Welch & Forbes 13FHR Quarterly holdings report by institutional manager | SEC 28 Jul 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

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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	6,697,276	66,913	SH		SOLE		65,444	0	1,469
ABBOTT LABS	COM	002824100	70,485,160	646,534	SH		SOLE		604,854	0	41,680
ABBVIE INC	COM	00287Y109	54,203,139	402,309	SH		SOLE		393,821	0	8,488
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	32,867,244	106,511	SH		SOLE		63,920	0	42,591
ADOBE SYSTEMS INCORPORATED	COM	00724F101	45,287,940	92,615	SH		SOLE		56,583	0	36,032
AFFILIATED MANAGERS GROUP IN	COM	008252108	547,103	3,650	SH		SOLE		2,950	0	700
AFLAC INC	COM	001055102	31,619,263	452,998	SH		SOLE		443,527	0	9,471
AIR PRODS & CHEMS INC	COM	009158106	11,920,399	39,797	SH		SOLE		39,252	0	545
AIRBNB INC	COM CL A	009066101	428,054	3,340	SH		SOLE		3,340	0	0
ALLIANT ENERGY CORP	COM	018802108	2,671,180	50,899	SH		SOLE		50,899	0	0
ALLSTATE CORP	COM	020002101	727,949	6,676	SH		SOLE		6,649	0	27
ALPHABET INC	CAP STK CL A	02079K305	55,622,082	464,679	SH		SOLE		417,301	0	47,378
ALPHABET INC	CAP STK CL C	02079K107	143,300,961	1,184,599	SH		SOLE		967,354	0	217,245
ALTRIA GROUP INC	COM	02209S103	1,087,476	24,006	SH		SOLE		18,836	0	5,170
AMAZON COM INC	COM	023135106	56,422,506	432,821	SH		SOLE		290,859	0	141,962
AMCOR PLC	ORD	G0250X107	114,770	11,500	SH		SOLE		11,500	0	0
AMERICAN ELEC PWR CO INC	COM	025537101	346,061	4,110	SH		SOLE		2,478	0	1,632
AMERICAN EXPRESS CO	COM	025816109	15,880,423	91,162	SH		SOLE		87,888	0	3,274
AMERICAN TOWER CORP NEW	COM	03027X100	1,625,411	8,381	SH		SOLE		7,538	0	843
AMERICAN WTR WKS CO INC NEW	COM	030420103	20,628,164	144,505	SH		SOLE		134,082	0	10,423
AMERIPRISE FINL INC	COM	03076C106	66,712,677	200,845	SH		SOLE		147,438	0	53,407
AMGEN INC	COM	031162100	6,363,767	28,663	SH		SOLE		26,001	0	2,662
AMPHENOL CORP NEW	CL A	032095101	734,563	8,647	SH		SOLE		8,636	0	11
ANALOG DEVICES INC	COM	032654105	6,177,818	31,712	SH		SOLE		28,801	0	2,911
ANSYS INC	COM	03662Q105	137,479,296	416,263	SH		SOLE		390,899	0	25,364
AON PLC	SHS CL A	G0403H108	280,648	813	SH		SOLE		700	0	113
APA CORPORATION	COM	03743Q108	304,116	8,900	SH		SOLE		7,450	0	1,450
APPLE INC	COM	037833100	348,482,908	1,796,581	SH		SOLE		1,519,352	0	277,229
APPLIED MATLS INC	COM	038222105	1,016,549	7,033	SH		SOLE		6,639	0	394
APTIV PLC	SHS	G6095L109	2,128,585	20,850	SH		SOLE		17,737	0	3,113
AT&T INC	COM	00206R102	4,759,395	298,394	SH		SOLE		287,297	0	11,097
AUTOMATIC DATA PROCESSING IN	COM	053015103	55,668,118	253,279	SH		SOLE		236,009	0	17,270
BALL CORP	COM	058498106	23,321,438	400,642	SH		SOLE		350,589	0	50,053
BANK AMERICA CORP	COM	060505104	33,429,242	1,165,185	SH		SOLE		695,711	0	469,474
BANK OZK LITTLE ROCK ARK	COM	06417N103	907,575	22,599	SH		SOLE		22,599	0	0
BARRICK GOLD CORP	COM	067901108	495,322	29,257	SH		SOLE		23,593	0	5,664
BCE INC	COM NEW	05534B760	669,577	14,687	SH		SOLE		5,368	0	9,319
BECTON DICKINSON & CO	COM	075887109	23,095,879	87,481	SH		SOLE		75,986	0	11,495
BERKSHIRE HATHAWAY INC DEL	CL A	084670108	517,810	1	SH		SOLE		0	0	1
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	46,467,047	136,267	SH		SOLE		76,869	0	59,398
BHP GROUP LTD	SPONSORED ADS	088606108	281,344	4,715	SH		SOLE		4,715	0	0
BLACK STONE MINERALS L P	COM UNIT	09225M101	940,508	58,966	SH		SOLE		27,260	0	31,706
BLACKROCK INC	COM	09247X101	1,241,288	1,796	SH		SOLE		1,759	0	37
BLACKROCK MUNICIPAL INCOME	COM	09253X102	840,222	73,446	SH		SOLE		73,446	0	0
