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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 (2016Q4)
Portfolio Summary: 138 holdings with a total value of $511,588,000.
#
Name
Shares
Value ($)
%
Options
Notes
1 CHEVRON CORP NEW 148,168 17,439,000 3.41% SH
2 EXXON MOBIL CORP 191,977 17,328,000 3.39% SH
3 INTEL CORP 452,832 16,424,000 3.21% SH
4 AT&T INC 385,601 16,400,000 3.21% SH
5 CINCINNATI FIN 213,022 16,136,000 3.15% SH
6 LOCKHEED MARTIN CORP 63,967 15,988,000 3.13% SH
7 PAYCHEX INC 260,995 15,889,000 3.11% SH
8 DU PONT E I DE NEMOURS & CO 216,151 15,866,000 3.10% SH
9 JOHNSON & JOHNSON 137,217 15,809,000 3.09% SH
10 ARTHUR J GALLAGHER 302,219 15,703,000 3.07% SH
11 HOME DEPOT INC 117,002 15,688,000 3.07% SH
12 UNITED TECHNOLOGIES CORP 142,714 15,644,000 3.06% SH
13 3M CO 86,817 15,503,000 3.03% SH
14 VERIZON COMMUNICATIONS INC 288,473 15,399,000 3.01% SH
15 PEPSICO INC 145,899 15,265,000 2.98% SH
16 INTERNATIONAL BUSINESS MACHS 91,655 15,214,000 2.97% SH
17 PROCTER AND GAMBLE CO 179,872 15,124,000 2.96% SH
18 ABBVIE INC 240,480 15,059,000 2.94% SH
19 EMERSON ELEC CO 268,632 14,976,000 2.93% SH
20 MCDONALDS CORP 122,734 14,939,000 2.92% SH
21 LEGGETT &PLATT INC 304,209 14,870,000 2.91% SH
22 SOUTHERN CO 296,051 14,563,000 2.85% SH
23 CONSOLIDATED EDISON INC 197,074 14,520,000 2.84% SH
24 NEXTERA ENERGY INC 120,930 14,446,000 2.82% SH
25 GENERAL MLS INC 227,945 14,080,000 2.75% SH
26 COLGATE PALMOLIVE CO 201,703 13,199,000 2.58% SH
27 KIMBERLY CLARK CORP 113,400 12,941,000 2.53% SH
28 NOVARTIS A G 167,956 12,234,000 2.39% SH
29 UNILEVER PLC 252,983 10,296,000 2.01% SH
30 ROYAL DUTCH SHELL PLC 172,528 10,001,000 1.95% SH
31 SPDR S&P 500 ETF TR 41,245 9,219,000 1.80% SH
32 SERVISFIRST BANCSHARES INC COM 150,812 5,646,000 1.10% SH
33 ROYAL DUTCH SHELL PLC 91,023 4,950,000 0.97% SH
34 COCA COLA CO 65,472 2,714,000 0.53% SH
35 UNILEVER N V 54,901 2,254,000 0.44% SH
36 ENERGEN CORP COM 35,774 2,063,000 0.40% SH
37 TORCHMARK CORP 26,830 1,979,000 0.39% SH
38 APPLE INC 14,471 1,676,000 0.33% SH
39 CISCO SYS INC 47,933 1,449,000 0.28% SH
40 Synovus Financial Corp 34,661 1,424,000 0.28% SH
41 PROASSURANCE CORP COM 25,073 1,409,000 0.28% SH
42 BERKSHIRE HATHAWAY B 7,633 1,244,000 0.24% SH
43 MICROSOFT CORP 19,288 1,199,000 0.23% SH
44 VULCAN MATLS CO 8,367 1,047,000 0.20% SH
45 POWERSHARES N/C 6/4/18 46137V613 12,116 1,027,000 0.20% SH
46 UNION PAC CORP 8,781 910,000 0.18% SH
47 WELLS FARGO & CO NEW 15,390 848,000 0.17% SH
48 SCHLUMBERGER LTD 9,965 837,000 0.16% SH
49 CATERPILLAR INC 8,315 771,000 0.15% SH
50 ABBOTT LABS 19,205 738,000 0.14% SH
Page 1 of 3

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001443095-17-000001, filed 2017.02.09).

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.