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
MARSHALL CHARITABLE TRUST

Number and street (or P.O. box number if mail is not delivered to street address) 2711 CENTERVILLE ROAD STE 200
Room/suite

City or town
WILMINGTON

State or province
DE

Country

ZIP or foreign postal code
19808

A Employer identification number

26-6034575

B Telephone number (see instructions)

6142491948

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)$1,119,794J 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...	22,585		22,585
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		52,139
b	Gross sales price for all assets on line 6a 400,630
7	Capital gain net income (from Part IV, line 2)...			52,139
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).......	List of Attached Documents: // Content	469	5
12	Total. Add lines 1 through 11........	75,193		74,729
13	Compensation of officers, directors, trustees, etc.	5,490		4,117		1,372
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	2,250	0	0	2,250
c	Other professional fees (attach schedule)....	List of Attached Documents: // Content	14,014	14,014		0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...	List of Attached Documents: // Content	4,239	589		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).......	List of Attached Documents: // Content	189	141
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	26,182		18,861	0	3,622
25	Contributions, gifts, grants paid.......	49,294				49,294
26	Total expenses and disbursements. Add lines 24 and 25 ................	75,476		18,861	0	52,916
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-283
b	Net investment income (if negative, enter -0-)			55,868
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.............	2,256	281	281
	2	Savings and temporary cash investments.........	40,390	45,670	45,670
	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)
	b	Investments—corporate stock (attach schedule).......
	c	Investments—corporate bonds (attach schedule).......
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	879,817	List of Attached Documents: // Content 876,240	1,073,843
	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)	922,463	922,191	1,119,794
	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........	922,463	922,191
	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).....	922,463	922,191
	30	Total liabilities and net assets/fund balances (see instructions).	922,463	922,191

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

922,463

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

-283

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

List of Attached Documents:

// Content

351

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

922,531

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

List of Attached Documents:

// Content

340

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

922,191

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.)		(b) How acquired P—Purchase D—Donation	(c) Date acquired (mo., day, yr.)	(d) Date sold (mo., day, yr.)
1 a	12000. ENBRIDGE INC 5.625% 04/05/2034		2024-06-07	2025-01-07
b	8. CONOCOPHILLIPS COM		2023-04-17	2025-01-08
c	3. EOG RESOURCES INC		2024-06-11	2025-01-08
d	8. EOG RESOURCES INC		2021-09-09	2025-01-08
e	11. NICE SYSTEMS LTD ADR		2020-03-30	2025-01-08
	4. SEI INVESTMENTS CO		2009-09-15	2025-01-08
	39. SCHLUMBERGER LTD		2024-05-31	2025-01-08
	7. WABTEC		2022-01-21	2025-01-08
	8. CHEVRONTEXACO CORP		2022-07-27	2025-01-23
	3. INTERACTIVE BROKERS GROUP INC		2024-01-16	2025-01-23
	2. CARLISLE COS INC		2020-12-04	2025-01-24
	2. TELEFLEX INC		2022-05-03	2025-01-24
	27. NIPPON T & T CORP ADR		2024-11-01	2025-01-28
	54. NIPPON T & T CORP ADR		2020-03-30	2025-01-28
	10. NVIDIA CORP COM		2022-07-07	2025-01-29
	1. LENNOX INTERNATIONAL INC		2017-07-05	2025-01-30
	3. ALIBABA GROUP HLDG LTD SPONSORED ADS		2022-12-20	2025-02-03
	2. ALPHABET INC CAP STK CL C		2017-01-13	2025-02-03
	4. AMADEUS IT GROUP, S.A.		2020-04-20	2025-02-03
	2. AMAZON.COM INC		2017-01-13	2025-02-03
	2. APPLE COMPUTER INC		2022-05-12	2025-02-03
	12. BJS WHSL CLUB HLDGS INC COM		2023-05-26	2025-02-03
	2. BOOZ ALLEN HAMILTON HLDG CORP		2020-03-30	2025-02-03
	8. BOSTON SCIENTIFIC CORP		2023-01-30	2025-02-03
	1. CBOE HLDGS INC CBOE GLOBAL MARKETS, INC.		2023-07-17	2025-02-03
	5. CHEVRONTEXACO CORP		2024-03-05	2025-02-03
	5. CHEVRONTEXACO CORP		2023-06-30	2025-02-03
	8. COMPASS GROUP PLC		2021-04-14	2025-02-03
	3. ENVISTA HLDGS CORP COM		2020-05-11	2025-02-03
	3. FORTINET INC		2023-07-03	2025-02-03
	1. GARTNER INC		2024-04-09	2025-02-03
	.87629 GENMAB A S SPONSORED ADR		2025-01-08	2025-02-03
	6.12371 GENMAB A S SPONSORED ADR		2025-01-08	2025-02-03
	4. HASBRO INC		2024-02-21	2025-02-03
	2. INTERACTIVE BROKERS GROUP INC		2024-01-16	2025-02-03
	1. INTUIT INC		2019-01-04	2025-02-03
	19. INVITATION HOMES INC COM		2021-05-14	2025-02-03
	2. L OREAL CO ADR		2024-02-20	2025-02-03
	1. MARKEL CORP		2009-09-15	2025-02-03
	1. MICROSOFT CORP		2019-11-12	2025-02-03
	1. MICRON TECHNOLOGY INC COM		2021-08-23	2025-02-03
	3. NEXTERA ENERGY INC		2017-11-13	2025-02-03
	2. NOVO NORDISK A S ADR		2020-03-30	2025-02-03
	2. NVIDIA CORP COM		2022-07-07	2025-02-03
	1. SAP AG ADR		2019-06-07	2025-02-03
	6. BERKLEY W R CORP 4.125 SUB 61		2020-05-07	2025-02-06
	6. FMC CORP		2024-05-13	2025-02-07
	21. FMC CORP		2023-09-18	2025-02-07
	2000. U S TREASURY NOTE DTD 02/15/2015 2% 02/1		2024-05-17	2025-02-15
	12000. U S TREASURY NOTE DTD 02/15/2015 2% 02/1		2021-03-17	2025-02-15
	10. AMERICAN INTL GROUP INC INC		2021-06-23	2025-02-19
	2. BJS WHSL CLUB HLDGS INC COM		2024-04-04	2025-02-19
	15. BJS WHSL CLUB HLDGS INC COM		2023-06-30	2025-02-19
	14. CONOCOPHILLIPS COM		2025-02-03	2025-02-19
	10. CONOCOPHILLIPS COM		2023-05-23	2025-02-19
	17. FMC CORP		2024-12-26	2025-02-19
	4. INTERACTIVE BROKERS GROUP INC		2024-05-31	2025-02-19
	13. WAL MART STORES INC		2023-07-03	2025-02-19
	8. WELLS FARGO & CO		2021-04-15	2025-02-19
	17. XCEL ENERGY INC		2024-04-12	2025-02-19
	2. XCEL ENERGY INC		2024-02-15	2025-02-19
	39. MAGNA INTERNATIONAL CL A		2020-03-30	2025-02-20
	7. GILEAD SCIENCES INC		2024-10-04	2025-02-25
	16. INVITATION HOMES INC COM		2021-06-09	2025-02-28
	13. LKQ CORP		2020-09-03	2025-03-10
	46. SONY GROUP CORP SPON ADR		2018-03-08	2025-03-10
	6. TARGA RES CORP		2024-10-04	2025-03-19
	6. ITOCHU CORP ADR		2024-04-12	2025-03-20
	5. BROWN & BROWN INC		2020-07-27	2025-03-24
	2. ADOBE SYSTEMS INC		2014-04-11	2025-03-25
	4. APPLE COMPUTER INC		2022-07-07	2025-03-25
	3. INTUIT INC		2019-06-27	2025-03-25
	12. TJX COS INC		2021-09-16	2025-03-25
	26. UBER TECHNOLOGIES INC COM		2021-12-21	2025-03-25
	3. AMAZON.COM INC		2017-01-13	2025-03-26
	5. BERKLEY W R CORP 4.125 SUB 61		2020-05-07	2025-03-31
	9. ABBVIE INC COM		2024-01-29	2025-04-02
	39. BRISTOL-MYERS SQUIBB CO		2023-05-26	2025-04-02
	8. BERKLEY W R CORP 4.125 SUB 61		2020-05-07	2025-04-04
	47. AIA GROUP LTD SPONSORED ADR		2024-09-27	2025-04-16
	41. AIA GROUP LTD SPONSORED ADR		2020-03-30	2025-04-16
	8. BJS WHSL CLUB HLDGS INC COM		2024-04-04	2025-04-22
	13. BRISTOL-MYERS SQUIBB CO		2023-07-17	2025-04-22
	4. CBOE HLDGS INC CBOE GLOBAL MARKETS, INC.		2023-07-17	2025-04-22
	4. CLOROX CO DEL COM		2023-10-16	2025-04-22
	3. CONSTELLATION BRANDS INC NOTE		2022-03-15	2025-04-22
	6. EMERSON ELEC CO		2024-02-15	2025-04-22
	5. EXXON MOBIL CORP		2025-01-08	2025-04-22
	19. HASBRO INC		2024-04-12	2025-04-22
	5. MID-AMER APT CMNTYS INC (REIT)		2022-03-15	2025-04-22
	2. THERMO FISHER SCIENTIFIC INC		2023-07-26	2025-04-22
