# EDGAR Filing Document

**Accession Number:** 0001443095
**File Stem:** 0001443095-23-000001
**Filing Date:** 2023-1
**Character Count:** 24913
**Document Hash:** 15c47a3688a4b8c8939f3002a2aa1978
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001443095-23-000001.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001443095-23-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Welch Group, LLC
- **CENTRAL INDEX KEY:** 0001443095
- **IRS NUMBER:** 631231262
- **STATE OF INCORPORATION:** AL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13195
- **FILM NUMBER:** 23565029

**BUSINESS ADDRESS:**
- **STREET 1:** 3940 MONTCLAIR ROAD, FIFTH FLOOR
- **CITY:** BIRMINGHAM
- **STATE:** AL
- **ZIP:** 35213
- **BUSINESS PHONE:** 205-879-5001

**MAIL ADDRESS:**
- **STREET 1:** 3940 MONTCLAIR ROAD, FIFTH FLOOR
- **CITY:** BIRMINGHAM
- **STATE:** AL
- **ZIP:** 35213

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Welch Group LLC<br>**Address:** 3940 MONTCLAIR ROAD FIFTH FLOOR<br>BIRMINGHAM, AL 35213

**Form 13F File Number:** 028-13195

**CRD Number (if applicable):** 000111273

**SEC File Number (if applicable):** 801-56254

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Brent Gillis<br>**Title:** Chief Compliance Officer<br>**Phone:** 205-879-5001

**Signature, Place, and Date of Signing:**

Brent Gillis  Birmingham, AL  01-27-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 219

**Form 13F Information Table Value Total:** $1748055495

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AFLAC INC | Common | 001055102 |  | 2434744 | 33844 | SH |  | SOLE |  | 0 | 0 | 33844 |
| AT INC | Common | 00206R102 |  | 5194705 | 282168 | SH |  | SOLE |  | 0 | 0 | 282168 |
| ABBOTT LABS | Common | 002824100 |  | 5163560 | 47031 | SH |  | SOLE |  | 0 | 0 | 47031 |
| ABBVIE INC | Common | 00287Y109 |  | 59721039 | 369538 | SH |  | SOLE |  | 0 | 0 | 369538 |
| AIR PRODS  CHEMS INC | Common | 009158106 |  | 314425 | 1020 | SH |  | SOLE |  | 0 | 0 | 1020 |
| ALPHABET INC | Common | 02079K107 |  | 912028 | 10279 | SH |  | SOLE |  | 0 | 0 | 10279 |
| ALPHABET INC | Common | 02079K305 |  | 4291459 | 48639 | SH |  | SOLE |  | 0 | 0 | 48639 |
| ALTRIA GROUP INC | Common | 02209S103 |  | 1808570 | 39566 | SH |  | SOLE |  | 0 | 0 | 39566 |
| AMAZON COM INC | Common | 023135106 |  | 3796319 | 45194 | SH |  | SOLE |  | 0 | 0 | 45194 |
| AMBEV SA | Common | 02319V103 |  | 40300 | 14816 | SH |  | SOLE |  | 0 | 0 | 14816 |
| AMERICAN ELEC PWR CO INC | Common | 025537101 |  | 603823 | 6359 | SH |  | SOLE |  | 0 | 0 | 6359 |
| AMERICAN EXPRESS CO | Common | 025816109 |  | 1836532 | 12430 | SH |  | SOLE |  | 0 | 0 | 12430 |
| ANNALY CAPITAL MANAGEMENT IN | Common | 035710839 |  | 205467 | 9747 | SH |  | SOLE |  | 0 | 0 | 9747 |
| APPLE INC | Common | 037833100 |  | 50317599 | 387267 | SH |  | SOLE |  | 0 | 0 | 387267 |
