-06	2025-09-04
	85. MARVELL TECHNOLOGY INC COM	2024-02-06	2025-09-05
	194. MARVELL TECHNOLOGY INC COM	2025-04-10	2025-09-05
	59. MARVELL TECHNOLOGY INC COM	2024-02-06	2025-09-05
	8. MARVELL TECHNOLOGY INC COM	2025-04-10	2025-09-05
	550. ABBVIE INC	2025-07-21	2025-09-08
	150. BLACKSTONE INC	2025-06-30	2025-09-08
	32. MARVELL TECHNOLOGY INC COM	2025-04-10	2025-09-08
	31. MARVELL TECHNOLOGY INC COM	2025-04-10	2025-09-08
	100. T MOBILE US INC COM	2025-05-06	2025-09-08
	7000. WASTE CONNECTIONS INC NOTE	2024-02-15	2025-09-08
	50. ACCENTURE PLC	2024-03-04	2025-09-08
	31000. WASTE CONNECTIONS INC NOTE	2024-02-15	2025-09-09
	1197. ACCENTURE PLC	2025-08-26	2025-09-11
	1253. ACCENTURE PLC	2024-03-04	2025-09-11
	45000. GM FIN CONS AUTO REC 1.230% 8/16/27	2021-07-13	2025-09-16
	13000. AIR LEASE CORP MTN 5.100% 3/01/29	2024-01-22	2025-09-19
	1088. FISERV INC	2025-06-04	2025-09-24
	80. PT BK RAKYAT A D R	2024-03-11	2025-09-24
	37000. U S TREASURY NT 1.875% 2/15/32	2022-05-25	2025-09-24
	11000. U S TREASURY NT 4.125% 11/15/32	2023-01-11	2025-09-24
	25000. U S TREASURY NT 4.625% 2/15/35	2025-04-08	2025-09-24
	144. PT BK RAKYAT A D R	2024-03-11	2025-09-25
	458. PT BK RAKYAT A D R	2024-03-11	2025-09-26
	444. PT BK RAKYAT A D R	2024-02-06	2025-09-30
	12000. COMCAST CORP NEW NOTE CALL MAKE WHOLE	2025-05-28	2025-10-01
	40000. HONOLULU CITY HI 2.468% 10/01/25	2016-10-06	2025-10-01
	79. PT BK RAKYAT A D R	2024-02-06	2025-10-01
	212. PT BK RAKYAT A D R	2024-07-01	2025-10-02
	11. PT BK RAKYAT A D R	2024-06-28	2025-10-02
	184. PT BK RAKYAT A D R	2025-05-15	2025-10-03
	295. PT BK RAKYAT A D R	2024-07-02	2025-10-03
	8000. AIR LEASE CORP MTN 5.100% 3/01/29	2024-01-22	2025-10-06
	149. PT BK RAKYAT A D R	2025-05-15	2025-10-06
	17. PT BK RAKYAT A D R	2025-05-15	2025-10-07
	68. PT BK RAKYAT A D R	2025-05-15	2025-10-08
	691. PT BK RAKYAT A D R	2025-06-16	2025-10-09
	194. ABBVIE INC	2025-04-10	2025-10-10
	375. AMAZON.COM INC	2025-04-10	2025-10-10
	327. AMAZON.COM INC	2024-06-17	2025-10-10
	122. J P MORGAN CHASE & CO	2020-03-12	2025-10-10
	586. UBER TECHNOLOGIES INC	2024-02-05	2025-10-10
	131. PT BK RAKYAT A D R	2025-04-10	2025-10-13
	4000. AIR LEASE CORP MTN 5.100% 3/01/29	2024-01-22	2025-10-14
	286. PT BK RAKYAT A D R	2025-04-10	2025-10-14
	39. PT BK RAKYAT A D R	2025-04-10	2025-10-14
	3. AUTODESK INC	2025-06-16	2025-10-15
	9. PT BK RAKYAT A D R	2025-04-10	2025-10-15
	263. PT BK RAKYAT A D R	2025-04-10	2025-10-15
	7. ASML HOLDING NV NY REG SHS A D R	2024-03-11	2025-10-15
	6. AUTODESK INC	2025-06-16	2025-10-16
	242. PT BK RAKYAT A D R	2025-04-10	2025-10-16
	10. AUTODESK INC	2025-06-16	2025-10-17
	210. PT BK RAKYAT A D R	2025-04-10	2025-10-17
	144. PT BK RAKYAT A D R	2025-04-10	2025-10-17
	1. AUTODESK INC	2025-04-10	2025-10-20
	1. AUTODESK INC	2025-04-10	2025-10-20
	75. PT BK RAKYAT A D R	2025-05-12	2025-10-20
	43. PT BK RAKYAT A D R	2025-05-12	2025-10-20
