Welch & Forbes 13FHR Quarterly holdings report by institutional manager | SEC 14 Apr 23

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3M CO	COM	88579Y101	8,839,916	84,102	SH		SOLE		81,071	0	3,031
ABBOTT LABS	COM	002824100	65,426,976	646,128	SH		SOLE		604,299	0	41,829
ABBVIE INC	COM	00287Y109	64,911,598	407,301	SH		SOLE		398,315	0	8,986
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	29,074,629	101,727	SH		SOLE		61,214	0	40,513
ADOBE SYSTEMS INCORPORATED	COM	00724F101	34,804,743	90,315	SH		SOLE		55,442	0	34,873
AFFILIATED MANAGERS GROUP IN	COM	008252108	519,833	3,650	SH		SOLE		2,950	0	700
AFLAC INC	COM	001055102	29,967,026	464,461	SH		SOLE		454,773	0	9,688
AIR PRODS & CHEMS INC	COM	009158106	11,457,960	39,894	SH		SOLE		39,378	0	516
AIRBNB INC	COM CL A	009066101	415,496	3,340	SH		SOLE		3,340	0	0
ALLIANT ENERGY CORP	COM	018802108	2,718,008	50,899	SH		SOLE		50,899	0	0
ALLSTATE CORP	COM	020002101	736,775	6,649	SH		SOLE		6,649	0	0
ALPHABET INC	CAP STK CL A	02079K305	47,632,823	459,200	SH		SOLE		412,929	0	46,271
ALPHABET INC	CAP STK CL C	02079K107	123,696,976	1,189,394	SH		SOLE		970,229	0	219,165
ALTRIA GROUP INC	COM	02209S103	1,178,240	26,406	SH		SOLE		20,793	0	5,613
AMAZON COM INC	COM	023135106	44,301,455	428,903	SH		SOLE		290,516	0	138,387
AMCOR PLC	ORD	G0250X107	130,870	11,500	SH		SOLE		11,500	0	0
AMERICAN ELEC PWR CO INC	COM	025537101	396,807	4,361	SH		SOLE		2,722	0	1,639
AMERICAN EXPRESS CO	COM	025816109	14,883,951	90,233	SH		SOLE		87,222	0	3,011
AMERICAN TOWER CORP NEW	COM	03027X100	1,602,436	7,842	SH		SOLE		7,167	0	675
AMERICAN WTR WKS CO INC NEW	COM	030420103	21,504,333	146,797	SH		SOLE		136,338	0	10,459
AMERIPRISE FINL INC	COM	03076C106	61,950,299	202,121	SH		SOLE		148,761	0	53,360
AMGEN INC	COM	031162100	6,962,410	28,800	SH		SOLE		26,107	0	2,693
AMPHENOL CORP NEW	CL A	032095101	705,733	8,636	SH		SOLE		8,636	0	0
ANALOG DEVICES INC	COM	032654105	6,127,234	31,068	SH		SOLE		28,368	0	2,700
ANSYS INC	COM	03662Q105	139,719,765	419,831	SH		SOLE		394,300	0	25,531
AON PLC	SHS CL A	G0403H108	312,768	992	SH		SOLE		879	0	113
APA CORPORATION	COM	03743Q108	320,934	8,900	SH		SOLE		7,450	0	1,450
APPLE INC	COM	037833100	301,818,449	1,830,311	SH		SOLE		1,556,116	0	274,195
APPLIED MATLS INC	COM	038222105	827,751	6,739	SH		SOLE		6,596	0	143
APTIV PLC	SHS	G6095L109	2,035,702	18,145	SH		SOLE		16,095	0	2,050
AT&T INC	COM	00206R102	5,822,490	302,466	SH		SOLE		293,093	0	9,373
AUTOMATIC DATA PROCESSING IN	COM	053015103	56,202,204	252,447	SH		SOLE		235,252	0	17,195
BALL CORP	COM	058498106	22,984,238	417,060	SH		SOLE		369,132	0	47,928
BANK AMERICA CORP	COM	060505104	32,978,949	1,153,110	SH		SOLE		697,972	0	455,138
BANK OZK LITTLE ROCK ARK	COM	06417N103	1,280,550	37,443	SH		SOLE		37,443	0	0
BARRICK GOLD CORP	COM	067901108	542,710	29,225	SH		SOLE		23,593	0	5,632
BCE INC	COM NEW	05534B760	717,936	16,029	SH		SOLE		5,735	0	10,294
BECTON DICKINSON & CO	COM	075887109	22,041,729	89,043	SH		SOLE		77,645	0	11,398
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	465,600	1	SH		SOLE		0	0	1
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	41,407,331	134,104	SH		SOLE		76,765	0	57,339
BHP GROUP LTD	SPONSORED ADS	088606108	285,916	4,509	SH		SOLE		4,500	0	9
BLACK STONE MINERALS L P	COM UNIT	09225M101	925,176	58,966	SH		SOLE		27,260	0	31,706
BLACKROCK INC	COM	09247X101	1,178,990	1,762	SH		SOLE		1,751	0	11
BLACKROCK MUNICIPAL INCOME	COM	09253X102	857,849	73,446	SH		SOLE		73,446	0	0
