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
ANNE CANNON TRUST 9243106
 
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

54-6603260
B Telephone number (see instructions)

4703868999
C
G Check all that apply:

D 1. Foreign organizations, check here.............
2. Foreign organizations meeting the 85%
test, check here and attach computation ...
E
H Check type of organization:
F
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)$1,205,052J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I 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)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check .................
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 20,613 20,613  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 164,716
b Gross sales price for all assets on line 6a 510,412
7 Capital gain net income (from Part IV, line 2)... 164,716
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........ 185,329 185,329  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 3,500     3,500
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)....... Click to see attachment
List of Attached Documents:
// Content
1,215 0 0 1,215
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
2,580 2,580   0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
4,598 527   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.......... 11,893 3,107 0 4,715
25 Contributions, gifts, grants paid....... 60,000 60,000
26 Total expenses and disbursements. Add lines 24 and 25 ................ 71,893 3,107 0 64,715
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 113,436
b Net investment income (if negative, enter -0-) 182,222
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 Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing.............      
2 Savings and temporary cash investments......... 98,442 136,242 136,242
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)....... 536,412 Click to see attachment
List of Attached Documents:
// Content
596,197 		891,463
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).......... 167,074 Click to see attachment
List of Attached Documents:
// Content
175,112 		177,347
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) 801,928 907,551 1,205,052
Liabilities 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
Net Assets or Fund Balances 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........ 801,928 907,551
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)..... 801,928 907,551
30 Total liabilities and net assets/fund balances (see instructions). 801,928 907,551
Part III
Analysis of Changes in Net Assets or Fund Balances
1
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) ...............
1
801,928
2
Enter amount from Part I, line 27a .....................
2
113,436
3
Other increases not included in line 2 (itemize)
3
0
4
Add lines 1, 2, and 3 ..........................
4
915,364
5
Decreases not included in line 2 (itemize) Click to see attachment
List of Attached Documents:
// Content
5
7,813
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, line 29, column (b) ..
6
907,551
Form 990-PF (2025)
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 9. AMER SPORTS INC COM   2024-12-05 2025-01-03
b 2. AMER SPORTS INC COM   2024-12-05 2025-01-06
c 4. AMER SPORTS INC COM   2024-12-05 2025-01-08
d 8. AGILENT TECHNOLOGIES INC   2024-10-24 2025-01-24
e 18. BAKER HUGHES COMPANY CL A   2024-10-24 2025-01-27
9. BLACKSTONE INC   2021-11-22 2025-01-29
9. KKR CO INC A   2024-10-24 2025-01-29
3. BLACKSTONE INC   2021-11-22 2025-01-30
5. BLACKSTONE INC   2021-11-22 2025-01-31
146. ISHARES TR MSCI EAFE INDEX FD   2008-12-16 2025-02-21
18. ISHARES RUSSELL 2000 INDEX FUND   2008-12-16 2025-02-21
4.173 VANGUARD TOTAL BOND MARKET INDEX ADM   2020-11-30 2025-02-21
1726.122 VOYA INTERMEDIATE BOND I   2024-10-21 2025-02-21
2. APPLE COMPUTER INC.   2009-01-13 2025-02-24
