# EDGAR Filing Document

**Accession Number:** 0001443095
**File Stem:** 0001443095-26-000004
**Filing Date:** 2026-4
**Character Count:** 33625
**Document Hash:** 63a6f7b4cda92776f344f76a5e7e38ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001443095-26-000004.hdr.sgml**: 20260421

**ACCESSION NUMBER**: 0001443095-26-000004

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260421

**DATE AS OF CHANGE**: 20260421

**EFFECTIVENESS DATE**: 20260421

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Welch Group, LLC
- **CENTRAL INDEX KEY:** 0001443095

**ORGANIZATION NAME:**
- **EIN:** 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:** 26880596

**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:** 03-31-2026

**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  04-21-2026<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:** 310

**Form 13F Information Table Value Total:** $2661933032

      (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 |
| 3M CO | COMMON | 88579Y101 |  | 353649 | 2435 | SH |  | SOLE |  | 0 | 0 | 2435 |
| ABBOTT LABORATORIES | COMMON | 002824100 |  | 9136690 | 88991 | SH |  | SOLE |  | 0 | 0 | 88991 |
| ABBVIE INC | COMMON | 00287Y109 |  | 79586827 | 365933 | SH |  | SOLE |  | 0 | 0 | 365933 |
| ADOBE INC | COMMON | 00724F101 |  | 243810 | 1003 | SH |  | SOLE |  | 0 | 0 | 1003 |
| ADVANCED MICRO DEVICES INC | COMMON | 007903107 |  | 13619807 | 66951 | SH |  | SOLE |  | 0 | 0 | 66951 |
| AFLAC INC | COMMON | 001055102 |  | 4973788 | 45336 | SH |  | SOLE |  | 0 | 0 | 45336 |
| AGNC INVT CORP | COMMON | 00123Q104 |  | 100945 | 10064 | SH |  | SOLE |  | 0 | 0 | 10064 |
| AGNICO EAGLE MINES LTD | COMMON | 008474108 |  | 384039 | 1892 | SH |  | SOLE |  | 0 | 0 | 1892 |
| AIR PRODUCTS AND CHEMICALS I | COMMON | 009158106 |  | 372118 | 1281 | SH |  | SOLE |  | 0 | 0 | 1281 |
| ALLIANT ENERGY CORP | COMMON | 018802108 |  | 254892 | 3552 | SH |  | SOLE |  | 0 | 0 | 3552 |
| ALLSTATE CORP | COMMON | 020002101 |  | 319097 | 1539 | SH |  | SOLE |  | 0 | 0 | 1539 |
| ALPHABET INC | COMMON | 02079K305 |  | 18302846 | 63649 | SH |  | SOLE |  | 0 | 0 | 63649 |
| ALPHABET INC | COMMON | 02079K107 |  | 3760941 | 13111 | SH |  | SOLE |  | 0 | 0 | 13111 |
| ALTRIA GROUP INC | COMMON | 02209S103 |  | 2787454 | 42241 | SH |  | SOLE |  | 0 | 0 | 42241 |
| AMAZON COM INC | COMMON | 023135106 |  | 14050785 | 67464 | SH |  | SOLE |  | 0 | 0 | 67464 |
| AMBEV SA | COMMON | 02319V103 |  | 131958 | 45191 | SH |  | SOLE |  | 0 | 0 | 45191 |
| AMEREN CORP | COMMON | 023608102 |  | 269304 | 2450 | SH |  | SOLE |  | 0 | 0 | 2450 |
| AMERICAN COASTAL INS CORP | COMMON | 910710102 |  | 261990 | 23288 | SH |  | SOLE |  | 0 | 0 | 23288 |
| AMERICAN ELEC PWR CO INC | COMMON | 025537101 |  | 49345286 | 376452 | SH |  | SOLE |  | 0 | 0 | 376452 |
| AMERICAN EXPRESS CO | COMMON | 025816109 |  | 5719292 | 18908 | SH |  | SOLE |  | 0 | 0 | 18908 |
| AMGEN INC | COMMON | 031162100 |  | 416169 | 1183 | SH |  | SOLE |  | 0 | 0 | 1183 |
| AON PLC | COMMON | G0403H108 |  | 1661672 | 5148 | SH |  | SOLE |  | 0 | 0 | 5148 |
| APPLE INC | COMMON | 037833100 |  | 95225060 | 375212 | SH |  | SOLE |  | 0 | 0 | 375212 |
| APPLIED MATLS INC | COMMON | 038222105 |  | 7478813 | 21881 | SH |  | SOLE |  | 0 | 0 | 21881 |
| ARCHER DANIELS MIDLAND CO | COMMON | 039483102 |  | 223595 | 3076 | SH |  | SOLE |  | 0 | 0 | 3076 |
| ARCOSA INC | COMMON | 039653100 |  | 796050 | 7500 | SH |  | SOLE |  | 0 | 0 | 7500 |
| ARRAY DIGITAL INFRASTRUCTURE | COMMON | 911684108 |  | 507540 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| AT INC | COMMON | 00206R102 |  | 2515672 | 86777 | SH |  | SOLE |  | 0 | 0 | 86777 |
| ATLANTA BRAVES HLDGS INC | COMMON | 047726104 |  | 989019 | 20976 | SH |  | SOLE |  | 0 | 0 | 20976 |
| AUTOMATIC DATA PROCESSING IN | COMMON | 053015103 |  | 391547 | 1927 | SH |  | SOLE |  | 0 | 0 | 1927 |