BLACKSTONE INC	COM	09260D107	1,051,094	11,966	SH		SOLE		11,195	0	771
BOEING CO	COM	097023105	594,592	2,799	SH		SOLE		2,381	0	418
BOOKING HOLDINGS INC	COM	09857L108	22,956,578	8,655	SH		SOLE		7,770	0	885
BOSTON SCIENTIFIC CORP	COM	101137107	12,754,999	254,947	SH		SOLE		252,375	0	2,572
BP PLC	SPONSORED ADR	055622104	2,695,941	71,058	SH		SOLE		68,376	0	2,682
BRISTOL-MYERS SQUIBB CO	COM	110122108	11,296,926	162,991	SH		SOLE		158,509	0	4,482
BROADCOM INC	COM	11135F101	2,033,041	3,169	SH		SOLE		2,897	0	272
BROADRIDGE FINL SOLUTIONS IN	COM	11133T103	1,089,162	7,431	SH		SOLE		6,981	0	450
CANADIAN NAT RES LTD	COM	136385101	201,197	3,635	SH		SOLE		3,000	0	635
CANADIAN NATL RY CO	COM	136375102	2,039,821	17,291	SH		SOLE		17,288	0	3
CAPITAL ONE FINL CORP	COM	14040H105	5,942,401	61,797	SH		SOLE		57,968	0	3,829
CARLISLE COS INC	COM	142339100	14,418,547	63,779	SH		SOLE		57,369	0	6,410
CARMAX INC	COM	143130102	60,341,371	938,727	SH		SOLE		776,314	0	162,413
CARRIER GLOBAL CORPORATION	COM	14448C104	12,661,295	276,748	SH		SOLE		256,439	0	20,309
CATERPILLAR INC	COM	149123101	6,245,273	27,291	SH		SOLE		25,727	0	1,564
CHECK POINT SOFTWARE TECH LT	ORD	M22465104	5,038,930	38,761	SH		SOLE		37,169	0	1,592
CHEVRON CORP NEW	COM	166764100	61,480,320	376,810	SH		SOLE		218,305	0	158,505
CHUBB LIMITED	COM	H1467J104	80,180,950	412,920	SH		SOLE		330,342	0	82,578
CHURCH & DWIGHT CO INC	COM	171340102	39,070,183	441,920	SH		SOLE		413,278	0	28,642
CINTAS CORP	COM	172908105	20,460,170	44,221	SH		SOLE		44,161	0	60
CISCO SYS INC	COM	17275R102	31,977,180	611,709	SH		SOLE		350,108	0	261,601
COCA COLA CO	COM	191216100	21,879,027	352,716	SH		SOLE		297,946	0	54,770
COGNEX CORP	COM	192422103	15,390,892	310,613	SH		SOLE		291,116	0	19,497
COLGATE PALMOLIVE CO	COM	194162103	5,251,039	69,874	SH		SOLE		51,172	0	18,702
COMCAST CORP NEW	CL A	20030N101	46,797,995	1,234,447	SH		SOLE		874,422	0	360,025
CONOCOPHILLIPS	COM	20825C104	3,801,134	38,314	SH		SOLE		23,860	0	14,454
CONSTELLATION BRANDS INC	CL A	21036P108	17,324,680	76,695	SH		SOLE		29,200	0	47,495
COPART INC	COM	217204106	1,674,024	22,258	SH		SOLE		22,258	0	0
CORTEVA INC	COM	22052L104	1,141,909	18,934	SH		SOLE		10,863	0	8,071
COSTCO WHSL CORP NEW	COM	22160K105	85,758,325	172,597	SH		SOLE		158,161	0	14,436
CSX CORP	COM	126408103	668,413	22,325	SH		SOLE		22,325	0	0
CUMMINS INC	COM	231021106	12,281,295	51,412	SH		SOLE		44,905	0	6,507
CVS HEALTH CORP	COM	126650100	9,511,244	127,994	SH		SOLE		117,518	0	10,476
DANAHER CORPORATION	5% CONV PFD B	235851409	509,741	400	SH		SOLE		400	0	0
DANAHER CORPORATION	COM	235851102	169,716,405	673,371	SH		SOLE		584,953	0	88,418
DEERE & CO	COM	244199105	2,293,962	5,556	SH		SOLE		4,991	0	565
DEXCOM INC	COM	252131107	464,720	4,000	SH		SOLE		4,000	0	0
DIAGEO PLC	SPON ADR NEW	25243Q205	1,681,989	9,284	SH		SOLE		5,991	0	3,293
DISCOVER FINL SVCS	COM	254709108	233,954	2,367	SH		SOLE		2,311	0	56
DISNEY WALT CO	COM	254687106	5,800,540	57,930	SH		SOLE		49,803	0	8,127
DOMINION ENERGY INC	COM	25746U109	391,034	6,994	SH		SOLE		4,554	0	2,440
DONALDSON INC	COM	257651109	415,889	6,365	SH		SOLE		6,365	0	0
DOVER CORP	COM	260003108	25,670,885	168,954	SH		SOLE		166,812	0	2,142
DOW INC	COM	260557103	1,257,735	22,943	SH		SOLE		14,572	0	8,371
DUKE ENERGY CORP NEW	COM NEW	26441C204	7,068,847	73,275	SH		SOLE		69,044	0	4,231
DUPONT DE NEMOURS INC	COM	26614N102	1,286,552	17,926	SH		SOLE		12,164	0	5,762
EASTERLY GOVT PPTYS INC	COM	27616P103	340,422	24,776	SH		SOLE		24,776	0	0