	14. JOHNSON CTLS INTL PLC SHS SHS		2021-03-04	2025-04-22
	1. LINDE PLC		2022-07-18	2025-04-22
	5. NVIDIA CORP COM		2022-07-07	2025-04-24
	5. BROWN & BROWN INC		2020-07-27	2025-04-25
	2. LILLY ELI & CO		2023-05-26	2025-04-28
	5. THERMO FISHER SCIENTIFIC INC		2023-10-13	2025-04-28
	22. UBER TECHNOLOGIES INC COM		2022-02-18	2025-04-28
	3. ABBVIE INC COM		2024-01-29	2025-04-29
	2. AFFILIATED MANAGERS GROUP INC		2021-02-22	2025-04-30
	2000. U S TREASURY NOTE DTD 10/31/2018 3% 10/3		2024-05-17	2025-04-30
	10000. U S TREASURY NOTE DTD 10/31/2018 3% 10/3		2021-03-17	2025-04-30
	12000. UNITED STATES TREAS 09/15/2026		2024-09-12	2025-04-30
	3000. UNITED STATES TREAS SER U-2029 4% 01/31		2024-02-27	2025-04-30
	1. META PLATFORMS INC CL A		2023-07-03	2025-05-05
	3. APPLE COMPUTER INC		2022-07-07	2025-05-06
	10. TORO CO		2023-12-21	2025-05-07
	3. THE TRAVELERS COMPANIES INC		2024-08-27	2025-05-07
	10. WELLS FARGO & CO		2021-09-09	2025-05-07
	4. ZOETIS INC CL A		2023-02-15	2025-05-07
	2. MCDONALDS CORP		2024-08-06	2025-05-14
	9. UNITEDHEALTH GROUP INC		2025-01-23	2025-05-15
	15. CISCO SYS INC		2024-07-19	2025-05-22
	14. WALT DISNEY CO		2022-09-02	2025-05-22
	3. GENERAL MLS INC COM		2024-09-18	2025-05-22
	7. GENERAL MLS INC COM		2024-03-25	2025-05-22
	3. THERMO FISHER SCIENTIFIC INC		2025-02-03	2025-05-22
	2. THERMO FISHER SCIENTIFIC INC		2024-05-06	2025-05-22
	13. TOKIO MARINE HOLDINGS INC ADR		2023-06-13	2025-06-02
	12000. AMGEN INC 5.507% 03/02/2026		2024-05-17	2025-06-03
	13000. ASTRAZENECA PLC DTD 08/06/2020 .7% 04/08		2024-05-17	2025-06-03
	4. BERKLEY W R CORP 4.125 SUB 61		2021-02-02	2025-06-04
	13000. UNITED STATES TREAS DTD 05/31/2022 2.75		2024-05-17	2025-06-04
	11000. UNITED STATES TREAS SER U-2029 4% 01/31		2024-05-17	2025-06-04
	4. BROADCOM INC COM		2024-06-13	2025-06-05
	3000. U S TREASURY NOTE DTD 11/15/2016 2% 11/1		2024-09-10	2025-06-06
	10000. U S TREASURY NOTE DTD 11/15/2016 2% 11/1		2024-05-17	2025-06-06
	34. CHEWY INC		2025-05-01	2025-06-10
	16. DIAGEO PLC SPONSORED ADR NEW		2024-12-10	2025-06-11
	25. LONDON STK EXCHANGE GROUP ADR		2023-09-12	2025-06-11
	8. CONSTELLATION BRANDS INC NOTE		2023-06-30	2025-06-17
	6. MICRON TECHNOLOGY INC COM		2022-02-18	2025-06-17
	4. BOOZ ALLEN HAMILTON HLDG CORP		2021-01-20	2025-06-18
	4. BROWN & BROWN INC		2021-02-02	2025-06-18
	50. INVITATION HOMES INC COM		2023-09-18	2025-06-26
	8. MID-AMER APT CMNTYS INC (REIT)		2023-09-07	2025-06-26
	20. ALPHABET INC CAP STK CL C		2018-06-12	2025-07-01
	3. BROADCOM INC COM		2024-06-13	2025-07-01
	7. FIRSTSERVICE CORP		2024-10-15	2025-07-01
	8. MICRON TECHNOLOGY INC COM		2022-11-14	2025-07-01
	5. S&P GLOBAL INC COM		2024-02-22	2025-07-01
	14. CMS ENERGY CORP		2023-05-18	2025-07-09
	1. NETFLIX INC		2020-04-02	2025-07-11
	8. MID-AMER APT CMNTYS INC (REIT)		2024-06-11	2025-07-21
	8. AIR LIQUIDE ADR		2021-12-17	2025-07-23
	3. AMETEK INC		2019-05-24	2025-07-23
	2. DBS GROUP HOLDINGS LTD ADR		2009-04-16	2025-07-23
	9. DEUTSCHE TELEKOM AG SPON ADR		2022-04-18	2025-07-23
	16. ENVISTA HLDGS CORP COM		2022-05-03	2025-07-23
	4. EXXON MOBIL CORP		2025-01-08	2025-07-23
	3. GILEAD SCIENCES INC		2024-10-04	2025-07-23
	3. HOYA CORP ADR		2020-08-07	2025-07-23
	7. INTERACTIVE BROKERS GROUP INC		2024-08-13	2025-07-23
	1. LITHIA MOTORS INC CL A COM		2022-03-15	2025-07-23
	9. ON SEMICONDUCTOR CORP		2023-12-06	2025-07-23
	19. ORIX CORP SPONS ADR		2012-10-03	2025-07-23
	2. WABTEC		2022-01-21	2025-07-23
	4. WAL MART STORES INC		2023-07-03	2025-07-23
	6. WELLS FARGO & CO		2021-09-09	2025-07-23
	.2 CHEVRONTEXACO CORP		2025-05-30	2025-07-25
	5. LANDSTAR SYSTEM INC		2021-12-16	2025-07-25
	38. CAPGEMINI SE		2017-03-21	2025-07-28
	15. NOVO NORDISK A S ADR		2020-03-30	2025-07-28
	6. BERKLEY W R CORP 4.125 SUB 61		2021-02-02	2025-07-29
	3. AMADEUS IT GROUP, S.A.		2020-04-20	2025-08-04
	1. APPLE COMPUTER INC		2022-07-07	2025-08-04
	9. ATLAS COPCO AB ADR		2009-09-15	2025-08-04
	15. BLUE OWL CAPITAL INC COM CL A		2024-05-02	2025-08-04
	6. CAPGEMINI SE		2017-03-21	2025-08-04
	2. COLUMBIA SPORTSWEAR CO		2009-09-15	2025-08-04
	3. COMPASS GROUP PLC		2021-04-14	2025-08-04
	9. DEUTSCHE BOERSE AG -UNSPN ADR		2020-11-09	2025-08-04
	2. DOLBY LABORATORIES INC		2020-03-04	2025-08-04
	6. ENEL SPA UNSPON ADR		2019-01-24	2025-08-04
	2. FORTINET INC		2023-07-03	2025-08-04
	1.01786 GENMAB A S SPONSORED ADR		2025-01-08	2025-08-04
	1.98214 GENMAB A S SPONSORED ADR		2025-01-08	2025-08-04
	2. HDFC BANK LTD ADR		2020-07-31	2025-08-04
	2. INTERACTIVE BROKERS GROUP INC		2024-08-13	2025-08-04
	1. L OREAL CO ADR		2024-02-20	2025-08-04
	1. LVMH MOET HENNESSY LOUIS VUITTON SA ADR		2020-02-28	2025-08-04
	4. LAM RESEARCH CORP NEW		2023-01-30	2025-08-04
	1. LONDON STK EXCHANGE GROUP ADR		2023-09-12	2025-08-04
	1. LONZA GROUP AG ADR		2013-07-23	2025-08-04