| AZZ INC | COMMON | 002474104 |  | 437955 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| BANCO BILBAO VIZCAYA ARGENTA | COMMON | 05946K101 |  | 1455444 | 67195 | SH |  | SOLE |  | 0 | 0 | 67195 |
| BANK AMERICA CORP | COMMON | 060505104 |  | 1487409 | 30511 | SH |  | SOLE |  | 0 | 0 | 30511 |
| BANK NEW YORK MELLON CORP | COMMON | 064058100 |  | 2009118 | 16936 | SH |  | SOLE |  | 0 | 0 | 16936 |
| BERKSHIRE HATHAWAY INC DEL | COMMON | 084670108 |  | 718140 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| BITFARMS LTD | COMMON | 09173B107 |  | 63843 | 32740 | SH |  | SOLE |  | 0 | 0 | 32740 |
| BLACKROCK INC | COMMON | 09290D101 |  | 1061770 | 1104 | SH |  | SOLE |  | 0 | 0 | 1104 |
| BLACKSTONE INC | COMMON | 09260D107 |  | 9288053 | 80773 | SH |  | SOLE |  | 0 | 0 | 80773 |
| BLUE OWL CAPITAL CORPORATION | COMMON | 69121K104 |  | 280331 | 25346 | SH |  | SOLE |  | 0 | 0 | 25346 |
| BOEING CO | COMMON | 097023105 |  | 803409 | 4037 | SH |  | SOLE |  | 0 | 0 | 4037 |
| BOSTON SCIENTIFIC CORP | COMMON | 101137107 |  | 269010 | 4287 | SH |  | SOLE |  | 0 | 0 | 4287 |
| BRISTOL-MYERS SQUIBB CO | COMMON | 110122108 |  | 733471 | 12093 | SH |  | SOLE |  | 0 | 0 | 12093 |
| BROADCOM INC | COMMON | 11135F101 |  | 10410192 | 33634 | SH |  | SOLE |  | 0 | 0 | 33634 |
| CADENCE DESIGN SYSTEM INC | COMMON | 127387108 |  | 281483 | 1013 | SH |  | SOLE |  | 0 | 0 | 1013 |
| CAPITAL ONE FINL CORP | COMMON | 14040H105 |  | 440022 | 2412 | SH |  | SOLE |  | 0 | 0 | 2412 |
| CARDINAL HEALTH INC | COMMON | 14149Y108 |  | 569058 | 2693 | SH |  | SOLE |  | 0 | 0 | 2693 |
| CARRIER GLOBAL CORPORATION | COMMON | 14448C104 |  | 8062387 | 143179 | SH |  | SOLE |  | 0 | 0 | 143179 |
| CASEYS GEN STORES INC | COMMON | 147528103 |  | 218358 | 300 | SH |  | SOLE |  | 0 | 0 | 300 |
| CASTELLUM INC | COMMON | 14838T204 |  | 5895 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| CATERPILLAR INC | COMMON | 149123101 |  | 27706668 | 39108 | SH |  | SOLE |  | 0 | 0 | 39108 |
| CHEMED CORP NEW | COMMON | 16359R103 |  | 249309 | 660 | SH |  | SOLE |  | 0 | 0 | 660 |
| CHEVRON CORPORATION | COMMON | 166764100 |  | 89031640 | 430312 | SH |  | SOLE |  | 0 | 0 | 430312 |
| CHUBB LTD SWITZ | COMMON | H1467J104 |  | 1044280 | 3204 | SH |  | SOLE |  | 0 | 0 | 3204 |
| CINCINNATI FINL CORP | COMMON | 172062101 |  | 62387901 | 396491 | SH |  | SOLE |  | 0 | 0 | 396491 |
| CISCO SYS INC | COMMON | 17275R102 |  | 73474214 | 946955 | SH |  | SOLE |  | 0 | 0 | 946955 |
| CITIGROUP INC | COMMON | 172967424 |  | 207918 | 1833 | SH |  | SOLE |  | 0 | 0 | 1833 |
| CLOROX CO DEL | COMMON | 189054109 |  | 276071 | 2664 | SH |  | SOLE |  | 0 | 0 | 2664 |
| CNH INDL N V | COMMON | N20944109 |  | 639298 | 58118 | SH |  | SOLE |  | 0 | 0 | 58118 |
| COCA COLA CO | COMMON | 191216100 |  | 20813727 | 273685 | SH |  | SOLE |  | 0 | 0 | 273685 |
| COLGATE PALMOLIVE CO | COMMON | 194162103 |  | 53424535 | 626828 | SH |  | SOLE |  | 0 | 0 | 626828 |
| COMCAST CORP NEW | COMMON | 20030N101 |  | 317591 | 11062 | SH |  | SOLE |  | 0 | 0 | 11062 |
| CONOCOPHILLIPS | COMMON | 20825C104 |  | 1523070 | 11538 | SH |  | SOLE |  | 0 | 0 | 11538 |
| CONSOLIDATED EDISON INC | COMMON | 209115104 |  | 59883103 | 529096 | SH |  | SOLE |  | 0 | 0 | 529096 |
| CONSTELLATION ENERGY CORP | COMMON | 21037T109 |  | 415245 | 1487 | SH |  | SOLE |  | 0 | 0 | 1487 |
| CORNING INC | COMMON | 219350105 |  | 686785 | 5051 | SH |  | SOLE |  | 0 | 0 | 5051 |
| CORTEVA INC | COMMON | 22052L104 |  | 248619 | 2970 | SH |  | SOLE |  | 0 | 0 | 2970 |
| COSTCO WHOLESALE CORPORATION | COMMON | 22160K105 |  | 2021769 | 2029 | SH |  | SOLE |  | 0 | 0 | 2029 |
| CRANE COMPANY | COMMON | 224408104 |  | 1881000 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| CRANE NXT CO | COMMON | 224441105 |  | 223245 | 5500 | SH |  | SOLE |  | 0 | 0 | 5500 |