| ARCHER DANIELS MIDLAND CO | Common | 039483102 |  | 297352 | 3203 | SH |  | SOLE |  | 0 | 0 | 3203 |
| ARGO BLOCKCHAIN PLC | Common | 040126104 |  | 13294 | 12309 | SH |  | SOLE |  | 0 | 0 | 12309 |
| AUTOMATIC DATA PROCESSING IN | Common | 053015103 |  | 444041 | 1859 | SH |  | SOLE |  | 0 | 0 | 1859 |
| AVIDXCHANGE HOLDINGS INC | Common | 05368X102 |  | 797556 | 80237 | SH |  | SOLE |  | 0 | 0 | 80237 |
| BP PRUDHOE BAY RTY TR | Common | 055630107 |  | 126755 | 10899 | SH |  | SOLE |  | 0 | 0 | 10899 |
| BANCO BILBAO VIZCAYA ARGENTA | Common | 05946K101 |  | 988332 | 164448 | SH |  | SOLE |  | 0 | 0 | 164448 |
| BANK AMERICA CORP | Common | 060505104 |  | 2617405 | 79028 | SH |  | SOLE |  | 0 | 0 | 79028 |
| BITFARMS LTD | Common | 09173B107 |  | 14406 | 32740 | SH |  | SOLE |  | 0 | 0 | 32740 |
| BLACKROCK INC | Common | 09247X101 |  | 441507 | 623 | SH |  | SOLE |  | 0 | 0 | 623 |
| BLACKSTONE INC | Common | 09260D107 |  | 3185126 | 42932 | SH |  | SOLE |  | 0 | 0 | 42932 |
| BOEING CO | Common | 097023105 |  | 352334 | 1850 | SH |  | SOLE |  | 0 | 0 | 1850 |
| BRISTOL-MYERS SQUIBB CO | Common | 110122108 |  | 5432629 | 75506 | SH |  | SOLE |  | 0 | 0 | 75506 |
| CVS HEALTH CORP | Common | 126650100 |  | 370947 | 3981 | SH |  | SOLE |  | 0 | 0 | 3981 |
| CAPITAL ONE FINL CORP | Common | 14040H105 |  | 222267 | 2391 | SH |  | SOLE |  | 0 | 0 | 2391 |
| CATERPILLAR INC | Common | 149123101 |  | 8006319 | 33421 | SH |  | SOLE |  | 0 | 0 | 33421 |
| CHEVRON CORP NEW | Common | 166764100 |  | 64072429 | 356969 | SH |  | SOLE |  | 0 | 0 | 356969 |
| CINCINNATI FINL CORP | Common | 172062101 |  | 39412322 | 384924 | SH |  | SOLE |  | 0 | 0 | 384924 |
| CISCO SYS INC | Common | 17275R102 |  | 5323072 | 111735 | SH |  | SOLE |  | 0 | 0 | 111735 |
| CLOROX CO DEL | Common | 189054109 |  | 354333 | 2525 | SH |  | SOLE |  | 0 | 0 | 2525 |
| COCA COLA CO | Common | 191216100 |  | 14023159 | 220455 | SH |  | SOLE |  | 0 | 0 | 220455 |
| COLGATE PALMOLIVE CO | Common | 194162103 |  | 45976560 | 583533 | SH |  | SOLE |  | 0 | 0 | 583533 |
| COMCAST CORP NEW | Common | 20030N101 |  | 205310 | 5871 | SH |  | SOLE |  | 0 | 0 | 5871 |
| CONOCOPHILLIPS | Common | 20825C104 |  | 901756 | 7642 | SH |  | SOLE |  | 0 | 0 | 7642 |
| CONSOLIDATED EDISON INC | Common | 209115104 |  | 44244245 | 464214 | SH |  | SOLE |  | 0 | 0 | 464214 |
| CONSTELLATION BRANDS INC | Common | 21036P108 |  | 233644 | 1008 | SH |  | SOLE |  | 0 | 0 | 1008 |
| COSTCO WHSL CORP NEW | Common | 22160K105 |  | 784724 | 1719 | SH |  | SOLE |  | 0 | 0 | 1719 |
| CRANE HLDGS CO | Common | 224441105 |  | 452025 | 4500 | SH |  | SOLE |  | 0 | 0 | 4500 |
| DEERE  CO | Common | 244199105 |  | 7167967 | 16718 | SH |  | SOLE |  | 0 | 0 | 16718 |
| DEVON ENERGY CORP NEW | Common | 25179M103 |  | 546112 | 8878 | SH |  | SOLE |  | 0 | 0 | 8878 |