	1. MANHATTAN ASSOCIATES INC		2020-06-24	2025-08-04
	1. MERCADOLIBRE INC		2024-04-23	2025-08-04
	1. NOVO NORDISK A S ADR		2020-03-30	2025-08-04
	2. NVIDIA CORP COM		2022-07-07	2025-08-04
	2. ON SEMICONDUCTOR CORP		2023-12-06	2025-08-04
	14. RECRUIT HOLDINGS CO LTD		2020-08-07	2025-08-04
	4. RELX PLC SPONSORED ADR		2019-06-24	2025-08-04
	1. RHEINMETALL ADR		2025-06-11	2025-08-04
	3. SAFRAN S A SPON ADR		2020-09-04	2025-08-04
	1. SHIFT4 PMTS INC CL A		2024-02-22	2025-08-04
	2. SIEMENS AG ADR		2010-07-28	2025-08-04
	3. SUNCOR ENERGY INC		2021-09-01	2025-08-04
	1. TAIWAN SEMICONDUCTOR MANUFACTURING CO LT		2022-11-10	2025-08-04
	5. TECHTRONIC INDUSTRIES CO ADR		2013-01-17	2025-08-04
	7. UNICREDIT SPA UNSPONSORD ADR		2024-09-03	2025-08-04
	1. WEX INC COM		2021-05-04	2025-08-04
	3. ALCON INC ORD SHS		2019-06-24	2025-08-04
	28. GENERAL MLS INC COM		2025-08-04	2025-08-06
	4. BROADRIDGE FINANCIAL SOLUTIONS INC		2023-01-04	2025-08-07
	1. CACI INTERNATIONAL INC		2020-07-02	2025-08-08
	12. ON SEMICONDUCTOR CORP		2023-12-06	2025-08-08
	5. BERKLEY W R CORP 4.125 SUB 61		2021-02-02	2025-08-11
	1. JONES LANG LASALLE		2020-08-12	2025-08-11
	4. TRIMBLE INC		2023-04-19	2025-08-11
	12. CHEVRONTEXACO CORP		2025-08-04	2025-08-12
	2. ARTHUR J GALLAGHER & CO		2025-07-01	2025-08-12
	5. GARTNER INC		2024-04-09	2025-08-12
	4. MCKESSON CORP COM		2023-09-27	2025-08-12
	1. CARLISLE COS INC		2020-12-04	2025-08-15
	2. GODADDY INC CL A COM		2022-02-23	2025-08-15
	23. INTERACTIVE BROKERS GROUP INC		2024-08-13	2025-08-19
	6. LITHIA MOTORS INC CL A COM		2024-08-01	2025-08-19
	9. SEMPRA ENERGY		2021-02-02	2025-08-19
	8. 3M CO		2024-01-25	2025-08-19
	54. NEBIUS GROUP N V		2024-10-30	2025-08-19
	1. LENNOX INTERNATIONAL INC		2019-09-16	2025-08-22
	12. BJS WHSL CLUB HLDGS INC COM		2024-04-04	2025-08-26
	22. ALCOA CORP COM		2024-03-28	2025-08-28
	10. WELLS FARGO & CO		2021-09-09	2025-08-28
	9000. U S TREASURY NOTE DTD 04/30/2020 .5% 04/		2025-06-04	2025-09-02
	13000. U S TREASURY NOTE DTD 04/30/2020 .5% 04/		2024-05-17	2025-09-02
	1. ABBOTT LABS		2024-12-16	2025-09-03
	1. AIR LIQUIDE ADR		2021-12-17	2025-09-03
	5. BALL CORP COM		2023-03-23	2025-09-03
	1. COCA COLA CO		2025-02-19	2025-09-03
	2. COLUMBIA SPORTSWEAR CO		2009-09-15	2025-09-03
	2. EQT CORPORATION		2024-10-22	2025-09-03
	1. EMERSON ELEC CO		2024-02-15	2025-09-03
	1. FTI CONSULTING INC		2022-10-20	2025-09-03
	2. HASBRO INC		2024-04-12	2025-09-03
	1. HUMANA INC		2025-04-28	2025-09-03
	2. HUNTINGTON INGALLS INDS INC		2022-04-26	2025-09-03
	5. LKQ CORP		2021-12-16	2025-09-03
	1. LKQ CORP		2021-12-16	2025-09-03
	1. MCDONALDS CORP		2024-08-06	2025-09-03
	1. RPM INTERNATIONAL INC		2020-12-03	2025-09-03
	1. ROYAL DUTCH SHELL PLC SPON ADS		2020-03-30	2025-09-03
	1. SERVICE CORP INTERNATIONAL US		2019-05-23	2025-09-03
	1. SERVICETITAN CLASS A		2025-07-01	2025-09-03
	1. TELEFLEX INC		2022-05-03	2025-09-03
	19. TOKYO ELECTRON LTD ADR		2023-06-13	2025-09-03
	1. WASTE CONNECTIONS INC COM		2022-08-30	2025-09-03
	1. WILLIAMS COS INC		2025-01-08	2025-09-03
	3. ZOETIS INC CL A		2023-02-15	2025-09-03
	5. ABB LTD SPONSORED ADR		2025-01-08	2025-09-09
	2. ABBVIE INC COM		2024-01-29	2025-09-09
	1. ADOBE SYSTEMS INC		2014-04-11	2025-09-09
	9. ALLIANZ SE UNSPONSRD ADS		2011-03-01	2025-09-09
	4. ALPHABET INC CAP STK CL C		2018-06-12	2025-09-09
	7. AMAZON.COM INC		2017-01-13	2025-09-09
	4. AMERICAN INTL GROUP INC INC		2021-06-23	2025-09-09
	2. AMETEK INC		2019-08-07	2025-09-09
	6. APPLE COMPUTER INC		2022-08-12	2025-09-09
	3. ARISTA NETWORKS INC		2024-12-05	2025-09-09
	4. ASTRAZENECA PLC SPON ADR		2023-03-24	2025-09-09
	10. AXA SA SPONSORED ADR		2015-12-22	2025-09-09
	9. BK AMER CORP COM		2024-11-13	2025-09-09
	22. BLUE OWL CAPITAL INC COM CL A		2024-05-02	2025-09-09
	4. BROADCOM INC COM		2024-06-13	2025-09-09
	4. BROWN & BROWN INC		2021-02-02	2025-09-09
	4. CMS ENERGY CORP		2023-05-18	2025-09-09
	4. CANADIAN PACIFIC KANSAS CITY		2018-02-07	2025-09-09
	4. DBS GROUP HOLDINGS LTD ADR		2009-04-16	2025-09-09
	9. DEUTSCHE TELEKOM AG SPON ADR		2022-04-18	2025-09-09
	3. EMERSON ELEC CO		2024-02-15	2025-09-09
	2. META PLATFORMS INC CL A		2023-07-03	2025-09-09
	1. ARTHUR J GALLAGHER & CO		2025-07-01	2025-09-09
	11. HDFC BANK LTD ADR		2020-07-31	2025-09-09
	4. HOYA CORP ADR		2020-08-07	2025-09-09
	6.63317 HUNTINGTON BANCSHARES INC		2025-08-28	2025-09-09
	13.36683 HUNTINGTON BANCSHARES INC		2025-08-28	2025-09-09
	2. HUNTINGTON INGALLS INDS INC		2022-04-26	2025-09-09
	5. IBERDROLA SA SPONSORED ADR		2022-04-29	2025-09-09
	6. ITOCHU CORP ADR		2024-04-12	2025-09-09
	3. LAM RESEARCH CORP NEW		2023-01-30	2025-09-09
	4. MICROSOFT CORP		2019-11-12	2025-09-09
	34. NATWEST GROUP PLC ADS		2025-02-20	2025-09-09
	4. NESTLE SA ADR		2009-09-15	2025-09-09