EASTERN BANKSHARES INC	COM	27627N105	984,360	78,000	SH		SOLE		54,000	0	24,000
EATON CORP PLC	SHS	G29183103	408,817	2,386	SH		SOLE		2,386	0	0
EATON VANCE MUNI INCOME TRUS	SH BEN INT	27826U108	2,084,592	205,784	SH		SOLE		205,784	0	0
EATON VANCE TAX-MANAGED GLOB	COM	27829F108	89,816	11,500	SH		SOLE		2,000	0	9,500
EBAY INC.	COM	278642103	218,921	4,934	SH		SOLE		4,622	0	312
ECOLAB INC	COM	278865100	75,384,179	455,410	SH		SOLE		371,145	0	84,265
EDWARDS LIFESCIENCES CORP	COM	28176E108	22,576,794	272,897	SH		SOLE		241,694	0	31,203
EMERSON ELEC CO	COM	291011104	12,473,312	143,141	SH		SOLE		140,122	0	3,019
ENBRIDGE INC	COM	29250N105	573,017	15,020	SH		SOLE		14,384	0	636
ENTEGRIS INC	COM	29362U104	224,871	2,742	SH		SOLE		2,700	0	42
ENTERPRISE PRODS PARTNERS L	COM	293792107	667,030	25,754	SH		SOLE		16,650	0	9,104
EOG RES INC	COM	26875P101	2,356,449	20,557	SH		SOLE		17,568	0	2,989
EQUINIX INC	COM	29444U700	3,952,011	5,481	SH		SOLE		5,242	0	239
ESSENTIAL UTILS INC	COM	29670G102	466,487	10,687	SH		SOLE		187	0	10,500
EVERSOURCE ENERGY	COM	30040W108	1,255,369	16,041	SH		SOLE		12,233	0	3,808
EXPEDITORS INTL WASH INC	COM	302130109	15,219,902	138,212	SH		SOLE		136,832	0	1,380
EXXON MOBIL CORP	COM	30231G102	35,563,053	324,303	SH		SOLE		298,776	0	25,527
FASTENAL CO	COM	311900104	991,040	18,373	SH		SOLE		18,205	0	168
FIRST TR EXCH TRADED FD III	INSTL PFD SECS	33739P855	3,192,959	190,624	SH		SOLE		186,959	0	3,665
FIRST TR EXCHANGE-TRADED FD	FIRST TR ENH NEW	33739Q408	3,178,963	53,419	SH		SOLE		10,803	0	42,616
FIRST TR EXCHANGE-TRADED FD	NO AMER ENERGY	33738D101	30,964,507	1,162,767	SH		SOLE		1,023,585	0	139,182
FIRST TR EXCHANGE-TRADED FD	SENIOR LN FD	33738D309	22,901,978	506,233	SH		SOLE		451,019	0	55,214
FIRST TR NASDAQ 100 TECH IND	SHS	337345102	325,362	2,493	SH		SOLE		2,493	0	0
FISERV INC	COM	337738108	103,805,490	918,388	SH		SOLE		732,455	0	185,933
FORD MTR CO DEL	COM	345370860	507,352	40,266	SH		SOLE		36,500	0	3,766
FORMFACTOR INC	COM	346375108	254,800	8,000	SH		SOLE		0	0	8,000
FORTIVE CORP	COM	34959J108	9,469,458	138,909	SH		SOLE		137,338	0	1,571
GALLAGHER ARTHUR J & CO	COM	363576109	57,269,759	299,355	SH		SOLE		270,661	0	28,694
GARTNER INC	COM	366651107	2,167,022	6,652	SH		SOLE		6,652	0	0
GE HEALTHCARE TECHNOLOGIES I	COMMON STOCK	36266G107	1,054,491	12,855	SH		SOLE		12,615	0	240
GENERAL DYNAMICS CORP	COM	369550108	1,005,267	4,405	SH		SOLE		3,622	0	783
GENERAL ELECTRIC CO	COM NEW	369604301	4,453,458	46,584	SH		SOLE		45,649	0	935
GENERAL MLS INC	COM	370334104	7,585,175	88,757	SH		SOLE		85,473	0	3,284
GENERAL MTRS CO	COM	37045V100	1,251,997	34,133	SH		SOLE		29,553	0	4,580
GENTEX CORP	COM	371901109	1,316,009	46,950	SH		SOLE		29,950	0	17,000
GENUINE PARTS CO	COM	372460105	998,671	5,969	SH		SOLE		2,741	0	3,228
GEOVAX LABS INC	COM	373678507	11,301	16,994	SH		SOLE		16,994	0	0
GILEAD SCIENCES INC	COM	375558103	2,658,860	32,046	SH		SOLE		31,330	0	716
GLOBAL PARTNERS LP	COM UNITS	37946R109	1,160,768	37,420	SH		SOLE		0	0	37,420
GLOBE LIFE INC	COM	37959E102	272,300	2,475	SH		SOLE		2,475	0	0
GOLDMAN SACHS GROUP INC	COM	38141G104	432,767	1,323	SH		SOLE		1,116	0	207
GRAINGER W W INC	COM	384802104	413,287	600	SH		SOLE		600	0	0
GSK PLC	SPONSORED ADR	37733W204	18,540,774	521,101	SH		SOLE		521,101	0	0
HAIN CELESTIAL GROUP INC	COM	405217100	1,995,103	116,331	SH		SOLE		106,496	0	9,835
HALEON PLC	SPON ADS	405552100	5,287,777	649,604	SH		SOLE		649,604	0	0