BLACKSTONE INC	COM	09260D107	1,112,479	11,966	SH		SOLE		11,195	0	771
BOEING CO	COM	097023105	561,053	2,657	SH		SOLE		2,175	0	482
BOOKING HOLDINGS INC	COM	09857L108	23,260,650	8,614	SH		SOLE		7,824	0	790
BOSTON SCIENTIFIC CORP	COM	101137107	13,880,252	256,614	SH		SOLE		253,836	0	2,778
BP PLC	SPONSORED ADR	055622104	2,490,106	70,561	SH		SOLE		68,376	0	2,185
BRISTOL-MYERS SQUIBB CO	COM	110122108	10,244,424	160,194	SH		SOLE		156,155	0	4,039
BROADCOM INC	COM	11135F101	2,765,367	3,188	SH		SOLE		2,890	0	298
BROADRIDGE FINL SOLUTIONS IN	COM	11133T103	1,235,271	7,458	SH		SOLE		7,001	0	457
CANADIAN NAT RES LTD	COM	136385101	204,505	3,635	SH		SOLE		3,000	0	635
CANADIAN NATL RY CO	COM	136375102	2,093,059	17,288	SH		SOLE		17,288	0	0
CAPITAL ONE FINL CORP	COM	14040H105	6,757,441	61,785	SH		SOLE		57,956	0	3,829
CARLISLE COS INC	COM	142339100	18,470,963	72,003	SH		SOLE		64,220	0	7,783
CARMAX INC	COM	143130102	77,292,782	923,448	SH		SOLE		758,315	0	165,133
CARRIER GLOBAL CORPORATION	COM	14448C104	10,535,512	211,939	SH		SOLE		198,577	0	13,362
CATERPILLAR INC	COM	149123101	6,562,900	26,673	SH		SOLE		25,067	0	1,606
CHECK POINT SOFTWARE TECH LT	ORD	M22465104	4,835,121	38,490	SH		SOLE		36,898	0	1,592
CHEFS WHSE INC	COM	163086101	453,974	12,695	SH		SOLE		10,070	0	2,625
CHEMOURS CO	COM	163851108	219,569	5,952	SH		SOLE		2,452	0	3,500
CHEVRON CORP NEW	COM	166764100	60,043,004	381,588	SH		SOLE		218,171	0	163,417
CHUBB LIMITED	COM	H1467J104	79,792,045	414,375	SH		SOLE		330,046	0	84,329
CHURCH & DWIGHT CO INC	COM	171340102	44,023,769	439,227	SH		SOLE		410,885	0	28,342
CINTAS CORP	COM	172908105	21,693,560	43,642	SH		SOLE		43,541	0	101
CISCO SYS INC	COM	17275R102	32,223,953	622,804	SH		SOLE		354,632	0	268,172
COCA COLA CO	COM	191216100	21,740,241	361,013	SH		SOLE		305,353	0	55,660
COGNEX CORP	COM	192422103	17,833,525	318,342	SH		SOLE		298,845	0	19,497
COLGATE PALMOLIVE CO	COM	194162103	5,353,507	69,490	SH		SOLE		51,206	0	18,284
COMCAST CORP NEW	CL A	20030N101	50,976,776	1,226,874	SH		SOLE		860,293	0	366,581
CONOCOPHILLIPS	COM	20825C104	3,990,747	38,517	SH		SOLE		23,860	0	14,657
CONSTELLATION BRANDS INC	CL A	21036P108	19,157,094	77,833	SH		SOLE		29,233	0	48,600
COPART INC	COM	217204106	2,011,910	22,058	SH		SOLE		22,058	0	0
CORTEVA INC	COM	22052L104	1,079,247	18,835	SH		SOLE		10,863	0	7,972
COSTCO WHSL CORP NEW	COM	22160K105	93,038,106	172,811	SH		SOLE		158,253	0	14,558
CSX CORP	COM	126408103	762,547	22,362	SH		SOLE		22,325	0	37
CUMMINS INC	COM	231021106	12,648,045	51,591	SH		SOLE		45,058	0	6,533
CVS HEALTH CORP	COM	126650100	8,724,424	126,203	SH		SOLE		115,246	0	10,957
DANAHER CORPORATION	COM	235851102	161,896,320	674,568	SH		SOLE		584,884	0	89,684
DARDEN RESTAURANTS INC	COM	237194105	427,224	2,557	SH		SOLE		11	0	2,546
DEERE & CO	COM	244199105	2,250,833	5,555	SH		SOLE		4,985	0	570
DELTA AIR LINES INC DEL	COM NEW	247361702	218,684	4,600	SH		SOLE		4,600	0	0
DEXCOM INC	COM	252131107	520,208	4,048	SH		SOLE		4,020	0	28
DIAGEO PLC	SPON ADR NEW	25243Q205	1,578,756	9,101	SH		SOLE		6,011	0	3,090
DISCOVER FINL SVCS	COM	254709108	271,209	2,321	SH		SOLE		2,321	0	0
DISNEY WALT CO	COM	254687106	5,025,568	56,290	SH		SOLE		48,102	0	8,188
DOMINION ENERGY INC	COM	25746U109	317,316	6,127	SH		SOLE		3,687	0	2,440
DONALDSON INC	COM	257651109	397,876	6,365	SH		SOLE		6,365	0	0
DOVER CORP	COM	260003108	25,060,072	169,726	SH		SOLE		167,777	0	1,949
DOW INC	COM	260557103	1,212,783	22,771	SH		SOLE		14,572	0	8,199
DUKE ENERGY CORP NEW	COM NEW	26441C204	6,565,109	73,157	SH		SOLE		68,894	0	4,263
DUPONT DE NEMOURS INC	COM	26614N102	1,284,990	17,987	SH		SOLE		12,164	0	5,823
