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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 (2014Q4)
Portfolio Summary: 143 holdings with a total value of $518,473,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 HOME DEPOT INC 169,085 17,749,000 3.42%
2 INTEL CORP 486,513 17,656,000 3.41%
3 LOCKHEED MARTIN CORP 89,137 17,165,000 3.31%
4 LEGGETT &PLATT INC 402,245 17,140,000 3.31%
5 ABBVIE INC 259,429 16,977,000 3.27%
6 SOUTHERN CO 340,994 16,746,000 3.23%
7 EXXON MOBIL CORP 180,516 16,689,000 3.22%
8 3M CO 99,643 16,373,000 3.16%
9 NEXTERA ENERGY INC 152,493 16,208,000 3.13%
10 DU PONT E I DE NEMOURS & CO 214,868 15,887,000 3.06%
11 PROCTER AND GAMBLE CO 172,936 15,753,000 3.04%
12 CONSOLIDATED EDISON INC 237,061 15,648,000 3.02%
13 JOHNSON & JOHNSON 148,959 15,577,000 3.00%
14 PEPSICO INC 164,048 15,512,000 2.99%
15 UNITED TECHNOLOGIES CORP 132,302 15,215,000 2.93%
16 PAYCHEX INC 324,449 14,980,000 2.89%
17 KIMBERLY CLARK CORP 129,365 14,947,000 2.88%
18 NOVARTIS A G 159,463 14,776,000 2.85%
19 COLGATE PALMOLIVE CO 213,207 14,752,000 2.85%
20 CINCINNATI FIN 284,065 14,723,000 2.84%
21 AT&T INC 435,276 14,621,000 2.82%
22 GENERAL MLS INC 268,765 14,333,000 2.76%
23 CHEVRON CORP NEW 125,912 14,125,000 2.72%
24 VERIZON COMMUNICATIONS INC 299,950 14,032,000 2.71%
25 ARTHUR J GALLAGHER 296,753 13,971,000 2.69%
26 EMERSON ELEC CO 221,708 13,686,000 2.64%
27 CONOCOPHILLIPS 195,837 13,524,000 2.61%
28 MCDONALDS CORP 143,304 13,428,000 2.59%
29 UNILEVER PLC 271,812 11,003,000 2.12%
30 ROYAL DUTCH SHELL PLC 118,881 7,959,000 1.54%
31 ROYAL DUTCH SHELL PLC 70,664 4,915,000 0.95%
32 PIMCO ETF TR 42,201 4,265,000 0.82%
33 SERVISFIRST BANCSHARES INC COM 122,557 4,038,000 0.78%
34 VULCAN MATLS CO 50,584 3,325,000 0.64%
35 COCA COLA CO 59,627 2,517,000 0.49%
36 ISHARES TR 19,742 2,362,000 0.46%
37 POWERSHARES QQQ TRUST 22,562 2,330,000 0.45%
38 TORCHMARK CORP 42,091 2,280,000 0.44%
39 UNILEVER N V 58,259 2,274,000 0.44%
40 APPLE COMPUTER INC 14,510 1,602,000 0.31%
41 PHILIP MORRIS INTL INC 17,286 1,408,000 0.27%
42 ENERGEN CORP COM 20,556 1,311,000 0.25%
43 Berkshire Hathaway Cl B 8,531 1,281,000 0.25%
44 PROASSURANCE CORP COM 26,633 1,202,000 0.23%
45 Merck & Co., Inc. 18,128 1,029,000 0.20%
46 POWERSHARES N/C 6/4/18 46137V613 11,099 1,015,000 0.20%
47 Streettracks Gold TRUST 8,846 1,005,000 0.19%
48 KINDER MORGAN INC DEL 22,795 964,000 0.19%
49 SYNOVUS FINL CORP 34,848 944,000 0.18%
50 PROTECTIVE LIFE CO 12,376 862,000 0.17%
Page 1 of 3

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001443095-15-000001, filed 2015.01.20).

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.