# EDGAR Filing Document

**Accession Number:** 0001596077
**File Stem:** 0001596077-25-000007
**Filing Date:** 2025-10
**Character Count:** 16891
**Document Hash:** 7060205350f4eedc807ff4d99088af01
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001596077-25-000007.hdr.sgml**: 20251006

**ACCESSION NUMBER**: 0001596077-25-000007

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251006

**DATE AS OF CHANGE**: 20251006

**EFFECTIVENESS DATE**: 20251006

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** New England Research & Management, Inc.
- **CENTRAL INDEX KEY:** 0001596077

**ORGANIZATION NAME:**
- **EIN:** 042650557
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15671
- **FILM NUMBER:** 251376094

**BUSINESS ADDRESS:**
- **STREET 1:** 53 W. JACKSON BLVD.
- **STREET 2:** SUITE 603
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60604
- **BUSINESS PHONE:** 3122121704

**MAIL ADDRESS:**
- **STREET 1:** 53 W. JACKSON BLVD.
- **STREET 2:** SUITE 603
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60604

### 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:** New England Research  Management Inc.<br>**Address:** 53 W. JACKSON BLVD.<br>SUITE 603<br>CHICAGO, IL 60604

**Form 13F File Number:** 028-15671

**CRD Number (if applicable):** 000110739

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:** Sara Freer<br>**Title:** Chief Communications Officer<br>**Phone:** 3122121704

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

Sara Freer  Chicago, IL  10-06-2025<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:** 146