1. VISA INC COM CL A   2024-10-24 2025-02-24
16. AMER SPORTS INC COM   2024-12-05 2025-03-07
14. CARMAX INC   2024-10-24 2025-03-10
9. CARMAX INC   2024-10-24 2025-03-10
1. AMER SPORTS INC COM   2024-10-24 2025-03-10
5. CARMAX INC   2024-10-24 2025-03-11
6. AMER SPORTS INC COM   2024-10-24 2025-03-11
12. CARMAX INC   2024-10-24 2025-03-12
3. AMER SPORTS INC COM   2024-10-24 2025-03-12
9. CARMAX INC   2024-10-24 2025-03-13
8. AMER SPORTS INC COM   2024-10-24 2025-03-17
1. AMER SPORTS INC COM   2024-10-24 2025-03-18
7. AMER SPORTS INC COM   2024-10-24 2025-03-19
38. BAKER HUGHES COMPANY CL A   2024-10-24 2025-03-21
35. BAKER HUGHES COMPANY CL A   2024-10-24 2025-03-24
32. BAKER HUGHES COMPANY CL A   2024-10-24 2025-03-25
7. AMERICAN INTERNATIONAL GROUP   2024-10-24 2025-04-16
18. APPLE COMPUTER INC.   2009-01-13 2025-04-16
3. BERKSHIRE HATHAWAY INC COM USD0.0033   2024-10-24 2025-04-16
6. FERGUSON ENTERPRISES INC COM   2024-10-24 2025-04-16
2. MASTERCARD INCORPORATED CL A   2024-10-24 2025-04-16
2. PROGRESSIVE CORP   2024-10-24 2025-04-16
4. T MOBILE US INC COM   2024-10-24 2025-04-16
3. VISA INC COM CL A   2024-10-24 2025-04-16
23. ALPHABET INC CAP STK CL C   2024-10-24 2025-05-01
2. BRIGHT HORIZONS FAMILY SOLUTIONS INC   2024-10-24 2025-05-07
2. BRIGHT HORIZONS FAMILY SOLUTIONS INC   2024-10-24 2025-05-07
1. BRIGHT HORIZONS FAMILY SOLUTIONS INC   2024-10-24 2025-05-08
2. BRIGHT HORIZONS FAMILY SOLUTIONS INC   2024-10-24 2025-05-08
3. BRIGHT HORIZONS FAMILY SOLUTIONS INC   2024-10-24 2025-05-09
5. BRIGHT HORIZONS FAMILY SOLUTIONS INC   2024-10-24 2025-05-12
2. BRIGHT HORIZONS FAMILY SOLUTIONS INC   2024-10-24 2025-05-13
1. BRIGHT HORIZONS FAMILY SOLUTIONS INC   2024-10-24 2025-05-14
2. BRIGHT HORIZONS FAMILY SOLUTIONS INC   2024-10-24 2025-05-15
5. BRIGHT HORIZONS FAMILY SOLUTIONS INC   2024-10-24 2025-05-15
5. BRIGHT HORIZONS FAMILY SOLUTIONS INC   2024-10-24 2025-05-16
9. AGILENT TECHNOLOGIES INC   2024-10-24 2025-05-19
4. AGILENT TECHNOLOGIES INC   2024-10-24 2025-05-19
12. EDWARDS LIFESCIENCES CORP   2024-10-24 2025-05-19
12. AGILENT TECHNOLOGIES INC   2024-10-24 2025-05-20
1. AGILENT TECHNOLOGIES INC   2024-10-24 2025-05-21
42. ABBOTT LABORATORIES   2022-05-11 2025-06-18
27. ABBVIE INC   2020-04-14 2025-06-18
7. AIR PRODUCTS & CHEMICALS INC.   2022-10-26 2025-06-18
28. ATMOS ENERGY CORP COM NPV   2024-01-26 2025-06-18
1. AUTOZONE INC   2018-10-11 2025-06-18
28. BLACKSTONE INC   2021-11-22 2025-06-18
5. BLACKROCK INC COM   2020-08-07 2025-06-18
68. BOSTON SCIENTIFIC   2023-09-06 2025-06-18
70. BROADCOM INC COM   2019-02-08 2025-06-18
15. CDW CORP COM USD0.01   2019-07-16 2025-06-18
163. CSX CORP.   2023-11-28 2025-06-18
15. CADENCE DESIGN SYS INC   2023-03-14 2025-06-18
20. CELANESE CORP DEL COM   2023-04-12 2025-06-18
22. CHEVRONTEXACO CORP   2022-03-03 2025-06-18
32. CINTAS CORP.   2019-04-26 2025-06-18
65. COMCAST CORP NEW CL A   2011-10-12 2025-06-18
7. COSTCO WHOLESALE CORPORATION   2018-07-27 2025-06-18
27. WALT DISNEY CO.   2024-04-02 2025-06-18
57. EXXON MOBIL CORP   2021-02-19 2025-06-18
75. FOX CORP CL A COM   2022-04-22 2025-06-18
17. HOME DEPOT INC.   2012-01-09 2025-06-18
23. HONEYWELL INTL INC   2023-10-16 2025-06-18
10. HUBBELL INC COM   2024-02-29 2025-06-18
20. ILLINOIS TOOL WORKS   2023-11-28 2025-06-18
12. ISHARES S P 100 ETF   2023-10-19 2025-06-18
37. J P MORGAN CHASE & CO   2009-01-13 2025-06-18
14. ELI LILLY & CO.   2018-07-16 2025-06-18
13. MARRIOTT INTERNATIONAL INC CLASS-A   2024-01-25 2025-06-18
10. MCDONALDS CORP.   2022-11-22 2025-06-18
43. MERCK CO INC   2020-09-24 2025-06-18
34. MORGAN STANLEY DEAN WITTER DISCOVER & CO   2020-01-27 2025-06-18
8. MOTOROLA SOLUTIONS INC   2019-12-04 2025-06-18
26. PEPSICO INC.   2023-09-06 2025-06-18
44. PHILIP MORRIS INTL   2021-06-14 2025-06-18
25. PROCTER & GAMBLE CO.   2018-10-26 2025-06-18
16. QUANTA SVCS INC COM W/RIGHTS ATTACHED EXP 3/8/2010   2020-09-03 2025-06-18
