J.M. FORBES & CO. LLP

J.M. Forbes & Co. LLP Firm Brochure Form ADV Part 2   Form ADV Part 2A J.M. Forbes & Co. LLP 121 Mount Vernon Street, Boston, MA 02108 617-423-5705 www.jmforbes.com March 20, 2025 This Brochure provides information about the qualifications and business practices of J.M. Forbes & Co. LLP. If you have any questions about the contents of this Brochure, please contact us at J.M. Forbes & Co. LLP, 121 Mount Vernon Street, Boston, MA 02108 or by calling 617-423-5705. The information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission (“SEC”) or by any state securities authority. J.M. Forbes & Co. LLP is registered as an investment adviser with the SEC, and additional information about the firm also is available on the SEC’s website at www.adviserinfo.sec.gov. In addition, copies of our Brochure may be requested by contacting Paul M. Kendrigan at 617-316- 7029 or pk@jmforbes.com, also free of charge. Brochure Supplements containing information about the experience and training of the Partners and other personnel of J.M. Forbes & Co. LLP who are responsible for investment advice and management for client accounts will be provided with this Brochure. Registration as an investment adviser by itself does not imply a specific level of skill or training. 1   Item 2 – Material Changes The last annual update to the Form ADV Part 2A was filed on March 20, 2024. There have been no material changes since our last annual amendment. If you would like a copy of this Brochure, you can either download it from the SEC website as indicated above or by contacting Paul M. Kendrigan (617) 316-7209 or at pk@jmforbes.com. 2   Item 3 - Table of Contents Item 1 – Title Page: Form ADV Part 2A .......................................................................................................... 1 Item 2 – Material Changes .................................................................................................................................. 2 Item 3 – Table of Contents .................................................................................................................................. 3 Item 4 – Advisory Business ................................................................................................................................ 4 Item 5 – Fees and Compensation ....................................................................................................................... 6 Item 6 – Performance-Based Fees and Side-By-Side Management ............................................................... 7 Item 7 – Types of Clients ..................................................................................................................................... 7 Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss ....................................................... 7 Item 9 – Disciplinary Information ..................................................................................................................... 9 Item 10 – Other Financial Industry Activities and Affiliations ..................................................................... 9 Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ............ 9 Item 12 – Brokerage Practices ........................................................................................................................... 11 Item 13 – Review of Accounts .......................................................................................................................... 12 Item 14 – Client Referrals and Other Compensation .................................................................................... 13 Item 15 – Custody .............................................................................................................................................. 13 Item 16 – Investment Discretion ...................................................................................................................... 13 Item 17 – Voting Client Securities ................................................................................................................... 13 Item 18 – Financial Information ............................................................................................................ 14 3   Item 4 – Advisory Business The Company J.M. Forbes & Co. LLP is a Delaware limited liability partnership. The Partners of J.M. Forbes & Co. LLP are Jeffrey L. Bernier, Elizabeth S. Colt, Paul Elias and Bracken Hendricks. J.M. Forbes & Co. LLP was founded in 1838. Its principal place of business is located in Boston, Massachusetts. As of December 31, 2024, J.M. Forbes & Co. has $1,429,917,306.10 in assets under management, of which $1,428,204,174.02 are under discretionary management and $1,713,132.08 are managed on a non-discretionary basis. Portfolio Management J.M. Forbes & Co. LLP provides investment advice and portfolio management to individuals, trusts, estates, pension and profit-sharing plans, charitable organizations and corporations. Virtually all of these accounts are managed with J.M. Forbes & Co. LLP having complete investment authority. The balance is managed in consultation with clients. We employ a core investment style that includes a broad universe of over 100 companies that fit our investment criteria from which a core portfolio of 40-50 names is built. This core equity portfolio is the foundation on which our client portfolios are built, along with a blend of fixed income securities such as U.S. Treasury bills and notes, U.S. Agency bonds, high-grade corporate and municipal bonds and diversified bond funds (made up of a mix of fixed income assets including U.S. Treasury and Agency securities, corporate, municipal, convertible and foreign bonds, bank loans and preferred equity). The two primary objectives in all of our portfolios are preservation of capital and achieving a strong risk adjusted return. These two objectives are balanced for each account after taking into consideration the specific risk profile, income needs and long term goals of the client. Clients are responsible for informing us of any relevant changes in their circumstances. Upon establishing a trust or entering into a non-trust investment management agreement, clients may impose restrictions on investing in certain securities or types of securities subject to consent of J.M. Forbes & Co. LLP to ensure prudent account management. Other Business Activities The Partners of J.M. Forbes & Co. LLP serve as private trustees as well as investment advisers. Other services rendered by the firm include, but are not limited to, estate planning, trust and estate management, financial management and planning, real estate management, advice on and preparation and filing of Federal and State tax returns, and maintenance of records relating to all of these areas. Up to approximately 40% of the firm’s time and resources is allocated to these services. 