Welch 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3m Company	Common	88579Y101	16,550	100,336	SH		SOLE		0	0	100,336
A T & T Inc New	Common	00206R102	14,918	456,901	SH		SOLE		0	0	456,901
Abbott Laboratories	Common	2824100	579	12,487	SH		SOLE		0	0	12,487
Abbvie Inc Com USD0.01	Common	00287Y109	15,447	263,868	SH		SOLE		0	0	263,868
Accenture	Common	G1150G111	219	2,341	SH		SOLE		0	0	2,341
Acuity Brands Inc.	Common	00508Y102	168	1,000	SH		SOLE		0	0	1,000
Aes TRUST III	Common	00808N202	225	4,408	SH		SOLE		0	0	4,408
Alaska Air Group Inc De	Common	11659109	132	2,000	SH		SOLE		0	0	2,000
Albemarle Corp	Common	12653101	154	2,918	SH		SOLE		0	0	2,918
Altria Group Inc	Common	02209S103	756	15,120	SH		SOLE		0	0	15,120
American Express Company	Common	25816109	213	2,724	SH		SOLE		0	0	2,724
Amern Tower Corp Class A	Common	29912201	113	1,200	SH		SOLE		0	0	1,200
Anadarko Petroleum Corp	Common	32511107	19,709	238	SH		SOLE		0	0	238
Apple Inc	Common	37833100	1,916	15,398	SH		SOLE		0	0	15,398
Archer-Daniels-Midlnd Co	Common	39483102	201	4,231	SH		SOLE		0	0	4,231
Baidu Com Inc Adr	Common	56752108	197	946	SH		SOLE		0	0	946
Banco Bilbao Argen Adr	Common	05946K101	209	20,832	SH		SOLE		0	0	20,832
Bank Of America Corp	Common	60505104	134	8,703	SH		SOLE		0	0	8,703
Baxter International Inc	Common	71813109	206	3,008	SH		SOLE		0	0	3,008
Bb&T Corporation	Common	54937107	188	4,815	SH		SOLE		0	0	4,815
Berkshire Hathaway Cl B	Common	84670207	1,231	8,531	SH		SOLE		0	0	8,531
Boeing Co	Common	97023105	184	1,227	SH		SOLE		0	0	1,227
Bp Plc Adr	Common	55622104	177	4,521	SH		SOLE		0	0	4,521
Bristol-Myers Squibb Co	Common	110122108	477	7,394	SH		SOLE		0	0	7,394
Caterpillar Inc	Common	149123101	697	8,709	SH		SOLE		0	0	8,709
Celgene Corp	Common	151020104	207	1,796	SH		SOLE		0	0	1,796
Chevron Corporation	Common	166764100	14,449	137,636	SH		SOLE		0	0	137,636
Cincinnati Financial Cp	Common	172062101	15,592	292,641	SH		SOLE		0	0	292,641
Cisco Systems Inc	Common	17275R102	140	5,102	SH		SOLE		0	0	5,102
Clorox Company	Common	189054109	209	1,893	SH		SOLE		0	0	1,893
Cme Group Inc Cl A	Common	12572Q105	213	2,246	SH		SOLE		0	0	2,246
Coca Cola Company	Common	191216100	2,466	60,819	SH		SOLE		0	0	60,819
Colgate-Palmolive Co	Common	194162103	15,262	220,097	SH		SOLE		0	0	220,097
Conocophillips	Common	20825C104	256	4,105	SH		SOLE		0	0	4,105
Consolidated Edison Inc	Common	209115104	14,768	242,105	SH		SOLE		0	0	242,105
Constellation Brand Cl A	Common	21036P108	103	885	SH		SOLE		0	0	885
Core Laboratories N V	Common	N22717107	166	1,590	SH		SOLE		0	0	1,590
Cummins Inc	Common	231021106	153	1,100	SH		SOLE		0	0	1,100
Deere & Co	Common	244199105	277	3,163	SH		SOLE		0	0	3,163
Diageo Plc New Adr	Common	25243Q205	427	3,864	SH		SOLE		0	0	3,864
Disney Walt Co	Common	254687106	252	2,398	SH		SOLE		0	0	2,398
Dollar General Corp New	Common	256677105	222	2,939	SH		SOLE		0	0	2,939
