# EDGAR Filing Document

**Accession Number:** 0001443095
**File Stem:** 0001443095-26-000001
**Filing Date:** 2026-1
**Character Count:** 35397
**Document Hash:** e7146d21eeedef81ef711ad242a7ea5c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001443095-26-000001.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001443095-26-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**EFFECTIVENESS DATE**: 20260126

**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:** 26560581

**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:** 12-31-2025

**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  01-26-2026<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:** 309

**Form 13F Information Table Value Total:** $2594088861

      (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 STOCK | 88579Y101 |  | 261599 | 1634 | SH |  | SOLE |  | 0 | 0 | 1634 |
| ABBOTT LABS | COMMON STOCK | 002824100 |  | 10184180 | 81285 | SH |  | SOLE |  | 0 | 0 | 81285 |
| ABBVIE INC | COMMON STOCK | 00287Y109 |  | 83992169 | 367597 | SH |  | SOLE |  | 0 | 0 | 367597 |
| ACCENTURE PLC IRELAND | COMMON STOCK | G1151C101 |  | 7256051 | 27045 | SH |  | SOLE |  | 0 | 0 | 27045 |
| ADVANCED MICRO DEVICES INC | COMMON STOCK | 007903107 |  | 14481891 | 67622 | SH |  | SOLE |  | 0 | 0 | 67622 |
| AFLAC INC | COMMON STOCK | 001055102 |  | 5914385 | 53635 | SH |  | SOLE |  | 0 | 0 | 53635 |
| AGNICO EAGLE MINES LTD | COMMON STOCK | 008474108 |  | 356522 | 2103 | SH |  | SOLE |  | 0 | 0 | 2103 |
| AIR PRODS  CHEMS INC | COMMON STOCK | 009158106 |  | 320318 | 1297 | SH |  | SOLE |  | 0 | 0 | 1297 |
| ALIBABA GROUP HLDG LTD | COMMON STOCK | 01609W102 |  | 214154 | 1461 | SH |  | SOLE |  | 0 | 0 | 1461 |
| ALLIANT ENERGY CORP | COMMON STOCK | 018802108 |  | 241123 | 3709 | SH |  | SOLE |  | 0 | 0 | 3709 |
| ALLSTATE CORP | COMMON STOCK | 020002101 |  | 358435 | 1722 | SH |  | SOLE |  | 0 | 0 | 1722 |
| ALPHABET INC | COMMON STOCK | 02079K305 |  | 20280519 | 64794 | SH |  | SOLE |  | 0 | 0 | 64794 |
| ALPHABET INC | COMMON STOCK | 02079K107 |  | 4102214 | 13073 | SH |  | SOLE |  | 0 | 0 | 13073 |
| ALTRIA GROUP INC | COMMON STOCK | 02209S103 |  | 2433020 | 42196 | SH |  | SOLE |  | 0 | 0 | 42196 |
| AMAZON COM INC | COMMON STOCK | 023135106 |  | 15094769 | 65396 | SH |  | SOLE |  | 0 | 0 | 65396 |
| AMBEV SA | COMMON STOCK | 02319V103 |  | 112363 | 45491 | SH |  | SOLE |  | 0 | 0 | 45491 |
| AMEREN CORP | COMMON STOCK | 023608102 |  | 244657 | 2450 | SH |  | SOLE |  | 0 | 0 | 2450 |
| AMERICAN COASTAL INS CORP | COMMON STOCK | 910710102 |  | 294128 | 23288 | SH |  | SOLE |  | 0 | 0 | 23288 |
| AMERICAN ELEC PWR CO INC | COMMON STOCK | 025537101 |  | 37497077 | 325185 | SH |  | SOLE |  | 0 | 0 | 325185 |
| AMERICAN EXPRESS CO | COMMON STOCK | 025816109 |  | 6989096 | 18892 | SH |  | SOLE |  | 0 | 0 | 18892 |
| AMGEN INC | COMMON STOCK | 031162100 |  | 386984 | 1182 | SH |  | SOLE |  | 0 | 0 | 1182 |
| ANNALY CAPITAL MANAGEMENT IN | COMMON STOCK | 035710839 |  | 328043 | 14671 | SH |  | SOLE |  | 0 | 0 | 14671 |
| AON PLC | COMMON STOCK | G0403H108 |  | 1816627 | 5148 | SH |  | SOLE |  | 0 | 0 | 5148 |
| APPLE INC | COMMON STOCK | 037833100 |  | 102181647 | 375861 | SH |  | SOLE |  | 0 | 0 | 375861 |
| APPLIED MATLS INC | COMMON STOCK | 038222105 |  | 492938 | 1918 | SH |  | SOLE |  | 0 | 0 | 1918 |
| ARCOSA INC | COMMON STOCK | 039653100 |  | 797400 | 7500 | SH |  | SOLE |  | 0 | 0 | 7500 |
| ARRAY DIGITAL INFRASTRUCTURE | COMMON STOCK | 911684108 |  | 589820 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| AT INC | COMMON STOCK | 00206R102 |  | 2200188 | 88574 | SH |  | SOLE |  | 0 | 0 | 88574 |
| ATLANTA BRAVES HLDGS INC | COMMON STOCK | 047726104 |  | 891271 | 20976 | SH |  | SOLE |  | 0 | 0 | 20976 |
| AUTOMATIC DATA PROCESSING IN | COMMON STOCK | 053015103 |  | 501361 | 1949 | SH |  | SOLE |  | 0 | 0 | 1949 |
| AZZ INC | COMMON STOCK | 002474104 |  | 375130 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| BANCO BILBAO VIZCAYA ARGENTA | COMMON STOCK | 05946K101 |  | 1596666 | 68497 | SH |  | SOLE |  | 0 | 0 | 68497 |