4  Privacy Policy J.M. Forbes & Co. LLP asks that you provide certain personal information in order for us to provide you with better service. In the course of providing our services, we obtain non-public personal information including, but not limited to, such things as a client’s name, address, birth date, social security number, account balances, income and securities positions. We may obtain this information directly from clients or from other sources such as banks, other fiduciaries and service providers. J.M. Forbes & Co. LLP is committed to your privacy. We consider customer privacy to be fundamental to our relationship with clients. We are therefore committed to maintaining the confidentiality, integrity and security of clients' non-public personal information. We do not share or disclose any non-public personal information about our clients or former clients except to facilitate the servicing or management of client accounts or as otherwise permitted by law. J.M. Forbes & Co. LLP services are provided in a secure environment. We internally safeguard our clients’ non-public personal information by restricting access to only those employees who provide services to our clients or those who need to access the information to service our clients’ accounts. In addition, we maintain physical, electronic and procedural safeguards intended to meet federal standards to safeguard client information. We may provide non-public personal information to parties, such as independent trustees and custodians, with whom our clients have established relationships and ask us to interact. In addition, we will from time to time contract with third parties to provide services for our clients or to facilitate the servicing or management of client accounts. In certain instances, performance of these services may provide such third party service providers with access to non-public personal information. We ensure that such service providers understand our privacy policies and agree to protect the confidentiality of client information. J.M. Forbes & Co. LLP will notify you of future changes to our privacy policy. If the firm makes any substantial changes in the way we use or disseminate personal information, we will notify you. If you have any questions concerning this Privacy Notice please write to: J.M. Forbes & Co. LLP Attn: Compliance Dept., 121 Mount Vernon Street, Boston, MA 02108. 5  Item 5 – Fees and Compensation The primary form of advisory compensation for J.M. Forbes & Co. LLP is a management fee based on the following rates: Fee on Principal: Market Value of Account Annual Rate First $500,000 Next $1,000,000 Next $1,000,000 Next $2,500,000 Next $5,000,000 Next $40,000,000 Over $50,000,000 0.95% 0.85% 0.75% 0.65% 0.45% 0.38% 0.35% These fees are generally not negotiable. The firm charges each account directly on the 16th of each month. The management fee is based on the market value at the end of the previous month. Clients may also receive general investment advice, or advice in connection with estate planning, retirement planning, or any other investment or financial concern. Such advice is generally covered within our management fee, but we reserve the right to charge separately if a project requires more than a few hours of time. In such an instance a fee or hourly rate would be agreed in advance with the client. The fee schedules for tax and executor services are available upon request. Upon termination of an advisory relationship, any prepaid, unearned fees will be promptly refunded and any earned but unpaid fees will be due and payable. Similar advisory services may be available from other registered investment advisers for lower fees. Mutual funds and exchange-traded funds in which client assets are invested also charge management fees and incur expenses, and may impose initial or deferred sales charges, which are disclosed in the fund’s prospectus or other offering document, which is available upon request. J.M. Forbes & Co.’s fees are not reduced by the amount of these fees, expenses or charges but the firm selects such funds with care to minimize fee burdens. Fees charged for custody services are paid by J.M. Forbes & Co. LLP and not passed on to clients. J.M. Forbes & Co. LLP’s fees do not include brokerage commissions and other transaction costs incurred in the management of the accounts. Please see “Brokerage Practices” below for a description of the factors that we consider in selecting or recommending broker-dealers for client transactions. Clients may at times incur other charges imposed by custodians, brokers or other third parties, including but not limited to transfer taxes. We receive no loads, 12b-1 or other account servicing fees from any fund or investment manager, nor any portion of any of the fees and charges referred to above. 6  Item 6 – Performance-Based Fees and Side-By-Side Management J.M. Forbes & Co. LLP does not charge any performance-based fees (fees based on a share of capital gains on or capital appreciation of the assets of a client). Item 7 – Types of Clients J.M. Forbes & Co. LLP provides portfolio management services to individuals, retirement accounts, pension and profit sharing plans, trusts, estates, and charitable organizations and corporations. In many cases, the client is a trust for which a J.M. Forbes & Co. LLP Partner serves as trustee. In general, we expect a new client will bring three to five million dollars into the firm to start the relationship. This threshold is not hard and fast and it may be met by a group of related accounts arriving together, or a smaller account related to that of an existing client or one for which additional assets are anticipated in future. Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss Strategy We use a broad array of tools to work towards two basic yet critical objectives: preservation of capital and achieving strong risk-adjusted returns. To meet these goals we employ a core investment strategy adapted to client needs. For some this translates into optimized growth, for others maximized income, conditioned by individual investment goals, time horizon, tax situation, and risk tolerance. In trust accounts with one group of income beneficiaries and another group of remainder beneficiaries our investment approach balances growth of principal and generation of income. Overall, we believe that taking a long time horizon provides us with a strategic advantage: we position portfolios to benefit from major trends rather than short-term market movements. Stock selection Our process starts with an evaluation of the big picture, involving a careful consideration of macroeconomic variables, industry dynamics, and emerging risks and opportunities that are likely to have long-term implications for our investment decision-making. This first step in the process helps to determine our asset allocation and economic sector preferences. From there we build the portfolio with our best investment ideas. To supplement our ongoing stock research efforts we employ the Cambridge Trust Company, with its team of research analysts, to provide fundamental analysis of the elements affecting the companies that meet our criteria for investment; typically that includes an active list of over 100 companies from which we create a portfolio of 40-50 names that are continually monitored and evaluated. We normally invest in established mid-to-large capitalization companies in the US and abroad with what we believe are strong long-term growth prospects at an attractive valuation; an approach often referred