| DIAGEO PLC | Common | 25243Q205 |  | 784036 | 4400 | SH |  | SOLE |  | 0 | 0 | 4400 |
| DIAMONDBACK ENERGY INC | Common | 25278X109 |  | 415426 | 3037 | SH |  | SOLE |  | 0 | 0 | 3037 |
| DISNEY WALT CO | Common | 254687106 |  | 3021693 | 34780 | SH |  | SOLE |  | 0 | 0 | 34780 |
| DOLLAR GEN CORP NEW | Common | 256677105 |  | 4195654 | 17038 | SH |  | SOLE |  | 0 | 0 | 17038 |
| DOMINION ENERGY INC | Common | 25746U109 |  | 669063 | 10911 | SH |  | SOLE |  | 0 | 0 | 10911 |
| DOW INC | Common | 260557103 |  | 536367 | 10644 | SH |  | SOLE |  | 0 | 0 | 10644 |
| DUKE ENERGY CORP NEW | Common | 26441C204 |  | 1641749 | 15941 | SH |  | SOLE |  | 0 | 0 | 15941 |
| EMERSON ELEC CO | Common | 291011104 |  | 46397222 | 483003 | SH |  | SOLE |  | 0 | 0 | 483003 |
| ENTERGY CORP NEW | Common | 29364G103 |  | 373950 | 3324 | SH |  | SOLE |  | 0 | 0 | 3324 |
| ENTERPRISE PRODS PARTNERS L | Common | 293792107 |  | 963763 | 39957 | SH |  | SOLE |  | 0 | 0 | 39957 |
| EXXON MOBIL CORP | Common | 30231G102 |  | 61635833 | 558802 | SH |  | SOLE |  | 0 | 0 | 558802 |
| META PLATFORMS INC | Common | 30303M102 |  | 250789 | 2084 | SH |  | SOLE |  | 0 | 0 | 2084 |
| FIRST FNDTN INC | Common | 32026V104 |  | 214319 | 14956 | SH |  | SOLE |  | 0 | 0 | 14956 |
| FORD MTR CO DEL | Common | 345370860 |  | 312780 | 26894 | SH |  | SOLE |  | 0 | 0 | 26894 |
| FORTUNE BRANDS INNOVATIONS I | Common | 34964C106 |  | 235350 | 4121 | SH |  | SOLE |  | 0 | 0 | 4121 |
| GATX CORP | Common | 361448103 |  | 213880 | 2011 | SH |  | SOLE |  | 0 | 0 | 2011 |
| GT BIOPHARMA INC | Common | 36254L209 |  | 8857 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| GALLAGHER ARTHUR J  CO | Common | 363576109 |  | 55319249 | 293409 | SH |  | SOLE |  | 0 | 0 | 293409 |
| GENERAL DYNAMICS CORP | Common | 369550108 |  | 276146 | 1113 | SH |  | SOLE |  | 0 | 0 | 1113 |
| GENERAL MLS INC | Common | 370334104 |  | 51403976 | 613047 | SH |  | SOLE |  | 0 | 0 | 613047 |
| GENUINE PARTS CO | Common | 372460105 |  | 1414222 | 8151 | SH |  | SOLE |  | 0 | 0 | 8151 |
| GILEAD SCIENCES INC | Common | 375558103 |  | 315903 | 3680 | SH |  | SOLE |  | 0 | 0 | 3680 |
| GLOBAL PMTS INC | Common | 37940X102 |  | 224860 | 2264 | SH |  | SOLE |  | 0 | 0 | 2264 |
| GLOBE LIFE INC | Common | 37959E102 |  | 6100672 | 50607 | SH |  | SOLE |  | 0 | 0 | 50607 |
| GOLDMAN SACHS GROUP INC | Common | 38141G104 |  | 4056054 | 11812 | SH |  | SOLE |  | 0 | 0 | 11812 |
| GRACO INC | Common | 384109104 |  | 1438759 | 21391 | SH |  | SOLE |  | 0 | 0 | 21391 |
| GRAFTECH INTL LTD | Common | 384313508 |  | 76160 | 16000 | SH |  | SOLE |  | 0 | 0 | 16000 |
| HERC HLDGS INC | Common | 42704L104 |  | 263140 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| HOME DEPOT INC | Common | 437076102 |  | 52992560 | 167772 | SH |  | SOLE |  | 0 | 0 | 167772 |
