# EDGAR Filing Document

**Accession Number:** 0001424177
**File Stem:** 0001172661-23-000368
**Filing Date:** 2023-1
**Character Count:** 18524
**Document Hash:** 1b5129f587670e2e0dd1502b0d8d5fca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-23-000368.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001172661-23-000368

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Birch Hill Investment Advisors LLC
- **CENTRAL INDEX KEY:** 0001424177
- **IRS NUMBER:** 208723327
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12685
- **FILM NUMBER:** 23572441

**BUSINESS ADDRESS:**
- **STREET 1:** ONE INTERNATIONAL PLACE
- **STREET 2:** SUITE 770
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617-502-8300

**MAIL ADDRESS:**
- **STREET 1:** ONE INTERNATIONAL PLACE
- **STREET 2:** SUITE 770
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Birch Hill Investment Advisors LLC<br>**Address:** One International Place<br>Suite 770<br>Boston, MA 02110

**Form 13F File Number:** 028-12685

**CRD Number (if applicable):** 000143750

**SEC File Number (if applicable):** 801-67818

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Paul J. Donovan<br>**Title:** Chief Compliance Officer<br>**Phone:** 617-502-8314

**Signature, Place, and Date of Signing:**

/s/ 	Paul J. Donovan  Boston, MA  01-31-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 152

