# EDGAR Filing Document

**Accession Number:** 0000885415
**File Stem:** 0001214659-25-010886
**Filing Date:** 2025-7
**Character Count:** 19372
**Document Hash:** 507690ff4a7f9cc5a5bf153768b7750e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-25-010886.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001214659-25-010886

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**EFFECTIVENESS DATE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FOLGER NOLAN FLEMING DOUGLAS CAPITAL MANAGEMENT, INC
- **CENTRAL INDEX KEY:** 0000885415

**ORGANIZATION NAME:**
- **EIN:** 530068130
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-03143
- **FILM NUMBER:** 251147899

**BUSINESS ADDRESS:**
- **STREET 1:** 725 15TH STREET NW 10TH FL
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20005
- **BUSINESS PHONE:** 2027835252

**MAIL ADDRESS:**
- **STREET 1:** 725 15TH STREET N.W.
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FOLGER NOLAN FLEMING DOUGLAS INC
- **DATE OF NAME CHANGE:** 19990322

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** FOLGER NOLAN FLEMING DOUGLAS CAPITAL MANAGEMENT INC<br>**Address:** 725 15TH STREET N.W.<br>WASHINGTON, DC 20005

**Form 13F File Number:** 028-03143

**CRD Number (if applicable):** 000140444

**SEC File Number (if applicable):** 801-13545

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:** Christopher G. Hill<br>**Title:** Chief Compliance Officer<br>**Phone:** 202-783-3461

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

Christopher G. Hill  Washington, DC  07-24-2025<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:** 162