EASTERLY GOVT PPTYS INC	COM	27616P103	359,252	24,776	SH		SOLE	7,501	24,776	0	0
EASTERN BANKSHARES INC	COM	27627N105	957,060	78,000	SH		SOLE		54,000	0	24,000
EATON CORP PLC	SHS	G29183103	499,934	2,486	SH		SOLE		2,386	0	100
EATON VANCE MUNI INCOME TRUS	SH BEN INT	27826U108	2,047,551	205,784	SH		SOLE		205,784	0	0
EATON VANCE TAX-MANAGED GLOB	COM	27829F108	91,080	11,500	SH		SOLE		2,000	0	9,500
EBAY INC.	COM	278642103	223,718	5,006	SH		SOLE		4,706	0	300
ECOLAB INC	COM	278865100	85,153,585	456,122	SH		SOLE		370,199	0	85,923
EDWARDS LIFESCIENCES CORP	COM	28176E108	25,640,994	271,822	SH		SOLE		241,103	0	30,719
EMERSON ELEC CO	COM	291011104	12,918,460	142,919	SH		SOLE		139,900	0	3,019
ENBRIDGE INC	COM	29250N105	551,533	14,846	SH		SOLE		14,133	0	713
ENTEGRIS INC	COM	29362U104	302,095	2,726	SH		SOLE		2,700	0	26
ENTERPRISE PRODS PARTNERS L	COM	293792107	678,618	25,754	SH		SOLE		16,650	0	9,104
EOG RES INC	COM	26875P101	2,559,220	22,363	SH		SOLE		19,089	0	3,274
EQUINIX INC	COM	29444U700	4,814,974	6,142	SH		SOLE		5,897	0	245
ESSENTIAL UTILS INC	COM	29670G102	431,827	10,820	SH		SOLE		320	0	10,500
EVERSOURCE ENERGY	COM	30040W108	1,094,441	15,432	SH		SOLE		12,233	0	3,199
EXPEDITORS INTL WASH INC	COM	302130109	16,541,277	136,558	SH		SOLE		135,178	0	1,380
EXXON MOBIL CORP	COM	30231G102	34,743,441	323,948	SH		SOLE		297,978	0	25,970
FASTENAL CO	COM	311900104	1,092,142	18,514	SH		SOLE		18,297	0	217
FIRST TR EXCH TRADED FD III	INSTL PFD SECS	33739P855	3,043,517	180,624	SH		SOLE		176,959	0	3,665
FIRST TR EXCHANGE-TRADED FD	FIRST TR ENH NEW	33739Q408	3,947,973	66,453	SH		SOLE		10,459	0	55,994
FIRST TR EXCHANGE-TRADED FD	NO AMER ENERGY	33738D101	31,106,754	1,152,102	SH		SOLE		1,012,212	0	139,890
FIRST TR EXCHANGE-TRADED FD	SENIOR LN FD	33738D309	24,566,385	542,304	SH		SOLE		443,734	0	98,570
FIRST TR NASDAQ 100 TECH IND	SHS	337345102	366,870	2,493	SH		SOLE		2,493	0	0
FISERV INC	COM	337738108	115,107,389	912,463	SH		SOLE		726,404	0	186,059
FORD MTR CO DEL	COM	345370860	610,738	40,366	SH		SOLE		36,500	0	3,866
FORMFACTOR INC	COM	346375108	273,760	8,000	SH		SOLE		0	0	8,000
FORTIVE CORP	COM	34959J108	10,405,619	139,168	SH		SOLE		137,579	0	1,589
GALLAGHER ARTHUR J & CO	COM	363576109	65,149,659	296,714	SH		SOLE		268,468	0	28,246
GARTNER INC	COM	366651107	2,334,466	6,664	SH		SOLE		6,664	0	0
GE HEALTHCARE TECHNOLOGIES I	COMMON STOCK	36266G107	1,008,275	12,411	SH		SOLE		12,167	0	244
GENERAL DYNAMICS CORP	COM	369550108	947,091	4,402	SH		SOLE		3,622	0	780
GENERAL ELECTRIC CO	COM NEW	369604301	5,075,109	46,200	SH		SOLE		45,253	0	947
GENERAL MLS INC	COM	370334104	7,149,668	93,216	SH		SOLE		85,666	0	7,550
GENERAL MTRS CO	COM	37045V100	1,462,851	37,937	SH		SOLE		32,901	0	5,036
GENTEX CORP	COM	371901109	1,373,757	46,950	SH		SOLE		29,950	0	17,000
GENUINE PARTS CO	COM	372460105	1,007,764	5,955	SH		SOLE		2,950	0	3,005
GEOVAX LABS INC	COM	373678507	9,347	16,994	SH		SOLE		16,994	0	0
GILEAD SCIENCES INC	COM	375558103	2,406,899	31,230	SH		SOLE		30,530	0	700
GLOBAL PARTNERS LP	COM UNITS	37946R109	1,149,917	37,420	SH		SOLE		0	0	37,420
GLOBE LIFE INC	COM	37959E102	260,348	2,375	SH		SOLE		2,375	0	0
GOLDMAN SACHS GROUP INC	COM	38141G104	406,078	1,259	SH		SOLE		1,054	0	205
GRAINGER W W INC	COM	384802104	473,155	600	SH		SOLE		600	0	0
GSK PLC	SPONSORED ADR	37733W204	18,567,619	520,977	SH		SOLE		520,977	0	0
HAIN CELESTIAL GROUP INC	COM	405217100	1,243,087	99,366	SH		SOLE		89,531	0	9,835
HALEON PLC	SPON ADS	405552100	5,443,647	649,600	SH		SOLE		649,490	0	110