**Form 13F Information Table Value Total:** $1567938728

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579Y101 |  | 1504516 | 12546 | SH |  | SOLE |  | 12546 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 3299662 | 30054 | SH |  | SOLE |  | 28842 | 0 | 1212 |
| ABBVIE INC | COM | 00287Y109 |  | 4552012 | 28167 | SH |  | SOLE |  | 27888 | 0 | 279 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 7762376 | 29090 | SH |  | SOLE |  | 28135 | 0 | 955 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 2389363 | 7100 | SH |  | SOLE |  | 6825 | 0 | 275 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 2788212 | 9045 | SH |  | SOLE |  | 9045 | 0 | 0 |
| ALCON AG | ORD SHS | H01301128 |  | 10329045 | 150679 | SH |  | SOLE |  | 136979 | 0 | 13700 |
| ALLEGION PLC | ORD SHS | G0176J109 |  | 1437641 | 13658 | SH |  | SOLE |  | 13658 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 49352333 | 559360 | SH |  | SOLE |  | 536480 | 0 | 22880 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 24112378 | 271750 | SH |  | SOLE |  | 264270 | 0 | 7480 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 246834 | 5400 | SH |  | SOLE |  | 5400 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 48741588 | 580257 | SH |  | SOLE |  | 555132 | 0 | 25125 |
| AMERESCO INC | CL A | 02361E108 |  | 259987 | 4550 | SH |  | SOLE |  | 4550 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 821342 | 5559 | SH |  | SOLE |  | 5559 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 547079 | 2083 | SH |  | SOLE |  | 2083 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 11212757 | 147265 | SH |  | SOLE |  | 131565 | 0 | 15700 |
| ANALOG DEVICES INC | COM | 032654105 |  | 202413 | 1234 | SH |  | SOLE |  | 1234 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 48623472 | 374228 | SH |  | SOLE |  | 358768 | 0 | 15460 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 577262 | 9195 | SH |  | SOLE |  | 5400 | 0 | 3795 |
| AT INC | COM | 00206R102 |  | 438342 | 23810 | SH |  | SOLE |  | 23810 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 7251073 | 30357 | SH |  | SOLE |  | 28922 | 0 | 1435 |
| AVERY DENNISON CORP | COM | 053611109 |  | 407793 | 2253 | SH |  | SOLE |  | 2253 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 41608689 | 1256301 | SH |  | SOLE |  | 1177601 | 0 | 78700 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 767477 | 3018 | SH |  | SOLE |  | 3018 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 79392551 | 257017 | SH |  | SOLE |  | 245692 | 0 | 11325 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 626752 | 311 | SH |  | SOLE |  | 311 | 0 | 0 |
| BOSTON PROPERTIES INC | COM | 101121101 |  | 4926582 | 72900 | SH |  | SOLE |  | 72900 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1391513 | 19340 | SH |  | SOLE |  | 19340 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 2390281 | 4275 | SH |  | SOLE |  | 4275 | 0 | 0 |
| CARLISLE COS INC | COM | 142339100 |  | 1787170 | 7584 | SH |  | SOLE |  | 7584 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 1019700 | 24720 | SH |  | SOLE |  | 24720 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 1009506 | 4214 | SH |  | SOLE |  | 4214 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 2938610 | 16372 | SH |  | SOLE |  | 16372 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 7008168 | 110174 | SH |  | SOLE |  | 108174 | 0 | 2000 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 7663509 | 97265 | SH |  | SOLE |  | 94340 | 0 | 2925 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 3006543 | 85975 | SH |  | SOLE |  | 85975 | 0 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 33530980 | 144686 | SH |  | SOLE |  | 135076 | 0 | 9610 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 23991357 | 52555 | SH |  | SOLE |  | 52120 | 0 | 435 |
| CROWN CASTLE INC | COM | 22822V101 |  | 217024 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 212089 | 6846 | SH |  | SOLE |  | 4200 | 0 | 2646 |
| CVS HEALTH CORP | COM | 126650100 |  | 44149135 | 473754 | SH |  | SOLE |  | 450386 | 0 | 23368 |
| DANAHER CORPORATION | COM | 235851102 |  | 737071 | 2777 | SH |  | SOLE |  | 2777 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 1727903 | 4030 | SH |  | SOLE |  | 3830 | 0 | 200 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 222737 | 1250 | SH |  | SOLE |  | 1250 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 2467566 | 28402 | SH |  | SOLE |  | 28302 | 0 | 100 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 1248169 | 20355 | SH |  | SOLE |  | 20355 | 0 | 0 |
| DOVER CORP | COM | 260003108 |  | 966827 | 7140 | SH |  | SOLE |  | 7140 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 812385 | 7888 | SH |  | SOLE |  | 7888 | 0 | 0 |
| EASTERN BANKSHARES INC | COM | 27627N105 |  | 31563860 | 1829789 | SH |  | SOLE |  | 1735889 | 0 | 93900 |
