# EDGAR Filing Document

**Accession Number:** 0001067532
**File Stem:** 0001140361-25-039557
**Filing Date:** 2025-10
**Character Count:** 17533
**Document Hash:** dbb42311d9ef4bf477c358e8f652d874
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-039557.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001140361-25-039557

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**EFFECTIVENESS DATE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORBES J M & CO LLP
- **CENTRAL INDEX KEY:** 0001067532

**ORGANIZATION NAME:**
- **EIN:** 043213423

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-07240
- **FILM NUMBER:** 251422167

**BUSINESS ADDRESS:**
- **STREET 1:** 121 MOUNT VERNON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02108
- **BUSINESS PHONE:** 6174235705

**MAIL ADDRESS:**
- **STREET 1:** 121 MOUNT VERNON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02108

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FORBES J M & CO
- **DATE OF NAME CHANGE:** 20060117

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FORBES J M & CO/MA
- **DATE OF NAME CHANGE:** 19990325

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** FORBES J M  CO LLP<br>**Address:** 121 Mount Vernon Street<br>Boston, MA 02108

**Form 13F File Number:** 028-07240

**CRD Number (if applicable):** 000107422

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Paul M. Kendrigan<br>**Title:** Chief Compliance Officer<br>**Phone:** 617-423-5705

**Signature, Place, and Date of Signing:**

/s/ Paul M. Kendrigan  Boston, MA  10-28-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 143