| CRESCENT ENERGY COMPANY | COMMON | 44952J104 |  | 653346 | 48396 | SH |  | SOLE |  | 0 | 0 | 48396 |
| CROSS TIMBERS RTY TR | COMMON | 22757R109 |  | 157135 | 14852 | SH |  | SOLE |  | 0 | 0 | 14852 |
| CROWDSTRIKE HLDGS INC | COMMON | 22788C105 |  | 233856 | 599 | SH |  | SOLE |  | 0 | 0 | 599 |
| DEERE  CO | COMMON | 244199105 |  | 15243533 | 27061 | SH |  | SOLE |  | 0 | 0 | 27061 |
| DIAGEO PLC | COMMON | 25243Q205 |  | 441787 | 5934 | SH |  | SOLE |  | 0 | 0 | 5934 |
| DIAMONDBACK ENERGY INC | COMMON | 25278X109 |  | 1103112 | 5577 | SH |  | SOLE |  | 0 | 0 | 5577 |
| DISNEY WALT CO | COMMON | 254687106 |  | 932511 | 9675 | SH |  | SOLE |  | 0 | 0 | 9675 |
| DOLLAR GEN CORP | COMMON | 256677105 |  | 251477 | 2118 | SH |  | SOLE |  | 0 | 0 | 2118 |
| DOMINION ENERGY INC | COMMON | 25746U109 |  | 586672 | 9490 | SH |  | SOLE |  | 0 | 0 | 9490 |
| DUKE ENERGY CORP NEW | COMMON | 26441C204 |  | 1676958 | 12807 | SH |  | SOLE |  | 0 | 0 | 12807 |
| EATON CORP PLC | COMMON | G29183103 |  | 1008272 | 2819 | SH |  | SOLE |  | 0 | 0 | 2819 |
| ELI LILLY  CO | COMMON | 532457108 |  | 7035336 | 7649 | SH |  | SOLE |  | 0 | 0 | 7649 |
| EMERSON ELEC CO | COMMON | 291011104 |  | 61092315 | 466282 | SH |  | SOLE |  | 0 | 0 | 466282 |
| ENERGY TRANSFER L P | COMMON | 29273V100 |  | 652782 | 33823 | SH |  | SOLE |  | 0 | 0 | 33823 |
| ENPRO INC | COMMON | 29355X107 |  | 1002600 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| ENTERGY CORP NEW | COMMON | 29364G103 |  | 708206 | 6303 | SH |  | SOLE |  | 0 | 0 | 6303 |
| ENTERPRISE PRODS PARTNERS L | COMMON | 293792107 |  | 463246 | 12242 | SH |  | SOLE |  | 0 | 0 | 12242 |
| EVERGY INC | COMMON | 30034W106 |  | 213074 | 2601 | SH |  | SOLE |  | 0 | 0 | 2601 |
| EVERSOURCE ENERGY | COMMON | 30040W108 |  | 417274 | 6023 | SH |  | SOLE |  | 0 | 0 | 6023 |
| EXXON MOBIL CORP | COMMON | 30231G102 |  | 88966785 | 524383 | SH |  | SOLE |  | 0 | 0 | 524383 |
| FB FINL CORP | COMMON | 30257X104 |  | 318237 | 6127 | SH |  | SOLE |  | 0 | 0 | 6127 |
| FEDEX CORP | COMMON | 31428X106 |  | 259347 | 728 | SH |  | SOLE |  | 0 | 0 | 728 |
| FIRSTENERGY CORP | COMMON | 337932107 |  | 517195 | 10209 | SH |  | SOLE |  | 0 | 0 | 10209 |
| FLOWSERVE CORP | COMMON | 34354P105 |  | 724074 | 9850 | SH |  | SOLE |  | 0 | 0 | 9850 |
| FREEPORT MCMORAN INC | COMMON | 35671D857 |  | 214606 | 3651 | SH |  | SOLE |  | 0 | 0 | 3651 |
| GALLAGHER ARTHUR J  CO | COMMON | 363576109 |  | 54797324 | 253012 | SH |  | SOLE |  | 0 | 0 | 253012 |
| GATX CORP | COMMON | 361448103 |  | 1282596 | 7512 | SH |  | SOLE |  | 0 | 0 | 7512 |
| GE AEROSPACE | COMMON | 369604301 |  | 890815 | 3139 | SH |  | SOLE |  | 0 | 0 | 3139 |
| GE VERNOVA INC | COMMON | 36828A101 |  | 699441 | 801 | SH |  | SOLE |  | 0 | 0 | 801 |
| GENERAL DYNAMICS CORP | COMMON | 369550108 |  | 787690 | 2295 | SH |  | SOLE |  | 0 | 0 | 2295 |
| GENUINE PARTS CO | COMMON | 372460105 |  | 1433514 | 13556 | SH |  | SOLE |  | 0 | 0 | 13556 |
| GILEAD SCIENCES INC | COMMON | 375558103 |  | 583106 | 4184 | SH |  | SOLE |  | 0 | 0 | 4184 |
| GLOBAL PMTS INC | COMMON | 37940X102 |  | 392696 | 5835 | SH |  | SOLE |  | 0 | 0 | 5835 |
| GLOBE LIFE INC | COMMON | 37959E102 |  | 6466044 | 46461 | SH |  | SOLE |  | 0 | 0 | 46461 |
| GOLDMAN SACHS GROUP INC | COMMON | 38141G104 |  | 13541109 | 16006 | SH |  | SOLE |  | 0 | 0 | 16006 |
| GRACO INC | COMMON | 384109104 |  | 1748277 | 20653 | SH |  | SOLE |  | 0 | 0 | 20653 |
| GRAY MEDIA INC | COMMON | 389375106 |  | 53682 | 12369 | SH |  | SOLE |  | 0 | 0 | 12369 |
| GRIFFON CORP | COMMON | 398433102 |  | 363400 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| HALLIBURTON CO | COMMON | 406216101 |  | 465578 | 11941 | SH |  | SOLE |  | 0 | 0 | 11941 |
| HANCOCK WHITNEY CORPORATION | COMMON | 410120109 |  | 231659 | 3643 | SH |  | SOLE |  | 0 | 0 | 3643 |
| HERC HLDGS INC | COMMON | 42704L104 |  | 577390 | 5800 | SH |  | SOLE |  | 0 | 0 | 5800 |