**Form 13F Information Table Value Total:** $901504148

      (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 |  | 1651652 | 10849 | SH |  | SOLE |  | 0 | 0 | 10849 |
| ABBOTT LABORATORIES | COM | 002824100 |  | 13029214 | 95796 | SH |  | SOLE |  | 0 | 0 | 95796 |
| ABBVIE INC | COM | 00287Y109 |  | 2580304 | 13901 | SH |  | SOLE |  | 0 | 0 | 13901 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 5186513 | 13406 | SH |  | SOLE |  | 0 | 0 | 13406 |
| AEROVIRONMENT INC. | COM | 008073108 |  | 284950 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| AFLAC INCORPORATED | COM | 001055102 |  | 321653 | 3050 | SH |  | SOLE |  | 0 | 0 | 3050 |
| AIR PRODUCTS  CHEMICALS | COM | 009158106 |  | 277547 | 984 | SH |  | SOLE |  | 0 | 0 | 984 |
| ALLSTATE CORPORATION | COM | 020002101 |  | 864023 | 4292 | SH |  | SOLE |  | 0 | 0 | 4292 |
| ALPHABET INC NON-VOTING CL C | COM | 02079K107 |  | 20639327 | 116350 | SH |  | SOLE |  | 0 | 0 | 116350 |
| ALPHABET INC VOTING CL A | COM | 02079K305 |  | 1752079 | 9942 | SH |  | SOLE |  | 0 | 0 | 9942 |
| ALTRIA GROUP | COM | 02209S103 |  | 215289 | 3672 | SH |  | SOLE |  | 0 | 0 | 3672 |
| AMAZON.COM INC | COM | 023135106 |  | 20443418 | 93183 | SH |  | SOLE |  | 0 | 0 | 93183 |
| AMERICAN ELECTRIC POWER | COM | 025537101 |  | 301319 | 2904 | SH |  | SOLE |  | 0 | 0 | 2904 |
| AMERICAN EXPRESS INC | COM | 025816109 |  | 6790127 | 21287 | SH |  | SOLE |  | 0 | 0 | 21287 |
| AMGEN INC | COM | 031162100 |  | 1395771 | 4999 | SH |  | SOLE |  | 0 | 0 | 4999 |
| APPLE INC | COM | 037833100 |  | 30388139 | 148112 | SH |  | SOLE |  | 0 | 0 | 148112 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 512494 | 9710 | SH |  | SOLE |  | 0 | 0 | 9710 |
| AT CORP NEW | COM | 00206R102 |  | 485584 | 16779 | SH |  | SOLE |  | 0 | 0 | 16779 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 3705421 | 24044 | SH |  | SOLE |  | 0 | 0 | 24044 |
| BALL CORP | COM | 058498106 |  | 467005 | 8326 | SH |  | SOLE |  | 0 | 0 | 8326 |
| BANK OF AMERICA | COM | 060505104 |  | 1584841 | 33492 | SH |  | SOLE |  | 0 | 0 | 33492 |
| BANK OF NEW YORK MELLON CORP | COM | 064058100 |  | 853063 | 9363 | SH |  | SOLE |  | 0 | 0 | 9363 |
| BECTON DICKINSON | COM | 075887109 |  | 5511311 | 31996 | SH |  | SOLE |  | 0 | 0 | 31996 |
| BERKSHIRE HATHAWAY INC DEL CLA | COM | 084670108 |  | 2915200 | 4 | SH |  | SOLE |  | 0 | 0 | 4 |
| BERKSHIRE HATHAWAY INC DEL CLA | COM | 084670702 |  | 3986229 | 8206 | SH |  | SOLE |  | 0 | 0 | 8206 |
| BOEING | COM | 097023105 |  | 345725 | 1650 | SH |  | SOLE |  | 0 | 0 | 1650 |
| BRISTOL-MYERS SQUIBB COMPANY | COM | 110122108 |  | 557609 | 12046 | SH |  | SOLE |  | 0 | 0 | 12046 |
| BROADCOM LTD | COM | Y09827109 |  | 452066 | 1640 | SH |  | SOLE |  | 0 | 0 | 1640 |
| BURKE HERBERT CORP | COM | 12135Y108 |  | 240831 | 4032 | SH |  | SOLE |  | 0 | 0 | 4032 |
| C S X CORPORATION | COM | 126408103 |  | 788047 | 24151 | SH |  | SOLE |  | 0 | 0 | 24151 |
| CAPITAL ONE FINANCIAL | COM | 14040H105 |  | 488071 | 2294 | SH |  | SOLE |  | 0 | 0 | 2294 |
| CARRIER GLOBAL | COM | 14448C104 |  | 586691 | 8016 | SH |  | SOLE |  | 0 | 0 | 8016 |