HALLIBURTON CO	COM	406216101	250,724	7,600	SH		SOLE		7,600	0	0
HANCOCK JOHN TAX-ADVANTAGED	COM	41013V100	1,020,000	50,000	SH		SOLE		50,000	0	0
HARTFORD FINL SVCS GROUP INC	COM	416515104	345,625	4,799	SH		SOLE		4,799	0	0
HENRY JACK & ASSOC INC	COM	426281101	718,684	4,295	SH		SOLE		4,289	0	6
HERSHEY CO	COM	427866108	1,214,039	4,862	SH		SOLE		4,286	0	576
HESS CORP	COM	42809H107	420,768	3,095	SH		SOLE		3,095	0	0
HEXCEL CORP NEW	COM	428291108	204,646	2,692	SH		SOLE		2,675	0	17
HINGHAM INSTN SVGS MASS	COM	433323102	325,100	1,525	SH		SOLE		1,525	0	0
HOME DEPOT INC	COM	437076102	134,955,686	434,444	SH		SOLE		363,066	0	71,378
HONEYWELL INTL INC	COM	438516106	2,848,562	13,728	SH		SOLE		11,780	0	1,948
HUBBELL INC	COM	443510607	1,606,077	4,844	SH		SOLE		4,844	0	0
HUBSPOT INC	COM	443573100	415,564	781	SH		SOLE		781	0	0
HUMANA INC	COM	444859102	346,080	774	SH		SOLE		773	0	1
ICON PLC	SHS	G4705A100	5,011,256	20,029	SH		SOLE		20,026	0	3
IDEXX LABS INC	COM	45168D104	87,039,509	173,306	SH		SOLE		170,222	0	3,084
ILLINOIS TOOL WKS INC	COM	452308109	6,311,789	25,231	SH		SOLE		21,586	0	3,645
ILLUMINA INC	COM	452327109	444,538	2,371	SH		SOLE		2,356	0	15
INTEL CORP	COM	458140100	15,359,095	459,303	SH		SOLE		420,418	0	38,885
INTERNATIONAL BUSINESS MACHS	COM	459200101	9,585,116	71,632	SH		SOLE		66,815	0	4,817
INTERNATIONAL FLAVORS&FRAGRA	COM	459506101	202,080	2,539	SH		SOLE		864	0	1,675
INTUIT	COM	461202103	2,086,136	4,553	SH		SOLE		4,553	0	0
INTUITIVE SURGICAL INC	COM NEW	46120E602	3,403,673	9,954	SH		SOLE		7,645	0	2,309
INVESCO EXCH TRADED FD TR II	SOLAR ETF	46138G706	989,167	13,850	SH		SOLE		13,850	0	0
INVESCO EXCH TRADED FD TR II	SR LN ETF	46138G508	3,911,968	185,930	SH		SOLE		183,930	0	2,000
INVESCO EXCHANGE TRADED FD T	DIVID ACHIEVEV	46137V506	236,185	6,178	SH		SOLE		5,655	0	523
INVESCO EXCHANGE TRADED FD T	DWA MOMENTUM	46137V837	236,770	2,922	SH		SOLE		2,419	0	503
INVESCO EXCHANGE TRADED FD T	WATER RES ETF	46137V142	733,071	13,000	SH		SOLE		12,260	0	740
INVESCO QQQ TR	UNIT SER 1	46090E103	3,038,482	8,225	SH		SOLE		7,696	0	529
IQVIA HLDGS INC	COM	46266C105	591,819	2,633	SH		SOLE		2,612	0	21
IRON MTN INC DEL	COM	46284V101	42,303,874	744,524	SH		SOLE		685,019	0	59,505
ISHARES GOLD TR	ISHARES NEW	464285204	3,385,804	93,042	SH		SOLE		86,992	0	6,050
ISHARES INC	CORE MSCI EMKT	46434G103	295,050	5,986	SH		SOLE		4,768	0	1,218
ISHARES TR	CORE MSCI EAFE	46432F842	1,809,069	26,801	SH		SOLE		21,769	0	5,032
ISHARES TR	CORE S&P MCP ETF	464287507	3,723,473	14,240	SH		SOLE		8,157	0	6,083
ISHARES TR	CORE S&P SCP ETF	464287804	3,007,341	30,179	SH		SOLE		24,137	0	6,042
ISHARES TR	CORE S&P TTL STK	464287150	212,117	2,168	SH		SOLE		2,168	0	0
ISHARES TR	CORE S&P500 ETF	464287200	4,035,904	9,055	SH		SOLE		8,381	0	674
ISHARES TR	CORE US AGGBD ET	464287226	577,612	5,897	SH		SOLE		3,377	0	2,520
ISHARES TR	EAFE GRWTH ETF	464288885	224,786	2,356	SH		SOLE		0	0	2,356
ISHARES TR	EAFE SML CP ETF	464288273	224,596	3,808	SH		SOLE		3,711	0	97
ISHARES TR	FLTG RATE NT ETF	46429B655	606,029	11,925	SH		SOLE		7,325	0	4,600
ISHARES TR	IBOXX INV CP ETF	464287242	13,119,978	121,324	SH		SOLE		119,118	0	2,206
ISHARES TR	ISHARES BIOTECH	464287556	283,375	2,232	SH		SOLE		2,232	0	0
ISHARES TR	ISHARES SEMICDTR	464287523	236,383	466	SH		SOLE		466	0	0
ISHARES TR	ISHS 1-5YR INVS	464288646	5,168,515	103,020	SH		SOLE		102,042	0	978
ISHARES TR	MSCI EAFE ETF	464287465	2,041,822	28,163	SH		SOLE		18,745	0	9,418
ISHARES TR	MSCI EMG MKT ETF	464287234	1,085,328	27,435	SH		SOLE		26,435	0	1,000
ISHARES TR	MSCI USA MIN VOL	46429B697	1,077,413	14,495	SH		SOLE		14,195	0	300