| HONEYWELL INTL INC | Common | 438516106 |  | 628328 | 2932 | SH |  | SOLE |  | 0 | 0 | 2932 |
| CRESCENT ENERGY COMPANY | Common | 44952J104 |  | 638731 | 53272 | SH |  | SOLE |  | 0 | 0 | 53272 |
| ICAHN ENTERPRISES LP | Common | 451100101 |  | 206196 | 4071 | SH |  | SOLE |  | 0 | 0 | 4071 |
| IDACORP INC | Common | 451107106 |  | 394300 | 3656 | SH |  | SOLE |  | 0 | 0 | 3656 |
| IDEX CORP | Common | 45167R104 |  | 456660 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| ILLINOIS TOOL WKS INC | Common | 452308109 |  | 311616 | 1415 | SH |  | SOLE |  | 0 | 0 | 1415 |
| INTEL CORP | Common | 458140100 |  | 26297956 | 995004 | SH |  | SOLE |  | 0 | 0 | 995004 |
| INTERNATIONAL BUSINESS MACHS | Common | 459200101 |  | 46782765 | 332052 | SH |  | SOLE |  | 0 | 0 | 332052 |
| INTERNATIONAL PAPER CO | Common | 460146103 |  | 200715 | 5796 | SH |  | SOLE |  | 0 | 0 | 5796 |
| INVESCO QQQ TR | Common | 46090E103 |  | 670227 | 2517 | SH |  | SOLE |  | 0 | 0 | 2517 |
| INVESCO EXCHANGE TRADED FD T | Common | 46137V613 |  | 472432 | 3045 | SH |  | SOLE |  | 0 | 0 | 3045 |
| INVESCO EXCH TRADED FD TR II | Common | 46138E727 |  | 273216 | 15506 | SH |  | SOLE |  | 0 | 0 | 15506 |
| INVESCO EXCH TRADED FD TR II | Common | 46138E735 |  | 200705 | 6776 | SH |  | SOLE |  | 0 | 0 | 6776 |
| IRON MTN INC DEL | Common | 46284V101 |  | 225870 | 4531 | SH |  | SOLE |  | 0 | 0 | 4531 |
| ISHARES TR | Common | 464287168 |  | 4014473 | 33288 | SH |  | SOLE |  | 0 | 0 | 33288 |
| ISHARES TR | Common | 464287200 |  | 11011564 | 28660 | SH |  | SOLE |  | 0 | 0 | 28660 |
| ISHARES TR | Common | 464287309 |  | 399555 | 6830 | SH |  | SOLE |  | 0 | 0 | 6830 |
| ISHARES TR | Common | 464287457 |  | 2361235 | 29090 | SH |  | SOLE |  | 0 | 0 | 29090 |
| ISHARES TR | Common | 464287465 |  | 381237 | 5808 | SH |  | SOLE |  | 0 | 0 | 5808 |
| ISHARES TR | Common | 464287507 |  | 356546 | 1474 | SH |  | SOLE |  | 0 | 0 | 1474 |
| ISHARES TR | Common | 464287523 |  | 617664 | 1775 | SH |  | SOLE |  | 0 | 0 | 1775 |
| ISHARES TR | Common | 464287804 |  | 471540 | 4982 | SH |  | SOLE |  | 0 | 0 | 4982 |
| ISHARES TR | Common | 464288810 |  | 351062 | 6678 | SH |  | SOLE |  | 0 | 0 | 6678 |
| ISHARES SILVER TR | Common | 46428Q109 |  | 414262 | 18813 | SH |  | SOLE |  | 0 | 0 | 18813 |
| JPMORGAN CHASE  CO | Common | 46625H100 |  | 41515300 | 309585 | SH |  | SOLE |  | 0 | 0 | 309585 |
| JOHNSON  JOHNSON | Common | 478160104 |  | 50725199 | 287151 | SH |  | SOLE |  | 0 | 0 | 287151 |
| KELLOGG CO | Common | 487836108 |  | 279673 | 3926 | SH |  | SOLE |  | 0 | 0 | 3926 |
| KIMBERLY-CLARK CORP | Common | 494368103 |  | 42082002 | 309996 | SH |  | SOLE |  | 0 | 0 | 309996 |
| KINDER MORGAN INC DEL | Common | 49456B101 |  | 219496 | 12140 | SH |  | SOLE |  | 0 | 0 | 12140 |
| KRAFT HEINZ CO | Common | 500754106 |  | 591001 | 14517 | SH |  | SOLE |  | 0 | 0 | 14517 |