8. S&P GLOBAL INC COM   2016-05-20 2025-06-18
76. SCHLUMBERGER LTD.   2021-05-25 2025-06-18
5. SERVICENOW INC COM USD0.001   2023-06-02 2025-06-18
13. STRYKER CORP.   2019-08-08 2025-06-18
5. TELEDYNE TECHNOLOGIES INC   2019-11-08 2025-06-18
22. WEC ENERGY GROUP INC COM   2009-03-13 2025-06-18
12. ACCENTURE PLC   2019-05-13 2025-06-18
15. CHUBB LIMITED COM   2023-05-16 2025-06-18
3. APPLE COMPUTER INC.   2009-01-13 2025-06-20
699.736 CULLEN INTERNATIONAL HIGH DIVIDEND I   2017-06-14 2025-06-20
2486.137 FEDERATED HERMES TOT RET BD R6   2007-06-15 2025-06-20
1. GE AEROSPACE COM NEW   2024-10-24 2025-06-20
621.891 WCM FOCUSED INTERNATIONAL GROWTH INS   2020-12-16 2025-06-20
408.911 PRINCIPAL MIDCAP FUND CLASS R 6   2020-12-16 2025-06-20
3875.969 VANGUARD TOTAL BOND MARKET INDEX ADM   2020-12-01 2025-06-20
627.51 VANGUARD ULTRA SHORT TERM BOND   2023-11-27 2025-06-20
66. ALPHABET INC CAP STK CL A   2015-08-04 2025-06-24
120. APPLE COMPUTER INC.   2009-01-13 2025-06-24
48. BANK OF AMERICA CORPORATION   2025-04-16 2025-06-24
32. BANK OF AMERICA CORPORATION   2023-11-28 2025-06-24
7. META PLATFORMS INC CLASS A COMMON STOCK   2025-05-01 2025-06-24
7. META PLATFORMS INC CLASS A COMMON STOCK   2023-10-03 2025-06-24
2. MASTERCARD INCORPORATED CL A   2024-10-24 2025-06-24
51. MICROSOFT CORP.   2018-11-02 2025-06-24
10. TJX COS INC   2024-10-24 2025-06-24
10. TJX COS INC   2023-02-09 2025-06-24
11. APPLE COMPUTER INC.   2009-01-13 2025-07-16
2. GE AEROSPACE COM NEW   2025-06-24 2025-07-16
5. AUTODESK INC   2025-06-24 2025-07-25
6. CARRIER GLOBAL CORPORATION COM   2024-10-24 2025-07-25
4. CARRIER GLOBAL CORPORATION COM   2024-10-24 2025-07-25
2. GE AEROSPACE COM NEW   2025-06-24 2025-07-25
8. KKR CO INC A   2024-10-24 2025-07-30
10. ILLUMINA INC COM   2024-10-24 2025-07-31
4. FERGUSON ENTERPRISES INC COM   2025-06-24 2025-08-14
70. MARVELL TECHNOLOGY INC COM   2025-06-24 2025-09-08
49. AMER SPORTS INC COM   2025-06-24 2025-09-22
4. AMER SPORTS INC COM   2025-06-24 2025-09-29
6. AMER SPORTS INC COM   2025-06-24 2025-10-01
2. AMER SPORTS INC COM   2025-06-24 2025-10-02
1. AMER SPORTS INC COM   2025-06-24 2025-10-03
24. FISERV INC   2024-10-24 2025-10-30
31. FISERV INC   2025-06-24 2025-10-30
23. FISERV INC   2024-10-24 2025-10-30
8. FISERV INC   2025-07-25 2025-10-30
8. ADOBE SYS INCORP   2024-10-24 2025-11-25
5. ADOBE SYS INCORP   2025-06-24 2025-11-26
3. ADOBE SYS INCORP   2024-10-24 2025-11-26
14. TJX COS INC   2023-02-09 2025-11-26
18. AMERICAN INTERNATIONAL GROUP   2025-06-24 2025-12-18
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(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 264   207 57
b 61   46 15
c 122   92 30
d 1,212   1,053 159
e 786   660 126
1,672   1,288 384
1,500   1,289 211
537   429 108
894   716 178
11,943   6,376 5,567
3,951   1,203 2,748
40   50 -10
15,000   15,138 -138
496   6 490
350   283 67
423   314 109
1,037   1,014 23
669   652 17
26   18 8
366   362 4
159   109 50
877   869 8
83   54 29
626   652 -26
226   145 81
29   18 11
202   127 75
1,673   1,394 279
1,566   1,284 282
1,440   1,174 266
567   541 26
3,493   56 3,437
1,547   1,370 177
971   1,189 -218
1,026   1,021 5
551   494 57
1,041   932 109
993   849 144
3,750   3,785 -35
248   261 -13
246   261 -15
124   131 -7
246   261 -15
368   392 -24
613   654 -41
245   261 -16
120   131 -11
241   261 -20
605   654 -49
621   654 -33
1,018   1,184 -166
453   526 -73
934   849 85
1,362   1,579 -217
110   132 -22
5,564   4,922 642
5,006   2,245 2,761
1,929   1,770 159
4,264   3,170 1,094
3,602   778 2,824
3,846   4,020 -174
4,894   2,926 1,968
6,904   3,660 3,244
17,558   1,906 15,652
2,550   1,720 830
5,254   5,409 -155
4,454   3,040 1,414
1,088   2,191 -1,103
3,263   3,419 -156
7,054   1,718 5,336
2,224   770 1,454
6,826   1,538 5,288
3,177   3,267 -90
6,457   2,981 3,476
4,106   2,926 1,180
5,892   734 5,158
5,098   4,284 814