to as Growth at a Reasonable Price, or GARP. Some of the attributes we look for include a strong balance sheet, sound management, competitive products, and a defensible market position. We utilize technical analysis to augment our fundamental research and help determine areas of support and resistance for stocks and the markets. Our investment approach results in relatively low turnover: so stock holdings might shift 7  approximately 10% to 30% in a given year. We may also use mutual funds and exchange-traded funds to invest in a specific asset class such as commodities where we do not have the ability to invest directly or where we believe our accounts will benefit from additional diversification. International Investment We position client accounts to participate in global growth by holding non-US stock positions, holding positions in US companies with major revenues abroad, and through investment in exchange-traded funds or mutual funds that track regional indices to capture growth outside this country. Fixed Income Securities We prudently manage client bond holdings to produce maximum income within specific risk parameters by working with the variables of duration, credit risk, yield curve management and return. We include tax-free yield for high-bracket clients, sell positions at times to capture market premiums, and in some cases work with outside managers, investing in their bond funds to achieve diversified exposure to other fixed income categories (including U.S. Treasury and Agency securities, corporate, municipal, convertible and foreign bonds, bank loans and preferred equity). Portfolio Adjustments The forces of the economy, changes in consumer demand, and business innovation along with many other factors, result in constant movement in the values of assets in each portfolio. We continually evaluate these factors looking for validation of our strategies or indications of the need for change. We monitor portfolios and intervene to rebalance, raise funds, or adjust holdings as the situation requires and as client needs evolve. Cash Management We manage client cash driven both by client needs, by returns in money markets, and by prospects or risks in other asset classes. At times we maintain cash as a buying reserve to permit swift movement in a fluid market. When we receive fresh funds from a client we often will dollar-cost- average our purchases into the markets over a number of months to smooth short-term fluctuations. For daily management of cash we use money market funds from the Federated Funds family. Principal Investment Risks Equity and Fixed Income Security Risk: Investing in securities involves risk of loss that clients should be prepared to bear. While our focus on preservation of capital in client portfolios is intended to lower these inherent risks, the oscillating nature of securities markets will expose client portfolios to downside as well as upside potential. Stock Market Fluctuations: With a substantial portion of client assets invested in individual stocks, or exchange-traded funds that hold stocks, clients are exposed to the risk of significant declines in value at times as global stock markets fluctuate in response to changes in economic, geo-political, regulatory and other factors. While we attempt to mitigate these declines by primarily investing in 8  what we believe are high-quality equities with attractive long-term prospects, clients are nonetheless exposed to this inherent equity market volatility. Also, while we maintain a diversified portfolio of securities, individual sectors, industries and stocks can also be exposed to specific risks due to unforeseen events. International Investment Risks: International stocks and bonds have often experienced more volatility than US markets in periods of global market upheaval as a result of factors including currency fluctuations, differing tax, regulatory and accounting practices, less mature or sophisticated markets, or unpredictable international events. While we attempt to mitigate these risks by holding diversified stock and bond funds in addition to individual issues, in periods of increased volatility clients may be exposed to potential losses. Volatility in Fixed Income Investments: Bonds, bond funds and other fixed income investments are sensitive to various factors, including fluctuations in the global bond markets in response to changes in economic, geo-political, regulatory and other factors. In addition, changes in the level of US and global interest rates or the slope of the interest rate curve, as well as the rise and fall of the yield spread between US Treasuries and more risky fixed income securities, can cause fluctuations in underlying bond prices. Specific risks related to the management of a bond fund, or the liquidity of bonds in general during volatile periods in the markets, can also affect bond prices. Further, doubts about the ability of the issuer of the underlying bond to make interest and principal payments, or actual default on such payments, can cause bond prices to fall. While we attempt to mitigate these risks by holding diversified bond funds in addition to what we believe are high quality individual issues, in periods of increased volatility or inflation clients are exposed to potential losses. Item 9 – Disciplinary Information Registered investment advisors are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of the firm or the integrity of the firm’s management. J.M. Forbes & Co. LLP is not aware of any events of this nature, material or otherwise, involving the firm or any of its staff. Item 10 – Other Financial Industry Activities and Affiliations No J.M. Forbes & Co. LLP Partner or employee is registered as a broker-dealer or a registered representative of a broker-dealer and the firm has no other material financial industry activities or affiliations. Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading J.M. Forbes & Co. LLP has adopted a Code of Ethics. This Code of Ethics sets forth (i) fundamental standards of conduct and legal compliance for J.M. Forbes & Co. LLP and its personnel, (ii) policies 9  and procedures for the protection of material nonpublic information, and (iii) internal reporting of violations of the Code of Ethics and securities laws. The Code requires J.M. Forbes & Co. LLP personnel to adhere to their fiduciary duties to clients, to avoid conflicts of interest, and to certify to the Firm their compliance with its provisions. Each Partner and employee that is designated as an “Access Person” must obtain preclearance of personal transactions in securities, subject to certain exceptions in cases where there is no risk of harm to client interests. The Firm may deny, revoke, or impose conditions on preclearance of any proposed transaction if it would be, or would appear to be, inconsistent with the legal or fiduciary obligations of J.M. Forbes & Co. LLP or its personnel. Subject to the preclearance requirement, J.M. Forbes & Co. LLP and its related persons may buy or sell the same securities for their personal accounts that are purchased for or recommended to clients. The nature and timing of such investment actions may differ from investment actions taken on behalf of clients, depending on the