| HOME DEPOT INC | COMMON | 437076102 |  | 62659333 | 190518 | SH |  | SOLE |  | 0 | 0 | 190518 |
| HONEYWELL INTL INC | COMMON | 438516106 |  | 1713082 | 7579 | SH |  | SOLE |  | 0 | 0 | 7579 |
| HUBBELL INC | COMMON | 443510607 |  | 227704 | 464 | SH |  | SOLE |  | 0 | 0 | 464 |
| HUNTINGTON BANCSHARES INC | COMMON | 446150104 |  | 208020 | 13292 | SH |  | SOLE |  | 0 | 0 | 13292 |
| IDACORP INC | COMMON | 451107106 |  | 522699 | 3656 | SH |  | SOLE |  | 0 | 0 | 3656 |
| IDEX CORP | COMMON | 45167R104 |  | 702662 | 3707 | SH |  | SOLE |  | 0 | 0 | 3707 |
| ILLINOIS TOOL WKS INC | COMMON | 452308109 |  | 215947 | 830 | SH |  | SOLE |  | 0 | 0 | 830 |
| INGERSOLL RAND INC | COMMON | 45687V106 |  | 201663 | 2517 | SH |  | SOLE |  | 0 | 0 | 2517 |
| INTEL CORP | COMMON | 458140100 |  | 640592 | 14516 | SH |  | SOLE |  | 0 | 0 | 14516 |
| INTERNATIONAL BUSINESS MACHS | COMMON | 459200101 |  | 71457148 | 294802 | SH |  | SOLE |  | 0 | 0 | 294802 |
| INTERNATIONAL PAPER CO | COMMON | 460146103 |  | 207203 | 5804 | SH |  | SOLE |  | 0 | 0 | 5804 |
| INTUITIVE SURGICAL INC | COMMON | 46120E602 |  | 239254 | 519 | SH |  | SOLE |  | 0 | 0 | 519 |
| INVESCO EXCHANGE TRADED FD T | COMMON | 46137V613 |  | 444691 | 9356 | SH |  | SOLE |  | 0 | 0 | 9356 |
| INVESCO QQQ TR | COMMON | 46090E103 |  | 2554822 | 4426 | SH |  | SOLE |  | 0 | 0 | 4426 |
| INVESCO QQQ TR | COMMON | 46090E103 |  | 346308 | 600 | PRN | Put | SOLE |  | 0 | 0 | 600 |
| IRON MTN INC DEL | COMMON | 46284V101 |  | 517748 | 5069 | SH |  | SOLE |  | 0 | 0 | 5069 |
| ISHARES GOLD TR | COMMON | 464285204 |  | 323988 | 3675 | SH |  | SOLE |  | 0 | 0 | 3675 |
| ISHARES SILVER TR | COMMON | 46428Q109 |  | 1484839 | 21791 | SH |  | SOLE |  | 0 | 0 | 21791 |
| ISHARES TR | COMMON | 464287200 |  | 11922641 | 18252 | SH |  | SOLE |  | 0 | 0 | 18252 |
| ISHARES TR | COMMON | 464287457 |  | 2432724 | 29463 | SH |  | SOLE |  | 0 | 0 | 29463 |
| ISHARES TR | COMMON | 464288661 |  | 1468851 | 12385 | SH |  | SOLE |  | 0 | 0 | 12385 |
| ISHARES TR | COMMON | 464287655 |  | 783928 | 3161 | SH |  | SOLE |  | 0 | 0 | 3161 |
| ISHARES TR | COMMON | 464287168 |  | 706585 | 4667 | SH |  | SOLE |  | 0 | 0 | 4667 |
| ISHARES TR | COMMON | 464287309 |  | 662486 | 5857 | SH |  | SOLE |  | 0 | 0 | 5857 |
| ISHARES TR | COMMON | 46429B697 |  | 473345 | 5104 | SH |  | SOLE |  | 0 | 0 | 5104 |
| ISHARES TR | COMMON | 464287465 |  | 433492 | 4463 | SH |  | SOLE |  | 0 | 0 | 4463 |
| ISHARES TR | COMMON | 464288448 |  | 421600 | 9906 | SH |  | SOLE |  | 0 | 0 | 9906 |
| ISHARES TR | COMMON | 464287507 |  | 398833 | 5906 | SH |  | SOLE |  | 0 | 0 | 5906 |
| ISHARES TR | COMMON | 464288414 |  | 385219 | 3629 | SH |  | SOLE |  | 0 | 0 | 3629 |
| ISHARES TR | COMMON | 464288810 |  | 353711 | 6630 | SH |  | SOLE |  | 0 | 0 | 6630 |
| ISHARES TR | COMMON | 464287804 |  | 296164 | 2382 | SH |  | SOLE |  | 0 | 0 | 2382 |
| ISHARES TR | COMMON | 464287101 |  | 292625 | 920 | SH |  | SOLE |  | 0 | 0 | 920 |
| ISHARES TR | COMMON | 464287499 |  | 238992 | 2458 | SH |  | SOLE |  | 0 | 0 | 2458 |
| ISHARES TR | COMMON | 464287614 |  | 231536 | 543 | SH |  | SOLE |  | 0 | 0 | 543 |
| ITT INC | COMMON | 45073V108 |  | 457579 | 2402 | SH |  | SOLE |  | 0 | 0 | 2402 |
| J P MORGAN EXCHANGE TRADED F | COMMON | 46641Q399 |  | 260911 | 2227 | SH |  | SOLE |  | 0 | 0 | 2227 |
| J P MORGAN EXCHANGE TRADED F | COMMON | 46641Q332 |  | 253059 | 4465 | SH |  | SOLE |  | 0 | 0 | 4465 |
| J P MORGAN EXCHANGE TRADED F | COMMON | 46654Q203 |  | 219304 | 3950 | SH |  | SOLE |  | 0 | 0 | 3950 |
| JOHNSON  JOHNSON | COMMON | 478160104 |  | 87755662 | 359007 | SH |  | SOLE |  | 0 | 0 | 359007 |
| JPMORGAN CHASE  CO | COMMON | 46625H100 |  | 81483573 | 277004 | SH |  | SOLE |  | 0 | 0 | 277004 |
| KIMBERLY-CLARK CORP | COMMON | 494368103 |  | 43127280 | 447054 | SH |  | SOLE |  | 0 | 0 | 447054 |