**Form 13F Information Table Value Total:** $217707783

      (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 Corp. | CS | 88579Y101 |  | 519853 | 3350 | SH |  | SOLE |  | 3350 | 0 | 0 |
| AAR Corp. | CS | 000361105 |  | 822722 | 9175 | SH |  | SOLE |  | 9175 | 0 | 0 |
| APA Corporation | CS | 03743q108 |  | 379399 | 15626 | SH |  | SOLE |  | 15626 | 0 | 0 |
| AbbVie Inc. | CS | 00287y109 |  | 4584724 | 19801 | SH |  | SOLE |  | 19801 | 0 | 0 |
| Abbott Labs | CS | 002824100 |  | 1384136 | 10334 | SH |  | SOLE |  | 10334 | 0 | 0 |
| Advanced Micro Devices | CS | 007903107 |  | 351893 | 2175 | SH |  | SOLE |  | 2175 | 0 | 0 |
| Agilent | CS | 00846u101 |  | 1124859 | 8764 | SH |  | SOLE |  | 8764 | 0 | 0 |
| Air Prod. Chem. | CS | 009158106 |  | 484078 | 1775 | SH |  | SOLE |  | 1775 | 0 | 0 |
| Airbnb Inc. | CS | 009066101 |  | 1505608 | 12400 | SH |  | SOLE |  | 12400 | 0 | 0 |
| AllianceBernstein Holdings | CS | 01881G106 |  | 378378 | 9900 | SH |  | SOLE |  | 9900 | 0 | 0 |
| Alliant Energy | CS | 018802108 |  | 205601 | 3050 | SH |  | SOLE |  | 3050 | 0 | 0 |
| Allstate | CS | 020002101 |  | 429300 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| Alphabet Inc Class A | CS | 02079k305 |  | 9691911 | 39868 | SH |  | SOLE |  | 39868 | 0 | 0 |
| Alphabet Inc Class C | CS | 02079k107 |  | 2525857 | 10371 | SH |  | SOLE |  | 10371 | 0 | 0 |
| Amazon Inc. | CS | 023135106 |  | 5644925 | 25709 | SH |  | SOLE |  | 25709 | 0 | 0 |
| American Tower Corp | CS | 03027x100 |  | 605808 | 3150 | SH |  | SOLE |  | 3150 | 0 | 0 |
| American Water Works | CS | 030420103 |  | 1910383 | 13725 | SH |  | SOLE |  | 13725 | 0 | 0 |
| Amgen | CS | 031162100 |  | 1402534 | 4970 | SH |  | SOLE |  | 4970 | 0 | 0 |
| Apollo Global Management | CS | 03769m106 |  | 1905761 | 14300 | SH |  | SOLE |  | 14300 | 0 | 0 |
| Apple Computer | CS | 037833100 |  | 9548880 | 37501 | SH |  | SOLE |  | 37501 | 0 | 0 |
| Arrow Electronics | CS | 042735100 |  | 1458050 | 12050 | SH |  | SOLE |  | 12050 | 0 | 0 |
| Astrazeneca | CS | 046353108 |  | 513794 | 6697 | SH |  | SOLE |  | 6697 | 0 | 0 |
| Berkshire Hathaway B | CS | 084670702 |  | 3956564 | 7870 | SH |  | SOLE |  | 7870 | 0 | 0 |
| Blackstone Inc | CS | 09260d107 |  | 228085 | 1335 | SH |  | SOLE |  | 1335 | 0 | 0 |
| Boston Scientific | CS | 101137107 |  | 891167 | 9128 | SH |  | SOLE |  | 9128 | 0 | 0 |
| Bristol Myers Squibb | CS | 110122108 |  | 1202411 | 26661 | SH |  | SOLE |  | 26661 | 0 | 0 |
| Broadcom | CS | 11135F101 |  | 3178683 | 9635 | SH |  | SOLE |  | 9635 | 0 | 0 |
| CME Group | CS | 12572q105 |  | 337738 | 1250 | SH |  | SOLE |  | 1250 | 0 | 0 |
| CRH Plc. | CS | 12626k203 |  | 614488 | 5125 | SH |  | SOLE |  | 5125 | 0 | 0 |
| CSX Corp | CS | 126408103 |  | 4243800 | 119510 | SH |  | SOLE |  | 119510 | 0 | 0 |
| Canadian Natl Rail | CS | 136375102 |  | 245180 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| Canadian Pacific Kansas City L | CS | 13646k108 |  | 1397060 | 18755 | SH |  | SOLE |  | 18755 | 0 | 0 |
| Capital One Finl. | CS | 14040H105 |  | 1472117 | 6925 | SH |  | SOLE |  | 6925 | 0 | 0 |
| Carnival Corp.-Cl A | CS | 143658300 |  | 618674 | 21400 | SH |  | SOLE |  | 21400 | 0 | 0 |
| Carrier Global | CS | 14448c104 |  | 2958135 | 49550 | SH |  | SOLE |  | 49550 | 0 | 0 |