respective individual circumstances or investment goals and strategies. In general, with respect to relatively liquid securities (that is, securities that are widely held and traded in institutional markets), the firm and its related parties may trade in the securities held in client accounts even while directing client trades. Considering the type and volume of securities that we manage we do not believe that such trading could have any appreciable impact upon prices. In those rare cases where the security being traded for a client account is considered illiquid, all client purchases and sales will be executed before any transactions in the same security for the account of J.M. Forbes & Co. LLP or any of its related parties. In order to comply with its legal and fiduciary duties and to avoid conflicts of interest, it is the policy of J.M. Forbes & Co. LLP that personnel must comply with applicable federal and state law and that neither the firm nor any related person may use confidential information about client accounts in making personal transactions, or take personal advantage of investment opportunities that properly belong to clients; or act on the basis of material, nonpublic (inside) information about the issuer of a security in taking investment action for either client or personal accounts, even if that would benefit the account. J.M. Forbes & Co. LLP Partners and other advisory representatives are required to disclose all personal transactions to the firm. In addition, Access Persons must (i) report quarterly on their personal securities transactions and (ii) report annually on their personal securities holdings to J.M. Forbes & Co.’s Chief Compliance Officer or other designated person(s). The Code of Ethics requires the Chief Compliance Officer to review these reports in monitoring trades or patterns of trading by the Adviser’s Access Persons. The firm may aggregate trades for itself or its related persons with client trades, provided that the firm’s allocation policy is followed and client accounts have priority over personal accounts in the allocation of securities from partially filled orders. J.M. Forbes & Co. LLP periodically provides training and education programs to its Access Persons regarding the Code of Ethics and applicable laws. We periodically review the effectiveness of the Code of Ethics for any apparent conflicts of interest between personal and client matters or between the affairs of different clients. We will provide a copy of Section II: Code of Ethics, of the Compliance Policies and Procedures manual to any client or prospective client upon request. 10  Item 12 – Brokerage Practices Broker Selection and Commissions In General: Where J.M. Forbes & Co. LLP has discretion to select broker-dealers and commission rates, the firm will endeavor to select those broker-dealers that will provide the best services and execution. The firm judges the reasonableness of commissions based on a variety of factors, including those described below. However, because of the firm’s philosophy of investment, portfolio turnover is generally low and brokerage costs are typically an insignificant factor in overall results. Thus, the general helpfulness of the brokerage house, the efficiency of its operations and execution, and the quality of the research or ideas it provides to J.M. Forbes & Co. LLP generally determine where business is placed, and all brokerage is placed at comparable rates to those offered by other brokerage houses that could perform like services for the firm. We review U.S. brokers annually and establish targets based on the value provided. We do not allow clients to direct brokerage. “Soft Dollar” Credits: Research services and products may be provided to J.M. Forbes & Co. LLP by broker-dealers in exchange for brokerage commissions generated by client transactions. These may include fundamental research reports, technical and portfolio analyses, pricing services, economic forecasting and interest rate projections, historical database information, news, statistical information, and/or performance and portfolio management and analysis systems that assist the firm’s investment management process. Broker-dealers we select may receive a commission paid by the trading client’s account that is in excess of the amount another broker-dealer might have charged if, in our judgment, the higher amount is reasonable in relation to the value of the brokerage and research rendered, viewed in terms of a particular transaction or the firm’s overall responsibilities to accounts as to which it exercises investment discretion, or is otherwise consistent with best execution. Research received from broker-dealers may benefit the account for which the trade is executed and/or it may be used for the benefit of any other account also under management by the firm. We do not strictly allocate soft dollar benefits to client accounts proportionately to the soft dollar credits that the accounts generate. Using client brokerage commissions in this manner provides a benefit to J.M. Forbes & Co. LLP because it relieves us of having to produce or pay for this type of research ourselves. This may produce a conflict of interest since it gives us an incentive to select a broker- dealer based on our interest in receiving the research rather than on the client’s interest in receiving most favorable commission. However, we do seek to ensure that all client accounts benefit from this research, and we periodically review the products and services received to evaluate the benefits and value provided to our clients. J.M. Forbes & Co. LLP has soft dollar arrangements that allow the firm to apply commission dollars to obtain investment research services developed by third-party vendors through SEI Investments Distribution Co. (SIDCO). The services received under agreement with SIDCO include Greenhill Performance Measurement, Bloomberg, Yardeni Research, and SEI’s Eligible Bundled Products. 11  If we received from broker-dealers any products or services that were used both for investment research and for administrative, marketing, or other non-research purposes, the firm would make a good faith effort to determine the portion of such products or services that should be considered investment research. That portion of the costs of such products or services could be defrayed by J.M. Forbes & Co. LLP in its discretion with soft dollar credits. The portion of such costs attributable to non-research usage of such products or services would be paid by J.M. Forbes & Co. LLP. Aggregation and Allocation of Trades: J.M. Forbes & Co. LLP may, but need not, aggregate orders to buy or sell the same security for multiple accounts (“block trading”). Block trading can allow the firm to execute equity trades in a more timely and equitable manner and can reduce overall commission charges to clients. Each client or proprietary account that participates in an aggregated order generally receives the weighted average share price for all transactions in a particular security effected to fill such orders on a given business day, with transaction costs shared pro-rata based upon each account’s participation in the transaction. Partially-filled orders would generally be allocated