3,990   3,800 190
4,823   4,824 -1
3,512   2,419 1,093
10,144   971 9,173
10,980   1,251 9,729
3,346   3,153 193
2,892   2,745 147
3,405   3,398 7
4,504   1,807 2,697
3,235   1,323 1,912
3,360   4,540 -1,180
8,041   4,395 3,646
3,951   2,216 1,735
5,771   828 4,943
4,025   866 3,159
2,725   2,387 338
4,899   2,742 2,157
4,857   2,822 2,035
2,442   1,712 730
2,283   416 1,867
3,675   2,065 1,610
4,235   2,996 1,239
602   9 593
8,768   7,312 1,456
23,395   23,274 121
239   180 59
16,213   15,000 1,213
18,724   14,500 4,224
37,171   45,000 -7,829
12,594   12,500 94
11,058   1,662 9,396
24,138   376 23,762
2,255   1,790 465
1,503   944 559
4,938   3,992 946
4,938   2,121 2,817
1,107   1,021 86
24,986   5,361 19,625
1,243   1,141 102
1,243   812 431
2,314   34 2,280
531   493 38
1,517   1,520 -3
484   441 43
323   294 29
543   493 50
1,201   1,146 55
1,031   1,417 -386
913   873 40
4,533   5,149 -616
1,737   1,848 -111
141   151 -10
210   226 -16
70   75 -5
35   38 -3
1,579   4,878 -3,299
2,015   5,379 -3,364
1,495   4,674 -3,179
528   1,156 -628
2,557   3,861 -1,304
1,589   1,909 -320
953   1,448 -495
2,147   1,137 1,010
1,553   1,541 12
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
      3,470
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       57
b       15
c       30
d       159
e       126
      384
      211
      108
      178
      5,567
      2,748
      -10
      -138
      490
      67
      109
      23
      17
      8
      4
      50
      8
      29
      -26
      81
      11
      75
      279
      282
      266
      26
      3,437
      177
      -218
      5
      57
      109
      144
      -35
      -13
      -15
      -7
      -15
      -24
      -41
      -16
      -11
      -20
      -49
      -33
      -166
      -73
      85
      -217
      -22
      642
      2,761
      159
      1,094
      2,824
      -174
      1,968
      3,244
      15,652
      830
      -155
      1,414
      -1,103
      -156
      5,336
      1,454
      5,288
      -90
      3,476
      1,180
      5,158
      814
      190
      -1
      1,093
      9,173
      9,729
      193
      147
      7
      2,697
      1,912
      -1,180
      3,646
      1,735
      4,943
      3,159
      338
      2,157
      2,035
      730
      1,867
      1,610
      1,239
      593
      1,456
      121
      59
      1,213
      4,224
      -7,829
      94
      9,396
      23,762
      465
      559
      946
      2,817
      86
      19,625
      102
      431
      2,280
      38
      -3
      43
      29
      50
      55
      -386
      40
      -616
      -111
      -10
      -16
      -5
      -3
      -3,299
      -3,364
      -3,179
      -628
      -1,304
      -320
      -495
      1,010
      12
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 164,716
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 ......................... 		Bracket 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. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 2,533
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 2,533
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 2,533
6 Credits/Payments:
a 2025 estimated tax payments and 2024 overpayment credited to 2025 6a 2,200
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 2,200
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....... 9 333
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)
Form 990-PF (2025)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
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.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. $   (2) On foundation managers.$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
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....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet 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? ................
6
Yes
 