	3. AUTODESK INC	2025-04-10	2025-10-21
	5011. DRAFTKINGS INC NEW	2025-09-24	2025-10-30
	25. GE AEROSPACE COM NEW	2025-04-10	2025-11-06
	8. ASML HOLDING NV NY REG SHS A D R	2024-08-15	2025-11-06
	693. HOME DEPOT INC.	2022-11-07	2025-11-11
	247. INTUITIVE SURGICAL INC	2025-08-13	2025-11-11
	79. S&P GLOBAL INC COM	2025-06-23	2025-11-11
	73. S&P GLOBAL INC COM	2020-03-02	2025-11-11
	675. T MOBILE US INC COM	2025-05-20	2025-11-11
	6138. DRAFTKINGS INC NEW	2025-05-05	2025-11-14
	18. ALPHABET INC CAP STK CL C	2025-07-28	2025-11-18
	3. GE AEROSPACE COM NEW	2025-04-10	2025-11-18
	29. GE AEROSPACE COM NEW	2025-04-10	2025-11-18
	26000. ORACLE CORP NOTE CALL MAKE WHOLE	2024-09-12	2025-11-18
	62. IDEXX LABORATORIES CORP	2025-02-19	2025-11-24
	78. IDEXX LABORATORIES CORP	2024-11-12	2025-11-24
	449. NVIDIA CORP COM	2024-09-25	2025-11-24
	35000. U S TREASURY NT 2.875% 11/30/25	2025-04-15	2025-11-30
	52999.98881 U S TREASURY NT 0.875% 11/15/30	2021-06-15	2025-12-01
	20000.01119 U S TREASURY NT 0.875% 11/15/30	2021-06-15	2025-12-01
	17000. U S TREASURY NT 0.875% 11/15/30	2021-06-09	2025-12-02
	40000. U S TREASURY NT 4.875% 4/30/26	2025-12-01	2025-12-02
	10000. U S TREASURY NT 3.875% 7/31/30	2025-10-14	2025-12-02
	23000. U S TREASURY NT 3.250% 6/30/29	2022-07-25	2025-12-03
	1917. HEALTHEQUITY INC COM	2025-09-08	2025-12-08
	10000. U S TREASURY NT 0.875% 11/15/30	2021-06-15	2025-12-08
	15000. U S TREASURY NT 4.875% 4/30/26	2025-12-01	2025-12-08
	4475.983 BROWN ADVISORY MORTG SECURITIES CL INSTL	2016-02-26	2025-12-09
	2000. AT T INC 5.400% 2/15/34	2025-08-28	2025-12-12
	8. MOODYS CORP	2025-04-10	2025-12-12
	3. MOODYS CORP	2025-04-10	2025-12-12
	6. MOODYS CORP	2024-02-06	2025-12-12
	10. SHERWIN WILLIAMS CO	2024-03-11	2025-12-12
	29. SHERWIN WILLIAMS CO	2025-06-16	2025-12-12
	12. SHERWIN WILLIAMS CO	2024-03-11	2025-12-12
	11000. BROADCOM INC SR NT 4.550% 2/15/32	2024-09-27	2025-12-15
	5. MOODYS CORP	2024-03-11	2025-12-15
	17. SHERWIN WILLIAMS CO	2025-04-10	2025-12-15
	32. ALPHABET INC CAP STK CL C	2025-07-28	2025-12-16
	2000. BROADCOM INC SR NT 4.550% 2/15/32	2024-09-27	2025-12-16
	8. MOODYS CORP	2024-03-11	2025-12-16
	5. SHERWIN WILLIAMS CO	2025-04-10	2025-12-16
	5. SHERWIN WILLIAMS CO	2024-02-06	2025-12-16
	5000. BROADCOM INC SR NT 4.550% 2/15/32	2024-09-27	2025-12-17
	3. MOODYS CORP	2024-03-11	2025-12-17
	7. SHERWIN WILLIAMS CO	2024-02-06	2025-12-17
	4. MOODYS CORP	2024-03-11	2025-12-18
	12. SHERWIN WILLIAMS CO	2024-02-06	2025-12-18
	7000. BROADCOM INC SR NT 4.550% 2/15/32	2024-09-26	2025-12-19
	11. MOODYS CORP	2024-03-11	2025-12-19
	12. SHERWIN WILLIAMS CO	2024-02-06	2025-12-19
	8. MOODYS CORP	2024-03-11	2025-12-22
	.6 MAGNUM ICE CREAM CO	2025-06-16	2025-12-24
	16.45 F N M A #BZ5602 4.280% 11/01/30	2025-11-24	2025-12-25
	6000. U S TREASURY NT 0.875% 11/15/30	2025-07-23	2025-12-29
	35000. U S TREASURY NT 0.875% 11/15/30	2021-06-15	2025-12-29