| KINDER MORGAN INC DEL | COMMON | 49456B101 |  | 764572 | 22803 | SH |  | SOLE |  | 0 | 0 | 22803 |
| KINROSS GOLD CORP | COMMON | 496902404 |  | 259390 | 8499 | SH |  | SOLE |  | 0 | 0 | 8499 |
| KNIGHTSCOPE INC | COMMON | 49907V201 |  | 83400 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| KRYSTAL BIOTECH INC | COMMON | 501147102 |  | 258320 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| L3HARRIS TECHNOLOGIES INC | COMMON | 502431109 |  | 368621 | 1068 | SH |  | SOLE |  | 0 | 0 | 1068 |
| LAM RESEARCH CORP | COMMON | 512807306 |  | 455428 | 2132 | SH |  | SOLE |  | 0 | 0 | 2132 |
| LINDE PLC | COMMON | G54950103 |  | 288823 | 583 | SH |  | SOLE |  | 0 | 0 | 583 |
| LOCKHEED MARTIN CORP | COMMON | 539830109 |  | 76549394 | 126656 | SH |  | SOLE |  | 0 | 0 | 126656 |
| LOWES COS INC | COMMON | 548661107 |  | 333864 | 1413 | SH |  | SOLE |  | 0 | 0 | 1413 |
| MADISON SQUARE GRDN SPRT COR | COMMON | 55825T103 |  | 783895 | 2439 | SH |  | SOLE |  | 0 | 0 | 2439 |
| MARATHON PETE CORP | COMMON | 56585A102 |  | 552824 | 2264 | SH |  | SOLE |  | 0 | 0 | 2264 |
| MARINE PETE TR | COMMON | 568423107 |  | 84567 | 15956 | SH |  | SOLE |  | 0 | 0 | 15956 |
| MARTIN MARIETTA MATLS INC | COMMON | 573284106 |  | 597511 | 1015 | SH |  | SOLE |  | 0 | 0 | 1015 |
| MASTERCARD INCORPORATED | COMMON | 57636Q104 |  | 9146378 | 18305 | SH |  | SOLE |  | 0 | 0 | 18305 |
| MCDONALDS CORP | COMMON | 580135101 |  | 66842959 | 215074 | SH |  | SOLE |  | 0 | 0 | 215074 |
| MCKESSON CORP | COMMON | 58155Q103 |  | 232782 | 269 | SH |  | SOLE |  | 0 | 0 | 269 |
| MEDICAL PROPERTIES TRUST INC | COMMON | 58463J304 |  | 227896 | 49222 | SH |  | SOLE |  | 0 | 0 | 49222 |
| MERCK  CO INC | COMMON | 58933Y105 |  | 4424622 | 36783 | SH |  | SOLE |  | 0 | 0 | 36783 |
| MESA RTY TR | COMMON | 590660106 |  | 79559 | 16370 | SH |  | SOLE |  | 0 | 0 | 16370 |
| META PLATFORMS INC | COMMON | 30303M102 |  | 9959163 | 17407 | SH |  | SOLE |  | 0 | 0 | 17407 |
| MICRON TECHNOLOGY INC | COMMON | 595112103 |  | 12147628 | 35957 | SH |  | SOLE |  | 0 | 0 | 35957 |
| MICROSOFT CORP | COMMON | 594918104 |  | 79261861 | 214123 | SH |  | SOLE |  | 0 | 0 | 214123 |
| MODINE MFG CO | COMMON | 607828100 |  | 2817230 | 13000 | SH |  | SOLE |  | 0 | 0 | 13000 |
| MONDELEZ INTL INC | COMMON | 609207105 |  | 1094054 | 18981 | SH |  | SOLE |  | 0 | 0 | 18981 |
| MORGAN STANLEY | COMMON | 617446448 |  | 381967 | 2321 | SH |  | SOLE |  | 0 | 0 | 2321 |
| MUELLER INDS INC | COMMON | 624756102 |  | 2437600 | 22000 | SH |  | SOLE |  | 0 | 0 | 22000 |
| MUELLER WTR PRODS INC | COMMON | 624758108 |  | 206478 | 7511 | SH |  | SOLE |  | 0 | 0 | 7511 |
| NASDAQ INC | COMMON | 631103108 |  | 426912 | 5029 | SH |  | SOLE |  | 0 | 0 | 5029 |
| NATIONAL FUEL GAS CO | COMMON | 636180101 |  | 949748 | 10108 | SH |  | SOLE |  | 0 | 0 | 10108 |
| NETFLIX INC. | COMMON | 64110L106 |  | 1052266 | 10944 | SH |  | SOLE |  | 0 | 0 | 10944 |
| NEWMONT CORP | COMMON | 651639106 |  | 1307660 | 12080 | SH |  | SOLE |  | 0 | 0 | 12080 |
| NEXTERA ENERGY INC | COMMON | 65339F101 |  | 79220493 | 852934 | SH |  | SOLE |  | 0 | 0 | 852934 |
| NORFOLK SOUTHN CORP | COMMON | 655844108 |  | 4162285 | 14503 | SH |  | SOLE |  | 0 | 0 | 14503 |
| NORTHERN TR CORP | COMMON | 665859104 |  | 440065 | 3153 | SH |  | SOLE |  | 0 | 0 | 3153 |
| NORTHROP GRUMMAN CORP | COMMON | 666807102 |  | 1889805 | 2770 | SH |  | SOLE |  | 0 | 0 | 2770 |
| NOVARTIS AG | COMMON | 66987V109 |  | 1445932 | 9466 | SH |  | SOLE |  | 0 | 0 | 9466 |
| NUCOR CORP | COMMON | 670346105 |  | 428938 | 2537 | SH |  | SOLE |  | 0 | 0 | 2537 |
| NVIDIA CORPORATION | COMMON | 67066G104 |  | 30812052 | 176675 | SH |  | SOLE |  | 0 | 0 | 176675 |
| ONEOK INC NEW | COMMON | 682680103 |  | 1343106 | 14859 | SH |  | SOLE |  | 0 | 0 | 14859 |
| ORACLE CORP | COMMON | 68389X105 |  | 10976846 | 74617 | SH |  | SOLE |  | 0 | 0 | 74617 |