| ECOLAB INC | COM | 278865100 |  | 41656943 | 286184 | SH |  | SOLE |  | 272714 | 0 | 13470 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 28884441 | 387139 | SH |  | SOLE |  | 383174 | 0 | 3965 |
| EMERSON ELEC CO | COM | 291011104 |  | 3084967 | 32115 | SH |  | SOLE |  | 31715 | 0 | 400 |
| ESSENTIAL UTILS INC | COM | 29670G102 |  | 393916 | 8253 | SH |  | SOLE |  | 8253 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 8376954 | 75947 | SH |  | SOLE |  | 75747 | 0 | 200 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 406025 | 1012 | SH |  | SOLE |  | 1012 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 418967 | 2419 | SH |  | SOLE |  | 2419 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 62407390 | 617467 | SH |  | SOLE |  | 592797 | 0 | 24670 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 |  | 583765 | 6967 | SH |  | SOLE |  | 6890 | 0 | 77 |
| GENERAL MLS INC | COM | 370334104 |  | 291798 | 3480 | SH |  | SOLE |  | 2860 | 0 | 620 |
| GENTEX CORP | COM | 371901109 |  | 39677359 | 1454982 | SH |  | SOLE |  | 1392812 | 0 | 62170 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 523654 | 1525 | SH |  | SOLE |  | 1525 | 0 | 0 |
| GRAINGER W W INC | COM | 384802104 |  | 14302300 | 25712 | SH |  | SOLE |  | 25047 | 0 | 665 |
| HERSHEY CO | COM | 427866108 |  | 333461 | 1440 | SH |  | SOLE |  | 1440 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 4579654 | 14499 | SH |  | SOLE |  | 14325 | 0 | 174 |
| IDEXX LABS INC | COM | 45168D104 |  | 783283 | 1920 | SH |  | SOLE |  | 1920 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 2063109 | 9365 | SH |  | SOLE |  | 9365 | 0 | 0 |
| INGERSOLL RAND INC | COM | 45687V106 |  | 1677225 | 32100 | SH |  | SOLE |  | 32100 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 1149176 | 43480 | SH |  | SOLE |  | 43030 | 0 | 450 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 42611053 | 302442 | SH |  | SOLE |  | 283072 | 0 | 19370 |
| ISHARES TR | SP SMCP600VL ETF | 464287879 |  | 683455 | 7485 | SH |  | SOLE |  | 7485 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 2182115 | 12515 | SH |  | SOLE |  | 12515 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 5140071 | 78307 | SH |  | SOLE |  | 77657 | 0 | 650 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 1811127 | 47787 | SH |  | SOLE |  | 47787 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 364662 | 5916 | SH |  | SOLE |  | 5916 | 0 | 0 |
| ISHARES TR | GL CLEAN ENE ETF | 464288224 |  | 235540 | 11866 | SH |  | SOLE |  | 11866 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 16075731 | 41841 | SH |  | SOLE |  | 41771 | 0 | 70 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 4727740 | 19545 | SH |  | SOLE |  | 19520 | 0 | 25 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 738308 | 10946 | SH |  | SOLE |  | 10946 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 10917954 | 115363 | SH |  | SOLE |  | 115348 | 0 | 15 |
| ISHARES TR | EAFE GRWTH ETF | 464288885 |  | 458418 | 5473 | SH |  | SOLE |  | 5473 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 37850619 | 214269 | SH |  | SOLE |  | 208159 | 0 | 6110 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 16831033 | 125511 | SH |  | SOLE |  | 123106 | 0 | 2405 |
| KROGER CO | COM | 501044101 |  | 34909929 | 783085 | SH |  | SOLE |  | 739985 | 0 | 43100 |
| LABORATORY CORP AMER HLDGS | COM NEW | 50540R409 |  | 16095529 | 68352 | SH |  | SOLE |  | 61752 | 0 | 6600 |
| LINCOLN ELEC HLDGS INC | COM | 533900106 |  | 2974905 | 20589 | SH |  | SOLE |  | 20589 | 0 | 0 |
| LINDE PLC | SHS | G5494J103 |  | 1766771 | 5417 | SH |  | SOLE |  | 5017 | 0 | 400 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 634876 | 4264 | SH |  | SOLE |  | 4264 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 74851072 | 452327 | SH |  | SOLE |  | 433687 | 0 | 18640 |
| MASCO CORP | COM | 574599106 |  | 15069976 | 322905 | SH |  | SOLE |  | 296980 | 0 | 25925 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 29317464 | 84311 | SH |  | SOLE |  | 78761 | 0 | 5550 |
| MCCORMICK  CO INC | COM NON VTG | 579780206 |  | 8653384 | 104396 | SH |  | SOLE |  | 101636 | 0 | 2760 |
| MCDONALDS CORP | COM | 580135101 |  | 1629933 | 6185 | SH |  | SOLE |  | 6185 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 67311118 | 606680 | SH |  | SOLE |  | 574040 | 0 | 32640 |
| META PLATFORMS INC | CL A | 30303M102 |  | 518064 | 4305 | SH |  | SOLE |  | 4305 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 79355958 | 330898 | SH |  | SOLE |  | 320123 | 0 | 10775 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 27688543 | 415432 | SH |  | SOLE |  | 386107 | 0 | 29325 |
| MOODYS CORP | COM | 615369105 |  | 214537 | 770 | SH |  | SOLE |  | 770 | 0 | 0 |
| MSA SAFETY INC | COM | 553498106 |  | 259542 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 5697925 | 68157 | SH |  | SOLE |  | 65947 | 0 | 2210 |