| LILLY ELI  CO | Common | 532457108 |  | 2147115 | 5869 | SH |  | SOLE |  | 0 | 0 | 5869 |
| LOCKHEED MARTIN CORP | Common | 539830109 |  | 54040727 | 111083 | SH |  | SOLE |  | 0 | 0 | 111083 |
| LUMEN TECHNOLOGIES INC | Common | 550241103 |  | 146682 | 28100 | SH |  | SOLE |  | 0 | 0 | 28100 |
| MARTIN MARIETTA MATLS INC | Common | 573284106 |  | 280853 | 831 | SH |  | SOLE |  | 0 | 0 | 831 |
| MASTERCARD INCORPORATED | Common | 57636Q104 |  | 3886429 | 11177 | SH |  | SOLE |  | 0 | 0 | 11177 |
| MCDONALDS CORP | Common | 580135101 |  | 49775409 | 188879 | SH |  | SOLE |  | 0 | 0 | 188879 |
| MEDICAL PPTYS TRUST INC | Common | 58463J304 |  | 347210 | 31168 | SH |  | SOLE |  | 0 | 0 | 31168 |
| MERCK  CO INC | Common | 58933Y105 |  | 3304678 | 29785 | SH |  | SOLE |  | 0 | 0 | 29785 |
| MICROSOFT CORP | Common | 594918104 |  | 55190906 | 230135 | SH |  | SOLE |  | 0 | 0 | 230135 |
| MICROCHIP TECHNOLOGY INC. | Common | 595017104 |  | 255570 | 3638 | SH |  | SOLE |  | 0 | 0 | 3638 |
| MICRON TECHNOLOGY INC | Common | 595112103 |  | 216925 | 4340 | SH |  | SOLE |  | 0 | 0 | 4340 |
| MONDELEZ INTL INC | Common | 609207105 |  | 905317 | 13583 | SH |  | SOLE |  | 0 | 0 | 13583 |
| MORGAN STANLEY | Common | 617446448 |  | 220032 | 2588 | SH |  | SOLE |  | 0 | 0 | 2588 |
| MUELLER INDS INC | Common | 624756102 |  | 309750 | 5250 | SH |  | SOLE |  | 0 | 0 | 5250 |
| NASDAQ INC | Common | 631103108 |  | 303498 | 4947 | SH |  | SOLE |  | 0 | 0 | 4947 |
| NEXTERA ENERGY INC | Common | 65339F101 |  | 52236984 | 624844 | SH |  | SOLE |  | 0 | 0 | 624844 |
| NIKE INC | Common | 654106103 |  | 203030 | 1735 | SH |  | SOLE |  | 0 | 0 | 1735 |
| NORFOLK SOUTHN CORP | Common | 655844108 |  | 533660 | 2166 | SH |  | SOLE |  | 0 | 0 | 2166 |
| NORTHERN DYNASTY MINERALS LT | Common | 66510M204 |  | 2208 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| NORTHROP GRUMMAN CORP | Common | 666807102 |  | 1511340 | 2770 | SH |  | SOLE |  | 0 | 0 | 2770 |
| NOVARTIS AG | Common | 66987V109 |  | 1189248 | 13109 | SH |  | SOLE |  | 0 | 0 | 13109 |
| NUCOR CORP | Common | 670346105 |  | 302271 | 2293 | SH |  | SOLE |  | 0 | 0 | 2293 |
| NVIDIA CORPORATION | Common | 67066G104 |  | 4021385 | 27517 | SH |  | SOLE |  | 0 | 0 | 27517 |
| ONEOK INC NEW | Common | 682680103 |  | 557267 | 8482 | SH |  | SOLE |  | 0 | 0 | 8482 |
| ORACLE CORP | Common | 68389X105 |  | 4181769 | 51159 | SH |  | SOLE |  | 0 | 0 | 51159 |
| PNC FINL SVCS GROUP INC | Common | 693475105 |  | 499722 | 3164 | SH |  | SOLE |  | 0 | 0 | 3164 |
| PPG INDS INC | Common | 693506107 |  | 272730 | 2169 | SH |  | SOLE |  | 0 | 0 | 2169 |
| PACCAR INC | Common | 693718108 |  | 363220 | 3670 | SH |  | SOLE |  | 0 | 0 | 3670 |
| PAYCHEX INC | Common | 704326107 |  | 44433262 | 384504 | SH |  | SOLE |  | 0 | 0 | 384504 |
| PEPSICO INC | Common | 713448108 |  | 51512206 | 285133 | SH |  | SOLE |  | 0 | 0 | 285133 |