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	56,179	9,018	47,161
b	15,034	10,471	4,563
c	77,831	18,541	59,290
d	38,309	24,299	14,010
e	30,416	21,672	8,744
	29,732	6,807	22,925
	64,338	39,473	24,865
	59,719	55,657	4,062
	64,422	47,960	16,462
	1,425	1,425
	1,410	1,410
	23,438	3,709	19,729
	24,479	5,438	19,041
	58,793	34,349	24,444
	5,674	4,451	1,223
	123	97	26
	5,015	3,945	1,070
	858	673	185
	490	384	106
	2,450	1,922	528
	1,228	961	267
	5,771	4,516	1,255
	4,059	2,489	1,570
	72,483	20,771	51,712
	107,596	69,883	37,713
	86,927	13,454	73,473
	62,311	20,027	42,284
	27,646	30,323	-2,677
	6,518	2,853	3,665
	96,177	98,198	-2,021
	102,548	38,823	63,725
	212,236	178,037	34,199
	174,230	114,948	59,282
	48,846	44,181	4,665
	64,749	70,953	-6,204
	35,782	7,866	27,916
	84,430	37,363	47,067
	25,473	31,792	-6,319
	6,294	5,141	1,153
	4,602	4,225	377
	342,573	109,772	232,801
	16,716	2,210	14,506
	22	28	-6
	1,074	1,367	-293
	2,259	1,923	336
	2,268	1,923	345
	14,563	15,404	-841
	3,966	2,578	1,388
	1,407	1,407
	31,000	31,000
	2,114	2,114
	101	128	-27
	101,236	115,504	-14,268
	222,419	249,445	-27,026
	1,288		1,288
	29,571	29,892	-321
	34	43	-9
	81,394	66,745	14,649
	596	755	-159
	26,764	16,185	10,579
	157,754	174,300	-16,546
	60,711	13,207	47,504
	108,966	62,853	46,113
	99,471	77,512	21,959
	1,578	1,229	349
	2,732	2,691	41
	1,041	1,041
	1,476	1,476
	3,689	2,831	858
	80,508	45,952	34,556
	92,306	93,260	-954
	20,851	5,113	15,738
	21,374	20,902	472
	209,311	201,416	7,895
	20,136	12,008	8,128
	235,545	287,338	-51,793
	10,934	11,921	-987
	3,641	3,967	-326
	161,281	165,650	-4,369
	468,430	554,006	-85,576
	55,855	72,673	-16,818
	42,965	63,109	-20,144
	14,906	22,235	-7,329
	78,302	80,509	-2,207
	118,564	152,018	-33,454
	1,231	1,191	40
	1,491	1,408	83
	301	282	19
	61,161	87,752	-26,591
	4,362	3,630	732
	814	794	20
	1,040	986	54
	67,862	18,258	49,604
	807,595	950,000	-142,405
	30,366	31,666	-1,300
	93,210	121,551	-28,341
	267,454	79,533	187,921
	92,436	110,702	-18,266
	327,176	263,094	64,082
	2,172	292	1,880
	1,454	1,454
	9,369	8,989	380
	1,534	1,534
	200,000	200,000
	8,744	8,852	-108
	6,246	7,089	-843
	59,506	63,502	-3,996
	46,446	14,015	32,431
	49,940	51,518	-1,578
	517	468	49
	5,059	4,714	345
	4,649	4,363	286
	4,789	4,392	397
	3,030	2,615	415
	2,334	2,000	334
	45,568	45,816	-248
	34,276	34,452	-176
	57,872	55,851	2,021
	33,461	33,840	-379
	23,512	23,778	-266
	49,595	51,803	-2,208
	62,200	54,445	7,755
	78,840	55,336	23,504
	7,004	7,010	-6
	9,557	10,644	-1,087
	4,035	7,822	-3,787
	6,379	5,538	841
	1,527	2,278	-751
	3,621	6,510	-2,889
	1,747	1,753	-6
	5,361	8,060	-2,699
	1,372	2,423	-1,051
	1,286	2,276	-990
	1,749	1,753	-4