| BANK AMERICA CORP | COMMON STOCK | 060505104 |  | 1711531 | 31119 | SH |  | SOLE |  | 0 | 0 | 31119 |
| BANK NEW YORK MELLON CORP | COMMON STOCK | 064058100 |  | 1966101 | 16936 | SH |  | SOLE |  | 0 | 0 | 16936 |
| BITFARMS LTD | COMMON STOCK | 09173B107 |  | 76939 | 32740 | SH |  | SOLE |  | 0 | 0 | 32740 |
| BLACKROCK INC | COMMON STOCK | 09290D101 |  | 1219165 | 1139 | SH |  | SOLE |  | 0 | 0 | 1139 |
| BLACKSTONE INC | COMMON STOCK | 09260D107 |  | 10319553 | 66949 | SH |  | SOLE |  | 0 | 0 | 66949 |
| BLUE OWL CAPITAL CORPORATION | COMMON STOCK | 69121K104 |  | 245749 | 19771 | SH |  | SOLE |  | 0 | 0 | 19771 |
| BOEING CO | COMMON STOCK | 097023105 |  | 878820 | 4048 | SH |  | SOLE |  | 0 | 0 | 4048 |
| BOSTON SCIENTIFIC CORP | COMMON STOCK | 101137107 |  | 449862 | 4718 | SH |  | SOLE |  | 0 | 0 | 4718 |
| BRISTOL-MYERS SQUIBB CO | COMMON STOCK | 110122108 |  | 631698 | 11711 | SH |  | SOLE |  | 0 | 0 | 11711 |
| BROADCOM INC | COMMON STOCK | 11135F101 |  | 11617615 | 33567 | SH |  | SOLE |  | 0 | 0 | 33567 |
| CADENCE BANK | COMMON STOCK | 12740C103 |  | 230083 | 5371 | SH |  | SOLE |  | 0 | 0 | 5371 |
| CADENCE DESIGN SYSTEM INC | COMMON STOCK | 127387108 |  | 316644 | 1013 | SH |  | SOLE |  | 0 | 0 | 1013 |
| CAPITAL GROUP INTL FOCUS EQT | COMMON STOCK | 14019W109 |  | 210367 | 7119 | SH |  | SOLE |  | 0 | 0 | 7119 |
| CAPITAL ONE FINL CORP | COMMON STOCK | 14040H105 |  | 587966 | 2426 | SH |  | SOLE |  | 0 | 0 | 2426 |
| CARDINAL HEALTH INC | COMMON STOCK | 14149Y108 |  | 546630 | 2660 | SH |  | SOLE |  | 0 | 0 | 2660 |
| CARRIER GLOBAL CORPORATION | COMMON STOCK | 14448C104 |  | 6658168 | 126006 | SH |  | SOLE |  | 0 | 0 | 126006 |
| CASTELLUM INC | COMMON STOCK | 14838T204 |  | 9032 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| CATERPILLAR INC | COMMON STOCK | 149123101 |  | 23274069 | 40627 | SH |  | SOLE |  | 0 | 0 | 40627 |
| CHEMED CORP NEW | COMMON STOCK | 16359R103 |  | 282388 | 660 | SH |  | SOLE |  | 0 | 0 | 660 |
| CHEVRON CORP NEW | COMMON STOCK | 166764100 |  | 65534012 | 429985 | SH |  | SOLE |  | 0 | 0 | 429985 |
| CHUBB LIMITED | COMMON STOCK | H1467J104 |  | 1010333 | 3237 | SH |  | SOLE |  | 0 | 0 | 3237 |
| CINCINNATI FINL CORP | COMMON STOCK | 172062101 |  | 65177633 | 399079 | SH |  | SOLE |  | 0 | 0 | 399079 |
| CISCO SYS INC | COMMON STOCK | 17275R102 |  | 74407854 | 965959 | SH |  | SOLE |  | 0 | 0 | 965959 |
| CITIGROUP INC | COMMON STOCK | 172967424 |  | 213906 | 1833 | SH |  | SOLE |  | 0 | 0 | 1833 |
| CLOROX CO DEL | COMMON STOCK | 189054109 |  | 288778 | 2864 | SH |  | SOLE |  | 0 | 0 | 2864 |
| CNH INDL N V | COMMON STOCK | N20944109 |  | 535848 | 58118 | SH |  | SOLE |  | 0 | 0 | 58118 |
| COCA COLA CO | COMMON STOCK | 191216100 |  | 19137148 | 273740 | SH |  | SOLE |  | 0 | 0 | 273740 |
| COINBASE GLOBAL INC | COMMON STOCK | 19260Q107 |  | 226140 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| COLGATE PALMOLIVE CO | COMMON STOCK | 194162103 |  | 48453205 | 613176 | SH |  | SOLE |  | 0 | 0 | 613176 |
| COMCAST CORP NEW | COMMON STOCK | 20030N101 |  | 351686 | 11766 | SH |  | SOLE |  | 0 | 0 | 11766 |
| CONOCOPHILLIPS | COMMON STOCK | 20825C104 |  | 1091752 | 11663 | SH |  | SOLE |  | 0 | 0 | 11663 |
| CONSOLIDATED EDISON INC | COMMON STOCK | 209115104 |  | 52457701 | 528169 | SH |  | SOLE |  | 0 | 0 | 528169 |
| CONSTELLATION ENERGY CORP | COMMON STOCK | 21037T109 |  | 525313 | 1487 | SH |  | SOLE |  | 0 | 0 | 1487 |
| COSTCO WHSL CORP NEW | COMMON STOCK | 22160K105 |  | 1971317 | 2286 | SH |  | SOLE |  | 0 | 0 | 2286 |
| CRANE COMPANY | COMMON STOCK | 224408104 |  | 2028730 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| CRANE NXT CO | COMMON STOCK | 224441105 |  | 258885 | 5500 | SH |  | SOLE |  | 0 | 0 | 5500 |
| CRESCENT ENERGY COMPANY | COMMON STOCK | 44952J104 |  | 406043 | 48396 | SH |  | SOLE |  | 0 | 0 | 48396 |
| CROWDSTRIKE HLDGS INC | COMMON STOCK | 22788C105 |  | 339383 | 724 | SH |  | SOLE |  | 0 | 0 | 724 |
| DEERE  CO | COMMON STOCK | 244199105 |  | 12576484 | 27013 | SH |  | SOLE |  | 0 | 0 | 27013 |