| PERMIAN BASIN RTY TR | Common | 714236106 |  | 262120 | 10414 | SH |  | SOLE |  | 0 | 0 | 10414 |
| PFIZER INC | Common | 717081103 |  | 43630761 | 851498 | SH |  | SOLE |  | 0 | 0 | 851498 |
| PHILIP MORRIS INTL INC | Common | 718172109 |  | 2062420 | 20378 | SH |  | SOLE |  | 0 | 0 | 20378 |
| PHILLIPS 66 | Common | 718546104 |  | 387685 | 3725 | SH |  | SOLE |  | 0 | 0 | 3725 |
| PROASSURANCE CORP | Common | 74267C106 |  | 364336 | 20855 | SH |  | SOLE |  | 0 | 0 | 20855 |
| PROCTER AND GAMBLE CO | Common | 742718109 |  | 47703444 | 314750 | SH |  | SOLE |  | 0 | 0 | 314750 |
| QUALCOMM INC | Common | 747525103 |  | 34328356 | 312246 | SH |  | SOLE |  | 0 | 0 | 312246 |
| RAYTHEON TECHNOLOGIES CORP | Common | 75513E101 |  | 50025905 | 495699 | SH |  | SOLE |  | 0 | 0 | 495699 |
| REAVES UTIL INCOME FD | Common | 756158101 |  | 555732 | 19658 | SH |  | SOLE |  | 0 | 0 | 19658 |
| REGIONS FINANCIAL CORP NEW | Common | 7591EP100 |  | 2635034 | 122219 | SH |  | SOLE |  | 0 | 0 | 122219 |
| REPUBLIC SVCS INC | Common | 760759100 |  | 739758 | 5735 | SH |  | SOLE |  | 0 | 0 | 5735 |
| ROYAL BK CDA SUSTAINABL | Common | 780087102 |  | 600788 | 6390 | SH |  | SOLE |  | 0 | 0 | 6390 |
| SHELL PLC | Common | 780259305 |  | 232201 | 4077 | SH |  | SOLE |  | 0 | 0 | 4077 |
| RYMAN HOSPITALITY PPTYS INC | Common | 78377T107 |  | 224895 | 2750 | SH |  | SOLE |  | 0 | 0 | 2750 |
| SPDR S 500 ETF TR | Common | 78462F103 |  | 2406726 | 6293 | SH |  | SOLE |  | 0 | 0 | 6293 |
| SPDR GOLD TR | Common | 78463V107 |  | 933529 | 5503 | SH |  | SOLE |  | 0 | 0 | 5503 |
| SPDR SER TR | Common | 78464A540 |  | 703070 | 8615 | SH |  | SOLE |  | 0 | 0 | 8615 |
| SPDR SER TR | Common | 78464A862 |  | 1600391 | 9570 | SH |  | SOLE |  | 0 | 0 | 9570 |
| SPDR SER TR | Common | 78468R663 |  | 2840967 | 31059 | SH |  | SOLE |  | 0 | 0 | 31059 |
| SCHLUMBERGER LTD | Common | 806857108 |  | 251518 | 4705 | SH |  | SOLE |  | 0 | 0 | 4705 |
| SCHWAB CHARLES CORP | Common | 808513105 |  | 204342 | 2454 | SH |  | SOLE |  | 0 | 0 | 2454 |
| SCHWAB STRATEGIC TR | Common | 808524722 |  | 300762 | 8144 | SH |  | SOLE |  | 0 | 0 | 8144 |
| SCHWAB STRATEGIC TR | Common | 808524763 |  | 264388 | 5659 | SH |  | SOLE |  | 0 | 0 | 5659 |
| SCHWAB STRATEGIC TR | Common | 808524771 |  | 504153 | 9434 | SH |  | SOLE |  | 0 | 0 | 9434 |
| SELECT SECTOR SPDR TR | Common | 81369Y209 |  | 279715 | 2059 | SH |  | SOLE |  | 0 | 0 | 2059 |
| SELECT SECTOR SPDR TR | Common | 81369Y308 |  | 511040 | 6855 | SH |  | SOLE |  | 0 | 0 | 6855 |
| SELECT SECTOR SPDR TR | Common | 81369Y506 |  | 431052 | 4928 | SH |  | SOLE |  | 0 | 0 | 4928 |
| SELECT SECTOR SPDR TR | Common | 81369Y605 |  | 2160756 | 63180 | SH |  | SOLE |  | 0 | 0 | 63180 |
| SELECT SECTOR SPDR TR | Common | 81369Y803 |  | 1292434 | 10386 | SH |  | SOLE |  | 0 | 0 | 10386 |
