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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 (2015Q4)
Portfolio Summary: 329 holdings with a total value of $3,116,575,000.
#
Name
Shares
Value ($)
%
Options
Notes
101 KIMBERLY CLARK CORP 58,749 7,479,000 0.24%
102 CONOCOPHILLIPS 158,013 7,378,000 0.24%
103 BOSTON SCIENTIFIC CORP 390,450 7,200,000 0.23%
104 WAL-MART STORES INC 116,191 7,123,000 0.23%
105 AIR PRODS & CHEMS INC 54,077 7,036,000 0.23%
106 DUKE ENERGY CORP NEW 94,394 6,738,000 0.22%
107 GENERAL MLS INC 115,338 6,650,000 0.21%
108 AMGEN INC 40,313 6,544,000 0.21%
109 INVIVO THERAPEUTICS HLDGS CORPORATION COM NEW 902,286 6,496,000 0.21%
110 MORNINGSTAR INC 77,982 6,271,000 0.20%
111 STARBUCKS CORP 103,072 6,188,000 0.20%
112 COLGATE PALMOLIVE CO 92,720 6,177,000 0.20%
113 SPDR S&P 500 ETF TR 29,987 6,114,000 0.20%
114 CONSTANT CONTACT INC 191,536 5,600,000 0.18%
115 TIME WARNER INC 83,128 5,376,000 0.17%
116 CATERPILLAR INC 75,545 5,134,000 0.16%
117 VANGUARD INTL EQUITY INDEX F 114,728 4,981,000 0.16%
118 STANLEY BLACK &DECKER INC 45,353 4,840,000 0.16%
119 SHERWIN WILLIAMS CO 18,353 4,765,000 0.15%
120 ZIMMER BIOMET HLDGS INC 44,932 4,610,000 0.15%
121 NEWELL BRANDS 101,920 4,492,000 0.14%
122 Dentsply Intl Inc 71,930 4,377,000 0.14%
123 ISHARES TR 54,680 4,109,000 0.13%
124 LINCOLN ELEC HLDGS INC 78,196 4,058,000 0.13%
125 CIGNA CORPORATION 27,436 4,015,000 0.13%
126 DU PONT E I DE NEMOURS & CO 58,922 3,924,000 0.13%
127 CINTAS CORP 42,688 3,887,000 0.12%
128 BP PLC 121,518 3,798,000 0.12%
129 VANGUARD TAX-MANAGED FDS 98,849 3,629,000 0.12%
130 Chubb Corporation 26,976 3,578,000 0.11%
131 BIOGEN INC 11,086 3,396,000 0.11%
132 ISHARES TR 29,187 3,287,000 0.11%
133 ISHARES TR 84,161 3,269,000 0.10%
134 AMERICAN EXPRESS CO 45,511 3,166,000 0.10%
135 ANADARKO PETE CORP 63,378 3,078,000 0.10%
136 WISDOMTREE TR 52,008 2,799,000 0.09%
137 VANGUARD INTL EQUITY INDEX F 84,909 2,778,000 0.09%
138 ISHARES TR 45,778 2,688,000 0.09%
139 VANGUARD BD INDEX FDS 33,691 2,680,000 0.09%
140 ISHARES TR 82,726 2,663,000 0.09%
141 ROYAL BK SCOTLAND GROUP PLC 106,371 2,655,000 0.09%
142 LOWES COS INC 34,354 2,613,000 0.08%
143 AKAMAI TECHNOLOGIES INC 48,535 2,555,000 0.08%
144 MEAD JOHNSON NUTRITI 32,235 2,544,000 0.08%
145 UNION PAC CORP 31,715 2,480,000 0.08%
146 TIFFANY & CO NEW 31,070 2,370,000 0.08%
147 PHILIP MORRIS INTL INC 25,710 2,260,000 0.07%
148 WISDOMTREE TR 44,555 2,231,000 0.07%
149 MASCO CORP 77,630 2,197,000 0.07%
150 DOW CHEM CO 42,244 2,175,000 0.07%
Page 3 of 7

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001085146-16-002682, filed 2016.01.27).

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.