| DELTA AIR LINES INC DEL | COMMON STOCK | 247361702 |  | 227763 | 3282 | SH |  | SOLE |  | 0 | 0 | 3282 |
| DIAGEO PLC | COMMON STOCK | 25243Q205 |  | 420308 | 4872 | SH |  | SOLE |  | 0 | 0 | 4872 |
| DIAMONDBACK ENERGY INC | COMMON STOCK | 25278X109 |  | 652611 | 4341 | SH |  | SOLE |  | 0 | 0 | 4341 |
| DISNEY WALT CO | COMMON STOCK | 254687106 |  | 1152315 | 10128 | SH |  | SOLE |  | 0 | 0 | 10128 |
| DOLLAR GEN CORP NEW | COMMON STOCK | 256677105 |  | 281192 | 2118 | SH |  | SOLE |  | 0 | 0 | 2118 |
| DOMINION ENERGY INC | COMMON STOCK | 25746U109 |  | 464150 | 7922 | SH |  | SOLE |  | 0 | 0 | 7922 |
| DUKE ENERGY CORP NEW | COMMON STOCK | 26441C204 |  | 1567086 | 13370 | SH |  | SOLE |  | 0 | 0 | 13370 |
| EATON CORP PLC | COMMON STOCK | G29183103 |  | 846919 | 2659 | SH |  | SOLE |  | 0 | 0 | 2659 |
| ELI LILLY  CO | COMMON STOCK | 532457108 |  | 8260002 | 7686 | SH |  | SOLE |  | 0 | 0 | 7686 |
| EMERSON ELEC CO | COMMON STOCK | 291011104 |  | 63648660 | 479571 | SH |  | SOLE |  | 0 | 0 | 479571 |
| ENERGY TRANSFER L P | COMMON STOCK | 29273V100 |  | 546777 | 33158 | SH |  | SOLE |  | 0 | 0 | 33158 |
| ENPRO INC | COMMON STOCK | 29355X107 |  | 856520 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| ENTERGY CORP NEW | COMMON STOCK | 29364G103 |  | 582587 | 6303 | SH |  | SOLE |  | 0 | 0 | 6303 |
| ENTERPRISE PRODS PARTNERS L | COMMON STOCK | 293792107 |  | 392486 | 12242 | SH |  | SOLE |  | 0 | 0 | 12242 |
| EVERSOURCE ENERGY | COMMON STOCK | 30040W108 |  | 405529 | 6023 | SH |  | SOLE |  | 0 | 0 | 6023 |
| EXXON MOBIL CORP | COMMON STOCK | 30231G102 |  | 65987979 | 548346 | SH |  | SOLE |  | 0 | 0 | 548346 |
| FB FINL CORP | COMMON STOCK | 30257X104 |  | 341887 | 6127 | SH |  | SOLE |  | 0 | 0 | 6127 |
| FEDEX CORP | COMMON STOCK | 31428X106 |  | 229052 | 793 | SH |  | SOLE |  | 0 | 0 | 793 |
| FIRST SOLAR INC | COMMON STOCK | 336433107 |  | 232495 | 890 | SH |  | SOLE |  | 0 | 0 | 890 |
| FIRSTENERGY CORP | COMMON STOCK | 337932107 |  | 464028 | 10365 | SH |  | SOLE |  | 0 | 0 | 10365 |
| FLOWSERVE CORP | COMMON STOCK | 34354P105 |  | 683393 | 9850 | SH |  | SOLE |  | 0 | 0 | 9850 |
| FORTUNE BRANDS INNOVATIONS I | COMMON STOCK | 34964C106 |  | 231143 | 4621 | SH |  | SOLE |  | 0 | 0 | 4621 |
| GALLAGHER ARTHUR J  CO | COMMON STOCK | 363576109 |  | 59321196 | 229225 | SH |  | SOLE |  | 0 | 0 | 229225 |
| GATX CORP | COMMON STOCK | 361448103 |  | 1274024 | 7512 | SH |  | SOLE |  | 0 | 0 | 7512 |
| GE AEROSPACE | COMMON STOCK | 369604301 |  | 648739 | 2106 | SH |  | SOLE |  | 0 | 0 | 2106 |
| GE VERNOVA INC | COMMON STOCK | 36828A101 |  | 356992 | 546 | SH |  | SOLE |  | 0 | 0 | 546 |
| GENERAL DYNAMICS CORP | COMMON STOCK | 369550108 |  | 804955 | 2391 | SH |  | SOLE |  | 0 | 0 | 2391 |
| GENERAL MLS INC | COMMON STOCK | 370334104 |  | 2112837 | 45437 | SH |  | SOLE |  | 0 | 0 | 45437 |
| GENUINE PARTS CO | COMMON STOCK | 372460105 |  | 1705803 | 13873 | SH |  | SOLE |  | 0 | 0 | 13873 |
| GILEAD SCIENCES INC | COMMON STOCK | 375558103 |  | 513504 | 4184 | SH |  | SOLE |  | 0 | 0 | 4184 |
| GLOBAL PMTS INC | COMMON STOCK | 37940X102 |  | 451629 | 5835 | SH |  | SOLE |  | 0 | 0 | 5835 |
| GLOBE LIFE INC | COMMON STOCK | 37959E102 |  | 6555976 | 46875 | SH |  | SOLE |  | 0 | 0 | 46875 |
| GOLDMAN SACHS GROUP INC | COMMON STOCK | 38141G104 |  | 14360358 | 16337 | SH |  | SOLE |  | 0 | 0 | 16337 |
| GRACO INC | COMMON STOCK | 384109104 |  | 1692927 | 20653 | SH |  | SOLE |  | 0 | 0 | 20653 |
| GRAY MEDIA INC | COMMON STOCK | 389375106 |  | 59866 | 12369 | SH |  | SOLE |  | 0 | 0 | 12369 |
| GRIFFON CORP | COMMON STOCK | 398433102 |  | 368250 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| HALLIBURTON CO | COMMON STOCK | 406216101 |  | 341397 | 12081 | SH |  | SOLE |  | 0 | 0 | 12081 |
| HANCOCK WHITNEY CORPORATION | COMMON STOCK | 410120109 |  | 231987 | 3643 | SH |  | SOLE |  | 0 | 0 | 3643 |
| HERC HLDGS INC | COMMON STOCK | 42704L104 |  | 860604 | 5800 | SH |  | SOLE |  | 0 | 0 | 5800 |
| HOME DEPOT INC | COMMON STOCK | 437076102 |  | 63121024 | 183438 | SH |  | SOLE |  | 0 | 0 | 183438 |