| NIKE INC | CL B | 654106103 |  | 2312703 | 19765 | SH |  | SOLE |  | 19765 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 363223 | 1474 | SH |  | SOLE |  | 1474 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 2122982 | 29070 | SH |  | SOLE |  | 29070 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 707318 | 4840 | SH |  | SOLE |  | 4840 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 2910598 | 35608 | SH |  | SOLE |  | 35608 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 1225943 | 15655 | SH |  | SOLE |  | 15655 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 231120 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 17456092 | 96624 | SH |  | SOLE |  | 94889 | 0 | 1735 |
| PFIZER INC | COM | 717081103 |  | 1518087 | 29627 | SH |  | SOLE |  | 29627 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 546534 | 5400 | SH |  | SOLE |  | 5400 | 0 | 0 |
| PORTLAND GEN ELEC CO | COM NEW | 736508847 |  | 343000 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| PPG INDS INC | COM | 693506107 |  | 416828 | 3315 | SH |  | SOLE |  | 3315 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 11607071 | 76584 | SH |  | SOLE |  | 73534 | 0 | 3050 |
| QUALCOMM INC | COM | 747525103 |  | 263856 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 5064872 | 50187 | SH |  | SOLE |  | 49987 | 0 | 200 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 45084023 | 175036 | SH |  | SOLE |  | 164959 | 0 | 10077 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 1240098 | 2870 | SH |  | SOLE |  | 2870 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 5740872 | 17140 | SH |  | SOLE |  | 17140 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 1984077 | 14964 | SH |  | SOLE |  | 14389 | 0 | 575 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 2345945 | 26820 | SH |  | SOLE |  | 26820 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 370175 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 411716 | 2427 | SH |  | SOLE |  | 2427 | 0 | 0 |
| SPDR INDEX SHS FDS | ASIA PACIF ETF | 78463X301 |  | 203658 | 2121 | SH |  | SOLE |  | 2121 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1382867 | 3616 | SH |  | SOLE |  | 2916 | 0 | 700 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 235121 | 531 | SH |  | SOLE |  | 531 | 0 | 0 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 234489 | 7136 | SH |  | SOLE |  | 7136 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 447080 | 5848 | SH |  | SOLE |  | 5848 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 4406621 | 8002 | SH |  | SOLE |  | 8002 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 64642364 | 812090 | SH |  | SOLE |  | 774945 | 0 | 37145 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 6115114 | 36380 | SH |  | SOLE |  | 36380 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 1674468 | 67710 | SH |  | SOLE |  | 67710 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 263834 | 5240 | SH |  | SOLE |  | 5240 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 5442007 | 26281 | SH |  | SOLE |  | 23181 | 0 | 3100 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 34378598 | 197760 | SH |  | SOLE |  | 189625 | 0 | 8135 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 334013 | 630 | SH |  | SOLE |  | 630 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 4679440 | 107302 | SH |  | SOLE |  | 106952 | 0 | 350 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 822985 | 4038 | SH |  | SOLE |  | 4038 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 302271 | 1581 | SH |  | SOLE |  | 1581 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 913484 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 506937 | 2762 | SH |  | SOLE |  | 2762 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 4872032 | 124988 | SH |  | SOLE |  | 124053 | 0 | 935 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 2504056 | 59663 | SH |  | SOLE |  | 59618 | 0 | 45 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 698132 | 17719 | SH |  | SOLE |  | 17719 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 59004396 | 204323 | SH |  | SOLE |  | 192848 | 0 | 11475 |
| VISA INC | COM CL A | 92826C839 |  | 209214 | 1007 | SH |  | SOLE |  | 1007 | 0 | 0 |
| WABTEC | COM | 929740108 |  | 9835178 | 98539 | SH |  | SOLE |  | 86254 | 0 | 12285 |
| WALMART INC | COM | 931142103 |  | 442527 | 3121 | SH |  | SOLE |  | 3121 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 949752 | 6054 | SH |  | SOLE |  | 5570 | 0 | 484 |
| WATERS CORP | COM | 941848103 |  | 205548 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| WATTS WATER TECHNOLOGIES INC | CL A | 942749102 |  | 9570022 | 65445 | SH |  | SOLE |  | 64395 | 0 | 1050 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 247245 | 2637 | SH |  | SOLE |  | 2637 | 0 | 0 |
| XYLEM INC | COM | 98419M100 |  | 318552 | 2881 | SH |  | SOLE |  | 2881 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 4416217 | 34637 | SH |  | SOLE |  | 34637 | 0 | 0 |

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