| Celsius Holdings | CS | 15118v207 |  | 370811 | 6450 | SH |  | SOLE |  | 6450 | 0 | 0 |
| Centrus Energy Corp | CS | 15643u104 |  | 689906 | 2225 | SH |  | SOLE |  | 2225 | 0 | 0 |
| Chubb | CS | h1467j104 |  | 1714669 | 6075 | SH |  | SOLE |  | 6075 | 0 | 0 |
| Church and Dwight | CS | 171340102 |  | 4679442 | 53400 | SH |  | SOLE |  | 53400 | 0 | 0 |
| Cisco Systems | CS | 17275R102 |  | 597991 | 8740 | SH |  | SOLE |  | 8740 | 0 | 0 |
| Citizens Financial Group | CS | 174610105 |  | 1176803 | 22137 | SH |  | SOLE |  | 22137 | 0 | 0 |
| Clearway Energy | CS | 18539c204 |  | 649750 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| Coca-Cola | CS | 191216100 |  | 1515943 | 22858 | SH |  | SOLE |  | 22858 | 0 | 0 |
| Coinbase Global Inc. | CS | 19260Q107 |  | 379676 | 1125 | SH |  | SOLE |  | 1125 | 0 | 0 |
| Colgate-Palmolive | CS | 194162103 |  | 662543 | 8288 | SH |  | SOLE |  | 8288 | 0 | 0 |
| Compass Inc | CS | 20464u100 |  | 80541 | 10030 | SH |  | SOLE |  | 10030 | 0 | 0 |
| Costco Wholesale | CS | 22160K105 |  | 245292 | 265 | SH |  | SOLE |  | 265 | 0 | 0 |
| Cullen/Frost Bankers | CS | 229899109 |  | 228186 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| DR Horton | CS | 23331A109 |  | 1453205 | 8575 | SH |  | SOLE |  | 8575 | 0 | 0 |
| Danaher | CS | 235851102 |  | 400485 | 2020 | SH |  | SOLE |  | 2020 | 0 | 0 |
| Darden Restaurants | CS | 237194105 |  | 302863 | 1591 | SH |  | SOLE |  | 1591 | 0 | 0 |
| Datadog Inc. | CS | 23804L103 |  | 220720 | 1550 | SH |  | SOLE |  | 1550 | 0 | 0 |
| Dell Inc. | CS | 24702R101 |  | 2564052 | 18086 | SH |  | SOLE |  | 18086 | 0 | 0 |
| Diamondback Energy Inc | CS | 25278x109 |  | 719078 | 5025 | SH |  | SOLE |  | 5025 | 0 | 0 |
| Dynatrace Inc. | CS | 268150109 |  | 267686 | 5525 | SH |  | SOLE |  | 5525 | 0 | 0 |
| EOG Resources | CS | 26875p101 |  | 339163 | 3025 | SH |  | SOLE |  | 3025 | 0 | 0 |
| Eaton | CS | g29183103 |  | 3534417 | 9444 | SH |  | SOLE |  | 9444 | 0 | 0 |
| Eli Lilly | CS | 532457108 |  | 1862483 | 2441 | SH |  | SOLE |  | 2441 | 0 | 0 |
| Emerson Electric | CS | 291011104 |  | 617595 | 4708 | SH |  | SOLE |  | 4708 | 0 | 0 |
| Estee Lauder | CS | 518439104 |  | 231756 | 2630 | SH |  | SOLE |  | 2630 | 0 | 0 |
| Exxon Mobil | CS | 30231G102 |  | 2238313 | 19852 | SH |  | SOLE |  | 19852 | 0 | 0 |
| First American Financial | CS | 31847r102 |  | 260172 | 4050 | SH |  | SOLE |  | 4050 | 0 | 0 |
| Fortinet | CS | 34959e109 |  | 689876 | 8205 | SH |  | SOLE |  | 8205 | 0 | 0 |
| Freeport McMoran | CS | 35671D857 |  | 619676 | 15800 | SH |  | SOLE |  | 15800 | 0 | 0 |
| GE Aerospace | CS | 369604301 |  | 1270062 | 4222 | SH |  | SOLE |  | 4222 | 0 | 0 |
| GE Vernova Inc. | CS | 36828A101 |  | 2404259 | 3910 | SH |  | SOLE |  | 3910 | 0 | 0 |
| General Mills | CS | 370334104 |  | 373108 | 7400 | SH |  | SOLE |  | 7400 | 0 | 0 |
| Goldman Sachs | CS | 38141G104 |  | 1195321 | 1501 | SH |  | SOLE |  | 1501 | 0 | 0 |
| Heico Corp | CS | 422806109 |  | 395455 | 1225 | SH |  | SOLE |  | 1225 | 0 | 0 |
| Hershey Foods | CS | 427866108 |  | 266546 | 1425 | SH |  | SOLE |  | 1425 | 0 | 0 |
| Home Depot | CS | 437076102 |  | 1586724 | 3916 | SH |  | SOLE |  | 3916 | 0 | 0 |
| Honeywell Int'l. | CS | 438516106 |  | 287964 | 1368 | SH |  | SOLE |  | 1368 | 0 | 0 |
| Hyatt Hotels Corp | CS | 448579102 |  | 3314207 | 23351 | SH |  | SOLE |  | 23351 | 0 | 0 |