| HONEYWELL INTL INC | COMMON STOCK | 438516106 |  | 1478588 | 7579 | SH |  | SOLE |  | 0 | 0 | 7579 |
| HUBBELL INC | COMMON STOCK | 443510607 |  | 217614 | 490 | SH |  | SOLE |  | 0 | 0 | 490 |
| IDACORP INC | COMMON STOCK | 451107106 |  | 462704 | 3656 | SH |  | SOLE |  | 0 | 0 | 3656 |
| IDEX CORP | COMMON STOCK | 45167R104 |  | 659624 | 3707 | SH |  | SOLE |  | 0 | 0 | 3707 |
| ILLINOIS TOOL WKS INC | COMMON STOCK | 452308109 |  | 204150 | 829 | SH |  | SOLE |  | 0 | 0 | 829 |
| INTEL CORP | COMMON STOCK | 458140100 |  | 535899 | 14523 | SH |  | SOLE |  | 0 | 0 | 14523 |
| INTERNATIONAL BUSINESS MACHS | COMMON STOCK | 459200101 |  | 86461720 | 291893 | SH |  | SOLE |  | 0 | 0 | 291893 |
| INTERNATIONAL PAPER CO | COMMON STOCK | 460146103 |  | 228620 | 5804 | SH |  | SOLE |  | 0 | 0 | 5804 |
| INTUITIVE SURGICAL INC | COMMON STOCK | 46120E602 |  | 361905 | 639 | SH |  | SOLE |  | 0 | 0 | 639 |
| INVESCO EXCH TRADED FD TR II | COMMON STOCK | 46138E354 |  | 268683 | 3762 | SH |  | SOLE |  | 0 | 0 | 3762 |
| INVESCO EXCHANGE TRADED FD T | COMMON STOCK | 46137V613 |  | 436075 | 9294 | SH |  | SOLE |  | 0 | 0 | 9294 |
| INVESCO QQQ TR | COMMON STOCK | 46090E103 |  | 2656532 | 4324 | SH |  | SOLE |  | 0 | 0 | 4324 |
| IRON MTN INC DEL | COMMON STOCK | 46284V101 |  | 396584 | 4781 | SH |  | SOLE |  | 0 | 0 | 4781 |
| ISHARES BITCOIN TRUST ETF | COMMON STOCK | 46438F101 |  | 209722 | 4224 | SH |  | SOLE |  | 0 | 0 | 4224 |
| ISHARES GOLD TR | COMMON STOCK | 464285204 |  | 297164 | 3661 | SH |  | SOLE |  | 0 | 0 | 3661 |
| ISHARES SILVER TR | COMMON STOCK | 46428Q109 |  | 1754157 | 27230 | SH |  | SOLE |  | 0 | 0 | 27230 |
| ISHARES TR | COMMON STOCK | 464287200 |  | 13109133 | 19139 | SH |  | SOLE |  | 0 | 0 | 19139 |
| ISHARES TR | COMMON STOCK | 464287457 |  | 3777717 | 45614 | SH |  | SOLE |  | 0 | 0 | 45614 |
| ISHARES TR | COMMON STOCK | 464287168 |  | 1969979 | 13958 | SH |  | SOLE |  | 0 | 0 | 13958 |
| ISHARES TR | COMMON STOCK | 464287309 |  | 970673 | 7875 | SH |  | SOLE |  | 0 | 0 | 7875 |
| ISHARES TR | COMMON STOCK | 464287655 |  | 771712 | 3135 | SH |  | SOLE |  | 0 | 0 | 3135 |
| ISHARES TR | COMMON STOCK | 464287812 |  | 767351 | 11467 | SH |  | SOLE |  | 0 | 0 | 11467 |
| ISHARES TR | COMMON STOCK | 46429B697 |  | 480593 | 5104 | SH |  | SOLE |  | 0 | 0 | 5104 |
| ISHARES TR | COMMON STOCK | 464288661 |  | 467508 | 3917 | SH |  | SOLE |  | 0 | 0 | 3917 |
| ISHARES TR | COMMON STOCK | 464287465 |  | 428294 | 4460 | SH |  | SOLE |  | 0 | 0 | 4460 |
| ISHARES TR | COMMON STOCK | 464288810 |  | 412055 | 6630 | SH |  | SOLE |  | 0 | 0 | 6630 |
| ISHARES TR | COMMON STOCK | 464288448 |  | 390792 | 9906 | SH |  | SOLE |  | 0 | 0 | 9906 |
| ISHARES TR | COMMON STOCK | 464287507 |  | 389796 | 5906 | SH |  | SOLE |  | 0 | 0 | 5906 |
| ISHARES TR | COMMON STOCK | 464288414 |  | 388703 | 3629 | SH |  | SOLE |  | 0 | 0 | 3629 |
| ISHARES TR | COMMON STOCK | 464287101 |  | 315533 | 920 | SH |  | SOLE |  | 0 | 0 | 920 |
| ISHARES TR | COMMON STOCK | 464287804 |  | 284642 | 2368 | SH |  | SOLE |  | 0 | 0 | 2368 |
| ISHARES TR | COMMON STOCK | 464287879 |  | 258145 | 2270 | SH |  | SOLE |  | 0 | 0 | 2270 |
| ISHARES TR | COMMON STOCK | 464287499 |  | 235573 | 2447 | SH |  | SOLE |  | 0 | 0 | 2447 |
| ITT INC | COMMON STOCK | 45073V108 |  | 416704 | 2402 | SH |  | SOLE |  | 0 | 0 | 2402 |
| J P MORGAN EXCHANGE TRADED F | COMMON STOCK | 46641Q399 |  | 274559 | 2227 | SH |  | SOLE |  | 0 | 0 | 2227 |
| J P MORGAN EXCHANGE TRADED F | COMMON STOCK | 46641Q332 |  | 254933 | 4454 | SH |  | SOLE |  | 0 | 0 | 4454 |
| J P MORGAN EXCHANGE TRADED F | COMMON STOCK | 46654Q203 |  | 229574 | 3950 | SH |  | SOLE |  | 0 | 0 | 3950 |
| JOHNSON  JOHNSON | COMMON STOCK | 478160104 |  | 78657584 | 380080 | SH |  | SOLE |  | 0 | 0 | 380080 |
| JPMORGAN CHASE  CO. | COMMON STOCK | 46625H100 |  | 90556388 | 281039 | SH |  | SOLE |  | 0 | 0 | 281039 |
| KIMBERLY-CLARK CORP | COMMON STOCK | 494368103 |  | 32736443 | 324477 | SH |  | SOLE |  | 0 | 0 | 324477 |
| KINDER MORGAN INC DEL | COMMON STOCK | 49456B101 |  | 433645 | 15775 | SH |  | SOLE |  | 0 | 0 | 15775 |