HALLIBURTON CO	COM	406216101	254,069	8,030	SH		SOLE		8,030	0	0
HANCOCK JOHN TAX-ADVANTAGED	COM	41013V100	1,066,000	50,000	SH		SOLE		50,000	0	0
HARTFORD FINL SVCS GROUP INC	COM	416515104	332,142	4,766	SH		SOLE		4,766	0	0
HENRY JACK & ASSOC INC	COM	426281101	653,974	4,339	SH		SOLE		4,339	0	0
HERSHEY CO	COM	427866108	1,230,326	4,836	SH		SOLE		4,260	0	576
HESS CORP	COM	42809H107	417,267	3,153	SH		SOLE		3,095	0	58
HINGHAM INSTN SVGS MASS	COM	433323102	355,996	1,525	SH		SOLE		1,525	0	0
HOME DEPOT INC	COM	437076102	128,773,530	436,343	SH		SOLE		366,099	0	70,244
HONEYWELL INTL INC	COM	438516106	2,635,350	13,789	SH		SOLE		11,756	0	2,033
HUBBELL INC	COM	443510607	1,178,593	4,844	SH		SOLE		4,844	0	0
HUBSPOT INC	COM	443573100	334,856	781	SH		SOLE		781	0	0
HUMANA INC	COM	444859102	375,262	773	SH		SOLE		773	0	0
ICON PLC	SHS	G4705A100	4,275,011	20,015	SH		SOLE		20,015	0	0
IDEXX LABS INC	COM	45168D104	87,220,949	174,414	SH		SOLE		171,336	0	3,078
ILLINOIS TOOL WKS INC	COM	452308109	6,103,299	25,070	SH		SOLE		21,396	0	3,674
ILLUMINA INC	COM	452327109	549,283	2,362	SH		SOLE		2,356	0	6
INTEL CORP	COM	458140100	15,338,026	469,483	SH		SOLE		429,548	0	39,935
INTERNATIONAL BUSINESS MACHS	COM	459200101	9,448,222	72,074	SH		SOLE		66,865	0	5,209
INTERNATIONAL FLAVORS&FRAGRA	COM	459506101	233,487	2,539	SH		SOLE		864	0	1,675
INTUIT	COM	461202103	2,030,313	4,554	SH		SOLE		4,547	0	7
INTUITIVE SURGICAL INC	COM NEW	46120E602	2,641,560	10,340	SH		SOLE		8,026	0	2,314
INVESCO EXCH TRADED FD TR II	SOLAR ETF	46138G706	1,082,940	13,950	SH		SOLE		13,950	0	0
INVESCO EXCH TRADED FD TR II	SR LN ETF	46138G508	3,887,435	186,896	SH		SOLE		166,887	0	20,009
INVESCO EXCHANGE TRADED FD T	DIVID ACHIEVEV	46137V506	226,116	6,178	SH		SOLE		5,655	0	523
INVESCO EXCHANGE TRADED FD T	DWA MOMENTUM	46137V837	221,984	2,922	SH		SOLE		2,419	0	503
INVESCO EXCHANGE TRADED FD T	WATER RES ETF	46137V142	693,551	13,000	SH		SOLE		12,260	0	740
INVESCO QQQ TR	UNIT SER 1	46090E103	2,599,532	8,100	SH		SOLE		7,696	0	404
IQVIA HLDGS INC	COM	46266C105	517,114	2,600	SH		SOLE		2,600	0	0
IRON MTN INC DEL	COM	46284V101	39,401,334	744,685	SH		SOLE		685,394	0	59,291
ISHARES GOLD TR	ISHARES NEW	464285204	3,514,357	94,042	SH		SOLE		86,992	0	7,050
ISHARES TR	CORE MSCI EAFE	46432F842	1,320,689	19,756	SH		SOLE		15,520	0	4,236
ISHARES TR	CORE S&P MCP ETF	464287507	3,657,588	14,621	SH		SOLE		9,054	0	5,567
ISHARES TR	CORE S&P SCP ETF	464287804	2,929,434	30,294	SH		SOLE		24,137	0	6,157
ISHARES TR	CORE S&P TTL STK	464287150	215,780	2,383	SH		SOLE		2,084	0	299
ISHARES TR	CORE S&P500 ETF	464287200	3,777,414	9,189	SH		SOLE		8,718	0	471
ISHARES TR	CORE US AGGBD ET	464287226	506,470	5,083	SH		SOLE		3,725	0	1,358
ISHARES TR	EAFE SML CP ETF	464288273	223,996	3,764	SH		SOLE		3,711	0	53
ISHARES TR	FLTG RATE NT ETF	46429B655	691,603	13,725	SH		SOLE		9,125	0	4,600
ISHARES TR	IBOXX INV CP ETF	464287242	14,853,807	135,515	SH		SOLE		132,709	0	2,806
ISHARES TR	ISHARES BIOTECH	464287556	291,514	2,257	SH		SOLE		2,257	0	0
ISHARES TR	ISHARES SEMICDTR	464287523	207,216	466	SH		SOLE		466	0	0
ISHARES TR	ISHS 1-5YR INVS	464288646	5,497,842	108,782	SH		SOLE		107,804	0	978
ISHARES TR	MSCI EAFE ETF	464287465	1,909,727	26,702	SH		SOLE		18,190	0	8,512
ISHARES TR	MSCI EMG MKT ETF	464287234	1,094,109	27,727	SH		SOLE		26,727	0	1,000
ISHARES TR	MSCI USA MIN VOL	46429B697	1,043,455	14,345	SH		SOLE		14,045	0	300
ISHARES TR	NATIONAL MUN ETF	464288414	329,362	3,057	SH		SOLE		63	0	2,994