pro rata among the participating accounts. Exceptions may be made in good faith compliance with the firm’s allocation policy, provided that no account is systematically disadvantaged thereby. Item 13 – Review of Accounts Regular Reviews While the underlying securities held in investment management accounts are continuously monitored, these accounts are formally reviewed at least annually and generally more often, by one or more Partners of J.M. Forbes & Co. LLP, the Investment Department, and an Account Administrator, who share responsibility for reviewing all accounts. More frequent reviews may be triggered by material changes in variables such as the client’s individual circumstances communicated to the firm, corporate events, or the market, political or economic environment. Reviews focus on account composition, performance and consistency with client investment objectives and cash needs. Regular Reports Clients receive at least quarterly statements from our custodian showing the funds and securities held in their account and setting forth all transactions during the period. This statement should be carefully reviewed. J.M. Forbes & Co. LLP may also provide clients with annual account reports, transaction confirmations and other statements depending on the nature of each account and individual client needs. 12  Item 14 – Client Referrals and Other Compensation J.M. Forbes & Co. LLP does not compensate any employee, client or outside party for client referrals or any other economic benefit that arises as a result of the firm’s relationship with an employee, client or outside third party. Item 15 – Custody Client securities and money market funds in J.M. Forbes & Co. LLP accounts are held by SEI Private Trust Company, a Qualified Custodian. The qualified custodian provides clients with at least quarterly account statements that list transaction information, all securities held in the account and for each security, its cost basis, market value and estimated annual income. Clients should carefully review those account statements. For those clients who have requested it, internet access to their account information, including asset and transaction data, is provided by the qualified custodian. J.M. Forbes & Co. LLP may provide a statement for an individual meeting. The recipient may compare these statements to those from SEI Private Trust Company to verify the contents. As required by applicable law, J.M. Forbes & Co. LLP has engaged an independent accountant to perform surprise examinations on an annual basis of any accounts where J.M. Forbes has custody. These examinations also typically review our fee procedures. Item 16 – Investment Discretion In general, our clients delegate to J.M. Forbes & Co. LLP or its Partners the authority to make investment decisions for their accounts. See Item 4 – Advisory Business above for more information about our management of accounts. Item 17 – Voting Client Securities Proxy Voting Policy Unless otherwise agreed with the client, J.M. Forbes & Co. LLP votes proxies with respect to securities held in each client’s account in line with the recommendations and guidelines of third party proxy voting service Glass Lewis & Co. and their ESG Thematic Voting Policy. These guidelines are reviewed at least annually by J.M. Forbes & Co. LLP, and J.M. Forbes & Co. LLP will deviate from these guidelines in certain instances if deemed to be in the best interests of its clients. A summary of the Glass Lewis & Co. U.S. Proxy Voting Guidelines is available upon request. We believe that this procedure largely eliminates the possibility of any material conflicts of interest between us and our clients with respect to voting securities. However, if any conflict were identified it would be disclosed to the client with the request that the client provide voting direction. 13  J.M. Forbes & Co. LLP maintains electronic copies of all client proxies and a record of how they were voted so that it may respond to any question clients may have regarding them. Clients may obtain information about how proxies were voted upon request. Item 18 – Financial Information J.M. Forbes & Co. LLP is not aware of any financial condition that is reasonably likely to impair its ability to meet contractual and fiduciary commitments to clients, and has not been the subject of a bankruptcy proceeding. 14   Form ADV Part 2B Brochure Supplements J.M. Forbes & Co. LLP 121 Mount Vernon Street, Boston, MA 02108 617-423-5705 www.jmforbes.com March 20, 2025 1   Table of Contents Title Page: Form ADV Part 2B: Brochure Supplements ................................................................................ 1 Table of Contents ................................................................................................................................................. 2 Jeffrey L. Bernier .................................................................................................................................................. 3 Elizabeth S. Colt .................................................................................................................................................. 5 Paul Elias ............................................................................................................................................................... 7 Bracken Hendricks .............................................................................................................................................. 9 Thomas J. Brosnan ............................................................................................................................................. 11 Benjamin S. Waddicor ....................................................................................................................................... 13 2   ADV Part 2B – Brochure Supplement Jeffrey L. Bernier; Partner J.M. Forbes & Co. LLP, 121 Mount Vernon Street, Boston, MA 02108 Phone: 617-423-5705 Web: www.jmforbes.com This brochure supplement provides information about Jeffrey L. Bernier that supplements the J.M. Forbes & Co. LLP brochure. A copy of the brochure precedes this supplement. Please contact Paul M. Kendrigan, Chief Compliance Officer, if the brochure is not included with this supplement or if you have any questions about the contents of this supplement. Additional information about Mr. Bernier is available on the SEC’s website at www. adviserinfo.sec.gov. (The CRD Number for Jeffrey L. Bernier is 2224696.) Item 2 – Educational Background and Business Expertise: Jeffrey L. Bernier, CIMA®, CTFA Year of Birth: 1971 Education: Boston University, BA in History, 1995 Boston College, MBA in Finance, 2003 Professional Designations/Certifications: Certified Investment Management Analyst® (CIMA®), 2005 The CIMA certification signifies that an individual has met initial and ongoing experience, ethical, education, and examination requirements for investment management consulting, including advanced investment management theory and application. To earn CIMA certification, candidates must: submit an application, pass a background check and have an acceptable regulatory history; complete an in-person or online executive education program through a Registered