	14. NVIDIA CORP COM		2022-07-07	2025-09-09
	29. ORIX CORP SPONS ADR		2015-06-12	2025-09-09
	41. RECRUIT HOLDINGS CO LTD		2020-08-07	2025-09-09
	9. ROCHE HLDG LTD SPON ADR		2012-02-16	2025-09-09
	6. ROYAL DUTCH SHELL PLC SPON ADS		2021-06-21	2025-09-09
	2. SAP AG ADR		2019-07-11	2025-09-09
	3. SCHWAB CHARLES CORP		2022-01-21	2025-09-09
	4. SHIFT4 PMTS INC CL A		2024-02-22	2025-09-09
	31. SONY GROUP CORP SPON ADR		2020-03-30	2025-09-09
	11. SUNCOR ENERGY INC		2021-09-01	2025-09-09
	4. TJX COS INC		2021-09-16	2025-09-09
	1. TAIWAN SEMICONDUCTOR MANUFACTURING CO LT		2022-11-10	2025-09-09
	7. TECHTRONIC INDUSTRIES CO ADR		2013-01-17	2025-09-09
	18. TOKIO MARINE HOLDINGS INC ADR		2023-06-13	2025-09-09
	3. TOYOTA MTR CORP ADR		2024-08-06	2025-09-09
	3. TRADEWEB MKTS INC		2023-07-21	2025-09-09
	4. TRANSUNION COM		2023-02-23	2025-09-09
	16. UNICREDIT SPA UNSPONSORD ADR		2024-09-03	2025-09-09
	4. WAL MART STORES INC		2023-07-03	2025-09-09
	2. WASTE CONNECTIONS INC COM		2022-08-30	2025-09-09
	4. WELLS FARGO & CO		2021-09-09	2025-09-09
	9. WILLIAMS COS INC		2025-01-08	2025-09-09
	5. CRH PLC ORD		2022-03-11	2025-09-09
	6. NEBIUS GROUP N V		2024-10-30	2025-09-09
	30. EXELON CORP COM		2025-08-04	2025-09-22
	49. CAPGEMINI SE		2025-09-03	2025-09-24
	55. CAPGEMINI SE		2020-03-30	2025-09-24
	4. MCKESSON CORP COM		2025-02-19	2025-10-01
	6. COPART INC		2025-08-04	2025-10-06
	28. COPART INC		2023-02-23	2025-10-06
	6. HUMANA INC		2025-04-28	2025-10-06
	5. INTUITIVE SURGICAL INC		2022-06-01	2025-10-06
	9. MICRON TECHNOLOGY INC COM		2022-11-14	2025-10-06
	.2 SONY FINANCIAL GROUP ADR		2020-03-30	2025-10-06
	28. TRANSUNION COM		2023-11-01	2025-10-06
	10. NEUROCRINE BIOSCIENCES INC		2025-05-07	2025-10-08
	9. NEUROCRINE BIOSCIENCES INC		2021-05-14	2025-10-08
	12000. U S TREASURY NOTE DTD 04/30/2020 .5% 04/		2025-06-04	2025-10-08
	26. NEXTERA ENERGY INC		2022-05-16	2025-10-16
	70. BLUE OWL CAPITAL INC COM CL A		2025-09-03	2025-11-03
	34. BLUE OWL CAPITAL INC COM CL A		2024-05-02	2025-11-03
	16. HOLOGIC INC		2025-10-06	2025-11-03
	3000. UNITED STATES TREAS 02/15/2033		2023-02-13	2025-11-04
	4000. UNITED STATES TREAS 07/31/2028		2023-08-24	2025-11-04
	8999.90728 UNITED STATES TREAS SER E 2034 3.875% 0		2024-09-10	2025-11-04
	2000.09272 UNITED STATES TREAS SER E 2034 3.875% 0		2024-09-10	2025-11-04
	12. SHIFT4 PMTS INC CL A		2025-03-25	2025-11-11
	19. SHIFT4 PMTS INC CL A		2024-03-20	2025-11-11
	4. ARTHUR J GALLAGHER & CO		2025-07-01	2025-12-01
	9. NICE SYSTEMS LTD ADR		2024-10-16	2025-12-01
	19. AMADEUS IT GROUP, S.A.		2025-02-06	2025-12-04
	27. AMADEUS IT GROUP, S.A.		2021-09-02	2025-12-04
	3000. U S TREASURY NOTE DTD 05/15/2018 2.875%		2019-11-06	2025-12-04
	3000. UNITED STATES TREAS 07/31/2028		2023-08-24	2025-12-04
	32. BAKER HUGHES A GE CO CL A		2025-08-04	2025-12-10
	25. ROBERT HALF INTERNATIONAL INC		2025-10-06	2025-12-10
	43. ROBERT HALF INTERNATIONAL INC		2024-04-30	2025-12-10
	7. CLOROX CO DEL COM		2025-09-03	2025-12-19
	14. CLOROX CO DEL COM		2024-06-11	2025-12-19
	22. CUBESMART		2025-05-28	2025-12-19
	4. HASBRO INC		2025-08-04	2025-12-19
	13. HASBRO INC		2024-04-12	2025-12-19
	1. TORO CO		2025-02-03	2025-12-19
	16. TORO CO		2024-06-11	2025-12-19
	CAPITAL GAIN DIVIDENDS	P
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	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	11,918	11,971	-53
b	809	639	170
c	383	365	18
d	1,021	537	484
e	1,826	1,221	605
	325	74	251
	1,502	1,912	-410
	1,336	632	704
	1,251	806	445
	625	261	364
	808	299	509
	360	571	-211
	668	669	-1
	1,335	1,206	129
	1,221	159	1,062
	609	186	423
	296	257	39
	408	81	327
	289	204	85
	476	82	394
	457	279	178
	1,198	744	454
	262	142	120
	828	365	463
	209	142	67
	751	749	2
	751	772	-21
	278	179	99
	60	52	8
	302	222	80
	550	468	82
	17	19	-2
	118	136	-18
	226	201	25
	448	174	274
	594	197	397
	591	666	-75
	145	193	-48
	1,818	317	1,501
	415	147	268
	91	72	19
	214	118	96
	166	60	106
	236	32	204
	274	130	144
	367	141	226
	207	403	-196
	725	1,853	-1,128
	2,000	1,953	47
	12,000	12,129	-129
	747	367	380
	211	150	61
	1,584	941	643
	1,387	1,465	-78
	991	1,051	-60
	645	926	-281
	931	496	435
	1,351	686	665
	644	336	308
	1,170	907	263
	138	118	20
	1,493	1,223	270
	782	593	189
	545	563	-18
	573	415	158
	1,046	472	574
	1,191	942	249
	593	525	68
	602	192	410
	804	121	683
	892	578	314
	1,841	712	1,129
	1,438	785	653
	1,961	1,122	839
	601	123	478
	355	113	242
	1,839	1,470	369
	2,331	2,477	-146
	524	181	343
	1,274	1,666	-392
	1,111	1,487	-376
	912	602	310
	644	803	-159
	853	568	285
	565	500	65
	564	661	-97
	599	635	-36
	541	532	9
	995	979	16
	793	848	-55
	869	1,153	-284
	1,075	732	343
	453	279	174
	532	79	453
	568	228	340
	1,742	780	962
	2,088	2,486	-398
	1,716	773	943
	585	492	93
	327	287	40