ISHARES TR	PFD AND INCM SEC	464288687	25,973,966	831,965	SH		SOLE		705,762	0	126,203
ISHARES TR	RUS 1000 ETF	464287622	1,398,680	6,210	SH		SOLE		5,860	0	350
ISHARES TR	RUS 1000 GRW ETF	464287614	1,270,028	5,198	SH		SOLE		3,698	0	1,500
ISHARES TR	RUS 1000 VAL ETF	464287598	474,290	3,115	SH		SOLE		1,115	0	2,000
ISHARES TR	RUS 2000 GRW ETF	464287648	3,586,034	15,810	SH		SOLE		15,395	0	415
ISHARES TR	RUS 2000 VAL ETF	464287630	511,084	3,730	SH		SOLE		3,280	0	450
ISHARES TR	RUS MID CAP ETF	464287499	1,448,812	20,721	SH		SOLE		14,652	0	6,069
ISHARES TR	RUSSELL 2000 ETF	464287655	16,099,352	90,243	SH		SOLE		36,756	0	53,487
ISHARES TR	S&P 100 ETF	464287101	1,558,979	8,335	SH		SOLE		8,335	0	0
ISHARES TR	S&P 500 GRWT ETF	464287309	434,196	6,796	SH		SOLE		6,571	0	225
ISHARES TR	S&P 500 VAL ETF	464287408	394,576	2,600	SH		SOLE		2,600	0	0
ISHARES TR	S&P MC 400GR ETF	464287606	683,277	9,555	SH		SOLE		4,186	0	5,369
ISHARES TR	SELECT DIVID ETF	464287168	1,478,582	12,618	SH		SOLE		11,720	0	898
ISHARES TR	TIPS BD ETF	464287176	3,013,804	27,336	SH		SOLE		6,735	0	20,601
J JILL INC	COM	46620W201	989,520	38,000	SH		SOLE		38,000	0	0
JOHNSON & JOHNSON	COM	478160104	123,798,892	798,703	SH		SOLE		674,545	0	124,158
JPMORGAN CHASE & CO	COM	46625H100	96,007,159	736,759	SH		SOLE		585,603	0	151,156
KAYNE ANDERSON ENERGY INFRST	COM	486606106	148,608	17,200	SH		SOLE		17,200	0	0
KELLOGG CO	COM	487836108	367,543	5,489	SH		SOLE		5,489	0	0
KIMBERLY-CLARK CORP	COM	494368103	5,443,162	40,554	SH		SOLE		39,685	0	869
KINSALE CAP GROUP INC	COM	49714P108	300,150	1,000	SH		SOLE		1,000	0	0
KKR & CO INC	COM	48251W104	344,006	6,550	SH		SOLE		6,550	0	0
KRAFT HEINZ CO	COM	500754106	224,591	5,808	SH		SOLE		4,619	0	1,189
L3HARRIS TECHNOLOGIES INC	COM	502431109	22,432,775	114,313	SH		SOLE		61,635	0	52,678
LABORATORY CORP AMER HLDGS	COM NEW	50540R409	633,889	2,763	SH		SOLE		2,733	0	30
LANCASTER COLONY CORP	COM	513847103	13,797,870	68,010	SH		SOLE		67,780	0	230
LAUDER ESTEE COS INC	CL A	518439104	979,926	3,976	SH		SOLE		3,956	0	20
LILLY ELI & CO	COM	532457108	42,181,607	122,828	SH		SOLE		118,892	0	3,936
LINCOLN ELEC HLDGS INC	COM	533900106	28,196,684	166,745	SH		SOLE		101,503	0	65,242
LINDE PLC	SHS	G54950103	30,532,649	85,902	SH		SOLE		81,721	0	4,181
LINDSAY CORP	COM	535555106	397,170	2,628	SH		SOLE		0	0	2,628
LOCKHEED MARTIN CORP	COM	539830109	3,507,949	7,421	SH		SOLE		6,043	0	1,378
LOWES COS INC	COM	548661107	3,722,044	18,613	SH		SOLE		18,107	0	506
M & T BK CORP	COM	55261F104	288,407	2,412	SH		SOLE		2,280	0	132
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	290,834	5,360	SH		SOLE		5,360	0	0
MARATHON PETE CORP	COM	56585A102	1,585,601	11,760	SH		SOLE		11,760	0	0
MARSH & MCLENNAN COS INC	COM	571748102	3,120,648	18,737	SH		SOLE		14,488	0	4,249
MASCO CORP	COM	574599106	1,365,659	27,467	SH		SOLE		24,367	0	3,100
MASTERCARD INCORPORATED	CL A	57636Q104	5,391,186	14,835	SH		SOLE		11,812	0	3,023
MCCORMICK & CO INC	COM NON VTG	579780206	1,085,889	13,050	SH		SOLE		12,320	0	730
MCDONALDS CORP	COM	580135101	90,854,588	324,933	SH		SOLE		260,951	0	63,982
MCGRATH RENTCORP	COM	580589109	242,606	2,600	SH		SOLE		2,600	0	0
MEDTRONIC PLC	SHS	G5960L103	9,775,287	121,251	SH		SOLE		108,860	0	12,391
MERCK & CO INC	COM	58933Y105	42,628,130	400,678	SH		SOLE		380,472	0	20,206
META PLATFORMS INC	CL A	30303M102	21,569,415	101,771	SH		SOLE		53,649	0	48,122
METLIFE INC	COM	59156R108	490,229	8,461	SH		SOLE		8,213	0	248
METTLER TOLEDO INTERNATIONAL	COM	592688105	100,790,332	65,867	SH		SOLE		60,823	0	5,044