| OREILLY AUTOMOTIVE INC | COMMON | 67103H107 |  | 1231601 | 13342 | SH |  | SOLE |  | 0 | 0 | 13342 |
| PACCAR INC | COMMON | 693718108 |  | 218988 | 1896 | SH |  | SOLE |  | 0 | 0 | 1896 |
| PACER FDS TR | COMMON | 69374H105 |  | 714138 | 13613 | SH |  | SOLE |  | 0 | 0 | 13613 |
| PALANTIR TECHNOLOGIES INC | COMMON | 69608A108 |  | 1609373 | 11002 | SH |  | SOLE |  | 0 | 0 | 11002 |
| PALO ALTO NETWORKS INC | COMMON | 697435105 |  | 7990510 | 49841 | SH |  | SOLE |  | 0 | 0 | 49841 |
| PAYCHEX INC | COMMON | 704326107 |  | 44627394 | 484448 | SH |  | SOLE |  | 0 | 0 | 484448 |
| PEPSICO INC | COMMON | 713448108 |  | 52795333 | 339979 | SH |  | SOLE |  | 0 | 0 | 339979 |
| PERMIAN BASIN RTY TR | COMMON | 714236106 |  | 415293 | 19298 | SH |  | SOLE |  | 0 | 0 | 19298 |
| PFIZER INC | COMMON | 717081103 |  | 60318389 | 2148091 | SH |  | SOLE |  | 0 | 0 | 2148091 |
| PHILIP MORRIS INTL INC | COMMON | 718172109 |  | 3549220 | 21466 | SH |  | SOLE |  | 0 | 0 | 21466 |
| PHILLIPS 66 | COMMON | 718546104 |  | 607883 | 3337 | SH |  | SOLE |  | 0 | 0 | 3337 |
| PIMCO ETF TR | COMMON | 72201R585 |  | 19882595 | 758878 | SH |  | SOLE |  | 0 | 0 | 758878 |
| PINNACLE FINL PARTNERS INC | COMMON | 72348N109 |  | 2730811 | 31702 | SH |  | SOLE |  | 0 | 0 | 31702 |
| PNC FINL SVCS GROUP INC | COMMON | 693475105 |  | 627392 | 3015 | SH |  | SOLE |  | 0 | 0 | 3015 |
| POST HLDGS INC | COMMON | 737446104 |  | 336124 | 3400 | SH |  | SOLE |  | 0 | 0 | 3400 |
| PPG INDS INC | COMMON | 693506107 |  | 233106 | 2181 | SH |  | SOLE |  | 0 | 0 | 2181 |
| PROASSURANCE CORP | COMMON | 74267C106 |  | 361392 | 14619 | SH |  | SOLE |  | 0 | 0 | 14619 |
| PROCTER  GAMBLE CO | COMMON | 742718109 |  | 53493987 | 370354 | SH |  | SOLE |  | 0 | 0 | 370354 |
| PROFESIONALLY MANAGED PORTFO | COMMON | 74316P579 |  | 212352 | 4018 | SH |  | SOLE |  | 0 | 0 | 4018 |
| QUALCOMM INC | COMMON | 747525103 |  | 53777996 | 417596 | SH |  | SOLE |  | 0 | 0 | 417596 |
| REAVES UTIL INCOME FD | COMMON | 756158101 |  | 774956 | 19729 | SH |  | SOLE |  | 0 | 0 | 19729 |
| REGENERON PHARMACEUTICALS | COMMON | 75886F107 |  | 655972 | 849 | SH |  | SOLE |  | 0 | 0 | 849 |
| REGIONS FINANCIAL CORP NEW | COMMON | 7591EP100 |  | 3924146 | 150235 | SH |  | SOLE |  | 0 | 0 | 150235 |
| RENAISSANCERE HLDGS LTD | COMMON | G7496G103 |  | 430984 | 1450 | SH |  | SOLE |  | 0 | 0 | 1450 |
| REPUBLIC SVCS INC | COMMON | 760759100 |  | 1779100 | 8123 | SH |  | SOLE |  | 0 | 0 | 8123 |
| RIVIAN AUTOMOTIVE INC | COMMON | 76954A103 |  | 166694 | 11076 | SH |  | SOLE |  | 0 | 0 | 11076 |
| ROSS STORES INC | COMMON | 778296103 |  | 376720 | 1739 | SH |  | SOLE |  | 0 | 0 | 1739 |
| ROYAL BK CDA | COMMON | 780087102 |  | 1041217 | 6436 | SH |  | SOLE |  | 0 | 0 | 6436 |
| RTX CORPORATION | COMMON | 75513E101 |  | 89379295 | 463345 | SH |  | SOLE |  | 0 | 0 | 463345 |
| RYMAN HOSPITALITY PPTYS INC | COMMON | 78377T107 |  | 484418 | 5250 | SH |  | SOLE |  | 0 | 0 | 5250 |
| SALESFORCE INC | COMMON | 79466L302 |  | 233525 | 1251 | SH |  | SOLE |  | 0 | 0 | 1251 |
| SAN JUAN BASIN RTY TR | COMMON | 798241105 |  | 144039 | 30008 | SH |  | SOLE |  | 0 | 0 | 30008 |
| SCHWAB STRATEGIC TR | COMMON | 808524771 |  | 544078 | 19536 | SH |  | SOLE |  | 0 | 0 | 19536 |
| SCHWAB STRATEGIC TR | COMMON | 808524722 |  | 450527 | 14380 | SH |  | SOLE |  | 0 | 0 | 14380 |
| SCHWAB STRATEGIC TR | COMMON | 808524201 |  | 240452 | 9378 | SH |  | SOLE |  | 0 | 0 | 9378 |
| SCHWAB STRATEGIC TR | COMMON | 808524797 |  | 206281 | 6724 | SH |  | SOLE |  | 0 | 0 | 6724 |
| SELECT SECTOR SPDR TR | COMMON | 81369Y803 |  | 899763 | 6770 | SH |  | SOLE |  | 0 | 0 | 6770 |
| SELECT SECTOR SPDR TR | COMMON | 81369Y506 |  | 792547 | 12937 | SH |  | SOLE |  | 0 | 0 | 12937 |
| SELECT SECTOR SPDR TR | COMMON | 81369Y308 |  | 573287 | 6993 | SH |  | SOLE |  | 0 | 0 | 6993 |
| SELECT SECTOR SPDR TR | COMMON | 81369Y852 |  | 442531 | 3992 | SH |  | SOLE |  | 0 | 0 | 3992 |