| KINROSS GOLD CORP | COMMON STOCK | 496902404 |  | 239332 | 8499 | SH |  | SOLE |  | 0 | 0 | 8499 |
| L3HARRIS TECHNOLOGIES INC | COMMON STOCK | 502431109 |  | 313533 | 1068 | SH |  | SOLE |  | 0 | 0 | 1068 |
| LAM RESEARCH CORP | COMMON STOCK | 512807306 |  | 359202 | 2098 | SH |  | SOLE |  | 0 | 0 | 2098 |
| LAS VEGAS SANDS CORP | COMMON STOCK | 517834107 |  | 241115 | 3704 | SH |  | SOLE |  | 0 | 0 | 3704 |
| LINDE PLC | COMMON STOCK | G54950103 |  | 253345 | 594 | SH |  | SOLE |  | 0 | 0 | 594 |
| LOCKHEED MARTIN CORP | COMMON STOCK | 539830109 |  | 64175374 | 132684 | SH |  | SOLE |  | 0 | 0 | 132684 |
| LOWES COS INC | COMMON STOCK | 548661107 |  | 412981 | 1712 | SH |  | SOLE |  | 0 | 0 | 1712 |
| MADISON SQUARE GRDN SPRT COR | COMMON STOCK | 55825T103 |  | 630848 | 2439 | SH |  | SOLE |  | 0 | 0 | 2439 |
| MARATHON PETE CORP | COMMON STOCK | 56585A102 |  | 368195 | 2264 | SH |  | SOLE |  | 0 | 0 | 2264 |
| MARTIN MARIETTA MATLS INC | COMMON STOCK | 573284106 |  | 632000 | 1015 | SH |  | SOLE |  | 0 | 0 | 1015 |
| MASTERCARD INCORPORATED | COMMON STOCK | 57636Q104 |  | 9667386 | 16934 | SH |  | SOLE |  | 0 | 0 | 16934 |
| MCDONALDS CORP | COMMON STOCK | 580135101 |  | 64863641 | 212229 | SH |  | SOLE |  | 0 | 0 | 212229 |
| MCKESSON CORP | COMMON STOCK | 58155Q103 |  | 235424 | 287 | SH |  | SOLE |  | 0 | 0 | 287 |
| MEDICAL PPTYS TRUST INC | COMMON STOCK | 58463J304 |  | 229370 | 45874 | SH |  | SOLE |  | 0 | 0 | 45874 |
| MERCK  CO INC | COMMON STOCK | 58933Y105 |  | 3629500 | 34481 | SH |  | SOLE |  | 0 | 0 | 34481 |
| MESA RTY TR | COMMON STOCK | 590660106 |  | 68591 | 16370 | SH |  | SOLE |  | 0 | 0 | 16370 |
| META PLATFORMS INC | COMMON STOCK | 30303M102 |  | 10907939 | 16525 | SH |  | SOLE |  | 0 | 0 | 16525 |
| MICROCHIP TECHNOLOGY INC. | COMMON STOCK | 595017104 |  | 249592 | 3917 | SH |  | SOLE |  | 0 | 0 | 3917 |
| MICRON TECHNOLOGY INC | COMMON STOCK | 595112103 |  | 10249568 | 35912 | SH |  | SOLE |  | 0 | 0 | 35912 |
| MICROSOFT CORP | COMMON STOCK | 594918104 |  | 99955214 | 206681 | SH |  | SOLE |  | 0 | 0 | 206681 |
| MODINE MFG CO | COMMON STOCK | 607828100 |  | 1735630 | 13000 | SH |  | SOLE |  | 0 | 0 | 13000 |
| MONDELEZ INTL INC | COMMON STOCK | 609207105 |  | 1045532 | 19423 | SH |  | SOLE |  | 0 | 0 | 19423 |
| MORGAN STANLEY | COMMON STOCK | 617446448 |  | 420924 | 2371 | SH |  | SOLE |  | 0 | 0 | 2371 |
| MUELLER INDS INC | COMMON STOCK | 624756102 |  | 2525600 | 22000 | SH |  | SOLE |  | 0 | 0 | 22000 |
| NASDAQ INC | COMMON STOCK | 631103108 |  | 488467 | 5029 | SH |  | SOLE |  | 0 | 0 | 5029 |
| NATIONAL FUEL GAS CO | COMMON STOCK | 636180101 |  | 809247 | 10108 | SH |  | SOLE |  | 0 | 0 | 10108 |
| NETFLIX INC | COMMON STOCK | 64110L106 |  | 927662 | 9894 | SH |  | SOLE |  | 0 | 0 | 9894 |
| NEWMONT CORP | COMMON STOCK | 651639106 |  | 1233847 | 12357 | SH |  | SOLE |  | 0 | 0 | 12357 |
| NEXTERA ENERGY INC | COMMON STOCK | 65339F101 |  | 69797096 | 869421 | SH |  | SOLE |  | 0 | 0 | 869421 |
| NORFOLK SOUTHN CORP | COMMON STOCK | 655844108 |  | 901663 | 3123 | SH |  | SOLE |  | 0 | 0 | 3123 |
| NORTHERN TR CORP | COMMON STOCK | 665859104 |  | 430669 | 3153 | SH |  | SOLE |  | 0 | 0 | 3153 |
| NORTHROP GRUMMAN CORP | COMMON STOCK | 666807102 |  | 1605712 | 2816 | SH |  | SOLE |  | 0 | 0 | 2816 |
| NOVARTIS AG | COMMON STOCK | 66987V109 |  | 1331273 | 9656 | SH |  | SOLE |  | 0 | 0 | 9656 |
| NUCOR CORP | COMMON STOCK | 670346105 |  | 434045 | 2661 | SH |  | SOLE |  | 0 | 0 | 2661 |
| NVIDIA CORPORATION | COMMON STOCK | 67066G104 |  | 33009866 | 176997 | SH |  | SOLE |  | 0 | 0 | 176997 |
| NVIDIA CORPORATION | COMMON STOCK | 67066G104 |  | 223800 | 1200 | PRN | Call | SOLE |  | 0 | 0 | 1200 |
| ONEOK INC NEW | COMMON STOCK | 682680103 |  | 1083170 | 14737 | SH |  | SOLE |  | 0 | 0 | 14737 |
| OPENDOOR TECHNOLOGIES INC | COMMON STOCK | 683712103 |  | 58300 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| ORACLE CORP | COMMON STOCK | 68389X105 |  | 13309707 | 68286 | SH |  | SOLE |  | 0 | 0 | 68286 |
