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Institutional Investment Manager
Welch Group, LLC
Welch Group, LLC (CIK: 0001443095) incorporated in Alabama, located at 3940 Montclair Road, Fifth Floor, Birmingham, AL. Institutional holdings reported to the SEC.

Institutional Holdings (2014Q2)
Portfolio Summary: 143 holdings with a total value of $482,898,000.
#
Name
Shares
Value ($)
%
Options
Notes
101 PROASSURANCE CORP COM 38,172 1,695,000 0.35%
102 PROTECTIVE LIFE CO 27,372 1,898,000 0.39%
103 POWERSHARES QQQ TRUST 23,822 2,237,000 0.46%
104 VANGUARD INDEX FDS 25,539 2,241,000 0.46%
105 ServisFirst Bancshares Inc 26,000 2,247,000 0.47%
106 VANGUARD TAX-MANAGED FDS 57,307 2,441,000 0.51%
107 VANGUARD INTL EQUITY INDEX F 57,222 2,468,000 0.51%
108 TORCHMARK CORP COM 30,479 2,497,000 0.52%
109 UNILEVER N V 57,142 2,501,000 0.52%
110 COCA COLA CO 62,403 2,643,000 0.55%
111 VULCAN MATLS CO 50,081 3,193,000 0.66%
112 ENERGEN CORP COM 55,905 4,969,000 1.03%
113 ROYAL DUTCH SHELL PLC 62,303 5,421,000 1.12%
114 ROYAL DUTCH SHELL PLC 116,631 9,607,000 1.99%
115 UNILEVER PLC 244,365 11,075,000 2.29%
116 CINCINNATI FINL CORP 262,317 12,602,000 2.61%
117 GALLAGHER ARTHUR J & CO 272,172 12,683,000 2.63%
118 PAYCHEX INC 305,464 12,695,000 2.63%
119 PROCTER AND GAMBLE CO 162,224 12,749,000 2.64%
120 CONSOLIDATED EDISON INC 221,175 12,771,000 2.64%
121 GENERAL MLS INC 247,141 12,985,000 2.69%
122 KIMBERLY CLARK CORP 118,025 13,127,000 2.72%
123 MCDONALDS CORP 131,142 13,211,000 2.74%
124 COLGATE PALMOLIVE CO 197,111 13,439,000 2.78%
125 EMERSON ELEC CO 202,609 13,445,000 2.78%
126 VERIZON COMMUNICATIONS INC 274,941 13,453,000 2.79%
127 LEGGETT &PLATT INC 394,930 13,538,000 2.80%
128 DU PONT E I DE NEMOURS & CO 207,397 13,572,000 2.81%
129 HOME DEPOT INC 167,997 13,601,000 2.82%
130 UNITED TECHNOLOGIES CORP 119,460 13,792,000 2.86%
131 AT&T INC 392,252 13,870,000 2.87%
132 PEPSICO INC 157,389 14,061,000 2.91%
133 NOVARTIS A G 155,595 14,086,000 2.92%
134 3M CO 98,988 14,179,000 2.94%
135 SOUTHERN CO 314,601 14,277,000 2.96%
136 CHEVRON CORP NEW 111,660 14,577,000 3.02%
137 NEXTERA ENERGY INC 144,253 14,783,000 3.06%
138 JOHNSON & JOHNSON 141,521 14,806,000 3.07%
139 LOCKHEED MARTIN CORP 92,380 14,848,000 3.07%
140 ABBVIE INC 264,113 14,907,000 3.09%
141 CONOCOPHILLIPS 182,572 15,652,000 3.24%
142 INTEL CORP 512,391 15,833,000 3.28%
143 EXXON MOBIL CORP 169,221 17,037,000 3.53%
Page 3 of 3

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001443095-14-000003, filed 2014.07.22).

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.