MICROSOFT CORP	COM	594918104	264,544,604	917,600	SH		SOLE		774,409	0	143,191
MONDELEZ INTL INC	CL A	609207105	2,497,369	35,820	SH		SOLE		29,220	0	6,600
MOODYS CORP	COM	615369105	11,734,340	38,345	SH		SOLE		36,105	0	2,240
MORGAN STANLEY	COM NEW	617446448	676,060	7,700	SH		SOLE		7,327	0	373
MORNINGSTAR INC	COM	617700109	256,224	1,262	SH		SOLE		1,260	0	2
NETAPP INC	COM	64110D104	277,364	4,344	SH		SOLE		4,344	0	0
NEXTERA ENERGY INC	COM	65339F101	25,419,283	329,778	SH		SOLE		174,937	0	154,841
NIKE INC	CL B	654106103	7,727,301	63,008	SH		SOLE		60,617	0	2,391
NORFOLK SOUTHN CORP	COM	655844108	337,504	1,592	SH		SOLE		1,592	0	0
NORTHEAST BK LEWISTON ME	COM	66405S100	471,240	14,000	SH		SOLE		0	0	14,000
NORTHERN TR CORP	COM	665859104	399,759	4,536	SH		SOLE		4,402	0	134
NORTHROP GRUMMAN CORP	COM	666807102	2,177,934	4,717	SH		SOLE		4,651	0	66
NOVARTIS AG	SPONSORED ADR	66987V109	6,901,840	75,020	SH		SOLE		62,838	0	12,182
NOVO-NORDISK A S	ADR	670100205	1,441,808	9,060	SH		SOLE		9,045	0	15
NUTRIEN LTD	COM	67077M108	1,034,343	14,006	SH		SOLE		8,000	0	6,006
NVIDIA CORPORATION	COM	67066G104	155,959,306	561,469	SH		SOLE		444,151	0	117,318
OLD SECOND BANCORP INC ILL	COM	680277100	417,385	29,686	SH		SOLE		29,686	0	0
OMNICOM GROUP INC	COM	681919106	26,245,124	278,197	SH		SOLE		252,353	0	25,844
ONEOK INC NEW	COM	682680103	216,672	3,410	SH		SOLE		2,666	0	744
ORACLE CORP	COM	68389X105	11,325,553	121,885	SH		SOLE		101,919	0	19,966
OREILLY AUTOMOTIVE INC	COM	67103H107	184,969,124	217,872	SH		SOLE		184,297	0	33,575
OTIS WORLDWIDE CORP	COM	68902V107	25,784,223	305,500	SH		SOLE		289,596	0	15,904
PALO ALTO NETWORKS INC	COM	697435105	1,769,297	8,858	SH		SOLE		8,634	0	224
PARKER-HANNIFIN CORP	COM	701094104	1,538,377	4,577	SH		SOLE		2,974	0	1,603
PAYCHEX INC	COM	704326107	49,021,060	427,795	SH		SOLE		416,739	0	11,056
PAYCOM SOFTWARE INC	COM	70432V102	677,639	2,229	SH		SOLE		2,229	0	0
PAYPAL HLDGS INC	COM	70450Y103	2,910,109	38,321	SH		SOLE		34,998	0	3,323
PEPSICO INC	COM	713448108	108,556,022	595,479	SH		SOLE		500,093	0	95,386
PFIZER INC	COM	717081103	23,684,852	580,511	SH		SOLE		548,682	0	31,829
PHILIP MORRIS INTL INC	COM	718172109	2,751,893	28,297	SH		SOLE		23,171	0	5,126
PHILLIPS 66	COM	718546104	1,330,207	13,121	SH		SOLE		6,095	0	7,026
PNC FINL SVCS GROUP INC	COM	693475105	1,324,004	10,417	SH		SOLE		10,373	0	44
PPG INDS INC	COM	693506107	796,136	5,960	SH		SOLE		5,006	0	954
PROCTER AND GAMBLE CO	COM	742718109	119,996,447	807,024	SH		SOLE		702,279	0	104,745
PROGRESSIVE CORP	COM	743315103	6,260,019	43,758	SH		SOLE		43,754	0	4
PROLOGIS INC.	COM	74340W103	580,680	4,654	SH		SOLE		4,227	0	427
PUBLIC SVC ENTERPRISE GRP IN	COM	744573106	276,966	4,435	SH		SOLE		4,435	0	0
QUALCOMM INC	COM	747525103	20,358,582	159,575	SH		SOLE		139,251	0	20,324
RAYTHEON TECHNOLOGIES CORP	COM	75513E101	112,701,338	1,150,834	SH		SOLE		934,797	0	216,037
RESMED INC	COM	761152107	66,905,943	305,520	SH		SOLE		231,419	0	74,101
ROPER TECHNOLOGIES INC	COM	776696106	84,718,371	192,240	SH		SOLE		151,835	0	40,405
RPM INTL INC	COM	749685103	6,690,525	76,691	SH		SOLE		70,536	0	6,155
S&P GLOBAL INC	COM	78409V104	465,096	1,349	SH		SOLE		1,337	0	12
SALESFORCE INC	COM	79466L302	2,037,155	10,197	SH		SOLE		9,623	0	574
SCHLUMBERGER LTD	COM STK	806857108	857,537	17,465	SH		SOLE		15,542	0	1,923
SCHWAB CHARLES CORP	COM	808513105	295,266	5,637	SH		SOLE		1,125	0	4,512
SCHWAB STRATEGIC TR	US DIVIDEND EQ	808524797	2,303,588	31,487	SH		SOLE		31,487	0	0