| SENSIENT TECHNOLOGIES CORP | COMMON | 81725T100 |  | 311184 | 3600 | SH |  | SOLE |  | 0 | 0 | 3600 |
| SERVISFIRST BANCSHARES INC | COMMON | 81768T108 |  | 71077065 | 975931 | SH |  | SOLE |  | 0 | 0 | 975931 |
| SHELL PLC | COMMON | 780259305 |  | 382721 | 4115 | SH |  | SOLE |  | 0 | 0 | 4115 |
| SHERWIN WILLIAMS CO | COMMON | 824348106 |  | 8623315 | 26902 | SH |  | SOLE |  | 0 | 0 | 26902 |
| SHOPIFY INC | COMMON | 82509L107 |  | 232140 | 1957 | SH |  | SOLE |  | 0 | 0 | 1957 |
| SIMON PPTY GROUP INC NEW | COMMON | 828806109 |  | 582015 | 3120 | SH |  | SOLE |  | 0 | 0 | 3120 |
| SIMPLIFY EXCHANGE TRADED FUN | COMMON | 82889N657 |  | 269196 | 12758 | SH |  | SOLE |  | 0 | 0 | 12758 |
| SLB LIMITED | COMMON | 806857108 |  | 348640 | 6784 | SH |  | SOLE |  | 0 | 0 | 6784 |
| SMARTFINANCIAL INC | COMMON | 83190L208 |  | 253981 | 6499 | SH |  | SOLE |  | 0 | 0 | 6499 |
| SONY GROUP CORP | COMMON | 835699307 |  | 520730 | 25156 | SH |  | SOLE |  | 0 | 0 | 25156 |
| SOUTHERN CO | COMMON | 842587107 |  | 75554948 | 782791 | SH |  | SOLE |  | 0 | 0 | 782791 |
| SPDR GOLD TR | COMMON | 78463V107 |  | 3902731 | 9070 | SH |  | SOLE |  | 0 | 0 | 9070 |
| SPDR SERIES TRUST | COMMON | 78468R663 |  | 1088363 | 11877 | SH |  | SOLE |  | 0 | 0 | 11877 |
| SPHERE ENTERTAINMENT CO | COMMON | 55826T102 |  | 226935 | 1933 | SH |  | SOLE |  | 0 | 0 | 1933 |
| SPROTT ASSET MANAGEMENT LP | COMMON | 85207K107 |  | 243730 | 9993 | SH |  | SOLE |  | 0 | 0 | 9993 |
| STARBUCKS CORP | COMMON | 855244109 |  | 309508 | 3455 | SH |  | SOLE |  | 0 | 0 | 3455 |
| STATE STR CORP | COMMON | 857477103 |  | 966286 | 7635 | SH |  | SOLE |  | 0 | 0 | 7635 |
| STATE STR SPDR S 500 ETF T | COMMON | 78462F103 |  | 3444801 | 5297 | SH |  | SOLE |  | 0 | 0 | 5297 |
| STRYKER CORPORATION | COMMON | 863667101 |  | 8822020 | 26848 | SH |  | SOLE |  | 0 | 0 | 26848 |
| T ROWE PRICE ETF INC | COMMON | 87283Q503 |  | 377835 | 9238 | SH |  | SOLE |  | 0 | 0 | 9238 |
| TAIWAN SEMICONDUCTOR MANUFAC | COMMON | 874039100 |  | 238255 | 705 | SH |  | SOLE |  | 0 | 0 | 705 |
| TARGET CORP | COMMON | 87612E106 |  | 9652353 | 79640 | SH |  | SOLE |  | 0 | 0 | 79640 |
| TECK RESOURCES LTD | COMMON | 878742204 |  | 324266 | 6266 | SH |  | SOLE |  | 0 | 0 | 6266 |
| TERADYNE INC | COMMON | 880770102 |  | 306244 | 1033 | SH |  | SOLE |  | 0 | 0 | 1033 |
| TESLA INC | COMMON | 88160R101 |  | 6216039 | 16721 | SH |  | SOLE |  | 0 | 0 | 16721 |
| TEXAS INSTRS INC | COMMON | 882508104 |  | 51892154 | 267292 | SH |  | SOLE |  | 0 | 0 | 267292 |
| TEXTRON INC | COMMON | 883203101 |  | 1348424 | 15400 | SH |  | SOLE |  | 0 | 0 | 15400 |
| THERMO FISHER SCIENTIFIC INC | COMMON | 883556102 |  | 525991 | 1070 | SH |  | SOLE |  | 0 | 0 | 1070 |
| TJX COS INC NEW | COMMON | 872540109 |  | 12018503 | 75257 | SH |  | SOLE |  | 0 | 0 | 75257 |
| TRAVELERS COMPANIES INC | COMMON | 89417E109 |  | 427895 | 1467 | SH |  | SOLE |  | 0 | 0 | 1467 |
| TRINITY INDS INC | COMMON | 896522109 |  | 370070 | 11500 | SH |  | SOLE |  | 0 | 0 | 11500 |
| TRUIST FINL CORP | COMMON | 89832Q109 |  | 61101625 | 1329163 | SH |  | SOLE |  | 0 | 0 | 1329163 |
| UNILEVER PLC | COMMON | 904767803 |  | 339884 | 5966 | SH |  | SOLE |  | 0 | 0 | 5966 |
| UNION PAC CORP | COMMON | 907818108 |  | 501849 | 2068 | SH |  | SOLE |  | 0 | 0 | 2068 |
| UNITED CMNTY BKS BLAIRSVLE G | COMMON | 90984P303 |  | 820221 | 26047 | SH |  | SOLE |  | 0 | 0 | 26047 |
| UNITED RENTALS INC | COMMON | 911363109 |  | 822545 | 1129 | SH |  | SOLE |  | 0 | 0 | 1129 |
| URANIUM RTY CORP | COMMON | 91702V101 |  | 51502 | 14110 | SH |  | SOLE |  | 0 | 0 | 14110 |
| US BANCORP | COMMON | 902973304 |  | 227128 | 4367 | SH |  | SOLE |  | 0 | 0 | 4367 |
| VALMONT INDS INC | COMMON | 920253101 |  | 439527 | 1100 | SH |  | SOLE |  | 0 | 0 | 1100 |