ISHARES TR	NATIONAL MUN ETF	464288414	326,274	3,057	SH		SOLE		63	0	2,994
ISHARES TR	PFD AND INCM SEC	464288687	24,272,405	784,752	SH		SOLE		660,115	0	124,637
ISHARES TR	RUS 1000 ETF	464287622	1,899,710	7,794	SH		SOLE		6,927	0	867
ISHARES TR	RUS 1000 GRW ETF	464287614	1,906,448	6,928	SH		SOLE		5,428	0	1,500
ISHARES TR	RUS 1000 VAL ETF	464287598	826,556	5,237	SH		SOLE		3,237	0	2,000
ISHARES TR	RUS 2000 GRW ETF	464287648	3,833,309	15,797	SH		SOLE		15,389	0	408
ISHARES TR	RUS 2000 VAL ETF	464287630	602,624	4,280	SH		SOLE		3,830	0	450
ISHARES TR	RUS MID CAP ETF	464287499	1,513,255	20,721	SH		SOLE		14,652	0	6,069
ISHARES TR	RUSSELL 2000 ETF	464287655	17,352,100	92,658	SH		SOLE		36,328	0	56,330
ISHARES TR	S&P 100 ETF	464287101	1,684,433	8,135	SH		SOLE		8,135	0	0
ISHARES TR	S&P 500 GRWT ETF	464287309	648,627	9,203	SH		SOLE		8,294	0	909
ISHARES TR	S&P 500 VAL ETF	464287408	499,689	3,100	SH		SOLE		3,100	0	0
ISHARES TR	S&P MC 400GR ETF	464287606	688,875	9,185	SH		SOLE		3,816	0	5,369
ISHARES TR	SELECT DIVID ETF	464287168	1,551,194	13,691	SH		SOLE		12,793	0	898
ISHARES TR	TIPS BD ETF	464287176	2,873,570	26,701	SH		SOLE		6,735	0	19,966
J JILL INC	COM	46620W201	814,340	38,000	SH		SOLE		38,000	0	0
JOHNSON & JOHNSON	COM	478160104	131,862,760	796,658	SH		SOLE		671,611	0	125,047
JPMORGAN CHASE & CO	COM	46625H100	106,233,990	730,432	SH		SOLE		578,390	0	152,042
KAYNE ANDERSON ENERGY INFRST	COM	486606106	133,496	16,400	SH		SOLE		16,400	0	0
KELLOGG CO	COM	487836108	369,959	5,489	SH		SOLE		5,489	0	0
KIMBERLY-CLARK CORP	COM	494368103	5,460,688	39,553	SH		SOLE		38,887	0	666
KINSALE CAP GROUP INC	COM	49714P108	374,200	1,000	SH		SOLE		1,000	0	0
KKR & CO INC	COM	48251W104	366,800	6,550	SH		SOLE		6,550	0	0
KLA CORP	COM NEW	482480100	236,689	488	SH		SOLE		470	0	18
KRAFT HEINZ CO	COM	500754106	205,792	5,797	SH		SOLE		4,619	0	1,178
L3HARRIS TECHNOLOGIES INC	COM	502431109	23,162,995	118,317	SH		SOLE		63,242	0	55,075
LABORATORY CORP AMER HLDGS	COM NEW	50540R409	661,483	2,741	SH		SOLE		2,733	0	8
LANCASTER COLONY CORP	COM	513847103	13,542,432	67,345	SH		SOLE		67,115	0	230
LAUDER ESTEE COS INC	CL A	518439104	782,575	3,985	SH		SOLE		3,985	0	0
LILLY ELI & CO	COM	532457108	57,148,514	121,857	SH		SOLE		117,938	0	3,919
LINCOLN ELEC HLDGS INC	COM	533900106	34,109,811	171,725	SH		SOLE		102,090	0	69,635
LINDE PLC	SHS	G54950103	32,943,209	86,448	SH		SOLE		82,140	0	4,308
LINDSAY CORP	COM	535555106	313,626	2,628	SH		SOLE		0	0	2,628
LOCKHEED MARTIN CORP	COM	539830109	3,428,275	7,447	SH		SOLE		6,061	0	1,386
LOWES COS INC	COM	548661107	3,976,161	17,617	SH		SOLE		17,002	0	615
M & T BK CORP	COM	55261F104	300,734	2,430	SH		SOLE		2,298	0	132
MAGELLAN MIDSTREAM PRTNRS LP	COM UNIT RP LP	559080106	334,035	5,360	SH		SOLE		5,360	0	0
MARATHON PETE CORP	COM	56585A102	1,393,370	11,950	SH		SOLE		11,760	0	190
MARSH & MCLENNAN COS INC	COM	571748102	3,517,847	18,704	SH		SOLE		14,504	0	4,200
MASCO CORP	COM	574599106	1,620,011	28,233	SH		SOLE		25,100	0	3,133
MASTERCARD INCORPORATED	CL A	57636Q104	5,913,270	15,035	SH		SOLE		11,947	0	3,088
MCCORMICK & CO INC	COM NON VTG	579780206	1,105,555	12,674	SH		SOLE		12,349	0	325
MCDONALDS CORP	COM	580135101	96,426,198	323,133	SH		SOLE		258,674	0	64,459
MCGRATH RENTCORP	COM	580589109	240,448	2,600	SH		SOLE		2,600	0	0
MEDTRONIC PLC	SHS	G5960L103	10,782,252	122,386	SH		SOLE		110,046	0	12,340
MERCK & CO INC	COM	58933Y105	45,910,674	397,874	SH		SOLE		377,074	0	20,800
META PLATFORMS INC	CL A	30303M102	29,065,124	101,279	SH		SOLE		52,863	0	48,416
METLIFE INC	COM	59156R108	481,466	8,517	SH		SOLE		8,213	0	304