| CATERPILLAR INCORPORATED | COM | 149123101 |  | 11329132 | 29183 | SH |  | SOLE |  | 0 | 0 | 29183 |
| CHEMOURS CO | COM | 163851108 |  | 7504067 | 655377 | SH |  | SOLE |  | 0 | 0 | 655377 |
| CHEVRON CORP | COM | 166764100 |  | 6686973 | 46700 | SH |  | SOLE |  | 0 | 0 | 46700 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 218985 | 3900 | SH |  | SOLE |  | 0 | 0 | 3900 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 12412607 | 129150 | SH |  | SOLE |  | 0 | 0 | 129150 |
| CIGNA CORP | COM | 125509109 |  | 220827 | 668 | SH |  | SOLE |  | 0 | 0 | 668 |
| CISCO SYSTEMS INC | COM | 17275R102 |  | 8008603 | 115431 | SH |  | SOLE |  | 0 | 0 | 115431 |
| COCA-COLA COMPANY | COM | 191216100 |  | 2586125 | 36553 | SH |  | SOLE |  | 0 | 0 | 36553 |
| COLGATE-PALMOLIVE COMPANY | COM | 194162103 |  | 513040 | 5644 | SH |  | SOLE |  | 0 | 0 | 5644 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 467815 | 5213 | SH |  | SOLE |  | 0 | 0 | 5213 |
| CORNING INC. | COM | 219350105 |  | 826715 | 15720 | SH |  | SOLE |  | 0 | 0 | 15720 |
| CORTEVA INC | COM | 22052L104 |  | 75417876 | 1011913 | SH |  | SOLE |  | 0 | 0 | 1011913 |
| COSTCO CO INC | COM | 22160K105 |  | 489030 | 494 | SH |  | SOLE |  | 0 | 0 | 494 |
| CVS CAREMARK CORPORATION | COM | 126650100 |  | 380080 | 5510 | SH |  | SOLE |  | 0 | 0 | 5510 |
| DANAHER CORP | COM | 235851102 |  | 732873 | 3710 | SH |  | SOLE |  | 0 | 0 | 3710 |
| DEERE AND CO. | COM | 244199105 |  | 534931 | 1052 | SH |  | SOLE |  | 0 | 0 | 1052 |
| DOMINION ENERGY | COM | 25746U109 |  | 2132556 | 37731 | SH |  | SOLE |  | 0 | 0 | 37731 |
| DOVER CORPORATION | COM | 260003108 |  | 440668 | 2405 | SH |  | SOLE |  | 0 | 0 | 2405 |
| DOW CHEMICAL COMPANY (THE) | COM | 260557103 |  | 25615057 | 967336 | SH |  | SOLE |  | 0 | 0 | 967336 |
| DTE ENERGY | COM | 233331107 |  | 236838 | 1788 | SH |  | SOLE |  | 0 | 0 | 1788 |
| DU PONT (E.I.) DE NEMOURS  CO | COM | 263534109 |  | 55732462 | 812545 | SH |  | SOLE |  | 0 | 0 | 812545 |
| DUKE ENERGY CORP | COM | 26441C204 |  | 1256582 | 10649 | SH |  | SOLE |  | 0 | 0 | 10649 |
| ELI LILLY  CO | COM | 532457108 |  | 3783059 | 4853 | SH |  | SOLE |  | 0 | 0 | 4853 |
| ELME COMMUNITIES | COM | 939653101 |  | 192295 | 12094 | SH |  | SOLE |  | 0 | 0 | 12094 |
| EMERSON ELECTRIC CO. | COM | 291011104 |  | 1769289 | 13270 | SH |  | SOLE |  | 0 | 0 | 13270 |
| ENBRIDGE INC. | COM | 29250N105 |  | 838079 | 18517 | SH |  | SOLE |  | 0 | 0 | 18517 |
| ESSENTIAL UTILITIES INC | COM | 29670G102 |  | 7561815 | 203603 | SH |  | SOLE |  | 0 | 0 | 203603 |
| EXXON MOBIL CORPORATION | COM | 30231G102 |  | 8767805 | 81334 | SH |  | SOLE |  | 0 | 0 | 81334 |
| FEDERAL REALTY INV TR S B I | COM | 313745101 |  | 713945 | 7516 | SH |  | SOLE |  | 0 | 0 | 7516 |
| FEDEX CORP | COM | 31428X106 |  | 4223647 | 18581 | SH |  | SOLE |  | 0 | 0 | 18581 |
| FIRST SOLAR INC | COM | 336433107 |  | 214043 | 1293 | SH |  | SOLE |  | 0 | 0 | 1293 |
| FISERV INC | COM | 337738108 |  | 501368 | 2908 | SH |  | SOLE |  | 0 | 0 | 2908 |
| FRANKLIN RESOURCES INC | COM | 354613101 |  | 509078 | 21345 | SH |  | SOLE |  | 0 | 0 | 21345 |