Education Provider; pass an online Certification Examination; Pass a second background check; and have three years of financial services experience at the time of certification. Certified Trust and Fiduciary Advisor (CTFA), 2016 Candidates must have a minimum of three years’ experience in personal trusts along with the completion of an ICB trust training program. This designation provides training and knowledge in taxes, investments, financial planning, trusts and estates. Candidates must also sign a professional Code of Ethics and successfully pass an examination. Memberships: The Boston Economic Club The Boston Security Analysts Society CFA Institute Investments and Wealth Institute Launchpad Venture Group Boston Committee on Foreign Relations Business Background: 1996 - 2000 - Scudder, Stevens & Clark, Senior Associate 2000 - 2001 - Wachovia Securities, Assistant Vice President, 3  Equity Capital Markets Group 2003 - 2004 - Sentinel Advisors, Senior Consultant 2004 – 2007 - John Hancock Financial Services, Director 2008 – 2014 - MetLife, Vice President January 2015 - Present – J.M. Forbes & Co. LLP, Partner Item 3 - Disciplinary Information: Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of each supervised person providing investment advice. No information is applicable to this Item. Item 4 - Other Business Activities: Mr. Bernier is not engaged in any investment-related businesses outside of J.M. Forbes & Co. LLP, nor does he have any applications pending to register with a broker-dealer or other investment firm. Mr. Bernier does not receive any commission, bonuses or other compensation based on the sale of securities or other investment products. Mr. Bernier does not engage in any other business that provides a substantial source of his income or consumes a substantial portion of his time. Item 5 - Additional Compensation: Mr. Bernier does not receive any additional compensation beyond his regular quarterly draw and year-end partnership distribution for providing advisory services. Item 6 - Supervision: We have established policies and procedures that are designed to reasonably ensure that our partners, including Mr. Bernier, appropriately address our client’s investment needs in accordance with their specific needs and applicable laws and regulations. This includes the use of automated compliance systems that monitor the consistency between activity in each client’s account and its applicable investment guidelines, restrictions, or other parameters. The Partners of J.M. Forbes & Co. LLP (Mr. Bernier, Elizabeth S. Colt, Paul Elias and Bracken Hendricks) collectively supervise the firm’s advisory activities. They and J.M. Forbes & Co.’s Chief Compliance Officer, Paul Kendrigan, may be reached at (617) 423-5705. 4  ADV Part 2B – Brochure Supplement Elizabeth S. Colt; Partner J.M. Forbes & Co. LLP, 121 Mount Vernon Street, Boston, MA 02108 Phone: 617-423-5705 Web: www.jmforbes.com This brochure supplement provides information about Elizabeth S. Colt that supplements the J.M. Forbes & Co. LLP brochure. A copy of the brochure precedes this supplement. Please contact Paul M. Kendrigan, Chief Compliance Officer, if the brochure is not included with this supplement or if you have any questions about the contents of this supplement. Additional information about Ms. Colt is available on the SEC’s website at www. adviserinfo.sec.gov. (The CRD Number for Elizabeth S. Colt is 1747232.) Item 2 – Educational Background and Business Expertise: Elizabeth S. Colt, CTFA Year of Birth: 1965 Education: Harvard College, AB in History and Literature, magna cum laude 1987 Coursework in Investments, Finance, Financial Planning and Trusts Professional Designations/Certifications: Uniform Investment Advisor Law Examination Series 65, 2020 Certified Trust and Fiduciary Advisor (CTFA), 2022 Candidates must have a minimum of three years’ experience in personal trusts along with the completion of an ICB trust training program. This designation provides training and knowledge in taxes, investments, financial planning, trusts and estates. Candidates must also sign a professional Code of Ethics and successfully pass an examination. Business Background: 1987-1990 – Donaldson, Lufkin & Jenrette, Analyst in Mergers & Acquisitions 1990 – 1991 –Waller Capital, Associate in Mergers & Acquisitions 1992 -2008 - Independent film producer and talent manager in Los Angeles including co-founder of Atkinson Way Films, partner at Gateway Management Company and founder of Essential Entertainment, an internet media company 2008 - Present – Real estate investor, developer and operator of hotel investments on Cape Cod 2019 - Present – Board of Trustees at Martha’s Vineyard Bank 2020 –Present - Corporator at Woods Hole Oceanographic Institution January 2020 - Present – J.M. Forbes & Co. LLP, Partner Item 3 - Disciplinary Information: Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of each supervised person providing investment advice. No information is applicable to this Item. 5  Item 4 - Other Business Activities: Ms. Colt is not engaged in any investment-related businesses outside of J.M. Forbes & Co. LLP, nor does she have any applications pending to register with a broker-dealer or other investment firm. Ms. Colt does not receive any commission, bonuses or other compensation based on the sale of securities or other investment products. Ms. Colt does not engage in any other business that provides a substantial source of her income or consumes a substantial portion of her time. Item 5 - Additional Compensation: Ms. Colt does not receive any additional compensation beyond her regular quarterly draw and year-end partnership distribution for providing advisory services. Item 6 - Supervision: We have established policies and procedures that are designed to reasonably ensure that our partners, including Ms. Colt, appropriately address our client’s investment needs in accordance with their specific needs and applicable laws and regulations. This includes the use of automated compliance systems that monitor the consistency between activity in each client’s account and its applicable investment guidelines, restrictions, or other parameters. The Partners of J.M. Forbes & Co. LLP (Jeffrey L. Bernier, Ms. Colt, Paul Elias and Bracken Hendricks) collectively supervise the firm’s advisory activities. They and J.M. Forbes & Co.’s Chief Compliance Officer, Paul Kendrigan, may be reached at (617) 423-5705. 6  ADV Part 2B – Brochure Supplement Paul Elias; Partner J.M. Forbes & Co. LLP, 121 Mount Vernon Street, Boston, MA 02108 Phone: 617-423-5705 Web: www.jmforbes.com This brochure supplement provides information about Paul Elias that supplements the J.M. Forbes & Co. LLP brochure. A copy of the brochure precedes this supplement. Please contact Paul M. Kendrigan, Chief Compliance Officer, if the brochure is not included with this supplement or if you have any questions about the contents of this supplement. Additional information about Mr. Elias is available on the SEC’s website at www. adviserinfo.sec.gov. (The CRD Number for Paul Elias is 5051789.) Item 2 – Educational Background and Business Expertise: Paul Elias Year of Birth: 1955 Education: University of California at Berkeley, BA and MA, Zoology 1978 and 1979 Harvard University, MA in Biology, 1982 Coursework in Investments, Finance, Accounting, Financial Planning and Trusts Professional Designations/Certifications: Uniform Investment Advisor Law Examination Series 65, 2005 Business Background: 1982-1995 – A series of roles from Acquisitions Editor to Business Unit Manager to General Manager in scientific, medical and academic publishing companies Addison-Wesley, Blackwell Scientific Publications, Competence Assurance Systems, and Hackett Publishing Company. 