| OREILLY AUTOMOTIVE INC | COMMON STOCK | 67103H107 |  | 1216924 | 13342 | SH |  | SOLE |  | 0 | 0 | 13342 |
| PACCAR INC | COMMON STOCK | 693718108 |  | 207631 | 1896 | SH |  | SOLE |  | 0 | 0 | 1896 |
| PACER FDS TR | COMMON STOCK | 69374H105 |  | 902509 | 16238 | SH |  | SOLE |  | 0 | 0 | 16238 |
| PALANTIR TECHNOLOGIES INC | COMMON STOCK | 69608A108 |  | 951141 | 5351 | SH |  | SOLE |  | 0 | 0 | 5351 |
| PALO ALTO NETWORKS INC | COMMON STOCK | 697435105 |  | 7579646 | 41149 | SH |  | SOLE |  | 0 | 0 | 41149 |
| PAYCHEX INC | COMMON STOCK | 704326107 |  | 45635080 | 406802 | SH |  | SOLE |  | 0 | 0 | 406802 |
| PEPSICO INC | COMMON STOCK | 713448108 |  | 46897117 | 326764 | SH |  | SOLE |  | 0 | 0 | 326764 |
| PERMIAN BASIN RTY TR | COMMON STOCK | 714236106 |  | 301855 | 17798 | SH |  | SOLE |  | 0 | 0 | 17798 |
| PFIZER INC | COMMON STOCK | 717081103 |  | 49366183 | 1982578 | SH |  | SOLE |  | 0 | 0 | 1982578 |
| PGIM ETF TR | COMMON STOCK | 69344A107 |  | 299673 | 6043 | SH |  | SOLE |  | 0 | 0 | 6043 |
| PHILIP MORRIS INTL INC | COMMON STOCK | 718172109 |  | 3493569 | 21780 | SH |  | SOLE |  | 0 | 0 | 21780 |
| PHILLIPS 66 | COMMON STOCK | 718546104 |  | 430570 | 3337 | SH |  | SOLE |  | 0 | 0 | 3337 |
| PIMCO ETF TR | COMMON STOCK | 72201R585 |  | 19610362 | 735021 | SH |  | SOLE |  | 0 | 0 | 735021 |
| PNC FINL SVCS GROUP INC | COMMON STOCK | 693475105 |  | 650821 | 3118 | SH |  | SOLE |  | 0 | 0 | 3118 |
| POST HLDGS INC | COMMON STOCK | 737446104 |  | 336770 | 3400 | SH |  | SOLE |  | 0 | 0 | 3400 |
| PPG INDS INC | COMMON STOCK | 693506107 |  | 223466 | 2181 | SH |  | SOLE |  | 0 | 0 | 2181 |
| PROASSURANCE CORP | COMMON STOCK | 74267C106 |  | 491086 | 20326 | SH |  | SOLE |  | 0 | 0 | 20326 |
| PROCTER AND GAMBLE CO | COMMON STOCK | 742718109 |  | 49849608 | 347845 | SH |  | SOLE |  | 0 | 0 | 347845 |
| PROFESIONALLY MANAGED PORTFO | COMMON STOCK | 74316P579 |  | 263220 | 4018 | SH |  | SOLE |  | 0 | 0 | 4018 |
| QUALCOMM INC | COMMON STOCK | 747525103 |  | 66094448 | 386404 | SH |  | SOLE |  | 0 | 0 | 386404 |
| REAVES UTIL INCOME FD | COMMON STOCK | 756158101 |  | 721687 | 19729 | SH |  | SOLE |  | 0 | 0 | 19729 |
| REGENERON PHARMACEUTICALS | COMMON STOCK | 75886F107 |  | 269383 | 349 | SH |  | SOLE |  | 0 | 0 | 349 |
| REGIONS FINANCIAL CORP NEW | COMMON STOCK | 7591EP100 |  | 3996494 | 147472 | SH |  | SOLE |  | 0 | 0 | 147472 |
| RENAISSANCERE HLDGS LTD | COMMON STOCK | G7496G103 |  | 407682 | 1450 | SH |  | SOLE |  | 0 | 0 | 1450 |
| REPUBLIC SVCS INC | COMMON STOCK | 760759100 |  | 1721508 | 8123 | SH |  | SOLE |  | 0 | 0 | 8123 |
| RIVIAN AUTOMOTIVE INC | COMMON STOCK | 76954A103 |  | 218308 | 11076 | SH |  | SOLE |  | 0 | 0 | 11076 |
| ROSS STORES INC | COMMON STOCK | 778296103 |  | 313264 | 1739 | SH |  | SOLE |  | 0 | 0 | 1739 |
| ROYAL BK CDA | COMMON STOCK | 780087102 |  | 1091648 | 6403 | SH |  | SOLE |  | 0 | 0 | 6403 |
| RTX CORPORATION | COMMON STOCK | 75513E101 |  | 91854386 | 500842 | SH |  | SOLE |  | 0 | 0 | 500842 |
| RYMAN HOSPITALITY PPTYS INC | COMMON STOCK | 78377T107 |  | 496755 | 5250 | SH |  | SOLE |  | 0 | 0 | 5250 |
| SALESFORCE INC | COMMON STOCK | 79466L302 |  | 467302 | 1764 | SH |  | SOLE |  | 0 | 0 | 1764 |
| SAN JUAN BASIN RTY TR | COMMON STOCK | 798241105 |  | 123685 | 22008 | SH |  | SOLE |  | 0 | 0 | 22008 |
| SCHWAB STRATEGIC TR | COMMON STOCK | 808524771 |  | 531575 | 19536 | SH |  | SOLE |  | 0 | 0 | 19536 |
| SCHWAB STRATEGIC TR | COMMON STOCK | 808524722 |  | 471663 | 14380 | SH |  | SOLE |  | 0 | 0 | 14380 |
| SCHWAB STRATEGIC TR | COMMON STOCK | 808524201 |  | 252362 | 9378 | SH |  | SOLE |  | 0 | 0 | 9378 |
| SELECT SECTOR SPDR TR | COMMON STOCK | 81369Y308 |  | 6732914 | 86675 | SH |  | SOLE |  | 0 | 0 | 86675 |
| SELECT SECTOR SPDR TR | COMMON STOCK | 81369Y803 |  | 1162532 | 8075 | SH |  | SOLE |  | 0 | 0 | 8075 |
| SELECT SECTOR SPDR TR | COMMON STOCK | 81369Y209 |  | 745812 | 4818 | SH |  | SOLE |  | 0 | 0 | 4818 |
| SELECT SECTOR SPDR TR | COMMON STOCK | 81369Y506 |  | 653361 | 14613 | SH |  | SOLE |  | 0 | 0 | 14613 |
