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      <PreparerFirmName>
        <BusinessNameLine1Txt>HEAD MAXWELL &amp; MCKENNA PC</BusinessNameLine1Txt>
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      <PreparerUSAddress>
        <AddressLine1Txt>2200 MARKET ST SUITE 401</AddressLine1Txt>
        <CityNm>GALVESTON</CityNm>
        <StateAbbreviationCd>TX</StateAbbreviationCd>
        <ZIPCd>77550</ZIPCd>
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    <Filer>
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      <BusinessName>
        <BusinessNameLine1Txt>AARON FORMAN TRUST</BusinessNameLine1Txt>
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      <BusinessNameControlTxt>AARO</BusinessNameControlTxt>
      <USAddress>
        <AddressLine1Txt>C/O FROST BANK 2201 MARKET 10TH FL</AddressLine1Txt>
        <CityNm>GALVESTON</CityNm>
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        <ZIPCd>77550</ZIPCd>
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      <PersonTitleTxt>TRUSTEE</PersonTitleTxt>
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    <PreparerPersonGrp>
      <PreparerPersonNm>JOHN R MCKENNA JR</PreparerPersonNm>
      <PTIN>P00618649</PTIN>
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    <TaxYr>2016</TaxYr>
    <BuildTS>2021-01-29 14:40:06Z</BuildTS>
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      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>740554</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
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        <DividendsRevAndExpnssAmt>12163</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>12163</DividendsNetInvstIncmAmt>
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        <GrossSalesPriceAmt>80247</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>4767</CapGainNetIncmNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>16930</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>16930</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>8889</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>4528</CompOfcrDirTrstNetInvstIncmAmt>
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        <ContriPaidRevAndExpnssAmt>32336</ContriPaidRevAndExpnssAmt>
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        <ExcessRevenueOverExpensesAmt>-39029</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>11152</NetInvestmentIncomeAmt>
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      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>95</CashBOYAmt>
        <SavAndTempCashInvstBOYAmt>67811</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>104009</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>104009</SavAndTempCashInvstEOYFMVAmt>
        <AcctRcvblBOYAmt>13</AcctRcvblBOYAmt>
        <PrepaidExpensesBOYAmt>640</PrepaidExpensesBOYAmt>
        <PrepaidExpensesEOYAmt>1000</PrepaidExpensesEOYAmt>
        <PrepaidExpensesEOYFMVAmt>1000</PrepaidExpensesEOYFMVAmt>
        <CorporateStockBOYAmt>568645</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc3">493130</CorporateStockEOYAmt>
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        <OtherAssetsEOYFMVAmt referenceDocumentId="RetDoc4">1</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>637205</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>598140</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>740554</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowSFAS117Ind>X</OrgDoesNotFollowSFAS117Ind>
        <RetainedEarningBOYAmt>637205</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>598140</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>637205</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>598140</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>637205</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>598140</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>637205</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-39029</ExcessRevenueOverExpensesAmt>
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        <TotNetAstOrFundBalancesEOYAmt>598140</TotNetAstOrFundBalancesEOYAmt>
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      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>8126.093 SH FROST KEMPNER TREAS&amp;INC</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <SoldDt>2016-12-30</SoldDt>
          <GrossSalesPriceAmt>73430</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>75480</CostOrOtherBasisAmt>
          <GainOrLossAmt>-2050</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-2050</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>4767</CapitalGainNetIncomeAmt>
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        <NetVlNoncharitableAssetsYr1Amt>666446</NetVlNoncharitableAssetsYr1Amt>
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        <DistributionYr2Rt>0.051433</DistributionYr2Rt>
        <AdjustedQlfyDistriYr3Amt>34176</AdjustedQlfyDistriYr3Amt>
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        <DistributionYr3Rt>0.043343</DistributionYr3Rt>
        <NetVlNoncharitableAssetsYr4Amt>693009</NetVlNoncharitableAssetsYr4Amt>
        <AdjustedQlfyDistriYr5Amt>32622</AdjustedQlfyDistriYr5Amt>
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        <AverageDistributionRt>0.048746</AverageDistributionRt>
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        <AdjNetVlNoncharitableAssetsAmt>35683</AdjNetVlNoncharitableAssetsAmt>
        <NetInvestmentIncomePctAmt>112</NetInvestmentIncomePctAmt>
        <AdjNonchrtblNetInvstIncmPctAmt>35795</AdjNonchrtblNetInvstIncmPctAmt>
        <QualifyingDistributionsAmt>37946</QualifyingDistributionsAmt>
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      <ExciseTaxBasedOnInvstIncmGrp>
        <DomesticOrgMeetingSect4940eInd>X</DomesticOrgMeetingSect4940eInd>