**Form 13F Information Table Value Total:** $1203321514

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579y101 |  | 471747 | 3040 | SH |  | SOLE |  | 3040 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 18618330 | 139005 | SH |  | SOLE |  | 139005 | 0 | 0 |
| ABBVIE INC | COM | 00287y109 |  | 3157048 | 13635 | SH |  | SOLE |  | 13635 | 0 | 0 |
| ACCENTURE PLC CL A | COM | g1151c101 |  | 921791 | 3738 | SH |  | SOLE |  | 3738 | 0 | 0 |
| ADOBE INC | COM | 00724f101 |  | 2518988 | 7141 | SH |  | SOLE |  | 7141 | 0 | 0 |
| AIR PRODUCTS  CHEMICALS INC | COM | 009158106 |  | 850886 | 3120 | SH |  | SOLE |  | 3120 | 0 | 0 |
| ALPHABET INC CL A | COM | 02079k305 |  | 55464724 | 228156 | SH |  | SOLE |  | 228156 | 0 | 0 |
| ALPHABET INC CL C | COM | 02079k107 |  | 3907273 | 16043 | SH |  | SOLE |  | 16043 | 0 | 0 |
| AMAZON.COM INC | COM | 023135106 |  | 41430005 | 188687 | SH |  | SOLE |  | 188687 | 0 | 0 |
| AMERICAN TOWER CORP REIT | COM | 03027x100 |  | 216937 | 1128 | SH |  | SOLE |  | 1128 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 858967 | 3496 | SH |  | SOLE |  | 3496 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 62789721 | 246592 | SH |  | SOLE |  | 246592 | 0 | 0 |
| ARISTA NETWORKS INC | COM | 040413205 |  | 10361584 | 71111 | SH |  | SOLE |  | 71111 | 0 | 0 |
| AUTOMATIC DATA PROCESSING INC | COM | 053015103 |  | 2708418 | 9228 | SH |  | SOLE |  | 9228 | 0 | 0 |
| AXSOME THERAPEUTICS INC | COM | 05464t104 |  | 449851 | 3704 | SH |  | SOLE |  | 3704 | 0 | 0 |
| BANK OF AMERICA CORP | COM | 060505104 |  | 23675476 | 458916 | SH |  | SOLE |  | 458916 | 0 | 0 |
| BANK OF NOVA SCOTIA HALIFAX | COM | 064149107 |  | 387900 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| BECTON DICKINSON | COM | 075887109 |  | 6724457 | 35927 | SH |  | SOLE |  | 35927 | 0 | 0 |
| BERKSHIRE HATHAWAY INC CL A | COM | 084670108 |  | 754200 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| BERKSHIRE HATHAWAY INC-CL B | COM | 084670702 |  | 6220402 | 12373 | SH |  | SOLE |  | 12373 | 0 | 0 |
| BIOGEN INC | COM | 09062x103 |  | 261810 | 1869 | SH |  | SOLE |  | 1869 | 0 | 0 |
| BLACKSTONE INC | COM | 09260d107 |  | 702023 | 4109 | SH |  | SOLE |  | 4109 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 525762 | 2436 | SH |  | SOLE |  | 2436 | 0 | 0 |
| BRISTOL MYERS SQUIBB CO | COM | 110122108 |  | 428044 | 9491 | SH |  | SOLE |  | 9491 | 0 | 0 |
| BROADCOM INC | COM | 11135f101 |  | 38843273 | 117739 | SH |  | SOLE |  | 117739 | 0 | 0 |
| CANADIAN NATIONAL RAILWAY CO | COM | 136375102 |  | 291953 | 3096 | SH |  | SOLE |  | 3096 | 0 | 0 |
| CARRIER GLOBAL CORP | COM | 14448c104 |  | 361364 | 6053 | SH |  | SOLE |  | 6053 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 609321 | 1277 | SH |  | SOLE |  | 1277 | 0 | 0 |
| CHARLES SCHWAB CORP | COM | 808513105 |  | 1079002 | 11302 | SH |  | SOLE |  | 11302 | 0 | 0 |
| CHECK POINT SOFTWARE TECH LTD | COM | m22465104 |  | 207945 | 1005 | SH |  | SOLE |  | 1005 | 0 | 0 |
| CHEVRON CORPORATION | COM | 166764100 |  | 1038424 | 6687 | SH |  | SOLE |  | 6687 | 0 | 0 |
| CHURCH  DWIGHT INC | COM | 171340102 |  | 607276 | 6930 | SH |  | SOLE |  | 6930 | 0 | 0 |
| CINCINNATI FINANCIAL CORP | COM | 172062101 |  | 315568 | 1996 | SH |  | SOLE |  | 1996 | 0 | 0 |
| CISCO SYSTEMS INC | COM | 17275r102 |  | 8256857 | 120679 | SH |  | SOLE |  | 120679 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 16364924 | 246757 | SH |  | SOLE |  | 246757 | 0 | 0 |