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	461,486	3,056	SH		SOLE		2,010	0	1,046
SERVICENOW INC	COM	81762P102	628,301	1,352	SH		SOLE		1,348	0	4
SHELL PLC	SPON ADS	780259305	578,567	10,055	SH		SOLE		9,782	0	273
SHERWIN WILLIAMS CO	COM	824348106	6,650,945	29,590	SH		SOLE		29,494	0	96
SHOPIFY INC	CL A	82509L107	1,738,164	36,257	SH		SOLE		35,097	0	1,160
SMITH A O CORP	COM	831865209	37,227,732	538,360	SH		SOLE		305,768	0	232,592
SOUTHERN CO	COM	842587107	621,492	8,932	SH		SOLE		7,877	0	1,055
SOUTHERN MO BANCORP INC	COM	843380106	373,763	9,991	SH		SOLE		9,991	0	0
SPDR DOW JONES INDL AVERAGE	UT SER 1	78467X109	345,925	1,040	SH		SOLE		1,040	0	0
SPDR GOLD TR	GOLD SHS	78463V107	562,301	3,069	SH		SOLE		2,372	0	697
SPDR S&P 500 ETF TR	TR UNIT	78462F103	18,926,114	46,230	SH		SOLE		31,359	0	14,871
SPDR S&P MIDCAP 400 ETF TR	UTSER1 S&PDCRP	78467Y107	73,263,571	159,821	SH		SOLE		126,639	0	33,182
SPDR SER TR	BLOOMBERG INVT	78468R200	273,870	9,000	SH		SOLE		9,000	0	0
SPDR SER TR	S&P 600 SML CAP	78464A813	421,411	5,015	SH		SOLE		4,850	0	165
SPDR SER TR	S&P DIVID ETF	78464A763	2,959,390	23,922	SH		SOLE		23,922	0	0
SPROTT PHYSICAL GOLD & SILVE	TR UNIT	85208R101	690,234	36,501	SH		SOLE		36,501	0	0
SPROTT PHYSICAL GOLD TR	UNIT	85207H104	328,741	21,264	SH		SOLE		21,264	0	0
STANLEY BLACK & DECKER INC	COM	854502101	906,612	11,251	SH		SOLE		11,236	0	15
STARBUCKS CORP	COM	855244109	27,456,101	263,671	SH		SOLE		140,801	0	122,870
STATE STR CORP	COM	857477103	6,118,099	80,831	SH		SOLE		74,555	0	6,276
STERICYCLE INC	COM	858912108	571,204	13,098	SH		SOLE		13,098	0	0
STERIS PLC	SHS USD	G8473T100	495,224	2,589	SH		SOLE		2,589	0	0
STRYKER CORPORATION	COM	863667101	151,763,423	531,626	SH		SOLE		452,584	0	79,042
SUN LIFE FINANCIAL INC.	COM	866796105	327,881	7,021	SH		SOLE		6,860	0	161
SUNCOR ENERGY INC NEW	COM	867224107	245,920	7,920	SH		SOLE		7,880	0	40
SYSCO CORP	COM	871829107	9,605,878	124,380	SH		SOLE		122,821	0	1,559
TAPESTRY INC	COM	876030107	331,947	7,700	SH		SOLE		7,700	0	0
TARGET CORP	COM	87612E106	1,259,286	7,603	SH		SOLE		4,081	0	3,522
TESLA INC	COM	88160R101	1,640,387	7,907	SH		SOLE		3,355	0	4,552
TEXAS INSTRS INC	COM	882508104	6,023,004	32,380	SH		SOLE		27,867	0	4,513
TEXTRON INC	COM	883203101	204,756	2,899	SH		SOLE		2,880	0	19
THE CIGNA GROUP	COM	125523100	2,367,743	9,266	SH		SOLE		8,760	0	506
THERMO FISHER SCIENTIFIC INC	COM	883556102	47,460,088	82,343	SH		SOLE		52,070	0	30,273
TJX COS INC NEW	COM	872540109	62,240,089	794,284	SH		SOLE		722,145	0	72,139
TOPBUILD CORP	COM	89055F103	254,347	1,222	SH		SOLE		1,222	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	21,162,929	353,304	SH		SOLE		339,470	0	13,834
TRACTOR SUPPLY CO	COM	892356106	17,935,189	76,307	SH		SOLE		65,772	0	10,535
TRAVELERS COMPANIES INC	COM	89417E109	551,597	3,218	SH		SOLE		3,215	0	3
TRUIST FINL CORP	COM	89832Q109	1,739,550	51,013	SH		SOLE		39,954	0	11,059
TYLER TECHNOLOGIES INC	COM	902252105	396,133	1,117	SH		SOLE		1,099	0	18
UNILEVER PLC	SPON ADR NEW	904767704	1,209,657	23,294	SH		SOLE		22,519	0	775
UNION PAC CORP	COM	907818108	4,207,542	20,906	SH		SOLE		19,645	0	1,261
UNITED PARCEL SERVICE INC	CL B	911312106	14,041,008	72,380	SH		SOLE		66,571	0	5,809
UNITED RENTALS INC	COM	911363109	279,802	707	SH		SOLE		707	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	2,322,781	4,915	SH		SOLE		4,383	0	532
US BANCORP DEL	COM NEW	902973304	5,332,855	147,929	SH		SOLE		144,720	0	3,209
