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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 (2015Q2)
Portfolio Summary: 143 holdings with a total value of $528,237,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 LEGGETT &PLATT INC 377,344 18,369,000 3.48%
2 HOME DEPOT INC 159,047 17,675,000 3.35%
3 ABBVIE INC 262,960 17,668,000 3.34%
4 AT&T INC 474,673 16,860,000 3.19%
5 EXXON MOBIL CORP 202,255 16,828,000 3.19%
6 LOCKHEED MARTIN CORP 88,062 16,371,000 3.10%
7 PEPSICO INC 170,448 15,910,000 3.01%
8 GENERAL MLS INC 284,919 15,876,000 3.01%
9 NOVARTIS A G 160,904 15,823,000 3.00%
10 JOHNSON & JOHNSON 161,006 15,692,000 2.97%
11 UNITED TECHNOLOGIES CORP 140,927 15,633,000 2.96%
12 3M CO 100,622 15,526,000 2.94%
13 PAYCHEX INC 327,879 15,371,000 2.91%
14 VERIZON COMMUNICATIONS INC 328,506 15,312,000 2.90%
15 SOUTHERN CO 364,330 15,265,000 2.89%
16 NEXTERA ENERGY INC 155,557 15,249,000 2.89%
17 CINCINNATI FIN 301,694 15,139,000 2.87%
18 ARTHUR J GALLAGHER 319,650 15,119,000 2.86%
19 MCDONALDS CORP 158,632 15,081,000 2.85%
20 KIMBERLY CLARK CORP 140,398 14,878,000 2.82%
21 COLGATE PALMOLIVE CO 226,440 14,811,000 2.80%
22 INTEL CORP 484,699 14,742,000 2.79%
23 PROCTER AND GAMBLE CO 187,737 14,689,000 2.78%
24 CONSOLIDATED EDISON INC 250,920 14,523,000 2.75%
25 DU PONT E I DE NEMOURS & CO 225,932 14,448,000 2.74%
26 EMERSON ELEC CO 257,072 14,249,000 2.70%
27 CHEVRON CORP NEW 147,185 14,199,000 2.69%
28 KINDER MORGAN INC DEL 361,985 13,897,000 2.63%
29 UNILEVER PLC 295,950 12,714,000 2.41%
30 ROYAL DUTCH SHELL PLC 145,696 8,306,000 1.57%
31 SERVISFIRST BANCSHARES INC COM 164,470 6,179,000 1.17%
32 ROYAL DUTCH SHELL PLC 85,912 4,927,000 0.93%
33 ENERGEN CORP COM 51,732 3,533,000 0.67%
34 TORCHMARK CORP 47,775 2,781,000 0.53%
35 ISHARES TR 19,625 2,450,000 0.46%
36 COCA COLA CO 62,129 2,437,000 0.46%
37 UNILEVER N V 57,792 2,418,000 0.46%
38 POWERSHARES QQQ TRUST 22,418 2,400,000 0.45%
39 Triad Guaranty Inc 72,470 2,319,000 0.44%
40 VULCAN MATLS CO 27,054 2,271,000 0.43%
41 PIMCO ETF TR 20,013 2,024,000 0.38%
42 APPLE COMPUTER INC 15,490 1,973,000 0.37%
43 PROASSURANCE CORP COM 40,273 1,861,000 0.35%
44 PHILIP MORRIS INTL INC 17,712 1,420,000 0.27%
45 Berkshire Hathaway Cl B 8,831 1,202,000 0.23%
46 Streettracks Gold TRUST 10,346 1,163,000 0.22%
47 Synovus Financial Corp 34,956 1,077,000 0.20%
48 Merck & Co., Inc. 17,088 973,000 0.18%
49 WELLS FARGO & CO NEW 16,718 940,000 0.18%
50 POWERSHARES N/C 6/4/18 46137V613 9,859 894,000 0.17%
Page 1 of 3

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001443095-15-000003, filed 2015.07.31).

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.