	1,989	1,945	44
	9,943	10,106	-163
	12,141	12,225	-84
	3,036	2,957	79
	601	285	316
	598	439	159
	695	980	-285
	808	670	138
	738	427	311
	621	680	-59
	615	546	69
	2,451	5,259	-2,808
	954	709	245
	1,561	2,299	-738
	161	222	-61
	375	483	-108
	1,198	1,751	-553
	799	1,150	-351
	566	308	258
	11,999	11,981	18
	12,608	12,535	73
	296	95	201
	12,458	12,539	-81
	11,046	10,832	214
	1,049	675	374
	2,912	2,903	9
	9,706	9,732	-26
	1,560	1,286	274
	1,711	1,995	-284
	957	661	296
	1,280	1,895	-615
	722	527	195
	408	356	52
	434	179	255
	1,636	1,790	-154
	1,173	1,215	-42
	3,537	1,018	2,519
	793	506	287
	1,230	1,298	-68
	970	528	442
	2,648	2,044	604
	976	807	169
	1,244	363	881
	1,208	1,097	111
	328	228	100
	543	255	288
	303	45	258
	325	168	157
	333	654	-321
	440	426	14
	340	254	86
	394	294	100
	442	206	236
	320	323	-3
	538	665	-127
	445	188	257
	427	181	246
	383	211	172
	503	267	236
	30	26	4
	710	529	181
	1,188	700	488
	1,043	448	595
	412	171	241
	245	153	92
	203	146	57
	121	27	94
	289	268	21
	171	48	123
	102	42	60
	106	67	39
	267	144	123
	144	138	6
	54	35	19
	197	148	49
	22	23	-1
	44	44
	153	94	59
	129	59	70
	88	96	-8
	107	82	25
	394	193	201
	32	26	6
	70	8	62
	218	91	127
	2,389	1,398	991
	49	30	19
	358	32	326
	98	148	-50
	164	95	69
	207	99	108
	408	398	10
	249	88	161
	103	74	29
	251	99	152
	117	56	61
	238	70	168
	303	50	253
	260	141	119
	169	205	-36
	263	178	85
	1,380	1,735	-355
	1,062	507	555
	492	222	270
	575	886	-311
	350	143	207
	278	104	174
	332	204	128
	1,865	1,635	230
	582	640	-58
	1,135	2,342	-1,207
	2,649	1,675	974
	384	150	234
	294	162	132
	1,438	678	760
	1,846	1,886	-40
	743	564	179
	1,228	712	516
	3,669	1,187	2,482
	591	236	355
	1,150	902	248
	700	727	-27
	822	444	378
	8,540	8,447	93
	12,336	12,807	-471
	131	113	18
	41	28	13
	251	261	-10
	69	70	-1
	113	42	71
	103	72	31
	129	106	23
	167	181	-14
	158	112	46
	313	263	50
	534	393	141
	160	184	-24
	32	57	-25
	317	273	44
	123	87	36
	73	33	40
	78	43	35
	103	108	-5
	126	285	-159
	1,271	1,350	-79
	180	139	41
	58	56	2
	457	523	-66
	350	274	76
	419	328	91
	353	61	292
	372	131	241
	959	226	733
	1,668	287	1,381
	315	192	123
	374	170	204
	1,402	903	499
	425	318	107
	325	272	53
	467	275	192
	453	413	40
	394	388	6
	1,349	675	674
	376	178	198
	284	234	50
	300	141	159
	641	91	550
	323	168	155
	396	317	79
	1,528	571	957
	299	320	-21
	387	257	130
	553	393	160
	117	118	-1
	236	237	-1
	534	441	93
	368	232	136
	706	525	181
	315	144	171
	1,997	587	1,410
	484	383	101
	369	168	201
	2,364	222	2,142
	767	358	409
	467	279	188
	382	199	183
	434	235	199
	541	274	267
	281	268	13
	352	294	58
	890	356	534
	454	204	250
	559	283	276
	253	70	183
	434	69	365
	790	427	363
	603	511	92
	359	224	135
	375	264	111
	620	323	297
	409	211	198
	356	279	77
	324	178	146
	521	501	20
	555	208	347
	572	132	440
	1,303	1,277	26
	1,398	1,606	-208
	1,570	763	807
	3,060	2,415	645
	265	273	-8
	1,236	976	260
	1,770	1,575	195
	2,253	1,299	954
	1,726	562	1,164
	1		1
	2,136	1,805	331
	1,388	1,278	110
	1,249	850	399
	11,438	11,262	176
	2,219	1,680	539
	1,124	1,424	-300
	546	600	-54
	1,184	1,078	106
	2,925	2,945	-20
	4,056	3,952	104
	8,903	9,168	-265
	1,979	2,037	-58
	854	1,035	-181
	1,352	1,377	-25
	990	1,279	-289
	963	1,744	-781
	1,362	1,400	-38
	1,936	1,638	298
	2,954	3,166	-212
	3,044	2,964	80
	1,521	1,386	135
	672	887	-215
	1,155	3,257	-2,102
	691	983	-292
	1,381	1,914	-533
	788	918	-130
	329	307	22
	1,069	730	339
	78	81	-3
	1,243	1,546	-303
			1
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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			-53
b			170
c			18
d			484
e			605
			251
			-410
			704
			445
			364
			509
			-211
			-1
			129
			1,062
			423
			39
			327
			85
			394
			178
			454
			120
			463
			67
			2
			-21
			99
			8
			80
			82
			-2
			-18
			25
			274
			397
			-75
			-48
			1,501
			268
			19
			96
			106
			204
			144
			226
			-196
			-1,128
			47
			-129
			380
			61
			643
			-78
			-60
			-281
			435
			665
			308
			263
			20
			270
			189
			-18
			158
			574
			249
			68
			410
			683
			314
			1,129
			653
			839
			478
			242
			369
			-146
			343
			-392
			-376
			310
			-159
			285
			65
			-97
			-36
			9
			16
			-55
			-284
			343
			174
			453
			340
			962
			-398
			943
			93
			40
			44
			-163
			-84
			79
			316
			159
			-285
			138
			311
			-59
			69
			-2,808
			245
			-738
			-61
			-108
			-553
			-351
			258
			18
			73
			201
			-81
			214
			374
			9
			-26
			274
			-284
			296
			-615
			195
			52
			255
			-154
			-42
			2,519
			287
			-68
			442
			604
			169
			881
			111
			100
			288
			258
			157
			-321
			14
			86
			100
			236
			-3
			-127
			257
			246
			172
			236
			4
			181
			488
			595
			241
			92
			57
			94
			21
			123
			60
			39
			123
			6
			19
			49
			-1