| SELECT SECTOR SPDR TR | COMMON STOCK | 81369Y852 |  | 598430 | 5084 | SH |  | SOLE |  | 0 | 0 | 5084 |
| SENSIENT TECHNOLOGIES CORP | COMMON STOCK | 81725T100 |  | 338220 | 3600 | SH |  | SOLE |  | 0 | 0 | 3600 |
| SERVISFIRST BANCSHARES INC | COMMON STOCK | 81768T108 |  | 72041456 | 1003503 | SH |  | SOLE |  | 0 | 0 | 1003503 |
| SHELL PLC | COMMON STOCK | 780259305 |  | 302391 | 4115 | SH |  | SOLE |  | 0 | 0 | 4115 |
| SHERWIN WILLIAMS CO | COMMON STOCK | 824348106 |  | 8224393 | 25382 | SH |  | SOLE |  | 0 | 0 | 25382 |
| SHOPIFY INC | COMMON STOCK | 82509L107 |  | 315019 | 1957 | SH |  | SOLE |  | 0 | 0 | 1957 |
| SIMON PPTY GROUP INC NEW | COMMON STOCK | 828806109 |  | 576786 | 3116 | SH |  | SOLE |  | 0 | 0 | 3116 |
| SLB LIMITED | COMMON STOCK | 806857108 |  | 249427 | 6499 | SH |  | SOLE |  | 0 | 0 | 6499 |
| SMARTFINANCIAL INC | COMMON STOCK | 83190L208 |  | 240399 | 6499 | SH |  | SOLE |  | 0 | 0 | 6499 |
| SONY GROUP CORP | COMMON STOCK | 835699307 |  | 643994 | 25156 | SH |  | SOLE |  | 0 | 0 | 25156 |
| SOUTHERN CO | COMMON STOCK | 842587107 |  | 67951460 | 779260 | SH |  | SOLE |  | 0 | 0 | 779260 |
| SPDR GOLD TR | COMMON STOCK | 78463V107 |  | 3820033 | 9639 | SH |  | SOLE |  | 0 | 0 | 9639 |
| SPDR S 500 ETF TR | COMMON STOCK | 78462F103 |  | 9045452 | 13265 | SH |  | SOLE |  | 0 | 0 | 13265 |
| SPDR SERIES TRUST | COMMON STOCK | 78468R663 |  | 1053429 | 11528 | SH |  | SOLE |  | 0 | 0 | 11528 |
| SPROTT ASSET MANAGEMENT LP | COMMON STOCK | 85207K107 |  | 236335 | 9993 | SH |  | SOLE |  | 0 | 0 | 9993 |
| STARBUCKS CORP | COMMON STOCK | 855244109 |  | 290907 | 3455 | SH |  | SOLE |  | 0 | 0 | 3455 |
| STATE STR CORP | COMMON STOCK | 857477103 |  | 1120194 | 8683 | SH |  | SOLE |  | 0 | 0 | 8683 |
| STRYKER CORPORATION | COMMON STOCK | 863667101 |  | 8891160 | 25297 | SH |  | SOLE |  | 0 | 0 | 25297 |
| SYNOVUS FINL CORP | COMMON STOCK | 87161C501 |  | 3384532 | 67623 | SH |  | SOLE |  | 0 | 0 | 67623 |
| T ROWE PRICE ETF INC | COMMON STOCK | 87283Q503 |  | 395202 | 9238 | SH |  | SOLE |  | 0 | 0 | 9238 |
| TARGET CORP | COMMON STOCK | 87612E106 |  | 6014606 | 61530 | SH |  | SOLE |  | 0 | 0 | 61530 |
| TECK RESOURCES LTD | COMMON STOCK | 878742204 |  | 282504 | 5899 | SH |  | SOLE |  | 0 | 0 | 5899 |
| TEGNA INC | COMMON STOCK | 87901J105 |  | 291150 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| TESLA INC | COMMON STOCK | 88160R101 |  | 1444509 | 3212 | SH |  | SOLE |  | 0 | 0 | 3212 |
| TEXAS INSTRS INC | COMMON STOCK | 882508104 |  | 45650231 | 263129 | SH |  | SOLE |  | 0 | 0 | 263129 |
| TEXTRON INC | COMMON STOCK | 883203101 |  | 1342418 | 15400 | SH |  | SOLE |  | 0 | 0 | 15400 |
| THERMO FISHER SCIENTIFIC INC | COMMON STOCK | 883556102 |  | 620075 | 1070 | SH |  | SOLE |  | 0 | 0 | 1070 |
| TJX COS INC NEW | COMMON STOCK | 872540109 |  | 11535736 | 75098 | SH |  | SOLE |  | 0 | 0 | 75098 |
| TRAVELERS COMPANIES INC | COMMON STOCK | 89417E109 |  | 425519 | 1467 | SH |  | SOLE |  | 0 | 0 | 1467 |
| TRINITY INDS INC | COMMON STOCK | 896522109 |  | 304060 | 11500 | SH |  | SOLE |  | 0 | 0 | 11500 |
| TRUIST FINL CORP | COMMON STOCK | 89832Q109 |  | 65157146 | 1324063 | SH |  | SOLE |  | 0 | 0 | 1324063 |
| UNILEVER PLC | COMMON STOCK | 904767803 |  | 447206 | 6838 | SH |  | SOLE |  | 0 | 0 | 6838 |
| UNION PAC CORP | COMMON STOCK | 907818108 |  | 609400 | 2634 | SH |  | SOLE |  | 0 | 0 | 2634 |
| UNITED CMNTY BKS BLAIRSVLE G | COMMON STOCK | 90984P303 |  | 970412 | 31083 | SH |  | SOLE |  | 0 | 0 | 31083 |
| UNITED RENTALS INC | COMMON STOCK | 911363109 |  | 913723 | 1129 | SH |  | SOLE |  | 0 | 0 | 1129 |
| URANIUM RTY CORP | COMMON STOCK | 91702V101 |  | 49950 | 14110 | SH |  | SOLE |  | 0 | 0 | 14110 |
| US BANCORP DEL | COMMON STOCK | 902973304 |  | 233024 | 4367 | SH |  | SOLE |  | 0 | 0 | 4367 |
| VALMONT INDS INC | COMMON STOCK | 920253101 |  | 442552 | 1100 | SH |  | SOLE |  | 0 | 0 | 1100 |
| VANECK ETF TRUST | COMMON STOCK | 92189F676 |  | 984956 | 2735 | SH |  | SOLE |  | 0 | 0 | 2735 |
| VANECK ETF TRUST | COMMON STOCK | 92189F106 |  | 283235 | 3302 | SH |  | SOLE |  | 0 | 0 | 3302 |