| COMCAST CORP CL A | COM | 20030n101 |  | 519938 | 16548 | SH |  | SOLE |  | 16548 | 0 | 0 |
| COMM SERV SELECT SECTOR SPDR | COM | 81369y852 |  | 7525491 | 63576 | SH |  | SOLE |  | 63576 | 0 | 0 |
| CONSUMER DISCRETIONARY SELECT | COM | 81369y407 |  | 10191170 | 42527 | SH |  | SOLE |  | 42527 | 0 | 0 |
| CORTEVA INC | COM | 22052l104 |  | 345589 | 5110 | SH |  | SOLE |  | 5110 | 0 | 0 |
| COSTCO WHOLESALE CORP | COM | 22160k105 |  | 2252983 | 2434 | SH |  | SOLE |  | 2434 | 0 | 0 |
| DANAHER CORP | COM | 235851102 |  | 355282 | 1792 | SH |  | SOLE |  | 1792 | 0 | 0 |
| DISNEY WALT CO NEW | COM | 254687106 |  | 1167442 | 10196 | SH |  | SOLE |  | 10196 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614n102 |  | 388799 | 4991 | SH |  | SOLE |  | 4991 | 0 | 0 |
| EATON CORP PLC | COM | g29183103 |  | 14888039 | 39781 | SH |  | SOLE |  | 39781 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 9225522 | 33687 | SH |  | SOLE |  | 33687 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176e108 |  | 257885 | 3316 | SH |  | SOLE |  | 3316 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 1585966 | 12090 | SH |  | SOLE |  | 12090 | 0 | 0 |
| ENERGY SELECT SECTOR SPDR | COM | 81369y506 |  | 33897025 | 379416 | SH |  | SOLE |  | 379416 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS LP | COM | 293792107 |  | 265795 | 8500 | SH |  | SOLE |  | 8500 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231g102 |  | 5057176 | 44853 | SH |  | SOLE |  | 44853 | 0 | 0 |
| FINANCIAL SELECT SECTOR SPDR | COM | 81369y605 |  | 14483165 | 268854 | SH |  | SOLE |  | 268854 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 577993 | 4483 | SH |  | SOLE |  | 4483 | 0 | 0 |
| GE AEROSPACE | COM | 369604301 |  | 480109 | 1596 | SH |  | SOLE |  | 1596 | 0 | 0 |
| GENUINE PARTS CO | COM | 372460105 |  | 397089 | 2865 | SH |  | SOLE |  | 2865 | 0 | 0 |
| GINKGO BIOWORKS HOLDINGS INC CL A | COM | 37611x209 |  | 15459772 | 1060341 | SH |  | SOLE |  | 1060341 | 0 | 0 |
| HEALTH CARE SELECT SECTOR | COM | 81369y209 |  | 7538700 | 54169 | SH |  | SOLE |  | 54169 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 10166217 | 25090 | SH |  | SOLE |  | 25090 | 0 | 0 |
| HONEYWELL INTERNATIONAL INC | COM | 438516106 |  | 12185003 | 57886 | SH |  | SOLE |  | 57886 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 626085 | 2401 | SH |  | SOLE |  | 2401 | 0 | 0 |
| INDUSTRIAL SELECT SECTOR SPDR | COM | 81369y704 |  | 12664905 | 82117 | SH |  | SOLE |  | 82117 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 903703 | 26936 | SH |  | SOLE |  | 26936 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE INC | COM | 45866f104 |  | 13570222 | 80545 | SH |  | SOLE |  | 80545 | 0 | 0 |
| INTL. BUSINESS MACHINES CORP | COM | 459200101 |  | 19917674 | 70590 | SH |  | SOLE |  | 70590 | 0 | 0 |
| INTUIT INC | COM | 461202103 |  | 1116558 | 1635 | SH |  | SOLE |  | 1635 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM | 46120e602 |  | 501792 | 1122 | SH |  | SOLE |  | 1122 | 0 | 0 |
| INVESCO QQQ TRUST SERIES 1 | COM | 46090e103 |  | 224538 | 374 | SH |  | SOLE |  | 374 | 0 | 0 |
| ISHARES 7-10 YEAR TREASURY B | COM | 464287440 |  | 263529 | 2732 | SH |  | SOLE |  | 2732 | 0 | 0 |
| ISHARES BIOTECHNOLOGY ETF | COM | 464287556 |  | 6239238 | 43217 | SH |  | SOLE |  | 43217 | 0 | 0 |
| ISHARES CORE INTL STOCK ETF | COM | 46432f834 |  | 9927850 | 120221 | SH |  | SOLE |  | 120221 | 0 | 0 |
| ISHARES CORE S 500 ETF | COM | 464287200 |  | 1790377 | 2675 | SH |  | SOLE |  | 2675 | 0 | 0 |