METTLER TOLEDO INTERNATIONAL	COM	592688105	85,236,919	64,985	SH		SOLE		60,043	0	4,942
MICROSOFT CORP	COM	594918104	311,406,928	914,449	SH		SOLE		769,100	0	145,349
MONDELEZ INTL INC	CL A	609207105	2,645,096	36,264	SH		SOLE		29,200	0	7,064
MOODYS CORP	COM	615369105	13,389,651	38,507	SH		SOLE		36,102	0	2,405
MORGAN STANLEY	COM NEW	617446448	594,468	6,961	SH		SOLE		6,657	0	304
MORNINGSTAR INC	COM	617700109	247,048	1,260	SH		SOLE		1,260	0	0
NETAPP INC	COM	64110D104	331,882	4,344	SH		SOLE		4,344	0	0
NEXTERA ENERGY INC	COM	65339F101	26,541,342	357,700	SH		SOLE		196,945	0	160,755
NIKE INC	CL B	654106103	7,092,955	64,265	SH		SOLE		61,697	0	2,568
NORFOLK SOUTHN CORP	COM	655844108	353,065	1,557	SH		SOLE		1,557	0	0
NORTHEAST BK LEWISTON ME	COM	66405S100	583,380	14,000	SH		SOLE		0	0	14,000
NORTHERN TR CORP	COM	665859104	332,296	4,482	SH		SOLE		4,402	0	80
NORTHROP GRUMMAN CORP	COM	666807102	2,007,343	4,404	SH		SOLE		4,299	0	105
NOVARTIS AG	SPONSORED ADR	66987V109	7,397,433	73,307	SH		SOLE		62,138	0	11,169
NOVO-NORDISK A S	ADR	670100205	1,734,819	10,720	SH		SOLE		10,686	0	34
NUTRIEN LTD	COM	67077M108	834,495	14,132	SH		SOLE		8,000	0	6,132
NVIDIA CORPORATION	COM	67066G104	230,138,173	544,036	SH		SOLE		430,569	0	113,467
OLD SECOND BANCORP INC ILL	COM	680277100	191,264	14,645	SH		SOLE		14,645	0	0
OMNICOM GROUP INC	COM	681919106	26,481,448	278,312	SH		SOLE		252,446	0	25,866
ONEOK INC NEW	COM	682680103	210,466	3,410	SH		SOLE		2,666	0	744
ORACLE CORP	COM	68389X105	14,393,114	120,859	SH		SOLE		101,335	0	19,524
OREILLY AUTOMOTIVE INC	COM	67103H107	204,679,968	214,257	SH		SOLE		181,282	0	32,975
OTIS WORLDWIDE CORP	COM	68902V107	27,030,254	303,676	SH		SOLE		287,756	0	15,920
PALO ALTO NETWORKS INC	COM	697435105	2,365,002	9,256	SH		SOLE		8,980	0	276
PARKER-HANNIFIN CORP	COM	701094104	1,814,852	4,653	SH		SOLE		2,978	0	1,675
PAYCHEX INC	COM	704326107	47,206,710	421,978	SH		SOLE		410,833	0	11,145
PAYCOM SOFTWARE INC	COM	70432V102	716,044	2,229	SH		SOLE		2,229	0	0
PAYPAL HLDGS INC	COM	70450Y103	2,541,022	38,079	SH		SOLE		34,424	0	3,655
PEPSICO INC	COM	713448108	109,999,282	593,884	SH		SOLE		497,061	0	96,823
PFIZER INC	COM	717081103	21,076,402	574,602	SH		SOLE		539,004	0	35,598
PHILIP MORRIS INTL INC	COM	718172109	2,687,772	27,533	SH		SOLE		22,754	0	4,779
PHILLIPS 66	COM	718546104	1,244,614	13,049	SH		SOLE		6,115	0	6,934
PNC FINL SVCS GROUP INC	COM	693475105	1,306,483	10,373	SH		SOLE		10,373	0	0
PPG INDS INC	COM	693506107	883,868	5,960	SH		SOLE		5,006	0	954
PROCTER AND GAMBLE CO	COM	742718109	122,710,654	808,690	SH		SOLE		701,491	0	107,199
PROGRESSIVE CORP	COM	743315103	5,795,819	43,785	SH		SOLE		43,557	0	228
PROLOGIS INC.	COM	74340W103	567,288	4,626	SH		SOLE		4,255	0	371
PROSHARES TR	S&P 500 DV ARIST	74348A467	250,785	2,660	SH		SOLE		1,554	0	1,106
PUBLIC SVC ENTERPRISE GRP IN	COM	744573106	277,676	4,435	SH		SOLE		4,435	0	0
QUALCOMM INC	COM	747525103	18,910,932	158,862	SH		SOLE		138,465	0	20,397
RAYTHEON TECHNOLOGIES CORP	COM	75513E101	113,265,365	1,156,241	SH		SOLE		935,000	0	221,241
RESMED INC	COM	761152107	67,343,265	308,206	SH		SOLE		232,497	0	75,709
ROLLINS INC	COM	775711104	2,985,556	69,707	SH		SOLE		68,407	0	1,300
ROPER TECHNOLOGIES INC	COM	776696106	92,121,284	191,600	SH		SOLE		150,956	0	40,644
RPM INTL INC	COM	749685103	6,726,344	74,962	SH		SOLE		70,594	0	4,368
S&P GLOBAL INC	COM	78409V104	545,612	1,361	SH		SOLE		1,342	0	19
SALESFORCE INC	COM	79466L302	2,148,727	10,171	SH		SOLE		9,646	0	525
SCHLUMBERGER LTD	COM STK	806857108	758,904	15,450	SH		SOLE		13,747	0	1,703