| Independent Bank | CS | 453836108 |  | 938291 | 13565 | SH |  | SOLE |  | 13565 | 0 | 0 |
| Ingersoll-Rand | CS | 45687V106 |  | 1295812 | 15684 | SH |  | SOLE |  | 15684 | 0 | 0 |
| Installed Building Products In | CS | 45780r101 |  | 610484 | 2475 | SH |  | SOLE |  | 2475 | 0 | 0 |
| Int'l Bus. Mach. | CS | 459200101 |  | 3007826 | 10660 | SH |  | SOLE |  | 10660 | 0 | 0 |
| Interactive Brokers Group | CS | 45841n107 |  | 378455 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| Intuit Inc. | CS | 461202103 |  | 392673 | 575 | SH |  | SOLE |  | 575 | 0 | 0 |
| Invitation Homes Inc. | CS | 46187w107 |  | 1601829 | 54614 | SH |  | SOLE |  | 54614 | 0 | 0 |
| J.P. Morgan Chase | CS | 46625H100 |  | 343503 | 1089 | SH |  | SOLE |  | 1089 | 0 | 0 |
| Johnson  Johnson | CS | 478160104 |  | 5449123 | 29388 | SH |  | SOLE |  | 29388 | 0 | 0 |
| Kellanova | CS | 487836108 |  | 271486 | 3310 | SH |  | SOLE |  | 3310 | 0 | 0 |
| Kimberly Clark | CS | 494368103 |  | 1237059 | 9949 | SH |  | SOLE |  | 9949 | 0 | 0 |
| L3Harris Technologies | CS | 502431109 |  | 549738 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| Lennar | CS | 526057104 |  | 2737589 | 21720 | SH |  | SOLE |  | 21720 | 0 | 0 |
| Lennox International Inc. | CS | 526107107 |  | 1610313 | 3042 | SH |  | SOLE |  | 3042 | 0 | 0 |
| Linde PLC | CS | g54950103 |  | 978500 | 2060 | SH |  | SOLE |  | 2060 | 0 | 0 |
| Lululemon Athletica | CS | 550021109 |  | 1770404 | 9950 | SH |  | SOLE |  | 9950 | 0 | 0 |
| Mastercard Inc | CS | 57636q104 |  | 969821 | 1705 | SH |  | SOLE |  | 1705 | 0 | 0 |
| McDonald's | CS | 580135101 |  | 1567769 | 5159 | SH |  | SOLE |  | 5159 | 0 | 0 |
| Medtronic PLC | CS | g5960l103 |  | 579821 | 6088 | SH |  | SOLE |  | 6088 | 0 | 0 |
| Merck | CS | 58933y105 |  | 1812552 | 21596 | SH |  | SOLE |  | 21596 | 0 | 0 |
| MetLife | CS | 59156R108 |  | 203866 | 2475 | SH |  | SOLE |  | 2475 | 0 | 0 |
| Meta Platforms Inc. | CS | 30303m102 |  | 3771041 | 5135 | SH |  | SOLE |  | 5135 | 0 | 0 |
| Microsoft | CS | 594918104 |  | 6541709 | 12630 | SH |  | SOLE |  | 12630 | 0 | 0 |
| Moelis  Co | CS | 60786m105 |  | 386911 | 5425 | SH |  | SOLE |  | 5425 | 0 | 0 |
| Mondelez International | CS | 609207105 |  | 1433562 | 22948 | SH |  | SOLE |  | 22948 | 0 | 0 |
| Morgan Stanley | CS | 617446448 |  | 2428114 | 15275 | SH |  | SOLE |  | 15275 | 0 | 0 |
| Natera Inc. | CS | 632307104 |  | 1002038 | 6225 | SH |  | SOLE |  | 6225 | 0 | 0 |
| Netflix | CS | 64110l106 |  | 1991406 | 1661 | SH |  | SOLE |  | 1661 | 0 | 0 |
| NextEra Energy Inc. | CS | 65339f101 |  | 2080202 | 27556 | SH |  | SOLE |  | 27556 | 0 | 0 |
| Nike Inc Class B | CS | 654106103 |  | 1216789 | 17450 | SH |  | SOLE |  | 17450 | 0 | 0 |
| Norwegian Cruise Line Holdings | CS | G66721104 |  | 882986 | 35850 | SH |  | SOLE |  | 35850 | 0 | 0 |
| Nvidia | CS | 67066G104 |  | 1348600 | 7228 | SH |  | SOLE |  | 7228 | 0 | 0 |
| Otis Worldwide | CS | 68902v107 |  | 1332592 | 14575 | SH |  | SOLE |  | 14575 | 0 | 0 |
| Palo Alto Networks | CS | 697435105 |  | 2213349 | 10870 | SH |  | SOLE |  | 10870 | 0 | 0 |
| Patrick Industries | CS | 703343103 |  | 577760 | 5586 | SH |  | SOLE |  | 5586 | 0 | 0 |
| Pentair | CS | g7s00t104 |  | 891618 | 8050 | SH |  | SOLE |  | 8050 | 0 | 0 |
| Pepsico | CS | 713448108 |  | 659506 | 4696 | SH |  | SOLE |  | 4696 | 0 | 0 |