| VANECK ETF TRUST | COMMON | 92189F676 |  | 1042465 | 2719 | SH |  | SOLE |  | 0 | 0 | 2719 |
| VANECK ETF TRUST | COMMON | 92189F106 |  | 303048 | 3302 | SH |  | SOLE |  | 0 | 0 | 3302 |
| VANGUARD INDEX FDS | COMMON | 922908363 |  | 5243786 | 8775 | SH |  | SOLE |  | 0 | 0 | 8775 |
| VANGUARD INDEX FDS | COMMON | 922908769 |  | 1474048 | 4595 | SH |  | SOLE |  | 0 | 0 | 4595 |
| VANGUARD INDEX FDS | COMMON | 922908736 |  | 942173 | 2157 | SH |  | SOLE |  | 0 | 0 | 2157 |
| VANGUARD INDEX FDS | COMMON | 922908629 |  | 709147 | 2469 | SH |  | SOLE |  | 0 | 0 | 2469 |
| VANGUARD INDEX FDS | COMMON | 922908652 |  | 280917 | 1365 | SH |  | SOLE |  | 0 | 0 | 1365 |
| VANGUARD INDEX FDS | COMMON | 922908744 |  | 262124 | 1336 | SH |  | SOLE |  | 0 | 0 | 1336 |
| VANGUARD INDEX FDS | COMMON | 922908538 |  | 229814 | 893 | SH |  | SOLE |  | 0 | 0 | 893 |
| VANGUARD INDEX FDS | COMMON | 922908751 |  | 225253 | 860 | SH |  | SOLE |  | 0 | 0 | 860 |
| VANGUARD INTL EQUITY INDEX F | COMMON | 922042858 |  | 552775 | 10227 | SH |  | SOLE |  | 0 | 0 | 10227 |
| VANGUARD INTL EQUITY INDEX F | COMMON | 922042742 |  | 229612 | 1660 | SH |  | SOLE |  | 0 | 0 | 1660 |
| VANGUARD SCOTTSDALE FDS | COMMON | 92206C102 |  | 3883224 | 66335 | SH |  | SOLE |  | 0 | 0 | 66335 |
| VANGUARD SCOTTSDALE FDS | COMMON | 92206C730 |  | 1245997 | 4222 | SH |  | SOLE |  | 0 | 0 | 4222 |
| VANGUARD SPECIALIZED FUNDS | COMMON | 921908844 |  | 659832 | 3068 | SH |  | SOLE |  | 0 | 0 | 3068 |
| VANGUARD STAR FDS | COMMON | 921909768 |  | 1020860 | 13239 | SH |  | SOLE |  | 0 | 0 | 13239 |
| VANGUARD TAX-MANAGED FDS | COMMON | 921943858 |  | 545514 | 8513 | SH |  | SOLE |  | 0 | 0 | 8513 |
| VANGUARD WHITEHALL FDS | COMMON | 921946406 |  | 1030036 | 6955 | SH |  | SOLE |  | 0 | 0 | 6955 |
| VANGUARD WORLD FD | COMMON | 92204A702 |  | 643006 | 922 | SH |  | SOLE |  | 0 | 0 | 922 |
| VANGUARD WORLD FD | COMMON | 921910840 |  | 407745 | 2813 | SH |  | SOLE |  | 0 | 0 | 2813 |
| VANGUARD WORLD FD | COMMON | 92204A306 |  | 370479 | 2141 | SH |  | SOLE |  | 0 | 0 | 2141 |
| VANGUARD WORLD FD | COMMON | 921910816 |  | 282562 | 769 | SH |  | SOLE |  | 0 | 0 | 769 |
| VANGUARD WORLD FD | COMMON | 92204A405 |  | 234452 | 1941 | SH |  | SOLE |  | 0 | 0 | 1941 |
| VERIZON COMMUNICATIONS INC | COMMON | 92343V104 |  | 60433760 | 1203860 | SH |  | SOLE |  | 0 | 0 | 1203860 |
| VISA INC | COMMON | 92826C839 |  | 12391168 | 40998 | SH |  | SOLE |  | 0 | 0 | 40998 |
| VISA INC | COMMON | 92826C839 |  | 604480 | 2000 | PRN | Put | SOLE |  | 0 | 0 | 2000 |
| VULCAN MATLS CO | COMMON | 929160109 |  | 7486063 | 27492 | SH |  | SOLE |  | 0 | 0 | 27492 |
| WALMART INC | COMMON | 931142103 |  | 6200193 | 49889 | SH |  | SOLE |  | 0 | 0 | 49889 |
| WASTE MGMT INC DEL | COMMON | 94106L109 |  | 1887881 | 8216 | SH |  | SOLE |  | 0 | 0 | 8216 |
| WATTS WATER TECHNOLOGIES INC | COMMON | 942749102 |  | 1567566 | 5400 | SH |  | SOLE |  | 0 | 0 | 5400 |
| WELLS FARGO  CO | COMMON | 949746101 |  | 1910913 | 24003 | SH |  | SOLE |  | 0 | 0 | 24003 |
| WELLTOWER INC | COMMON | 95040Q104 |  | 2121627 | 10731 | SH |  | SOLE |  | 0 | 0 | 10731 |
| WESTWATER RES INC | COMMON | 961684206 |  | 15010 | 22954 | SH |  | SOLE |  | 0 | 0 | 22954 |
| WISDOMTREE TR | COMMON | 97717W851 |  | 410881 | 2591 | SH |  | SOLE |  | 0 | 0 | 2591 |
| WORLD GOLD TR | COMMON | 98149E303 |  | 4590102 | 49521 | SH |  | SOLE |  | 0 | 0 | 49521 |
| XCEL ENERGY INC | COMMON | 98389B100 |  | 396327 | 4989 | SH |  | SOLE |  | 0 | 0 | 4989 |
| XYLEM INC | COMMON | 98419M100 |  | 932339 | 7802 | SH |  | SOLE |  | 0 | 0 | 7802 |
| YUM BRANDS INC | COMMON | 988498101 |  | 848473 | 5457 | SH |  | SOLE |  | 0 | 0 | 5457 |
| ZEDGE INC | COMMON | 98923T104 |  | 133817 | 45671 | SH |  | SOLE |  | 0 | 0 | 45671 |
| ZIMMER BIOMET HOLDINGS INC | COMMON | 98956P102 |  | 501790 | 5550 | SH |  | SOLE |  | 0 | 0 | 5550 |

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