	7,364	9,039	-1,675
	2,362	4,036	-1,674
	871	1,467	-596
	15,660	15,779	-119
	2,078	2,078
	1,689	1,859	-170
	2,939	3,573	-634
	4,834	7,981	-3,147
	404	664	-260
	2,246	2,246
	2,026	2,051	-25
	1,543	1,675	-132
	3,421	3,527	-106
	585	502	83
	4,783	5,159	-376
	2,069	1,791	278
	1,988	1,720	268
	4,371	4,385	-14
	12		12
	47,319	47,551	-232
	2,035	2,165	-130
	47,291	13,460	33,831
	2,099	1,791	308
	1,134	1,202	-68
	1,933	1,720	213
	1,087	1,160	-73
	14,183	15,275	-1,092
	249	269	-20
	57,052	15,620	41,432
	39,329	33,465	5,864
	539	580	-41
	563	611	-48
	573	622	-49
	36,786	36,905	-119
	2,022	1,475	547
	4,529	3,319	1,210
	1,344	1,440	-96
	486	369	117
	729	553	176
	711	756	-45
	4,171	3,134	1,037
	5,076	4,951	125
	53,786	50,377	3,409
	4,438	4,386	52
	2,932	3,114	-182
	7,367	7,952	-585
	157,072	128,820	28,252
	4,911	5,003	-92
	198,000	223,328	-25,328
	4,921	5,110	-189
	1,914	2,020	-106
	3,037	3,012	25
	2,997	895	2,102
	5,915	6,430	-515
	9,275	9,211	64
	2,646	2,028	618
	5,054	4,995	59
	10,616	9,471	1,145
	4,964	5,006	-42
	22,015	20,172	1,843
	66,950	65,272	1,678
	5,007	5,213	-206
	4,896	4,867	29
	6,160	6,103	57
	55,574	48,143	7,431
	5,912	5,878	34
	80,082	83,402	-3,320
	8,745	8,798	-53
	4,413	4,392	21
	6,437	6,995	-558
	4,955	4,957	-2
	5,151	5,094	57
	4,976	4,982	-6
	70,573	56,825	13,748
	3,159	3,081	78
	128,070	104,684	23,386
	17,300	13,712	3,588
	6,145	6,010	135
	4,971	4,975	-4
	64,584	64,642	-58
	23,370	22,823	547
	140,607	141,886	-1,279
	26,526	26,652	-126
	4,081	4,101	-20
	5,037	5,049	-12
	27,051	25,273	1,778
	7,003	6,918	85
	5,882	6,109	-227
	9,792	8,084	1,708
	2,103	2,102	1
	4,269	3,319	950
	828	827	1
	15,341	14,299	1,042
	18,195	5,743	12,452
	26,901	24,424	2,477
	104,649	35,751	68,898
	21,345	19,539	1,806
	21,345	14,089	7,256
	102,650	87,226	15,424
	64,707	77,796	-13,089
	878	1,056	-178
	61,193	77,982	-16,789
	142,864	63,250	79,614
	51,824	13,293	38,531
	51,574	39,214	12,360
	119,179	94,414	24,765
	53,959	50,573	3,386
	71,149	22,004	49,145
	93,261	87,448	5,813
	70,564	69,925	639
	5,880	6,109	-229
	115,823	31,240	84,583
	95,302	92,491	2,811
	30,756	23,693	7,063
	7,043	6,890	153
	58,570	49,034	9,536
	71,279	58,835	12,444
	45,678	36,277	9,401
	83,452	74,360	9,092
	33,475	24,423	9,052
	94,091	74,485	19,606
	77,534	71,229	6,305
	5,257	5,368	-111
	8,261	7,076	1,185
	4,490	3,860	630
	13,977	11,280	2,697
	2,197	2,197
	429,951	416,985	12,966
	24,984	24,903	81
	49,750	49,819	-69
	8,234	7,071	1,163
	4,106	3,402	704
	100,414	73,881	26,533
	37,399	11,231	26,168
	45,125	34,326	10,799
	67,175	43,203	23,972
	31,692	21,834	9,858
	21,577	24,208	-2,631
	24,166	25,768	-1,602
	40,355	10,919	29,436
	124,979	130,851	-5,872
	41,261	9,326	31,935