			59
			70
			-8
			25
			201
			6
			62
			127
			991
			19
			326
			-50
			69
			108
			10
			161
			29
			152
			61
			168
			253
			119
			-36
			85
			-355
			555
			270
			-311
			207
			174
			128
			230
			-58
			-1,207
			974
			234
			132
			760
			-40
			179
			516
			2,482
			355
			248
			-27
			378
			93
			-471
			18
			13
			-10
			-1
			71
			31
			23
			-14
			46
			50
			141
			-24
			-25
			44
			36
			40
			35
			-5
			-159
			-79
			41
			2
			-66
			76
			91
			292
			241
			733
			1,381
			123
			204
			499
			107
			53
			192
			40
			6
			674
			198
			50
			159
			550
			155
			79
			957
			-21
			130
			160
			-1
			-1
			93
			136
			181
			171
			1,410
			101
			201
			2,142
			409
			188
			183
			199
			267
			13
			58
			534
			250
			276
			183
			365
			363
			92
			135
			111
			297
			198
			77
			146
			20
			347
			440
			26
			-208
			807
			645
			-8
			260
			195
			954
			1,164
			1
			331
			110
			399
			176
			539
			-300
			-54
			106
			-20
			104
			-265
			-58
			-181
			-25
			-289
			-781
			-38
			298
			-212
			80
			135
			-215
			-2,102
			-292
			-533
			-130
			22
			339
			-3
			-303