Dominion Res Inc Va New	Common	25746U109	382	5,395	SH		SOLE		0	0	5,395
Du Pont E I De Nemour&Co	Common	263534109	15,547	217,533	SH		SOLE		0	0	217,533
Duke Energy Corp New	Common	26441C105	196	2,553	SH		SOLE		0	0	2,553
Emerson Electric Co	Common	291011104	13,586	239,946	SH		SOLE		0	0	239,946
Energen Corp	Common	29265N108	1,244	18,855	SH		SOLE		0	0	18,855
Esco Technologies Inc	Common	296315104	101	2,600	SH		SOLE		0	0	2,600
Express Scripts Inc	Common	302182100	252	2,902	SH		SOLE		0	0	2,902
Exxon Mobil Corporation	Common	30231G102	16,212	190,725	SH		SOLE		0	0	190,725
Facebook Inc Class A	Common	30303M102	152	1,847	SH		SOLE		0	0	1,847
Gallagher Arthur J & Co	Common	363576109	14,583	311,941	SH		SOLE		0	0	311,941
General Electric Company	Common	369604103	425	17,130	SH		SOLE		0	0	17,130
General Mills Inc	Common	370334104	15,784	278,869	SH		SOLE		0	0	278,869
Gilead Sciences Inc	Common	375558103	233	2,373	SH		SOLE		0	0	2,373
Google Inc Class A	Common	38259P508	233	420	SH		SOLE		0	0	420
Google Inc Class C	Common	38259P706	151	275	SH		SOLE		0	0	275
Halliburton Co Hldg Co	Common	406216101	149	3,395	SH		SOLE		0	0	3,395
Home Depot Inc	Common	437076102	18,769	165,208	SH		SOLE		0	0	165,208
Honeywell International	Common	438516106	277	2,651	SH		SOLE		0	0	2,651
Idexx Labs Inc	Common	45168D104	154	1,000	SH		SOLE		0	0	1,000
Illinois Tool Works Inc	Common	452308109	116	1,194	SH		SOLE		0	0	1,194
Intel Corp	Common	458140100	15,064	481,755	SH		SOLE		0	0	481,755
Intl Business Machines	Common	459200101	718	4,472	SH		SOLE		0	0	4,472
Johnson & Johnson	Common	478160104	15,504	154,119	SH		SOLE		0	0	154,119
JP Morgan Chase & Co	Common	46625H100	247	4,083	SH		SOLE		0	0	4,083
Kellogg Company	Common	487836108	264	4,000	SH		SOLE		0	0	4,000
Kimberly-Clark Corp	Common	494368103	14,581	136,134	SH		SOLE		0	0	136,134
Kinder Morgan 17wts $40 - 5/25	Common	49456B119	51	12,507	SH		SOLE		0	0	12,507
Kinder Morgan Inc	Common	49456B101	14,345	341,062	SH		SOLE		0	0	341,062
Kraft Foods Group	Common	50076Q106	892	10,244	SH		SOLE		0	0	10,244
Leggett & Platt Inc	Common	524660107	18,019	390,959	SH		SOLE		0	0	390,959
Lockheed Martin Corp	Common	539830109	18,023	88,800	SH		SOLE		0	0	88,800
Mastercard Inc	Common	57636Q104	246	2,852	SH		SOLE		0	0	2,852
Mc Donalds Corp	Common	580135101	14,850	152,402	SH		SOLE		0	0	152,402
Meadwestvaco Corporation	Common	583334107	155	3,104	SH		SOLE		0	0	3,104
Merck & Co Inc	Common	589331107	1,042	18,128	SH		SOLE		0	0	18,128
Microsoft Corp	Common	594918104	509	12,518	SH		SOLE		0	0	12,518
Mondelez Intl Inc Cl A	Common	609207105	245	6,787	SH		SOLE		0	0	6,787
Natl Retail	Common	637417601	160	6,100	SH		SOLE		0	0	6,100
Nestle S A Reg B Adr	Common	641069406	131	1,741	SH		SOLE		0	0	1,741
NextEra Energy Inc	Common	65339F101	15,785	151,704	SH		SOLE		0	0	151,704
Norfolk Southern Corp	Common	655844108	138	1,337	SH		SOLE		0	0	1,337