	52,547	16,504	36,043
	45,775	30,839	14,936
	45,234	44,980	254
	27,115	21,109	6,006
	19,805	14,284	5,521
	28,100	8,715	19,385
	26,083	26,279	-196
	334	334
	321		321
	59,925	16,051	43,874
	44,485	39,309	5,176
	48,765	41,287	7,478
	47,908	32,566	15,342
	59,955	56,008	3,947
	14,949	14,939	10
	9,966	10,009	-43
	24,909	24,928	-19
	12,082	12,991	-909
	39,864	39,875	-11
	24,758	24,583	175
	60,730	76,417	-15,687
	149,151	187,678	-38,527
	7,454	8,914	-1,460
	501	603	-102
	2,315	2,650	-335
	2,548	2,937	-389
	567	636	-69
	2,396	2,722	-326
	1,766	1,979	-213
	3,217	3,412	-195
	1,711	1,806	-95
	5,395	5,687	-292
	12,304	10,945	1,359
	3,742	3,947	-205
	507	451	56
	114,470	97,985	16,485
	25,886	22,420	3,466
	2,089	1,805	284
	1,984	1,749	235
	24,426	25,269	-843
	7,178	6,918	260
	12,696	18,179	-5,483
	31,727	30,639	1,088
	290,783	319,478	-28,695
	304,387	372,922	-68,535
	45,000	44,998	2
	13,244	12,872	372
	141,755	191,944	-50,189
	984	1,663	-679
	32,856	35,183	-2,327
	11,141	11,390	-249
	26,001	25,816	185
	1,731	2,994	-1,263
	5,514	9,456	-3,942
	5,136	8,396	-3,260
	12,502	12,044	458
	40,000	40,000
	899	1,494	-595
	2,341	3,293	-952
	121	156	-35
	2,018	2,386	-368
	3,236	4,125	-889
	8,125	7,921	204
	1,642	1,932	-290
	188	220	-32
	749	879	-130
	7,802	8,488	-686
	45,140	32,512	12,628
	82,533	75,245	7,288
	71,969	59,886	12,083
	37,100	10,962	26,138
	55,261	38,566	16,695
	1,413	1,506	-93
	4,068	3,961	107
	2,976	3,287	-311
	403	448	-45
	915	896	19
	93	103	-10
	2,709	3,023	-314
	7,009	6,742	267
	1,820	1,791	29
	2,516	2,781	-265
	3,030	2,695	335
	2,175	2,413	-238
	1,496	1,655	-159
	307	257	50
	307	257	50
	827	862	-35
	474	493	-19
	932	771	161
	150,394	183,235	-32,841
	7,646	4,609	3,037
	8,260	7,176	1,084
	259,391	183,108	76,283
	141,338	124,342	16,996
	39,327	36,470	2,857
	36,341	20,129	16,212
	143,076	166,700	-23,624
	178,702	208,962	-30,260
	5,163	3,476	1,687
	896	553	343
	8,643	5,347	3,296
	25,467	25,559	-92
	46,622	27,846	18,776
	58,654	33,390	25,264
	82,029	55,387	26,642
	35,000	35,000
	46,344	51,533	-5,189
	17,488	19,446	-1,958
	14,876	16,610	-1,734
	40,186	40,188	-2
	10,100	10,075	25
	22,774	23,279	-505
	176,607	177,221	-614
	8,725	9,739	-1,014
	15,067	15,067
	41,000	45,386	-4,386
	2,067	2,063	4
	3,891	3,402	489
	1,458	1,276	182
	2,915	2,382	533
	3,285	3,364	-79
	9,522	9,532	-10
	3,940	4,036	-96
	11,011	11,005	6
	2,438	1,961	477
	5,580	5,556	24
	9,811	6,170	3,641
	2,005	2,001	4
	3,953	3,081	872
	1,640	1,634	6
	1,640	1,526	114
	5,013	4,993	20
	1,500	1,155	345
	2,299	2,137	162
	1,997	1,540	457
	3,952	3,663	289
	7,017	6,982	35
	5,533	4,236	1,297
	3,860	3,663	197
	4,077	3,081	996
	9	10	-1
	16	17	-1
	5,259	5,190	69
	30,680	34,046	-3,366