7
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..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
MD
b
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 .
8b
Yes
 
9
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 .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
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 .............
11
 
No
12
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.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressN/A
14
The books are in care ofBROWN ADVISORY Telephone no. (410) 537-5452

Located at901 S BOND STREET SUITE 400BALTIMOREMD ZIP+421231
15
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 ........
15
 
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)
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
No
1a
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)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(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)
 
No
(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)
 
No
b
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 ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........
d
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? .............
1d
 
No
2
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)):
a
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?....................
2a
 
No
If "Yes," list the years 20, 20, 20, 20
b
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.) ..............
2b
 
 
c
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
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
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.).....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
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? ..
4b
 
No
Form 990-PF (2025)
Form 990-PF (2025)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(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)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(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)
 
No
b
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 ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........
d
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? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
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? .........................
8
 
No
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
BROWN ADVISORY TRUSTEE
1 		0    
901 SOUTH BOND STREET STE 400
BALTIMORE,MD21231
ZACHARY R TATE CHAIRPERSON, DISTRIBUTION
1 		3,500    
PO BOX 2265
BLOWING ROCK,NC28605
WILL GRIENER ADVISORY COMMITTEE MEMBER
1 		0    
1183 HERITAGE PATH LANE
WINSTONSALEM,NC27103
LANE C CZURA ADVISORY COMMITTEE MEMBER
1 		0    
130 W 15TH STREET APT 7B
NEW YORK,NY10011
ELIZABETH M CZURA ADVISORY COMMITTEE MEMBER
1 		0    
9 GADSDEN ST APT B
CHARLESTON,SC29401
LINDA F TATE ADVISORY COMMITTEE MEMBER
1 		0    
312 JENSEN DRIVE
BLOWING ROCK,NC28605
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)
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 arrow0
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)
Form 990-PF (2025)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
842,172
b
Average of monthly cash balances.......................
1b
87,871
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, 1b, and 1c).......................
1d
930,043
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
930,043
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
13,951
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
916,092
6
Minimum investment return. Enter 5% (0.05) of line 5 ................
6
45,805
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.)
1
Minimum investment return from Part IX, line 6..................
1
45,805
2a
Tax on investment income for 2025 from Part V, line 5 .......
2a
2,533
b
Income tax for 2025. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
2,533
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
43,272
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
43,272
6
Deduction from distributable amount (see instructions) .................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
43,272
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, line 26, column (d) ..........
1a
64,715
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
0
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
0
b
Cash distribution test (attach the required schedule) .................
3b
0
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
64,715
Form 990-PF (2025)
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 43,272
2 Undistributed income, if any, as of the end of 2025:
a Enter amount for 2024 only....... 31,800
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: $ 64,715
a Applied to 2024, but not more than line 2a 31,800
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..... 32,915
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 .......... 		10,357
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)
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 or
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
         