SCHWAB CHARLES CORP	COM	808513105	328,574	5,797	SH		SOLE		1,229	0	4,568
SCHWAB STRATEGIC TR	US DIVIDEND EQ	808524797	2,233,719	30,759	SH		SOLE		30,759	0	0
SELECT SECTOR SPDR TR	ENERGY	81369Y506	228,656	2,817	SH		SOLE		2,017	0	800
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	570,608	3,282	SH		SOLE		2,010	0	1,272
SERVICENOW INC	COM	81762P102	755,852	1,345	SH		SOLE		1,298	0	47
SHELL PLC	SPON ADS	780259305	605,912	10,035	SH		SOLE		9,782	0	253
SHERWIN WILLIAMS CO	COM	824348106	7,682,558	28,934	SH		SOLE		28,835	0	99
SHOPIFY INC	CL A	82509L107	2,355,316	36,460	SH		SOLE		35,097	0	1,363
SMITH A O CORP	COM	831865209	39,473,721	542,369	SH		SOLE		305,764	0	236,605
SOUTHERN CO	COM	842587107	610,476	8,690	SH		SOLE		7,560	0	1,130
SOUTHERN MO BANCORP INC	COM	843380106	341,897	8,892	SH		SOLE		8,892	0	0
SPDR DOW JONES INDL AVERAGE	UT SER 1	78467X109	357,604	1,040	SH		SOLE		1,040	0	0
SPDR GOLD TR	GOLD SHS	78463V107	594,531	3,335	SH		SOLE		2,651	0	684
SPDR S&P 500 ETF TR	TR UNIT	78462F103	20,483,083	46,208	SH		SOLE		31,370	0	14,838
SPDR S&P MIDCAP 400 ETF TR	UTSER1 S&PDCRP	78467Y107	77,231,478	161,265	SH		SOLE		126,707	0	34,558
SPDR SER TR	BLOOMBERG INVT	78468R200	276,210	9,000	SH		SOLE		9,000	0	0
SPDR SER TR	PORTFOLIO S&P600	78468R853	432,970	11,147	SH		SOLE		10,781	0	366
SPDR SER TR	S&P DIVID ETF	78464A763	2,932,360	23,922	SH		SOLE		23,922	0	0
SPROTT PHYSICAL GOLD & SILVE	TR UNIT	85208R101	657,749	36,501	SH		SOLE		36,501	0	0
SPROTT PHYSICAL GOLD TR	UNIT	85207H104	317,259	21,264	SH		SOLE		21,264	0	0
STANLEY BLACK & DECKER INC	COM	854502101	902,989	9,636	SH		SOLE		9,636	0	0
STARBUCKS CORP	COM	855244109	26,390,046	266,404	SH		SOLE		141,227	0	125,177
STATE STR CORP	COM	857477103	5,757,439	78,675	SH		SOLE		72,266	0	6,409
STERICYCLE INC	COM	858912108	597,868	12,874	SH		SOLE		12,857	0	17
STERIS PLC	SHS USD	G8473T100	647,493	2,878	SH		SOLE		2,878	0	0
STRYKER CORPORATION	COM	863667101	160,597,706	526,394	SH		SOLE		447,792	0	78,602
SUN LIFE FINANCIAL INC.	COM	866796105	363,640	6,977	SH		SOLE		6,860	0	117
SUNCOR ENERGY INC NEW	COM	867224107	203,481	6,940	SH		SOLE		6,872	0	68
SYSCO CORP	COM	871829107	8,982,134	121,053	SH		SOLE		119,489	0	1,564
TAPESTRY INC	COM	876030107	329,560	7,700	SH		SOLE		7,700	0	0
TARGET CORP	COM	87612E106	1,292,884	9,802	SH		SOLE		6,176	0	3,626
TE CONNECTIVITY LTD	SHS	H84989104	214,303	1,529	SH		SOLE		1,481	0	48
TESLA INC	COM	88160R101	2,286,038	8,733	SH		SOLE		3,448	0	5,285
TEXAS INSTRS INC	COM	882508104	5,858,570	32,544	SH		SOLE		27,895	0	4,649
THE CIGNA GROUP	COM	125523100	2,874,187	10,243	SH		SOLE		9,739	0	504
THERMO FISHER SCIENTIFIC INC	COM	883556102	43,819,360	83,985	SH		SOLE		53,323	0	30,662
TJX COS INC NEW	COM	872540109	67,103,389	791,406	SH		SOLE		720,143	0	71,263
TOPBUILD CORP	COM	89055F103	325,076	1,222	SH		SOLE		1,222	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	21,158,516	341,211	SH		SOLE		327,080	0	14,131
TRACTOR SUPPLY CO	COM	892356106	17,022,082	76,988	SH		SOLE		66,099	0	10,889
TRAVELERS COMPANIES INC	COM	89417E109	579,503	3,337	SH		SOLE		3,261	0	76
TRUIST FINL CORP	COM	89832Q109	1,509,643	49,741	SH		SOLE		39,242	0	10,499
TYLER TECHNOLOGIES INC	COM	902252105	457,701	1,099	SH		SOLE		1,099	0	0
UNILEVER PLC	SPON ADR NEW	904767704	1,214,994	23,307	SH		SOLE		22,519	0	788
UNION PAC CORP	COM	907818108	4,335,904	21,190	SH		SOLE		19,870	0	1,320
UNITED PARCEL SERVICE INC	CL B	911312106	12,763,886	71,207	SH		SOLE		65,538	0	5,669
UNITED RENTALS INC	COM	911363109	314,877	707	SH		SOLE		707	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	2,362,345	4,915	SH		SOLE		4,370	0	545