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			47,161
b			4,563
c			59,290
d			14,010
e			8,744
			22,925
			24,865
			4,062
			16,462


			19,729
			19,041
			24,444
			1,223
			26
			1,070
			185
			106
			528
			267
			1,255
			1,570
			51,712
			37,713
			73,473
			42,284
			-2,677
			3,665
			-2,021
			63,725
			34,199
			59,282
			4,665
			-6,204
			27,916
			47,067
			-6,319
			1,153
			377
			232,801
			14,506
			-6
			-293
			336
			345
			-841
			1,388



			-27
			-14,268
			-27,026
			1,288
			-321
			-9
			14,649
			-159
			10,579
			-16,546
			47,504
			46,113
			21,959
			349
			41


			858
			34,556
			-954
			15,738
			472
			7,895
			8,128
			-51,793
			-987
			-326
			-4,369
			-85,576
			-16,818
			-20,144
			-7,329
			-2,207
			-33,454
			40
			83
			19
			-26,591
			732
			20
			54
			49,604
			-142,405
			-1,300
			-28,341
			187,921
			-18,266
			64,082
			1,880

			380


			-108
			-843
			-3,996
			32,431
			-1,578
			49
			345
			286
			397
			415
			334
			-248
			-176
			2,021
			-379
			-266
			-2,208
			7,755
			23,504
			-6
			-1,087
			-3,787
			841
			-751
			-2,889
			-6
			-2,699
			-1,051
			-990
			-4
			-1,675
			-1,674
			-596
			-119

			-170
			-634
			-3,147
			-260

			-25
			-132
			-106
			83
			-376
			278
			268
			-14
			12
			-232
			-130
			33,831
			308
			-68
			213
			-73
			-1,092
			-20
			41,432
			5,864
			-41
			-48
			-49
			-119
			547
			1,210
			-96
			117
			176
			-45
			1,037
			125
			3,409
			52
			-182
			-585
			28,252
			-92
			-25,328
			-189
			-106
			25
			2,102
			-515
			64
			618
			59
			1,145
			-42
			1,843
			1,678
			-206
			29
			57
			7,431
			34
			-3,320
			-53
			21
			-558
			-2
			57
			-6
			13,748
			78
			23,386
			3,588
			135
			-4
			-58
			547
			-1,279
			-126
			-20
			-12
			1,778
			85
			-227
			1,708
			1
			950
			1
			1,042
			12,452
			2,477
			68,898
			1,806
			7,256
			15,424
			-13,089
			-178
			-16,789
			79,614
			38,531
			12,360
			24,765
			3,386
			49,145
			5,813
			639
			-229
			84,583
			2,811
			7,063
			153
			9,536
			12,444
			9,401
			9,092
			9,052
			19,606
			6,305
			-111
			1,185
			630
			2,697