| ISHARES CORE S MID-CAP ETF | COM | 464287507 |  | 13962834 | 213957 | SH |  | SOLE |  | 213957 | 0 | 0 |
| ISHARES CORE S TOTAL U.S. | COM | 464287150 |  | 8295059 | 56952 | SH |  | SOLE |  | 56952 | 0 | 0 |
| ISHARES ESG MSCI KLD 400 ETF | COM | 464288570 |  | 3541084 | 28115 | SH |  | SOLE |  | 28115 | 0 | 0 |
| ISHARES GOLD TRUST | COM | 464285204 |  | 85680708 | 1177418 | SH |  | SOLE |  | 1177418 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 21503528 | 115972 | SH |  | SOLE |  | 115972 | 0 | 0 |
| JP MORGAN CHASE  CO | COM | 46625h100 |  | 30819719 | 97707 | SH |  | SOLE |  | 97707 | 0 | 0 |
| JPMORGAN ULTRA-SHORT INCOME ETF | COM | 46641q837 |  | 496697 | 9791 | SH |  | SOLE |  | 9791 | 0 | 0 |
| LAM RESEARCH CORPORATION | COM | 512807306 |  | 200314 | 1496 | SH |  | SOLE |  | 1496 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 8937782 | 11714 | SH |  | SOLE |  | 11714 | 0 | 0 |
| LINDE PLC | COM | g54950103 |  | 18233350 | 38386 | SH |  | SOLE |  | 38386 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 212164 | 425 | SH |  | SOLE |  | 425 | 0 | 0 |
| MASTERCARD INC CL A | COM | 57636q104 |  | 2090946 | 3676 | SH |  | SOLE |  | 3676 | 0 | 0 |
| MATERIALS SELECT SECTOR SPDR TRUST | COM | 81369y100 |  | 1013154 | 11305 | SH |  | SOLE |  | 11305 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 2219916 | 7305 | SH |  | SOLE |  | 7305 | 0 | 0 |
| MERCK  CO INC | COM | 58933y105 |  | 14221687 | 169447 | SH |  | SOLE |  | 169447 | 0 | 0 |
| META PLATFORMS INC CL A | COM | 30303m102 |  | 8247822 | 11231 | SH |  | SOLE |  | 11231 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 81352853 | 157067 | SH |  | SOLE |  | 157067 | 0 | 0 |
| NESTLE SA SPONS ADR | COM | 641069406 |  | 609628 | 6643 | SH |  | SOLE |  | 6643 | 0 | 0 |
| NETFLIX INC | COM | 64110l106 |  | 393246 | 328 | SH |  | SOLE |  | 328 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339f101 |  | 16364194 | 216773 | SH |  | SOLE |  | 216773 | 0 | 0 |
| NIKE INC-CLASS B | COM | 654106103 |  | 540756 | 7755 | SH |  | SOLE |  | 7755 | 0 | 0 |
| NUVECTIS PHARMA INC | COM | 67080t108 |  | 355180 | 59000 | SH |  | SOLE |  | 59000 | 0 | 0 |
| NVIDIA CORP | COM | 67066g104 |  | 76369806 | 409314 | SH |  | SOLE |  | 409314 | 0 | 0 |
| ORACLE CORPORATION | COM | 68389x105 |  | 878594 | 3124 | SH |  | SOLE |  | 3124 | 0 | 0 |
| O'REILLY AUTOMOTIVE INC | COM | 67103h107 |  | 7918644 | 73450 | SH |  | SOLE |  | 73450 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902v107 |  | 256918 | 2810 | SH |  | SOLE |  | 2810 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 261924 | 2664 | SH |  | SOLE |  | 2664 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 7759551 | 38108 | SH |  | SOLE |  | 38108 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 365576 | 2884 | SH |  | SOLE |  | 2884 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 12792399 | 91088 | SH |  | SOLE |  | 91088 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 456372 | 17911 | SH |  | SOLE |  | 17911 | 0 | 0 |
| PNC FINANCIAL SERVICES GROUP | COM | 693475105 |  | 593748 | 2955 | SH |  | SOLE |  | 2955 | 0 | 0 |
| POWER CORP OF CANADA | COM | 739239101 |  | 277253 | 6409 | SH |  | SOLE |  | 6409 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 18237333 | 118694 | SH |  | SOLE |  | 118694 | 0 | 0 |
| PROGRESS SOFTWARE CORP | COM | 743312100 |  | 312782 | 7120 | SH |  | SOLE |  | 7120 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 12102773 | 49009 | SH |  | SOLE |  | 49009 | 0 | 0 |