| VANGUARD INDEX FDS | COMMON STOCK | 922908363 |  | 6253482 | 9972 | SH |  | SOLE |  | 0 | 0 | 9972 |
| VANGUARD INDEX FDS | COMMON STOCK | 922908769 |  | 1324428 | 3950 | SH |  | SOLE |  | 0 | 0 | 3950 |
| VANGUARD INDEX FDS | COMMON STOCK | 922908629 |  | 853936 | 2942 | SH |  | SOLE |  | 0 | 0 | 2942 |
| VANGUARD INDEX FDS | COMMON STOCK | 922908736 |  | 557137 | 1142 | SH |  | SOLE |  | 0 | 0 | 1142 |
| VANGUARD INDEX FDS | COMMON STOCK | 922908652 |  | 285449 | 1365 | SH |  | SOLE |  | 0 | 0 | 1365 |
| VANGUARD INDEX FDS | COMMON STOCK | 922908744 |  | 255163 | 1336 | SH |  | SOLE |  | 0 | 0 | 1336 |
| VANGUARD INDEX FDS | COMMON STOCK | 922908538 |  | 249273 | 893 | SH |  | SOLE |  | 0 | 0 | 893 |
| VANGUARD INDEX FDS | COMMON STOCK | 922908751 |  | 221730 | 860 | SH |  | SOLE |  | 0 | 0 | 860 |
| VANGUARD INDEX FDS | COMMON STOCK | 922908553 |  | 204855 | 2315 | SH |  | SOLE |  | 0 | 0 | 2315 |
| VANGUARD INTL EQUITY INDEX F | COMMON STOCK | 922042858 |  | 839253 | 15611 | SH |  | SOLE |  | 0 | 0 | 15611 |
| VANGUARD INTL EQUITY INDEX F | COMMON STOCK | 922042742 |  | 233933 | 1658 | SH |  | SOLE |  | 0 | 0 | 1658 |
| VANGUARD SCOTTSDALE FDS | COMMON STOCK | 92206C102 |  | 3724973 | 63425 | SH |  | SOLE |  | 0 | 0 | 63425 |
| VANGUARD SCOTTSDALE FDS | COMMON STOCK | 92206C730 |  | 1309403 | 4237 | SH |  | SOLE |  | 0 | 0 | 4237 |
| VANGUARD SPECIALIZED FUNDS | COMMON STOCK | 921908844 |  | 693868 | 3157 | SH |  | SOLE |  | 0 | 0 | 3157 |
| VANGUARD STAR FDS | COMMON STOCK | 921909768 |  | 998751 | 13239 | SH |  | SOLE |  | 0 | 0 | 13239 |
| VANGUARD TAX-MANAGED FDS | COMMON STOCK | 921943858 |  | 531808 | 8513 | SH |  | SOLE |  | 0 | 0 | 8513 |
| VANGUARD WHITEHALL FDS | COMMON STOCK | 921946406 |  | 1020428 | 7110 | SH |  | SOLE |  | 0 | 0 | 7110 |
| VANGUARD WORLD FD | COMMON STOCK | 92204A702 |  | 863395 | 1145 | SH |  | SOLE |  | 0 | 0 | 1145 |
| VANGUARD WORLD FD | COMMON STOCK | 921910840 |  | 433629 | 3072 | SH |  | SOLE |  | 0 | 0 | 3072 |
| VANGUARD WORLD FD | COMMON STOCK | 921910816 |  | 337694 | 818 | SH |  | SOLE |  | 0 | 0 | 818 |
| VANGUARD WORLD FD | COMMON STOCK | 92204A306 |  | 269595 | 2141 | SH |  | SOLE |  | 0 | 0 | 2141 |
| VANGUARD WORLD FD | COMMON STOCK | 92204A405 |  | 258796 | 1939 | SH |  | SOLE |  | 0 | 0 | 1939 |
| VERIZON COMMUNICATIONS INC | COMMON STOCK | 92343V104 |  | 48152163 | 1182228 | SH |  | SOLE |  | 0 | 0 | 1182228 |
| VISA INC | COMMON STOCK | 92826C839 |  | 13731605 | 39154 | SH |  | SOLE |  | 0 | 0 | 39154 |
| VISA INC | COMMON STOCK | 92826C839 |  | 701420 | 2000 | PRN | Put | SOLE |  | 0 | 0 | 2000 |
| VULCAN MATLS CO | COMMON STOCK | 929160109 |  | 7841152 | 27492 | SH |  | SOLE |  | 0 | 0 | 27492 |
| WALMART INC | COMMON STOCK | 931142103 |  | 5671075 | 50903 | SH |  | SOLE |  | 0 | 0 | 50903 |
| WASTE MGMT INC DEL | COMMON STOCK | 94106L109 |  | 1827038 | 8316 | SH |  | SOLE |  | 0 | 0 | 8316 |
| WATTS WATER TECHNOLOGIES INC | COMMON STOCK | 942749102 |  | 1490508 | 5400 | SH |  | SOLE |  | 0 | 0 | 5400 |
| WELLS FARGO CO NEW | COMMON STOCK | 949746101 |  | 2236472 | 23996 | SH |  | SOLE |  | 0 | 0 | 23996 |
| WELLTOWER INC | COMMON STOCK | 95040Q104 |  | 1991781 | 10731 | SH |  | SOLE |  | 0 | 0 | 10731 |
| WESTWATER RES INC | COMMON STOCK | 961684206 |  | 17216 | 22954 | SH |  | SOLE |  | 0 | 0 | 22954 |
| WISDOMTREE TR | COMMON STOCK | 97717W851 |  | 316576 | 2196 | SH |  | SOLE |  | 0 | 0 | 2196 |
| WORLD GOLD TR | COMMON STOCK | 98149E303 |  | 1796185 | 21040 | SH |  | SOLE |  | 0 | 0 | 21040 |
| XCEL ENERGY INC | COMMON STOCK | 98389B100 |  | 389907 | 5279 | SH |  | SOLE |  | 0 | 0 | 5279 |
| XYLEM INC | COMMON STOCK | 98419M100 |  | 1062477 | 7802 | SH |  | SOLE |  | 0 | 0 | 7802 |
| YUM BRANDS INC | COMMON STOCK | 988498101 |  | 825412 | 5456 | SH |  | SOLE |  | 0 | 0 | 5456 |
| ZEDGE INC | COMMON STOCK | 98923T104 |  | 149801 | 45671 | SH |  | SOLE |  | 0 | 0 | 45671 |
| ZIMMER BIOMET HOLDINGS INC | COMMON STOCK | 98956P102 |  | 481107 | 5350 | SH |  | SOLE |  | 0 | 0 | 5350 |

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