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	52,139
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	777
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	777
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4	2,235
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	0
6	Credits/Payments:

a	2025 estimated tax payments and 2024 overpayment credited to 2025	6a
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	0
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		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
11	Enter the amount of line 10 to be: Credited to 2026 estimated tax0	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 ofARDEN TRUST COMPANY Telephone no. (614) 249-1948

Located at2711 CENTERVILLE RD STE 200WILMINGTONDE ZIP+419808

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)

(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-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
ARDEN TRUST COMPANY	TRUSTEE 1	5,490
2711 CENTERVILLE RD STE 200 WILMINGTON,DE19808	TRUSTEE 1	5,490

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

1,057,531

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

44,743

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

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

1,102,274

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

1,102,274

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

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

16,534

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

1,085,740

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

54,287

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

54,287

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

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

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

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

54,287

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

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

54,287

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

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

54,287

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) ..........

52,916

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. .......

52,916

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					54,287
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only.......				49,294
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......	0
d From 2023......	0
e From 2024......	0
f Total of lines 3a through e ........		0
4Qualifying distributions for 2025 from Part
XI, line 4: $ 52,916
a Applied to 2024, but not more than line 2a				49,294
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.....					3,622
e Remaining amount distributed out of corpus		0
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		0
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 ..........					50,665
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 ......		0
10 Analysis of line 9:
a Excess from 2021 ....	0
b Excess from 2022 ....	0
c Excess from 2023 ....	0
d Excess from 2024 ....	0
e Excess from 2025 ....	0

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).)

NONE

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.

NONE

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
CARSON-NEWMAN UNIVERSITY ATTN TREASURER'S OFFICE PO BOX 557 JEFFERSON CITY,TN37760	NONE		GENERAL OPERATING	44,365
OAK GROVE BAPTIST CHURCH 311 CYPRESS STREET MT CARMEL,TN37645	NONE		GENERAL OPERATING	4,929
Total ................................. 3a				49,294

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	22,585
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	52,139
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aFEDERAL TAX REFUND			1	464
bSECTION 897 CAPITA			1	5
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..				75,193

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

75,193

(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

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
FEDERAL TAX REFUND	464	0
SECTION 897 CAPITAL GAIN	5	5

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FOREIGN TAXES	589	589		0
OTHER TAXES (NOT SUBJECT TO $1	3,650	0		0

Description	Amount
RETURN OF CAPITAL	29
MUTUAL FUND TIMING DIFFERENCE	3
AMORTIZATION AND ACCRUED INTEREST	313
ROUNDING	6