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).)
NA
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.
NA
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 e-mail address of the person to whom applications should be addressed:
ANNE CANNON TRUST CO BROWN ADVISO
800 17TH STREET NW
WASHINGTON,DC20006
(202) 973-6274
bThe form in which applications should be submitted and information and materials they should include:
BY LETTER WITH DESCRIPTION OF PURPOSE OF ORGANIZATION
cAny submission deadlines:
NONE
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
NONE
Form 990-PF (2025)
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)
aPaid during the year

WALKER COLLEGE OF BUSINESS

PO BOX 2228
JASPER,AL35502 		NONE   PROGRAM SUPPORT 10,000

MITCHELL COUNTY DEVELOPMENT FOUNDATION

PO BOX 327
SPRUCE PINE,NC28777 		NONE   PROGRAM SUPPORT 20,000

APPALACHIAN STATE UNIVERSITY FOUNDATION

ASU PO BOX 32064 MCKINNEY ALUMNI
BOONE,NC286082064 		NONE   PROGRAM SUPPORT 30,000
Total ................................. 3a 60,000
bApproved for future payment
Total ................................. 3b  
Form 990-PF (2025)
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
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 20,613  
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 ............ 		    18 164,716  
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) ..   185,329  
13Total. Add line 12, columns (b), (d), and (e)..................
13
185,329
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		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)
Form 990-PF (2025)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
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
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
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
2a
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? ...........
b
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.
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

TY 2025 AccountingFeesSchedule
Name:
ANNE CANNON TRUST 9243106
EIN:
54-6603260
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
TAX PREPARATION FEE 1,215     1,215

TY 2025 InvestmentsCorpStockSchedule
Name:
ANNE CANNON TRUST 9243106
EIN:
54-6603260
Name of Stock End of Year Book Value End of Year Fair Market Value
172908105 CINTAS CORP    
437076102 HOME DEPOT INC    
460690100 INTERPUBLIC GROUP CO    
512807108 LAM RESEARCH CORP    
532457108 ELI LILLY & CO    
594918104 MICROSOFT CORP 3,874 40,624
617446448 MORGAN STANLEY    
620076307 MOTOROLA SOLUTIONS I    
742718109 PROCTER & GAMBLE CO    
863667101 STRYKER CORP    
874039100 TAIWAN SEMICONDUCTOR    
879360105 TELEDYNE TECHNOLOGIE    
74762E102 QUANTA SVCS INC    
00287Y109 ABBVIE INC    
02079K305 ALPHABET INC/CA-CL A    
09247X101 BLACKROCK INC    
11135F101 BROADCOM INC    
12514G108 CDW CORP/DE    
20030N101 COMCAST CORPORATION    
22160K105 COSTCO WHOLESALE COR    
30303M102 META PLATFORMS INC 8,405 31,684
46625H100 JPMORGAN CHASE & CO    
58933Y105 MERCK & CO INC    
78409V104 S&P GLOBAL INC    
91324P102 UNITEDHEALTH GROUP I    
92826C839 VISA INC CLASS A SHA 13,200 26,303
92939U106 WEC ENERGY GROUP INC    
G1151C101 ACCENTURE PLC CLASS    
002824100 ABBOTT LABORATORIES    
023135106 AMAZON COM INC    
030420103 AMERICAN WATER WORKS    
037833100 APPLE INC    
053332102 AUTOZONE INC    
060505104 BANK OF AMERICA CORP 5,864 11,275
09260D107 BLACKSTONE INC    
244199105 DEERE & CO    
30231G102 EXXON MOBIL CORP    
57636Q104 MASTERCARD INC CL A    
718172109 PHILIP MORRIS INTERN    
806857108 SCHLUMBERGER LTD SED    
98978V103 ZOETIS INC    
009158106 AIR PRODUCTS & CHEMI    
166764100 CHEVRON CORPORATION    
35137L105 FOX CORP - CLASS A    
580135101 MCDONALDS CORP    
101137107 BOSTON SCIENTIFIC CO    
126408103 CSX CORP    
127387108 CADENCE DESIGN SYSTE    
150870103 CELANESE CORP    
438516106 HONEYWELL INTL INC    
452308109 ILLINOIS TOOL WORKS    
713448108 PEPSICO INC    
81762P102 SERVICE NOW INC    
872540109 TJX COMPANIES INC NE    
H11356104 BUNGE GLOBAL SA SEDO    
H1467J104 CHUBB LTD SEDOL B3BQ    
I SHARES MSCI EAFE 34,388 76,344
I SHARES RUSSELL 2000 69,620 130,711
ADOBE INC - ADBE    
AMAZON COM INC 11,563 27,698
AGILENT TECHNOLOGIES INC    
ALPHABET INC - GOOGL 1,116 31,613
ALPHABET INC - GOOG 8,722 16,631
AMERICAN INTERNATIONAL GROUP - 6,820 7,443
ANALOG DEVICES INC 8,629 10,034
APPLE INC COM 94 8,156
AUTODESK INC 7,851 7,992
BAKER HUGHES COMPANY    
BERKSHIRE HATHAWAY INC 20,093 21,614
BOOKING HOLDINGS INC 13,743 16,066
BRIGHT HORIZONS FAMILY SOLUT    
CARMAX INC    
CARRIER GLOBAL CORPORATION COM    
DANAHER CORP 8,357 8,241
EDWARDS LIFESCIENCES CORP 10,183 12,020
ELEVANCE HEALTH INC 10,742 9,815
FIRST CTZNS BANCSHARES INC 9,512 10,731
FINSERV    
AEROSPACE - GE 5,734 9,241
ILLUMINA INC 5,636 6,689
INTUIT INC 13,582 13,911
KKR CO INC A 23,657 22,182
KLA CORP COM NEW 5,553 9,721
LOWES CO INC 5,874 5,547
MASTERCARD INC 17,468 25,690
PROGRESSIVE CORP 8,593 7,742
T MOBILE US INC 7,186 6,294
UBER TECHNOLOGIES INC 7,773 7,762
UNITED RENTALS INC COM 12,722 12,949
WORKDAY INC 5,716 5,155
AMER SPORTS INC 6,239 10,832
CANADIAN NATL RAILWAY CO 6,223 5,733
FERGUSON PLC NEW COMMON STOCK 5,648 6,234
NOMAD FOODS LTD 5,318 3,816
SUNCOR ENERGY INC 11,149 12,820
ALIGN TECHNOLOGY INC 7,427 5,778
PNC EQUITY STOCK    
BROWN ADV STRAT EUR EQ INS - B 68,000 70,033
ISHARES CORE MSCI EMERGING MKT 27,942 32,400
CARRIER GLOBAL CORPORATION COM 14,088 11,308
MARVEL TECHNOLOGIES 3,590 4,759
MONDELEZ INTL INC CL A 7,676 6,729
OLD DOMINION FGHT LINE INC 5,667 5,645
SCHWAB CHARLES CORP COM 11,834 13,388
TJX COS INC 4,545 8,602
UNITED HEALTH 16,622 16,506
US FOODS HLDG 5,811 5,574
TAIWAN SEMICONDUCTORS 16,148 33,428