| SELECT SECTOR SPDR TR | Common | 81369Y852 |  | 203766 | 4246 | SH |  | SOLE |  | 0 | 0 | 4246 |
| SERVISFIRST BANCSHARES INC | Common | 81768T108 |  | 92356175 | 1340243 | SH |  | SOLE |  | 0 | 0 | 1340243 |
| SHERWIN WILLIAMS CO | Common | 824348106 |  | 3461501 | 14585 | SH |  | SOLE |  | 0 | 0 | 14585 |
| SIMON PPTY GROUP INC NEW | Common | 828806109 |  | 293398 | 2497 | SH |  | SOLE |  | 0 | 0 | 2497 |
| SMUCKER J M CO | Common | 832696405 |  | 444002 | 2802 | SH |  | SOLE |  | 0 | 0 | 2802 |
| SONY GROUP CORPORATION | Common | 835699307 |  | 387121 | 5075 | SH |  | SOLE |  | 0 | 0 | 5075 |
| SOUTHERN CO | Common | 842587107 |  | 51765218 | 724902 | SH |  | SOLE |  | 0 | 0 | 724902 |
| SOUTHERN STS BANCSHARES INC | Common | 843878307 |  | 323719 | 11182 | SH |  | SOLE |  | 0 | 0 | 11182 |
| STARBUCKS CORP | Common | 855244109 |  | 503133 | 5072 | SH |  | SOLE |  | 0 | 0 | 5072 |
| STATE STR CORP | Common | 857477103 |  | 325639 | 4198 | SH |  | SOLE |  | 0 | 0 | 4198 |
| STRYKER CORPORATION | Common | 863667101 |  | 3790479 | 15504 | SH |  | SOLE |  | 0 | 0 | 15504 |
| SYNOVUS FINL CORP | Common | 87161C501 |  | 2350254 | 62590 | SH |  | SOLE |  | 0 | 0 | 62590 |
| TJX COS INC NEW | Common | 872540109 |  | 4477283 | 56247 | SH |  | SOLE |  | 0 | 0 | 56247 |
| TARGET CORP | Common | 87612E106 |  | 3566346 | 23929 | SH |  | SOLE |  | 0 | 0 | 23929 |
| TECK RESOURCES LTD | Common | 878742204 |  | 215574 | 5700 | SH |  | SOLE |  | 0 | 0 | 5700 |
| TEXAS INSTRS INC | Common | 882508104 |  | 842292 | 5098 | SH |  | SOLE |  | 0 | 0 | 5098 |
| TEXTRON INC | Common | 883203101 |  | 283200 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| THERMO FISHER SCIENTIFIC INC | Common | 883556102 |  | 221988 | 403 | SH |  | SOLE |  | 0 | 0 | 403 |
| 3M CO | Common | 88579Y101 |  | 364258 | 3038 | SH |  | SOLE |  | 0 | 0 | 3038 |
| TRUIST FINL CORP | Common | 89832Q109 |  | 33096203 | 769143 | SH |  | SOLE |  | 0 | 0 | 769143 |
| US BANCORP DEL | Common | 902973304 |  | 297682 | 6826 | SH |  | SOLE |  | 0 | 0 | 6826 |
| UNILEVER PLC | Common | 904767704 |  | 40052101 | 795474 | SH |  | SOLE |  | 0 | 0 | 795474 |
| UNION PAC CORP | Common | 907818108 |  | 344772 | 1665 | SH |  | SOLE |  | 0 | 0 | 1665 |
| UNITED CMNTY BKS BLAIRSVLE G | Common | 90984P303 |  | 1382961 | 40916 | SH |  | SOLE |  | 0 | 0 | 40916 |
| UNITED INS HLDGS CORP | Common | 910710102 |  | 35507 | 33497 | SH |  | SOLE |  | 0 | 0 | 33497 |
| VANGUARD SPECIALIZED FUNDS | Common | 921908844 |  | 317370 | 2090 | SH |  | SOLE |  | 0 | 0 | 2090 |
| VANGUARD WHITEHALL FDS | Common | 921946406 |  | 619719 | 5727 | SH |  | SOLE |  | 0 | 0 | 5727 |
| VANGUARD WORLD FDS | Common | 92204A306 |  | 272576 | 2247 | SH |  | SOLE |  | 0 | 0 | 2247 |
| VANGUARD WORLD FDS | Common | 92204A702 |  | 288226 | 902 | SH |  | SOLE |  | 0 | 0 | 902 |