1995-2005 – Performance Design, Inc. Founder and Publisher in multimedia publishing start-up serving the global pharmaceutical industry. January 2006-Present – J.M. Forbes & Co. LLP, Partner Item 3 - Disciplinary Information: Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of each supervised person providing investment advice. No information is applicable to this Item. Item 4 - Other Business Activities: Mr. Elias is not engaged in any investment-related businesses outside of J.M. Forbes & Co. LLP, nor does he have any applications pending to register with a broker-dealer or other investment firm. Mr. Elias does not receive any commission, bonuses or other compensation based on the sale of securities or other investment products. Mr. Elias does not engage in any other business that provides a substantial source of his income or consumes a substantial portion of his time. Item 5 - Additional Compensation: Mr. Elias does not receive any additional compensation beyond his regular quarterly draw and year-end partnership distribution for providing advisory services. 7  Item 6 - Supervision: We have established policies and procedures that are designed to reasonably ensure that our partners, including Mr. Elias, appropriately address our client’s investment needs in accordance with their specific needs and applicable laws and regulations. This includes the use of automated compliance systems that monitor the consistency between activity in each client’s account and its applicable investment guidelines, restrictions, or other parameters. The Partners of J.M. Forbes & Co. LLP (Jeffrey L. Bernier, Elizabeth S. Colt, Mr. Elias and Bracken Hendricks) collectively supervise the firm’s advisory activities. They and J.M. Forbes & Co.’s Chief Compliance Officer, Paul Kendrigan, may be reached at (617) 423-5705. 8  ADV Part 2B – Brochure Supplement Bracken Hendricks; Partner J.M. Forbes & Co. LLP, 121 Mount Vernon Street, Boston, MA 02108 Phone: 617-423-5705 Web: www.jmforbes.com This brochure supplement provides information about Bracken Hendricks that supplements the J.M. Forbes & Co. LLP brochure. A copy of the brochure precedes this supplement. Please contact Paul M. Kendrigan, Chief Compliance Officer, if the brochure is not included with this supplement or if you have any questions about the contents of this supplement. Additional information about Mr. Hendricks is available on the SEC’s website at www. adviserinfo.sec.gov. (The CRD Number for Bracken Hendricks is 7527795.) Item 2 – Educational Background and Business Expertise: Bracken Hendricks Year of Birth: 1967 Education: Mary Baldwin College, BA. Fine Arts, Sociology Minor. Cum Laude, 1995 Harvard University, Kennedy School, Masters Degrees in Public Policy & Urban Planning, 1998 Coursework in economics, finance, accounting and statistics Professional Designations/Certifications: Uniform Investment Advisor Law Examination Series 65, 2022 Business Background: 1998-2001 – Federal government service as Special Assistant to the White House Office of the Vice President and U.S. Department of Commerce, NOAA. 2001-2015 – Policy analysis for national think tanks, serving as an Economic Analyst, Executive Director, and Senior Fellow for the Working for America Institute, Apollo Alliance, and Center for American Progress. 2005-2015 – Philanthropic advisor and non-profit program development with the Wallace Global Fund and Clinton Foundation / Clinton Global Initiative. 2014-Present –Urban Ingenuity. Co-Founder, President & CEO of a project finance company structuring investment into clean energy assets. April, 2022-Present – J.M. Forbes & Co. LLP, Partner Item 3 - Disciplinary Information: Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of each supervised person providing investment advice. No information is applicable to this Item. Item 4 - Other Business Activities: Mr. Hendricks is not engaged in any investment-related businesses outside of J.M. Forbes & Co. LLP, nor does he have any applications pending to register with a broker-dealer or other investment firm. Mr. Hendricks does not receive any commission, bonuses or other compensation based on the sale of securities or other investment products. Mr. Hendricks does not engage in any other business that provides a substantial source of his income or consumes a substantial portion of his time. 9  Item 5 - Additional Compensation: Mr. Hendricks does not receive any additional compensation beyond his regular quarterly draw and year-end partnership distribution for providing advisory services. Item 6 - Supervision: We have established policies and procedures that are designed to reasonably ensure that our partners, including Mr. Hendricks, appropriately address our client’s investment needs in accordance with their specific needs and applicable laws and regulations. This includes the use of automated compliance systems that monitor the consistency between activity in each client’s account and its applicable investment guidelines, restrictions, or other parameters. The Partners of J.M. Forbes & Co. LLP (Jeffrey L. Bernier, Elizabeth S. Colt, Paul Elias and Mr. Hendricks) collectively supervise the firm’s advisory activities. They and J.M. Forbes & Co.’s Chief Compliance Officer, Paul Kendrigan, may be reached at (617) 423-5705. 10  ADV Part 2B – Brochure Supplement Thomas J. Brosnan; Portfolio Manager J.M. Forbes & Co. LLP, 121 Mount Vernon Street, Boston, MA 02108 Phone: 617-423-5705 Web: www.jmforbes.com This brochure supplement provides information about Thomas J. Brosnan that supplements the J.M. Forbes & Co. LLP brochure. A copy of the brochure precedes this supplement. Please contact Paul M. Kendrigan, Chief Compliance Officer, if the brochure is not included with this supplement or if you have any questions about the contents of this supplement. Additional information about Mr. Brosnan is available on the SEC’s website at www. adviserinfo.sec.gov. (The CRD Number for Thomas J. Brosnan is 4807304.) Item 2 – Educational Background and Business Expertise: Thomas J. Brosnan, CFA®, CMT®, AEP®, CTFA Year of Birth: 1969 Education: Tufts University, BA in Economics/English, 1991 Boston College, MBA in Finance, 1999 Professional Designations/Certifications: Chartered Financial Analyst® (CFA®), 1998 To earn the CFA charter, candidates must pass three sequential, six-hour examinations over two to four years. The three levels of the CFA Program test a wide range of investment topics, including ethical and professional standards, fixed-income analysis, alternative and derivative investments, and portfolio management and wealth planning. In addition, CFA charter holders must have at least four years of acceptable professional