| GE VERNOVA INC | COM | 36828A101 |  | 1301180 | 2459 | SH |  | SOLE |  | 0 | 0 | 2459 |
| GENERAL ELECTRIC COMPANY | COM | 369604301 |  | 2570811 | 9988 | SH |  | SOLE |  | 0 | 0 | 9988 |
| GENERAL MILLS INC | COM | 370334104 |  | 589701 | 11382 | SH |  | SOLE |  | 0 | 0 | 11382 |
| GRAHAM HOLDINGS CO. | COM | 384637104 |  | 327375 | 346 | SH |  | SOLE |  | 0 | 0 | 346 |
| HERSHEY COMPANY | COM | 427866108 |  | 1569555 | 9458 | SH |  | SOLE |  | 0 | 0 | 9458 |
| HOME DEPOT | COM | 437076102 |  | 1999288 | 5453 | SH |  | SOLE |  | 0 | 0 | 5453 |
| HONEYWELL INTERNATIONAL INC | COM | 438516106 |  | 6318733 | 27133 | SH |  | SOLE |  | 0 | 0 | 27133 |
| HOWMET AEROSPACE | COM | 443201108 |  | 355694 | 1911 | SH |  | SOLE |  | 0 | 0 | 1911 |
| ILLINOIS TOOL WORKS INC. | COM | 452308109 |  | 14560800 | 58891 | SH |  | SOLE |  | 0 | 0 | 58891 |
| INTEL CORP COM | COM | 458140100 |  | 781379 | 34883 | SH |  | SOLE |  | 0 | 0 | 34883 |
| INTERNATIONAL BUSINESS MACHINE | COM | 459200101 |  | 3499039 | 11870 | SH |  | SOLE |  | 0 | 0 | 11870 |
| INTERNATIONAL FLAVORS  FRAGRA | COM | 459506101 |  | 8045782 | 109392 | SH |  | SOLE |  | 0 | 0 | 109392 |
| INTUIT INC | COM | 461202103 |  | 2158106 | 2740 | SH |  | SOLE |  | 0 | 0 | 2740 |
| ISHARES MSCI EAFE INDEX | COM | 464287465 |  | 240459 | 2690 | SH |  | SOLE |  | 0 | 0 | 2690 |
| ISHARES NASDAQ BIOTECH  INDEX | COM | 464287556 |  | 7921677 | 62617 | SH |  | SOLE |  | 0 | 0 | 62617 |
| ISHARES RUSSELL 1000 GROWTH IN | COM | 464287614 |  | 207195 | 488 | SH |  | SOLE |  | 0 | 0 | 488 |
| ISHARES RUSSELL 2000 IDX | COM | 464287655 |  | 5724909 | 26530 | SH |  | SOLE |  | 0 | 0 | 26530 |
| ISHARES RUSSELL MIDCAP INDEX | COM | 464287499 |  | 9114043 | 99098 | SH |  | SOLE |  | 0 | 0 | 99098 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 15458606 | 101202 | SH |  | SOLE |  | 0 | 0 | 101202 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 23444152 | 80867 | SH |  | SOLE |  | 0 | 0 | 80867 |
| KELLANOVA | COM | 487836108 |  | 2100864 | 26416 | SH |  | SOLE |  | 0 | 0 | 26416 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 1915622 | 14859 | SH |  | SOLE |  | 0 | 0 | 14859 |
| KIMCO REALTY CORP REIT | COM | 49446R109 |  | 1209890 | 57559 | SH |  | SOLE |  | 0 | 0 | 57559 |
| LABORATORY CORP OF AMERICA | COM | 504922105 |  | 459918 | 1752 | SH |  | SOLE |  | 0 | 0 | 1752 |
| LINDE PLC | COM | G54950103 |  | 577091 | 1230 | SH |  | SOLE |  | 0 | 0 | 1230 |
| LOCKHEED MARTIN | COM | 539830109 |  | 1008719 | 2178 | SH |  | SOLE |  | 0 | 0 | 2178 |
| LOUISIANA PAC CORP | COM | 546347105 |  | 205000 | 2384 | SH |  | SOLE |  | 0 | 0 | 2384 |
| LOWES COS | COM | 548661107 |  | 16968618 | 76480 | SH |  | SOLE |  | 0 | 0 | 76480 |
| M  T BANK CORP | COM | 55261F104 |  | 2424875 | 12500 | SH |  | SOLE |  | 0 | 0 | 12500 |
| MARRIOTT INTERNATIONAL NEW IN | COM | 571903202 |  | 15639906 | 57245 | SH |  | SOLE |  | 0 | 0 | 57245 |
| MC DONALD'S CORPORATION | COM | 580135101 |  | 15125933 | 51771 | SH |  | SOLE |  | 0 | 0 | 51771 |
| MEDTRONIC INC | COM | G5960L103 |  | 337348 | 3870 | SH |  | SOLE |  | 0 | 0 | 3870 |