US BANCORP DEL	COM NEW	902973304	4,666,371	141,234	SH		SOLE		138,025	0	3,209
VALERO ENERGY CORP	COM	91913Y100	2,878,196	24,537	SH		SOLE		23,847	0	690
VANECK ETF TRUST	AGRIBUSINESS ETF	92189F700	487,684	5,967	SH		SOLE		5,650	0	317
VANECK ETF TRUST	GOLD MINERS ETF	92189F106	6,005,238	199,442	SH		SOLE		12,150	0	187,292
VANECK ETF TRUST	MRNGSTR WDE MOAT	92189F643	381,476	4,781	SH		SOLE		4,781	0	0
VANGUARD BD INDEX FDS	INTERMED TERM	921937819	986,416	13,112	SH		SOLE		3,289	0	9,823
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	5,154,647	68,210	SH		SOLE		27,961	0	40,249
VANGUARD INDEX FDS	GROWTH ETF	922908736	207,126	732	SH		SOLE		619	0	113
VANGUARD INDEX FDS	MID CAP ETF	922908629	2,325,109	10,561	SH		SOLE		2,367	0	8,194
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	1,470,281	3,610	SH		SOLE		3,570	0	40
VANGUARD INDEX FDS	SMALL CP ETF	922908751	2,964,059	14,903	SH		SOLE		5,768	0	9,135
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	249,577	1,133	SH		SOLE		1,133	0	0
VANGUARD INDEX FDS	VALUE ETF	922908744	2,790,703	19,639	SH		SOLE		19,292	0	347
VANGUARD INTL EQUITY INDEX F	ALLWRLD EX US	922042775	6,255,739	114,974	SH		SOLE		110,041	0	4,933
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	3,080,615	75,728	SH		SOLE		61,108	0	14,620
VANGUARD INTL EQUITY INDEX F	FTSE SMCAP ETF	922042718	1,208,650	10,940	SH		SOLE		10,940	0	0
VANGUARD SPECIALIZED FUNDS	DIV APP ETF	921908844	245,433	1,511	SH		SOLE		996	0	515
VANGUARD TAX-MANAGED FDS	VAN FTSE DEV MKT	921943858	36,505,629	790,507	SH		SOLE		88,774	0	701,733
VANGUARD WORLD FDS	ENERGY ETF	92204A306	341,832	3,028	SH		SOLE		3,018	0	10
VANGUARD WORLD FDS	HEALTH CAR ETF	92204A504	489,640	2,000	SH		SOLE		2,000	0	0
VERISK ANALYTICS INC	COM	92345Y106	3,857,210	17,065	SH		SOLE		15,239	0	1,826
VERIZON COMMUNICATIONS INC	COM	92343V104	30,192,162	811,833	SH		SOLE		548,118	0	263,715
VERTEX PHARMACEUTICALS INC	COM	92532F100	65,034,447	184,804	SH		SOLE		170,392	0	14,412
VISA INC	COM CL A	92826C839	182,234,535	767,368	SH		SOLE		645,414	0	121,954
VMWARE INC	CL A COM	928563402	1,004,398	6,990	SH		SOLE		6,890	0	100
VONTIER CORPORATION	COM	928881101	251,272	7,801	SH		SOLE		7,561	0	240
WABTEC	COM	929740108	751,679	6,854	SH		SOLE		6,854	0	0
WALGREENS BOOTS ALLIANCE INC	COM	931427108	585,899	20,565	SH		SOLE		20,565	0	0
WALMART INC	COM	931142103	25,951,576	165,107	SH		SOLE		84,589	0	80,518
WASTE CONNECTIONS INC	COM	94106B101	755,528	5,286	SH		SOLE		5,250	0	36
WASTE MGMT INC DEL	COM	94106L109	1,020,230	5,883	SH		SOLE		5,883	0	0
WATERS CORP	COM	941848103	1,011,252	3,794	SH		SOLE		1,419	0	2,375
WATSCO INC	COM	942622200	81,014,005	212,373	SH		SOLE		195,174	0	17,199
WATTS WATER TECHNOLOGIES INC	CL A	942749102	1,318,080	7,174	SH		SOLE		6,774	0	400
WEC ENERGY GROUP INC	COM	92939U106	1,079,176	12,230	SH		SOLE		11,809	0	421
WELLS FARGO CO NEW	COM	949746101	3,135,954	73,476	SH		SOLE		66,184	0	7,292
WEST PHARMACEUTICAL SVSC INC	COM	955306105	1,070,914	2,800	SH		SOLE		1,989	0	811
WEX INC	COM	96208T104	459,727	2,525	SH		SOLE		2,525	0	0
WILLIAMS ROWLAND ACQUISITION	COM	96951B102	414,800	40,000	SH		SOLE		0	0	40,000
WORKDAY INC	CL A	98138H101	554,108	2,453	SH		SOLE		2,442	0	11
XYLEM INC	COM	98419M100	1,087,685	9,658	SH		SOLE		9,370	0	288
YUM BRANDS INC	COM	988498101	320,609	2,314	SH		SOLE		2,314	0	0
ZIMMER BIOMET HOLDINGS INC	COM	98956P102	2,243,550	15,409	SH		SOLE		14,880	0	529
ZOETIS INC	CL A	98978V103	211,130	1,226	SH		SOLE		1,043	0	183

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