TY 2025 InvestmentsOtherSchedule2
Name:
ANNE CANNON TRUST 9243106
EIN:
54-6603260
Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
230001703 CULLEN INTERNATIONAL      
461418444 WCM FOCUSED INTL GRO      
464287465 ISHARES MSCI EAFE ET      
464287655 ISHARES RUSSELL 2000      
921937603 VANGUARD TOTAL BD MK      
74256W584 PRINCIPAL MIDCAP FUN      
31428Q739 FEDERATED TOTAL RETU      
464287101 ISHARES S&P 100 ETF      
922031711 VANGUARD ULTRA-SHORT      
VOYA INTERMEDIATE BOND I AT COST 175,112 177,347

TY 2025 OtherDecreasesSchedule
Name:
ANNE CANNON TRUST 9243106
EIN:
54-6603260
Description Amount
COST BASIS ADJUSTMENT 7,813


TY 2025 OtherProfessionalFeesSchedule
Name:
ANNE CANNON TRUST 9243106
EIN:
54-6603260
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT FEES-PRIN 1,691 1,691    
INVESTMENT FEES-INCOME 889 889    


TY 2025 TaxesSchedule
Name:
ANNE CANNON TRUST 9243106
EIN:
54-6603260
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FOREIGN TAXES 191 191   0
FEDERAL EXCISE TAX 1,871 0   0
QUARTERLY TAX DEPOSIT 2,200 0   0
FOREIGN TAXES ON QUALIFIED FOR 278 278   0
FOREIGN TAXES ON NONQUALIFIED 58 58   0