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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 (2016Q3)
Portfolio Summary: 140 holdings with a total value of $503,212,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 INTEL CORP 447,705 16,901,000 3.36%
2 EXXON MOBIL CORP 185,538 16,194,000 3.22%
3 JOHNSON & JOHNSON 135,248 15,977,000 3.18%
4 PROCTER AND GAMBLE CO 177,433 15,925,000 3.16%
5 CINCINNATI FIN 209,373 15,791,000 3.14%
6 PEPSICO INC 143,616 15,621,000 3.10%
7 CHEVRON CORP NEW 149,112 15,347,000 3.05%
8 LOCKHEED MARTIN CORP 63,684 15,266,000 3.03%
9 AT&T INC 372,239 15,117,000 3.00%
10 ARTHUR J GALLAGHER 292,638 14,886,000 2.96%
11 HOME DEPOT INC 115,259 14,832,000 2.95%
12 3M CO 83,837 14,775,000 2.94%
13 SOUTHERN CO 286,527 14,698,000 2.92%
14 PAYCHEX INC 253,282 14,657,000 2.91%
15 ABBVIE INC 232,086 14,638,000 2.91%
16 UNITED TECHNOLOGIES CORP 143,646 14,594,000 2.90%
17 NEXTERA ENERGY INC 118,156 14,453,000 2.87%
18 VERIZON COMMUNICATIONS INC 276,893 14,393,000 2.86%
19 COLGATE PALMOLIVE CO 194,056 14,387,000 2.86%
20 INTERNATIONAL BUSINESS MACHS 90,541 14,382,000 2.86%
21 CONSOLIDATED EDISON INC 189,320 14,256,000 2.83%
22 EMERSON ELEC CO 260,664 14,209,000 2.82%
23 DU PONT E I DE NEMOURS & CO 210,622 14,105,000 2.80%
24 GENERAL MLS INC 218,674 13,969,000 2.78%
25 MCDONALDS CORP 118,815 13,706,000 2.72%
26 KIMBERLY CLARK CORP 108,617 13,701,000 2.72%
27 NOVARTIS A G 169,323 13,370,000 2.66%
28 LEGGETT &PLATT INC 292,830 13,347,000 2.65%
29 UNILEVER PLC 246,368 11,678,000 2.32%
30 MARATHON OIL CORP 465 7,352,000 1.46%
31 ROYAL DUTCH SHELL PLC 132,961 7,024,000 1.40%
32 SPDR S&P 500 ETF TR 31,062 6,719,000 1.34%
33 ROYAL DUTCH SHELL PLC 122,405 6,129,000 1.22%
34 SERVISFIRST BANCSHARES INC COM 74,071 3,845,000 0.76%
35 COCA COLA CO 65,465 2,770,000 0.55%
36 UNILEVER N V 54,283 2,502,000 0.50%
37 ENERGEN CORP COM 35,774 2,065,000 0.41%
38 APPLE COMPUTER INC 15,629 1,767,000 0.35%
39 TORCHMARK CORP 26,943 1,721,000 0.34%
40 CISCO SYS INC 52,193 1,656,000 0.33%
41 PROASSURANCE CORP COM 25,259 1,326,000 0.26%
42 MICROSOFT CORP 20,968 1,208,000 0.24%
43 SCHLUMBERGER LTD 15,257 1,200,000 0.24%
44 Berkshire Hathaway Cl B 8,122 1,173,000 0.23%
45 Synovus Financial Corp 34,661 1,128,000 0.22%
46 Abbott Labs Common 26,205 1,108,000 0.22%
47 WAL-MART STORES INC 14,457 1,043,000 0.21%
48 POWERSHARES N/C 6/4/18 46137V613 12,116 969,000 0.19%
49 VULCAN MATLS CO 8,186 931,000 0.19%
50 UNION PAC CORP 8,781 856,000 0.17%
Page 1 of 3

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001443095-16-000009, filed 2016.10.28).

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.