VALERO ENERGY CORP	COM	91913Y100	3,439,187	24,636	SH		SOLE		24,057	0	579
VANECK ETF TRUST	AGRIBUSINESS ETF	92189F700	518,294	5,967	SH		SOLE		5,650	0	317
VANECK ETF TRUST	GOLD MINERS ETF	92189F106	6,310,642	195,072	SH		SOLE		12,150	0	182,922
VANECK ETF TRUST	MRNGSTR WDE MOAT	92189F643	352,981	4,781	SH		SOLE		4,781	0	0
VANGUARD BD INDEX FDS	INTERMED TERM	921937819	1,037,916	13,525	SH		SOLE		3,289	0	10,236
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	5,920,403	77,401	SH		SOLE		34,881	0	42,520
VANGUARD INDEX FDS	MID CAP ETF	922908629	2,276,882	10,795	SH		SOLE		2,489	0	8,306
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	1,342,570	3,570	SH		SOLE		3,570	0	0
VANGUARD INDEX FDS	SMALL CP ETF	922908751	2,722,080	14,360	SH		SOLE		5,360	0	9,000
VANGUARD INDEX FDS	VALUE ETF	922908744	2,675,468	19,372	SH		SOLE		19,292	0	80
VANGUARD INTL EQUITY INDEX F	ALLWRLD EX US	922042775	6,148,898	114,997	SH		SOLE		110,064	0	4,933
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	3,071,814	76,035	SH		SOLE		61,835	0	14,200
VANGUARD INTL EQUITY INDEX F	FTSE EUROPE ETF	922042874	223,991	3,675	SH		SOLE		3,675	0	0
VANGUARD INTL EQUITY INDEX F	FTSE SMCAP ETF	922042718	1,195,085	10,940	SH		SOLE		10,940	0	0
VANGUARD SPECIALIZED FUNDS	DIV APP ETF	921908844	263,513	1,711	SH		SOLE		1,196	0	515
VANGUARD TAX-MANAGED FDS	VAN FTSE DEV MKT	921943858	34,990,180	774,633	SH		SOLE		87,243	0	687,390
VANGUARD WHITEHALL FDS	HIGH DIV YLD	921946406	327,471	3,104	SH		SOLE		20	0	3,084
VANGUARD WORLD FDS	ENERGY ETF	92204A306	345,888	3,028	SH		SOLE		3,018	0	10
VANGUARD WORLD FDS	HEALTH CAR ETF	92204A504	476,920	2,000	SH		SOLE		2,000	0	0
VERISK ANALYTICS INC	COM	92345Y106	3,273,141	17,060	SH		SOLE		15,243	0	1,817
VERIZON COMMUNICATIONS INC	COM	92343V104	31,241,129	803,318	SH		SOLE		549,459	0	253,859
VERTEX PHARMACEUTICALS INC	COM	92532F100	58,671,763	186,218	SH		SOLE		171,876	0	14,342
VISA INC	COM CL A	92826C839	174,433,584	773,678	SH		SOLE		651,456	0	122,222
VMWARE INC	CL A COM	928563402	907,418	7,268	SH		SOLE		7,168	0	100
VONTIER CORPORATION	COM	928881101	215,958	7,899	SH		SOLE		7,659	0	240
WABTEC	COM	929740108	692,665	6,854	SH		SOLE		6,854	0	0
WALGREENS BOOTS ALLIANCE INC	COM	931427108	772,242	22,332	SH		SOLE		22,332	0	0
WALMART INC	COM	931142103	24,189,871	164,054	SH		SOLE		85,011	0	79,043
WASTE CONNECTIONS INC	COM	94106B101	730,535	5,253	SH		SOLE		5,250	0	3
WASTE MGMT INC DEL	COM	94106L109	992,401	6,082	SH		SOLE		6,082	0	0
WATERS CORP	COM	941848103	1,172,879	3,788	SH		SOLE		1,413	0	2,375
WATSCO INC	COM	942622200	68,357,958	214,854	SH		SOLE		197,600	0	17,254
WATTS WATER TECHNOLOGIES INC	CL A	942749102	1,211,737	7,199	SH		SOLE		6,799	0	400
WEC ENERGY GROUP INC	COM	92939U106	1,158,237	12,219	SH		SOLE		11,809	0	410
WELLS FARGO CO NEW	COM	949746101	2,739,951	73,300	SH		SOLE		66,008	0	7,292
WEST PHARMACEUTICAL SVSC INC	COM	955306105	317,366	916	SH		SOLE		391	0	525
WEX INC	COM	96208T104	464,322	2,525	SH		SOLE		2,525	0	0
WILLIAMS ROWLAND ACQUISITION	COM	96951B102	410,000	40,000	SH		SOLE		0	0	40,000
WORKDAY INC	CL A	98138H101	504,371	2,442	SH		SOLE		2,442	0	0
WP CAREY INC	COM	92936U109	213,762	2,760	SH		SOLE		500	0	2,260
XYLEM INC	COM	98419M100	975,176	9,314	SH		SOLE		9,314	0	0
YUM BRANDS INC	COM	988498101	305,897	2,316	SH		SOLE		2,304	0	12
ZIMMER BIOMET HOLDINGS INC	COM	98956P102	1,941,359	15,026	SH		SOLE		14,497	0	529

Welch & Forbes 13F-HRQuarterly holdings report by institutional manager