| MERCK  COMPANY INCORPORATED N | COM | 58933Y105 |  | 5454361 | 68903 | SH |  | SOLE |  | 0 | 0 | 68903 |
| META PLATFORMS INC | COM | 30303M102 |  | 9452719 | 12807 | SH |  | SOLE |  | 0 | 0 | 12807 |
| METTLER-TOLEDO INTL INC | COM | 592688105 |  | 229070 | 195 | SH |  | SOLE |  | 0 | 0 | 195 |
| MICROSOFT CORPORATION | COM | 594918104 |  | 45668704 | 91813 | SH |  | SOLE |  | 0 | 0 | 91813 |
| MONDELEZ INTL INC | COM | 609207105 |  | 467966 | 6939 | SH |  | SOLE |  | 0 | 0 | 6939 |
| MORGAN STANLEY  CO | COM | 617446448 |  | 1037997 | 7369 | SH |  | SOLE |  | 0 | 0 | 7369 |
| MOTOROLA SOLUTIONS INC | COM | 620076307 |  | 478063 | 1137 | SH |  | SOLE |  | 0 | 0 | 1137 |
| NATIONAL FUEL GAS CO | COM | 636180101 |  | 258196 | 3048 | SH |  | SOLE |  | 0 | 0 | 3048 |
| NEW YORK TIMES CL A | COM | 650111107 |  | 334760 | 5980 | SH |  | SOLE |  | 0 | 0 | 5980 |
| NEXTERA ENERGY | COM | 65339F101 |  | 8137204 | 117217 | SH |  | SOLE |  | 0 | 0 | 117217 |
| NIKE INC CLASS B | COM | 654106103 |  | 314352 | 4425 | SH |  | SOLE |  | 0 | 0 | 4425 |
| NORFOLK SOUTHERN CORP | COM | 655844108 |  | 448971 | 1754 | SH |  | SOLE |  | 0 | 0 | 1754 |
| NORTHERN TRUST CORP | COM | 665859104 |  | 1318616 | 10400 | SH |  | SOLE |  | 0 | 0 | 10400 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 452482 | 905 | SH |  | SOLE |  | 0 | 0 | 905 |
| NVIDIA CORP | COM | 67066G104 |  | 9346214 | 59157 | SH |  | SOLE |  | 0 | 0 | 59157 |
| ORACLE CORP | COM | 68389X105 |  | 1310468 | 5994 | SH |  | SOLE |  | 0 | 0 | 5994 |
| OTIS WORLDWIDE INC | COM | 68902V107 |  | 519261 | 5244 | SH |  | SOLE |  | 0 | 0 | 5244 |
| PEPSICO INCORPORATED | COM | 713448108 |  | 12216077 | 92518 | SH |  | SOLE |  | 0 | 0 | 92518 |
| PFIZER INCORPORATED | COM | 717081103 |  | 416637 | 17188 | SH |  | SOLE |  | 0 | 0 | 17188 |
| PHILIP MORRIS INTERNATIONAL | COM | 718172109 |  | 670238 | 3680 | SH |  | SOLE |  | 0 | 0 | 3680 |
| PHILLIPS 66 | COM | 718546104 |  | 301233 | 2525 | SH |  | SOLE |  | 0 | 0 | 2525 |
| PNC FINANCIAL SERVICES GROUP | COM | 693475105 |  | 995110 | 5338 | SH |  | SOLE |  | 0 | 0 | 5338 |
| POWERSHARES QQQ TR ETF SERIES | COM | 73935A104 |  | 3414100 | 6189 | SH |  | SOLE |  | 0 | 0 | 6189 |
| PROCTER  GAMBLE COMPANY | COM | 742718109 |  | 18595671 | 116719 | SH |  | SOLE |  | 0 | 0 | 116719 |
| PUBLIC SERVICE ENTERPRISE GROU | COM | 744573106 |  | 317780 | 3775 | SH |  | SOLE |  | 0 | 0 | 3775 |
| QUALCOMM INC | COM | 747525103 |  | 255135 | 1602 | SH |  | SOLE |  | 0 | 0 | 1602 |
| RTX CORP. | COM | 75513E101 |  | 13240802 | 90678 | SH |  | SOLE |  | 0 | 0 | 90678 |
| SALESFORCE.COM INC | COM | 79466L302 |  | 2343498 | 8594 | SH |  | SOLE |  | 0 | 0 | 8594 |
| SELECT SECTOR SPDR TR UTILITIE | COM | 81369Y886 |  | 244980 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| SMUCKER J.M. CO | COM | 832696405 |  | 295189 | 3006 | SH |  | SOLE |  | 0 | 0 | 3006 |
| SOUTHERN COMPANY (THE) | COM | 842587107 |  | 3669159 | 39956 | SH |  | SOLE |  | 0 | 0 | 39956 |
| SPDR S 500 ETF | COM | 78462F103 |  | 619704 | 1003 | SH |  | SOLE |  | 0 | 0 | 1003 |
| SYSCO CORPORATION | COM | 871829107 |  | 859043 | 11342 | SH |  | SOLE |  | 0 | 0 | 11342 |