			12,966
			81
			-69
			1,163
			704
			26,533
			26,168
			10,799
			23,972
			9,858
			-2,631
			-1,602
			29,436
			-5,872
			31,935
			36,043
			14,936
			254
			6,006
			5,521
			19,385
			-196

			321
			43,874
			5,176
			7,478
			15,342
			3,947
			10
			-43
			-19
			-909
			-11
			175
			-15,687
			-38,527
			-1,460
			-102
			-335
			-389
			-69
			-326
			-213
			-195
			-95
			-292
			1,359
			-205
			56
			16,485
			3,466
			284
			235
			-843
			260
			-5,483
			1,088
			-28,695
			-68,535
			2
			372
			-50,189
			-679
			-2,327
			-249
			185
			-1,263
			-3,942
			-3,260
			458

			-595
			-952
			-35
			-368
			-889
			204
			-290
			-32
			-130
			-686
			12,628
			7,288
			12,083
			26,138
			16,695
			-93
			107
			-311
			-45
			19
			-10
			-314
			267
			29
			-265
			335
			-238
			-159
			50
			50
			-35
			-19
			161
			-32,841
			3,037
			1,084
			76,283
			16,996
			2,857
			16,212
			-23,624
			-30,260
			1,687
			343
			3,296
			-92
			18,776
			25,264
			26,642

			-5,189
			-1,958
			-1,734
			-2
			25
			-505
			-614
			-1,014

			-4,386
			4
			489
			182
			533
			-79
			-10
			-96
			6
			477
			24
			3,641
			4
			872
			6
			114
			20
			345
			162
			457
			289
			35
			1,297
			197
			996
			-1
			-1
			69
			-3,366

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	1,984,322
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	30,108
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	30,108
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	30,108
6	Credits/Payments:

a	2025 estimated tax payments and 2024 overpayment credited to 2025	6a	47,395
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ..........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	47,395
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. List of Attached Documents: // Content		8	0
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	17,287
11	Enter the amount of line 10 to be: Credited to 2026 estimated tax17,287	Refunded	11	0
	For Refunded amount, also complete and attach Form 8050. See instructions.

Form 990-PF (2025)

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. $ (2) On foundation managers.$

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

on foundation managers.$

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 2025 or the taxable year beginning in 2025? 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

The books are in care ofBROWN ADVISORY Telephone no. (410) 537-5562

Located at901 S BOND STREET SUITE 400BALTIMOREMD ZIP+421231

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

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

16 At any time during calendar year 2025, 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

Form 990-PF (2025)

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)

Yes

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

1a(4)

Yes

(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 ........

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 2025? .............

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 2025, did the foundation have any undistributed income (Part XII, lines 6d

and 6e) for tax year(s) beginning before 2025?....................

If "Yes," list the years 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 2025 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 Form 4720, Schedule C, to determine

if the foundation had excess business holdings in 2025.).....................

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 2025? ..

Form 990-PF (2025)

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 .........

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-)
BROWN ADVISORY	TRUSTEE 2	0
901 SOUTH BOND STREET SUITE 400 BALTIMORE,MD21231	TRUSTEE 2	0
CAROL S BRUDIN	TRUSTEE 2	30,840
6571 MINK HOLLOW ROAD HIGHLAND,MD20777	TRUSTEE 2	30,840

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 (2025)

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


2


3


4

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


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3.........................

Form 990-PF (2025)

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...................

23,607,898

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

1,077,779

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

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

24,685,677

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.........................

24,685,677

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

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

370,285

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

24,315,392

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

1,215,770

Part X

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here and do not complete this part.)

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

1,215,770

Tax on investment income for 2025 from Part V, line 5 .......

30,108

Income tax for 2025. (This does not include the tax from Part V.) ...