| VANGUARD SCOTTSDALE FDS | Common | 92206C730 |  | 783299 | 4495 | SH |  | SOLE |  | 0 | 0 | 4495 |
| VANGUARD MUN BD FDS | Common | 922907746 |  | 238195 | 4813 | SH |  | SOLE |  | 0 | 0 | 4813 |
| VANGUARD INDEX FDS | Common | 922908363 |  | 7424077 | 21131 | SH |  | SOLE |  | 0 | 0 | 21131 |
| VANGUARD INDEX FDS | Common | 922908629 |  | 547470 | 2686 | SH |  | SOLE |  | 0 | 0 | 2686 |
| VANGUARD INDEX FDS | Common | 922908751 |  | 309779 | 1688 | SH |  | SOLE |  | 0 | 0 | 1688 |
| VANGUARD INDEX FDS | Common | 922908769 |  | 332235 | 1738 | SH |  | SOLE |  | 0 | 0 | 1738 |
| VERIZON COMMUNICATIONS INC | Common | 92343V104 |  | 28172340 | 715034 | SH |  | SOLE |  | 0 | 0 | 715034 |
| VISA INC | Common | 92826C839 |  | 4605276 | 22166 | SH |  | SOLE |  | 0 | 0 | 22166 |
| VULCAN MATLS CO | Common | 929160109 |  | 4360429 | 24901 | SH |  | SOLE |  | 0 | 0 | 24901 |
| WALMART INC | Common | 931142103 |  | 2038899 | 14380 | SH |  | SOLE |  | 0 | 0 | 14380 |
| WALGREENS BOOTS ALLIANCE INC | Common | 931427108 |  | 279249 | 7475 | SH |  | SOLE |  | 0 | 0 | 7475 |
| WASTE MGMT INC DEL | Common | 94106L109 |  | 929514 | 5925 | SH |  | SOLE |  | 0 | 0 | 5925 |
| WATTS WATER TECHNOLOGIES INC | Common | 942749102 |  | 321706 | 2200 | SH |  | SOLE |  | 0 | 0 | 2200 |
| WELLS FARGO CO NEW | Common | 949746101 |  | 536690 | 12998 | SH |  | SOLE |  | 0 | 0 | 12998 |
| WELLTOWER INC | Common | 95040Q104 |  | 878370 | 13400 | SH |  | SOLE |  | 0 | 0 | 13400 |
| WESTWATER RES INC | Common | 961684206 |  | 18240 | 23088 | SH |  | SOLE |  | 0 | 0 | 23088 |
| WHIRLPOOL CORP | Common | 963320106 |  | 297066 | 2100 | SH |  | SOLE |  | 0 | 0 | 2100 |
| XCEL ENERGY INC | Common | 98389B100 |  | 560179 | 7990 | SH |  | SOLE |  | 0 | 0 | 7990 |
| XYLEM INC | Common | 98419M100 |  | 420166 | 3800 | SH |  | SOLE |  | 0 | 0 | 3800 |
| YUM BRANDS INC | Common | 988498101 |  | 636891 | 4973 | SH |  | SOLE |  | 0 | 0 | 4973 |
| YUM CHINA HLDGS INC | Common | 98850P109 |  | 215853 | 3950 | SH |  | SOLE |  | 0 | 0 | 3950 |
| ZIMMER BIOMET HOLDINGS INC | Common | 98956P102 |  | 273372 | 2144 | SH |  | SOLE |  | 0 | 0 | 2144 |
| ALAUNOS THERAPEUTICS INC | Common | 98973P101 |  | 27911 | 43000 | SH |  | SOLE |  | 0 | 0 | 43000 |
| AON PLC | Common | G0403H108 |  | 1707797 | 5690 | SH |  | SOLE |  | 0 | 0 | 5690 |
| ACCENTURE PLC IRELAND | Common | G1151C101 |  | 3254914 | 12198 | SH |  | SOLE |  | 0 | 0 | 12198 |
| EATON CORP PLC | Common | G29183103 |  | 263833 | 1681 | SH |  | SOLE |  | 0 | 0 | 1681 |
| RENAISSANCERE HLDGS LTD | Common | G7496G103 |  | 267134 | 1450 | SH |  | SOLE |  | 0 | 0 | 1450 |
| CHUBB LIMITED | Common | H1467J104 |  | 632901 | 2869 | SH |  | SOLE |  | 0 | 0 | 2869 |
| CNH INDL N V | Common | N20944109 |  | 297110 | 18500 | SH |  | SOLE |  | 0 | 0 | 18500 |

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