| Pfizer | CS | 717081103 |  | 1177813 | 46225 | SH |  | SOLE |  | 46225 | 0 | 0 |
| Procter  Gamble | CS | 742718109 |  | 1282209 | 8345 | SH |  | SOLE |  | 8345 | 0 | 0 |
| Prosperity Bancshares Inc. | CS | 743606105 |  | 822740 | 12400 | SH |  | SOLE |  | 12400 | 0 | 0 |
| Quanta Services | CS | 74762e102 |  | 5350577 | 12911 | SH |  | SOLE |  | 12911 | 0 | 0 |
| RBC Bearings | CS | 75524b104 |  | 1092812 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| Restaurant Brands Int'l | CS | 76131d103 |  | 355913 | 5549 | SH |  | SOLE |  | 5549 | 0 | 0 |
| Royal Bank of Canada | CS | 780087102 |  | 928116 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| Simon Property Group | CS | 828806109 |  | 581777 | 3100 | SH |  | SOLE |  | 3100 | 0 | 0 |
| Starbucks | CS | 855244109 |  | 1005386 | 11884 | SH |  | SOLE |  | 11884 | 0 | 0 |
| Sysco Corp | CS | 871829107 |  | 3009445 | 36549 | SH |  | SOLE |  | 36549 | 0 | 0 |
| Take Two Interactive Software | CS | 874054109 |  | 400458 | 1550 | SH |  | SOLE |  | 1550 | 0 | 0 |
| Thermo Fisher Scientific Inc. | CS | 883556102 |  | 1165503 | 2403 | SH |  | SOLE |  | 2403 | 0 | 0 |
| Timken | CS | 887389104 |  | 996135 | 13250 | SH |  | SOLE |  | 13250 | 0 | 0 |
| Toll Brothers | CS | 889478103 |  | 1084399 | 7850 | SH |  | SOLE |  | 7850 | 0 | 0 |
| Trane Technologies | CS | G8994E103 |  | 242627 | 575 | SH |  | SOLE |  | 575 | 0 | 0 |
| TransDigm Group Incorporated | CS | 893641100 |  | 1061006 | 805 | SH |  | SOLE |  | 805 | 0 | 0 |
| Travelers Inc. | CS | 89417E109 |  | 219746 | 787 | SH |  | SOLE |  | 787 | 0 | 0 |
| Trimble Inc | CS | 896239100 |  | 534318 | 6544 | SH |  | SOLE |  | 6544 | 0 | 0 |
| Truist Financial Corp | CS | 89832q109 |  | 2021967 | 44225 | SH |  | SOLE |  | 44225 | 0 | 0 |
| UPS | CS | 911312106 |  | 902959 | 10810 | SH |  | SOLE |  | 10810 | 0 | 0 |
| Uber Technologies | CS | 90353T100 |  | 2548102 | 26009 | SH |  | SOLE |  | 26009 | 0 | 0 |
| Union Pacific | CS | 907818108 |  | 1504022 | 6363 | SH |  | SOLE |  | 6363 | 0 | 0 |
| United Rentals Inc. | CS | 911363109 |  | 7423436 | 7776 | SH |  | SOLE |  | 7776 | 0 | 0 |
| United Therapeutics Corporatio | CS | 91307C102 |  | 1861292 | 4440 | SH |  | SOLE |  | 4440 | 0 | 0 |
| UnitedHealth Group | CS | 91324P102 |  | 457523 | 1325 | SH |  | SOLE |  | 1325 | 0 | 0 |
| Valmont Industries | CS | 920253101 |  | 222945 | 575 | SH |  | SOLE |  | 575 | 0 | 0 |
| Veeva Systems Inc | CS | 922475108 |  | 670298 | 2250 | SH |  | SOLE |  | 2250 | 0 | 0 |
| Vertex Pharmaceuticals | CS | 92532F100 |  | 601167 | 1535 | SH |  | SOLE |  | 1535 | 0 | 0 |
| Vertiv Holdings Co | CS | 92537N108 |  | 2128635 | 14110 | SH |  | SOLE |  | 14110 | 0 | 0 |
| Visa | CS | 92826c839 |  | 1844818 | 5404 | SH |  | SOLE |  | 5404 | 0 | 0 |
| Walmart Inc. | CS | 931142103 |  | 577033 | 5599 | SH |  | SOLE |  | 5599 | 0 | 0 |
| Washington Trust | CS | 940610108 |  | 1045573 | 36179 | SH |  | SOLE |  | 36179 | 0 | 0 |
| Waste Management Inc. | CS | 94106l109 |  | 1321668 | 5985 | SH |  | SOLE |  | 5985 | 0 | 0 |
| Wells Fargo | CS | 949746101 |  | 1211618 | 14455 | SH |  | SOLE |  | 14455 | 0 | 0 |
| Xylem Inc | CS | 98419m100 |  | 404740 | 2744 | SH |  | SOLE |  | 2744 | 0 | 0 |
| Zoetis Inc | CS | 98978v103 |  | 3454615 | 23610 | SH |  | SOLE |  | 23610 | 0 | 0 |

---