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

30,108

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

1,185,662

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

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

1,185,662

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

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

1,185,662

Part XI

Qualifying Distributions (see instructions)

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

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

1,187,384

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. .......

1,187,384

Form 990-PF (2025)

Page 9

Part XII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2024	(c) 2024	(d) 2025
1 Distributable amount for 2025 from Part X, line 7					1,185,662
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only.......				0
b Total for prior years:20 , 20, 20			0
3 Excess distributions carryover, if any, to 2025:
a From 2020......	0
b From 2021......	0
c From 2022......	175,771
d From 2023......	0
e From 2024......	0
f Total of lines 3a through e ........		175,771
4Qualifying distributions for 2025 from Part
XI, line 4: $ 1,187,384
a Applied to 2024, 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 2025 distributable amount.....					1,185,662
e Remaining amount distributed out of corpus		1,722
5 Excess distributions carryover applied to 2025.		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		177,493
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 2024. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2025. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2026 ..........					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 2020 not applied on line 5 or line 7 (see instructions) ...		0
9 Excess distributions carryover to 2026. Subtract lines 7 and 8 from line 6a ......		177,493
10 Analysis of line 9:
a Excess from 2021 ....	0
b Excess from 2022 ....	175,771
c Excess from 2023 ....	0
d Excess from 2024 ....	0
e Excess from 2025 ....	1,722

Form 990-PF (2025)

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 2025, enter the date of the ruling ......

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) 2025	(b) 2024	(c) 2023	(d) 2022	(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, 3b, or 3c 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 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, 2b, 2c, and 2d. See instructions

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

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

cAny submission deadlines:

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

Form 990-PF (2025)

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
SEEING EYE INC ATTN ROBERT PUDLAK PO BOX 375 MORRISTOWN,NJ07963	NONE		PROGRAM SUPPORT	118,617
CHRIST LUTHERAN CHURCH 701 SOUTH CHARLES ST BALTIMORE,MD21230	NONE		PROGRAM SUPPORT	237,234
MARYLAND SCOTTISH RITE CHARITABLE FOUNDATION INC 3800 N CHARLES ST BALTIMORE,MD21218	NONE		CHILDHOOD LANGUAGE	118,617
SHRINERS HOSPITAL FOR CHILDREN PO BOX 31356 TAMPA,FL33631	NONE		MEDICAL	237,234
THE PROVIDENCE CENTER 930 POINT PLEASANT RD GLEN BURNIE,MD21060	NONE		PROGRAM SUPPORT	118,617
JOHNS HOPKINS CHILDREN CENTER 3910 KESWICK RD BALTIMORE,MD21211	NONE		MEDICAL	177,925
NATIONAL FEDRTN FOR THE BLIND 1800 JOHNSON ST BALTIMORE,MD21230	NONE		MEDICAL	118,617
BELLO MACHRE ATTN DR ROBERT IRELAND 7765 FREETOWN RD GLEN BURNIE,MD21060	NONE		PROGRAM SUPPORT	59,308
Total ................................. 3a				1,186,169

bApproved for future payment

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

Form 990-PF (2025)

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 ...........
4 Dividends and interest from securities ....			14	348,997
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	1,984,322
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) ..				2,333,319

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

2,333,319

(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 (2025)

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	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 (2025)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

Name of Bond	End of Year Book Value	End of Year Fair Market Value
CORPORATE BONDS	704,350	707,967
FIXED INCOME MUTUAL FUNDS	2,359,853	2,320,753
FOREIGN BONDS	26,099	26,186

Name of Stock	End of Year Book Value	End of Year Fair Market Value
COMMON STOCKS - DOMESTIC	8,499,469	15,946,712
EQUITY MUTUAL FUNDS
FOREIGN STOCKS	3,314,678	3,920,258

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT FEES-PRIN	119,850	119,850
OTHER EXPENSE (NON-DEDUCTIBLE	1,412	1,412

Category	Amount	Net Investment Income
FOREIGN TAXES	4,262	4,262
FEDERAL EXCISE TAX	587	0
QUARTERLY TAX DEPOSIT	47,395	0