Dark
Light
System
Institutional Investment Manager
WELCH & FORBES LLC
WELCH & FORBES LLC (CIK: 0000105495) incorporated in Delaware, located at 45 School Street, Boston, MA. Institutional holdings reported to the SEC.

Institutional Holdings (2015Q1)
Portfolio Summary: 331 holdings with a total value of $3,328,113,000.
#
Name
Shares
Value ($)
%
Options
Notes
301 AFLAC INC 550,741 35,253,000 1.06%
302 INTERNATIONAL BUSINESS MACHS 224,166 35,979,000 1.08%
303 MCDONALDS CORP 374,111 36,453,000 1.10%
304 PRAXAIR INC 309,523 37,371,000 1.12%
305 PFIZER INC 1,090,984 37,956,000 1.14%
306 JOHNSON CTLS INTL PLC 760,861 38,378,000 1.15%
307 PAYCHEX INC 782,260 38,812,000 1.17%
308 MICROSOFT CORP 989,723 40,237,000 1.21%
309 QUALCOMM INC 582,205 40,370,000 1.21%
310 ECOLAB INC 357,274 40,865,000 1.23%
311 3M CO 274,612 45,297,000 1.36%
312 CVS HEALTH CORP 440,756 45,490,000 1.37%
313 VISA INC 702,046 45,921,000 1.38%
314 GENERAL ELECTRIC CO 1,925,669 47,775,000 1.44%
315 IRON MTN INC NEW 1,332,755 48,619,000 1.46%
316 KAYNE ANDERSON MLP INVT CO 1,380,462 49,006,000 1.47%
317 WELLS FARGO & CO NEW 908,588 49,427,000 1.49%
318 ANSYS 571,176 50,373,000 1.51%
319 HOME DEPOT INC 446,224 50,696,000 1.52%
320 SCHLUMBERGER LTD 622,152 51,913,000 1.56%
321 STRYKER CORP 581,316 53,626,000 1.61%
322 DANAHER CORP DEL 686,006 58,243,000 1.75%
323 PEPSICO INC 622,599 59,533,000 1.79%
324 STERICYCLE INC 447,222 62,803,000 1.89%
325 APPLE INC 578,530 71,986,000 2.16%
326 JOHNSON & JOHNSON 730,391 73,478,000 2.21%
327 CARMAX INC 1,095,633 75,610,000 2.27%
328 O REILLY AUTOMOTIVE INC NEW 373,920 80,856,000 2.43%
329 EXXON MOBIL CORP 958,959 81,512,000 2.45%
330 PROCTER AND GAMBLE CO 1,072,577 87,887,000 2.64%
331 UNITED TECHNOLOGIES CORP 784,725 91,970,000 2.76%
Page 7 of 7

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001085146-15-001008, filed 2015.04.30).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.