| PROLOGIS INC REIT | COM | 74340w103 |  | 6885286 | 60123 | SH |  | SOLE |  | 60123 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 281148 | 1690 | SH |  | SOLE |  | 1690 | 0 | 0 |
| REAL ESTATE SELECT SECT SPDR | COM | 81369y860 |  | 3155706 | 74904 | SH |  | SOLE |  | 74904 | 0 | 0 |
| RIO TINTO PLC SPONS ADR | COM | 767204100 |  | 6313526 | 95645 | SH |  | SOLE |  | 95645 | 0 | 0 |
| ROYAL BANK OF CANADA | COM | 780087102 |  | 824992 | 5600 | SH |  | SOLE |  | 5600 | 0 | 0 |
| RTX CORPORATION | COM | 75513e101 |  | 1272879 | 7607 | SH |  | SOLE |  | 7607 | 0 | 0 |
| S GLOBAL INC | COM | 78409v104 |  | 305167 | 627 | SH |  | SOLE |  | 627 | 0 | 0 |
| SALESFORCE INC | COM | 79466l302 |  | 8951490 | 37770 | SH |  | SOLE |  | 37770 | 0 | 0 |
| SERVICENOW INC | COM | 81762p102 |  | 10067863 | 10940 | SH |  | SOLE |  | 10940 | 0 | 0 |
| SOUTHERN COMPANY | COM | 842587107 |  | 235788 | 2488 | SH |  | SOLE |  | 2488 | 0 | 0 |
| SPDR GOLD MINISHARES TRUST ETF | COM | 98149e303 |  | 2194956 | 28711 | SH |  | SOLE |  | 28711 | 0 | 0 |
| SPDR GOLD TRUST | COM | 78463v107 |  | 1921671 | 5406 | SH |  | SOLE |  | 5406 | 0 | 0 |
| SPDR PORTFOLIO EMERGING MARKETS ETF | COM | 78463x509 |  | 13206880 | 282138 | SH |  | SOLE |  | 282138 | 0 | 0 |
| SPDR S 500 ETF TRUST | COM | 78462f103 |  | 543603 | 816 | SH |  | SOLE |  | 816 | 0 | 0 |
| SPDR S MIDCAP 400 ETF TRUST | COM | 78467y107 |  | 201458 | 338 | SH |  | SOLE |  | 338 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 329009 | 3889 | SH |  | SOLE |  | 3889 | 0 | 0 |
| STATE STREET CORP | COM | 857477103 |  | 495247 | 4269 | SH |  | SOLE |  | 4269 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 1066128 | 2884 | SH |  | SOLE |  | 2884 | 0 | 0 |
| TARGET CORP | COM | 87612e106 |  | 221738 | 2472 | SH |  | SOLE |  | 2472 | 0 | 0 |
| TECHNOLOGY SELECT SECT SPDR | COM | 81369y803 |  | 24634282 | 87399 | SH |  | SOLE |  | 87399 | 0 | 0 |
| TESLA INC | COM | 88160r101 |  | 5965919 | 13415 | SH |  | SOLE |  | 13415 | 0 | 0 |
| TJX COS INC | COM | 872540109 |  | 17931199 | 124057 | SH |  | SOLE |  | 124057 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 13120899 | 55510 | SH |  | SOLE |  | 55510 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 276851 | 290 | SH |  | SOLE |  | 290 | 0 | 0 |
| US BANCORP NEW | COM | 902973304 |  | 552799 | 11438 | SH |  | SOLE |  | 11438 | 0 | 0 |
| UTILITIES SELECT SECTOR SPDR | COM | 81369y886 |  | 3722908 | 42689 | SH |  | SOLE |  | 42689 | 0 | 0 |
| VANGUARD DIVIDEND APPREC ETF | COM | 921908844 |  | 18935788 | 87751 | SH |  | SOLE |  | 87751 | 0 | 0 |
| VERIZON COMMUNICATIONS | COM | 92343v104 |  | 8830302 | 200917 | SH |  | SOLE |  | 200917 | 0 | 0 |
| VISA INC CL A | COM | 92826c839 |  | 22688798 | 66462 | SH |  | SOLE |  | 66462 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 19007356 | 184430 | SH |  | SOLE |  | 184430 | 0 | 0 |
| WEYERHAEUSER CO REIT | COM | 962166104 |  | 383005 | 15450 | SH |  | SOLE |  | 15450 | 0 | 0 |
| XYLEM INC | COM | 98419m100 |  | 12628360 | 85616 | SH |  | SOLE |  | 85616 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 |  | 499320 | 3285 | SH |  | SOLE |  | 3285 | 0 | 0 |
| ZOETIS INC | COM | 98978v103 |  | 8062964 | 55105 | SH |  | SOLE |  | 55105 | 0 | 0 |
| AUTOMATIC DATA PROCESSING INC | COM | 053015103 |  | 29350 | 100 | SH |  | DFND |  | 100 | 0 | 0 |
| ISHARES CORE S 500 ETF | COM | 464287200 |  | 301185 | 450 | SH |  | DFND |  | 450 | 0 | 0 |
| ZOETIS INC | COM | 98978v103 |  | 58528 | 400 | SH |  | DFND |  | 400 | 0 | 0 |

---