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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 (2014Q3)
Portfolio Summary: 140 holdings with a total value of $483,798,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 INTEL CORP 499,760 17,402,000 3.60%
2 LOCKHEED MARTIN CORP 90,888 16,613,000 3.43%
3 EXXON MOBIL CORP 171,760 16,154,000 3.34%
4 HOME DEPOT INC 170,319 15,625,000 3.23%
5 JOHNSON & JOHNSON 144,738 15,428,000 3.19%
6 ABBVIE INC 265,388 15,329,000 3.17%
7 DU PONT E I DE NEMOURS & CO 211,229 15,158,000 3.13%
8 PEPSICO INC 160,535 14,944,000 3.09%
9 NOVARTIS A G 156,594 14,741,000 3.05%
10 AT&T INC 404,657 14,260,000 2.95%
11 SOUTHERN CO 325,511 14,209,000 2.94%
12 VERIZON COMMUNICATIONS INC 283,742 14,185,000 2.93%
13 LEGGETT &PLATT INC 404,785 14,135,000 2.92%
14 3M CO 99,691 14,124,000 2.92%
15 PROCTER AND GAMBLE CO 167,826 14,054,000 2.90%
16 CONOCOPHILLIPS 183,440 14,037,000 2.90%
17 PAYCHEX INC 317,171 14,019,000 2.90%
18 NEXTERA ENERGY INC 146,091 13,716,000 2.84%
19 CHEVRON CORP NEW 114,246 13,632,000 2.82%
20 COLGATE PALMOLIVE CO 202,221 13,189,000 2.73%
21 UNITED TECHNOLOGIES CORP 123,609 13,053,000 2.70%
22 CONSOLIDATED EDISON INC 230,325 13,050,000 2.70%
23 KIMBERLY CLARK CORP 121,070 13,024,000 2.69%
24 MCDONALDS CORP 136,674 12,958,000 2.68%
25 CINCINNATI FIN 273,462 12,866,000 2.66%
26 ARTHUR J GALLAGHER 283,316 12,851,000 2.66%
27 GENERAL MLS INC 254,307 12,830,000 2.65%
28 EMERSON ELEC CO 201,710 12,623,000 2.61%
29 UNILEVER PLC 252,001 10,559,000 2.18%
30 ROYAL DUTCH SHELL PLC 116,911 8,900,000 1.84%
31 PIMCO ETF TR 63,969 6,483,000 1.34%
32 ROYAL DUTCH SHELL PLC 63,503 5,024,000 1.04%
33 ENERGEN CORP COM 55,244 3,991,000 0.82%
34 VULCAN MATLS CO 50,583 3,047,000 0.63%
35 COCA COLA CO 61,445 2,621,000 0.54%
36 SERVISFIRST BANCSHARES INC COM 86,334 2,486,000 0.51%
37 TORCHMARK CORP 45,714 2,394,000 0.49%
38 UNILEVER N V 57,499 2,282,000 0.47%
39 PROASSURANCE CORP COM 38,106 1,679,000 0.35%
40 APPLE COMPUTER INC 16,224 1,635,000 0.34%
41 Berkshire Hathaway Cl B 11,193 1,546,000 0.32%
42 PHILIP MORRIS INTL INC 17,351 1,447,000 0.30%
43 PROTECTIVE LIFE CO 17,404 1,208,000 0.25%
44 Streettracks Gold TRUST 9,405 1,093,000 0.23%
45 Merck & Co., Inc. 18,128 1,075,000 0.22%
46 POWERSHARES N/C 6/4/18 46137V613 11,099 976,000 0.20%
47 CATERPILLAR INC 8,882 880,000 0.18%
48 INTERNATIONAL BUSINESS MACHS 4,349 826,000 0.17%
49 Synovus Financial Corp 34,848 824,000 0.17%
50 REGIONS FINANCIAL CORP NEW 81,634 820,000 0.17%
Page 1 of 3

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001443095-14-000005, filed 2014.10.29).

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.