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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 (2015Q1)
Portfolio Summary: 145 holdings with a total value of $544,705,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 ANADARKO PETROLE 238 19,709,000 3.62%
2 HOME DEPOT INC 165,208 18,769,000 3.45%
3 LOCKHEED MARTIN CORP 88,800 18,023,000 3.31%
4 LEGGETT &PLATT INC 390,959 18,019,000 3.31%
5 3M CO 100,336 16,550,000 3.04%
6 PAYCHEX INC 328,047 16,276,000 2.99%
7 EXXON MOBIL CORP 190,725 16,212,000 2.98%
8 PEPSICO INC 167,864 16,051,000 2.95%
9 UNITED TECHNOLOGIES CORP 136,368 15,982,000 2.93%
10 NOVARTIS A G 161,610 15,936,000 2.93%
11 NEXTERA ENERGY INC 151,704 15,785,000 2.90%
12 GENERAL MLS INC 278,869 15,784,000 2.90%
13 CINCINNATI FIN 292,641 15,592,000 2.86%
14 DU PONT E I DE NEMOURS & CO 217,533 15,547,000 2.85%
15 JOHNSON & JOHNSON 154,119 15,504,000 2.85%
16 ABBVIE INC 263,868 15,447,000 2.84%
17 SOUTHERN CO 346,757 15,354,000 2.82%
18 VERIZON COMMUNICATIONS INC 315,728 15,354,000 2.82%
19 COLGATE PALMOLIVE CO 220,097 15,262,000 2.80%
20 INTEL CORP 481,755 15,064,000 2.77%
21 AT&T INC 456,901 14,918,000 2.74%
22 MCDONALDS CORP 152,402 14,850,000 2.73%
23 CONSOLIDATED EDISON INC 242,105 14,768,000 2.71%
24 PROCTER AND GAMBLE CO 178,879 14,657,000 2.69%
25 ARTHUR J GALLAGHER 311,941 14,583,000 2.68%
26 KIMBERLY CLARK CORP 136,134 14,581,000 2.68%
27 CHEVRON CORP NEW 137,636 14,449,000 2.65%
28 KINDER MORGAN INC DEL 341,062 14,345,000 2.63%
29 EMERSON ELEC CO 239,946 13,586,000 2.49%
30 UNILEVER PLC 286,207 11,938,000 2.19%
31 ROYAL DUTCH SHELL PLC 132,944 7,930,000 1.46%
32 ROYAL DUTCH SHELL PLC 78,222 4,905,000 0.90%
33 SERVISFIRST BANCSHARES INC COM 132,400 4,368,000 0.80%
34 VULCAN MATLS CO 50,586 4,264,000 0.78%
35 COCA COLA CO 60,819 2,466,000 0.45%
36 ISHARES TR 19,601 2,438,000 0.45%
37 UNILEVER N V 57,651 2,408,000 0.44%
38 POWERSHARES QQQ TRUST 22,391 2,364,000 0.43%
39 TORCHMARK CORP 41,818 2,297,000 0.42%
40 ISHARES TR 32,921 2,113,000 0.39%
41 PIMCO ETF TR 20,865 2,110,000 0.39%
42 APPLE COMPUTER INC 15,398 1,916,000 0.35%
43 PROASSURANCE CORP COM 32,066 1,472,000 0.27%
44 PHILIP MORRIS INTL INC 17,587 1,325,000 0.24%
45 ENERGEN CORP COM 18,855 1,244,000 0.23%
46 Berkshire Hathaway Cl B 8,531 1,231,000 0.23%
47 Merck & Co., Inc. 18,128 1,042,000 0.19%
48 Streettracks Gold TRUST 8,846 1,005,000 0.18%
49 Synovus Financial Corp 34,956 979,000 0.18%
50 WELLS FARGO & CO NEW 16,615 904,000 0.17%
Page 1 of 3

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001443095-15-000002, filed 2015.04.29).

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.