        <InvestmentIncomeExciseTaxAmt>112</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>112</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>112</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>1000</EstimatedPlusOvpmtIncmTxAmt>
        <TotalPaymentsAndCreditsAmt>1000</TotalPaymentsAndCreditsAmt>
        <OverpaymentAmt>888</OverpaymentAmt>
        <AppliedToESTaxAmt>120</AppliedToESTaxAmt>
        <RefundAmt>768</RefundAmt>
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        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>TX</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>FROST BANK</IndividualWithBooksNm>
        <PhoneNum>4097707158</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>2201 MARKET ST 10TH FLOOR</AddressLine1Txt>
          <CityNm>GALVESTON</CityNm>
          <StateAbbreviationCd>TX</StateAbbreviationCd>
          <ZIPCd>77550</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UncorrectedPriorActsInd>false</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <UndistrIncmSect4942a2NotAppInd>true</UndistrIncmSect4942a2NotAppInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
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      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <BusinessName>
            <BusinessNameLine1Txt>FROST BANK</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>2201 MARKET STREET 10TH FLOOR</AddressLine1Txt>
            <CityNm>GALVESTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77550</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>000.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>8889</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>ASSISTING NEEDY &amp; WORTHY YOUNG TEXAS RESIDENTS IN SECURING EDUCATION IN TEXAS, SUPPORTING RESEARCH TO BE CONDUCTED IN TEXAS RELATING TO MEDICAL SCIENCES, ASSISTING NEEDY AND WORTHY AGED PERSONS RESIDING IN TEXAS IN SECURING THEIR NEEDS THAT OTHERWISE WOULD NOT BE SUPPLIED THEM EXCEPT BY TAX SUPPORTED INSTITUTIONS OR BY OTHER CHARITIES; AND MAKING GIFTS TO RELIGIOUS INSTITUTIONS IN TEXAS FOR RELIGIOUS PURPOSES</Description1Txt>
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      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
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        <AverageMonthlyCashBalancesAmt>123390</AverageMonthlyCashBalancesAmt>
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        <TaxBasedOnInvestmentIncomeAmt>112</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>112</TotalTaxAmt>
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        <DistributableBeforeDedAmt>36489</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>36489</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>37946</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>37946</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>112</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>37834</AdjustedQualifyingDistriAmt>
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      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>36489</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>32335</UndistributedIncomePYAmt>
        <QualifyingDistributionsAmt>37946</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>32335</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>5611</AppliedToCurrentYearAmt>
        <UndistributedIncomeCYAmt>30878</UndistributedIncomeCYAmt>
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        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HOUSTON HILLEL INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1700 BISSONNET ST</AddressLine1Txt>
            <CityNm>HOUSTON</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>77005</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>STUDENT ASSISTANCE</GrantOrContributionPurposeTxt>
          <Amt>16168</Amt>
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        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TEXAS HILLEL FOUNDATION</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2105 SAN ANTONIO ST</AddressLine1Txt>
            <CityNm>AUSTIN</CityNm>
            <StateAbbreviationCd>TX</StateAbbreviationCd>
            <ZIPCd>78705</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>NONE</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>STUDENT ASSISTANCE</GrantOrContributionPurposeTxt>
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        <TotalGrantOrContriPdDurYrAmt>32336</TotalGrantOrContriPdDurYrAmt>
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        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
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        <Amt>2500</Amt>
        <NetInvestmentIncomeAmt>1250</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1250</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc3">
      <InvestmentsCorporateStockGrp>
        <StockNm>MUTUAL FUNDS</StockNm>
        <EOYBookValueAmt>493130</EOYBookValueAmt>
        <EOYFMVAmt>635544</EOYFMVAmt>
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        <Desc>MINERAL INTEREST</Desc>
        <BOYBookValueAmt>1</BOYBookValueAmt>
        <EOYBookValueAmt>1</EOYBookValueAmt>
        <EOYFMVAmt>1</EOYFMVAmt>
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    <OtherDecreasesSchedule documentId="RetDoc5">
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        <Desc>RECLASS PRIOR YEAR INCOME AS RETURN OF CAPITAL</Desc>
        <Amt>36</Amt>
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        <CategoryTxt>FYE 10/31/16 FORM 990-PF EXCISE</CategoryTxt>
        <Amt>987</Amt>
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      <TaxesDetail>
        <CategoryTxt>FYE 10/31/16 TAX ON UNDISTRIB IN</CategoryTxt>
        <Amt>10981</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FYE 10/31/16 FORM 4720 PENALTY/I</CategoryTxt>
        <Amt>266</Amt>
      </TaxesDetail>
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