experience in the investment decision-making process and must commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct. Chartered Market Technician® (CMT®), 2009 The Chartered Market Technicians Program consists of three levels of exams testing the student’s competency in a broad range of technical analysis subjects. Charter holders must be members of the CMT Association and abide by its code of ethics, must have 3 years of relevant work experience, and must show mastery of the CMT Association body of knowledge. Certified Trust and Fiduciary Advisor (CTFA), 2016 Candidates must have a minimum of three years’ experience in personal trusts along with the completion of an ICB trust training program. This designation provides training and knowledge in taxes, investments, financial planning, trusts and estates. Candidates must also sign a professional Code of Ethics and successfully pass an examination. Accredited Estate Planner® (AEP®), 2023 The AEP designation is a multi-disciplinary credential emphasizing a collaborative approach to estate planning in client relationships. Accredited Estate Planners must have a minimum of five years of active engagement in 11  estate planning, must maintain a related certification such as CFA or CTFA designation, and must have completed a set of graduate courses or similar experience. Candidates must also abide by the National Association of Estate Planners and Councils’ Code of Ethics. Memberships: The Boston Economic Club The Boston Security Analysts Society CFA Institute CMT Association Boston Estate Planning Council National Association of Estate Planners & Councils Business Background: October 1991-Present – J.M. Forbes & Co. LLP, Chief Portfolio Officer/Trader Item 3 - Disciplinary Information: Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of each supervised person providing investment advice. No information is applicable to this Item. Item 4 - Other Business Activities: Mr. Brosnan is not engaged in any investment-related businesses outside of J.M. Forbes & Co. LLP, nor does he have any applications pending to register with a broker-dealer or other investment firm. Mr. Brosnan does not receive any commission, bonuses or other compensation based on the sale of securities or other investment products. Mr. Brosnan does not engage in any other business that provides a substantial source of his income or consumes a substantial portion of his time. Item 5 - Additional Compensation: Mr. Brosnan does not receive any additional economic benefit from third parties for providing investment advisory services. Item 6 - Supervision: We have established policies and procedures that are designed to reasonably ensure that our employees, including Mr. Brosnan, appropriately address our client’s investment needs in accordance with their specific needs and applicable laws and regulations. This includes the use of automated compliance systems that monitor the consistency between activity in each client’s account and its applicable investment guidelines, restrictions, or other parameters. The Partners of J.M. Forbes & Co. LLP (Jeffrey L. Bernier, Elizabeth S. Colt, Paul Elias and Bracken Hendricks) collectively supervise the firm’s advisory activities. They and J.M. Forbes & Co.’s Chief Compliance Officer, Paul Kendrigan, may be reached at (617) 423-5705. 12  ADV Part 2B – Brochure Supplement Benjamin S. Waddicor; Portfolio Manager/Trader J.M. Forbes & Co. LLP, 121 Mount Vernon Street, Boston, MA 02108 Phone: 617-423-5705 Web: www.jmforbes.com This brochure supplement provides information about Benjamin S. Waddicor that supplements the J.M. Forbes & Co. LLP brochure. A copy of the brochure precedes this supplement. Please contact Paul M. Kendrigan, Chief Compliance Officer, if the brochure is not included with this supplement or if you have any questions about the contents of this supplement. Additional information about Mr. Waddicor is available on the SEC’s website at www. adviserinfo.sec.gov. (The CRD Number for Benjamin S. Waddicor is 6705729.) Item 2 – Educational Background and Business Expertise: Benjamin S. Waddicor, CMT®, CIMA® Year of Birth: 1977 Education: Northeastern University, BS in Business Administration, 2001 Professional Designations/Certifications: Uniform Investment Advisor Law Examination Series 65, 2016 Chartered Market Technician® (CMT®), 2018 The Chartered Market Technicians Program consists of three levels of exams testing the student’s competency in a broad range of technical analysis subjects. Charter holders must be members of the CMT Association and abide by its code of ethics, must have 3 years of relevant work experience, and must show mastery of the CMT Association body of knowledge. Certified Investment Management Analyst® (CIMA®), 2021 The CIMA certification signifies that an individual has met initial and ongoing experience, ethical, education, and examination requirements for investment management consulting, including advanced investment management theory and application. To earn CIMA certification, candidates must: submit an application, pass a background check and have an acceptable regulatory history; complete an in-person or online executive education program through a Registered Education Provider; pass an online Certification Examination; Pass a second background check; and have three years of financial services experience at the time of certification. Memberships: CMT Association Investments and Wealth Institute The Boston Economic Club Business Background: 2002-2006 – Samet & Company PC, Senior Tax Associate May 2006-Present – J.M. Forbes & Co. LLP, Portfolio Manager/Trader 13  Item 3 - Disciplinary Information: Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of each supervised person providing investment advice. No information is applicable to this Item. Item 4 - Other Business Activities: Mr. Waddicor is not engaged in any investment-related businesses outside of J.M. Forbes & Co. LLP, nor does he have any applications pending to register with a broker-dealer or other investment firm. Mr. Waddicor does not receive any commission, bonuses or other compensation based on the sale of securities or other investment products. Mr. Waddicor does not engage in any other business that provides a substantial source of his income or consumes a substantial portion of his time. Item 5 - Additional Compensation: Mr. Waddicor does not receive any additional economic benefit from third parties for providing investment advisory services. Item 6 - Supervision: We have established policies and procedures that are designed to reasonably ensure that our employees, including Mr. Waddicor, appropriately address our client’s investment needs in accordance with their specific needs and applicable laws and regulations. This includes the use of automated compliance systems that monitor the consistency between activity in each client’s account and its applicable investment guidelines, restrictions, or other parameters. The Partners of J.M. Forbes & Co. LLP (Jeffrey L. Bernier, Elizabeth S. Colt, Paul Elias and Bracken Hendricks) collectively supervise the firm’s advisory activities. They and J.M. Forbes & Co.’s Chief Compliance Officer, Paul Kendrigan, may be reached at (617) 423-5705. 14