| T ROWE PRICE GROUP INC. | COM | 74144T108 |  | 8615713 | 89282 | SH |  | SOLE |  | 0 | 0 | 89282 |
| TARGET CORP | COM | 87612E106 |  | 203614 | 2064 | SH |  | SOLE |  | 0 | 0 | 2064 |
| TESLA MOTORS INC | COM | 88160R101 |  | 234115 | 737 | SH |  | SOLE |  | 0 | 0 | 737 |
| TEXAS INSTRUMENTS | COM | 882508104 |  | 1621720 | 7811 | SH |  | SOLE |  | 0 | 0 | 7811 |
| THE TJX COMPANIES | COM | 872540109 |  | 780951 | 6324 | SH |  | SOLE |  | 0 | 0 | 6324 |
| THE TRAVELERS COS INC | COM | 89417E109 |  | 775598 | 2899 | SH |  | SOLE |  | 0 | 0 | 2899 |
| THERMO FISHER SCIENTIFIC | COM | 883556102 |  | 357616 | 882 | SH |  | SOLE |  | 0 | 0 | 882 |
| TRIMBLE NAVIGATION | COM | 896239100 |  | 258332 | 3400 | SH |  | SOLE |  | 0 | 0 | 3400 |
| TRUIST FINANCIAL CORP | COM | 89832Q109 |  | 360471 | 8385 | SH |  | SOLE |  | 0 | 0 | 8385 |
| UDR INC | COM | 902653104 |  | 721466 | 17670 | SH |  | SOLE |  | 0 | 0 | 17670 |
| UNION PACIFIC CORP | COM | 907818108 |  | 7015369 | 30491 | SH |  | SOLE |  | 0 | 0 | 30491 |
| UNITED HEALTHCARE CORP | COM | 91324P102 |  | 8984112 | 28798 | SH |  | SOLE |  | 0 | 0 | 28798 |
| VANGUARD EMERGING MARKETS ETF | COM | 922042858 |  | 495688 | 10022 | SH |  | SOLE |  | 0 | 0 | 10022 |
| VANGUARD FTSE DEVELOPED MARKET | COM | 921943858 |  | 1121444 | 19671 | SH |  | SOLE |  | 0 | 0 | 19671 |
| VANGUARD INFORMATION TECHNOLOG | COM | 92204A702 |  | 119230550 | 179759 | SH |  | SOLE |  | 0 | 0 | 179759 |
| VANGUARD MID CAP ETF | COM | 922908629 |  | 8864735 | 31679 | SH |  | SOLE |  | 0 | 0 | 31679 |
| VANGUARD REIT ETF | COM | 922908553 |  | 1410621 | 15839 | SH |  | SOLE |  | 0 | 0 | 15839 |
| VANGUARD S ETF | COM | 922908363 |  | 1017342 | 1791 | SH |  | SOLE |  | 0 | 0 | 1791 |
| VANGUARD SMALL CAP ETF | COM | 922908751 |  | 6083277 | 25670 | SH |  | SOLE |  | 0 | 0 | 25670 |
| VANGUARD TOTAL STOCK MARKET | COM | 922908769 |  | 10904097 | 35877 | SH |  | SOLE |  | 0 | 0 | 35877 |
| VERIZON COMMUNICATIONS | COM | 92343V104 |  | 1341457 | 31002 | SH |  | SOLE |  | 0 | 0 | 31002 |
| VESTAS WIND SYS UK ADR | COM | 925458101 |  | 96388 | 19355 | SH |  | SOLE |  | 0 | 0 | 19355 |
| VISA INC CLASS A | COM | 92826C839 |  | 19695689 | 55473 | SH |  | SOLE |  | 0 | 0 | 55473 |
| VULCAN MATERIALS CO | COM | 929160109 |  | 649703 | 2491 | SH |  | SOLE |  | 0 | 0 | 2491 |
| WAL-MART STORES INC | COM | 931142103 |  | 3105102 | 31756 | SH |  | SOLE |  | 0 | 0 | 31756 |
| WALT DISNEY COMPANY | COM | 254687106 |  | 9920304 | 79996 | SH |  | SOLE |  | 0 | 0 | 79996 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 335610 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| WASTE MANAGEMENT INC. | COM | 94106L109 |  | 435673 | 1904 | SH |  | SOLE |  | 0 | 0 | 1904 |
| WEC ENERGY GROUP | COM | 92939U106 |  | 308015 | 2956 | SH |  | SOLE |  | 0 | 0 | 2956 |
| WELLS FARGO  CO. NEW | COM | 949746101 |  | 5664164 | 70696 | SH |  | SOLE |  | 0 | 0 | 70696 |
| WHITE MOUNTAINS INS. | COM | G9618E107 |  | 357348 | 199 | SH |  | SOLE |  | 0 | 0 | 199 |
| YUM BRANDS INC | COM | 988498101 |  | 272058 | 1836 | SH |  | SOLE |  | 0 | 0 | 1836 |

---