Northrop Grumman Corp	Common	666807102	446	2,770	SH		SOLE		0	0	2,770
Novartis A G Spon Adr	Common	66987V109	15,936	161,610	SH		SOLE		0	0	161,610
Nucor Corp	Common	670346105	110	2,306	SH		SOLE		0	0	2,306
Nvidia Corp	Common	67066G104	208	9,942	SH		SOLE		0	0	9,942
Oracle Corporation	Common	68389X105	206	4,767	SH		SOLE		0	0	4,767
P P G Industries Inc	Common	693506107	546	2,421	SH		SOLE		0	0	2,421
Paychex Inc	Common	704326107	16,276	328,047	SH		SOLE		0	0	328,047
Pepsico Incorporated	Common	713448108	16,051	167,864	SH		SOLE		0	0	167,864
Pfizer Incorporated	Common	717081103	300	8,635	SH		SOLE		0	0	8,635
Philip Morris Intl Inc	Common	718172109	1,325	17,587	SH		SOLE		0	0	17,587
Pimco Exch Traded Fund	Common	72201R833	2,110	20,865	SH		SOLE		0	0	20,865
Pool Corporation	Common	73278L105	101	1,449	SH		SOLE		0	0	1,449
POWERSHARES QQQ TRUST	Common	73935A104	2,364	22,391	SH		SOLE		0	0	22,391
Proassurance Corporation	Common	74267C106	1,472	32,066	SH		SOLE		0	0	32,066
Procter & Gamble	Common	742718109	14,657	178,879	SH		SOLE		0	0	178,879
Qualcomm Inc	Common	747525103	196	2,830	SH		SOLE		0	0	2,830
Regions Financial Cp New	Common	7591EP100	721	76,253	SH		SOLE		0	0	76,253
Ross Stores Inc	Common	778296103	253	2,401	SH		SOLE		0	0	2,401
Royal Bk Cda Montreal	Common	780087102	709	11,749	SH		SOLE		0	0	11,749
Royal Dutch Shell A Adrf	Common	780259206	7,930	132,944	SH		SOLE		0	0	132,944
Royal Dutch Shell B Adrf	Common	780259107	4,905	78,222	SH		SOLE		0	0	78,222
Scana Corporation New	Common	80589M102	595	10,828	SH		SOLE		0	0	10,828
Schlumberger Ltd	Common	806857108	654	7,840	SH		SOLE		0	0	7,840
Seadrill Ltd	Common	G7945E105	103	11,000	SH		SOLE		0	0	11,000
Sempra Energy	Common	816851109	131	1,201	SH		SOLE		0	0	1,201
Servisfirst Bancshares	Common	81768T108	4,368	132,400	SH		SOLE		0	0	132,400
Sherwin Williams Co	Common	824348106	175	615	SH		SOLE		0	0	615
Shire PLC	Common	82481R106	237	992	SH		SOLE		0	0	992
Stryker Corp	Common	863667101	377	4,091	SH		SOLE		0	0	4,091
Suntrust Banks Inc	Common	867914103	106	2,577	SH		SOLE		0	0	2,577
Synovus Financial Corp	Common	87161C105	979	34,956	SH		SOLE		0	0	34,956
T J X Co. Inc	Common	872540109	211	3,006	SH		SOLE		0	0	3,006
The Southern Company	Common	842587107	15,354	346,757	SH		SOLE		0	0	346,757
Tiffany & Co New	Common	886547108	129	1,466	SH		SOLE		0	0	1,466
Torchmark Corporation	Common	891027104	2,297	41,818	SH		SOLE		0	0	41,818
Tupperware Brands Corp	Common	899896104	173	2,510	SH		SOLE		0	0	2,510
U S Bancorp Del New	Common	902973304	234	5,361	SH		SOLE		0	0	5,361
Unilever N V Ny Shs Newf	Common	904784709	2,408	57,651	SH		SOLE		0	0	57,651
Unilever Plc Adr New	Common	904767704	11,938	286,207	SH		SOLE		0	0	286,207
Union Pacific Corp	Common	907818108	121	1,113	SH		SOLE		0	0	1,113
United Technologies Corp	Common	913017109	15,982	136,368	SH		SOLE		0	0	136,368
V F Corporation	Common	918204108	297	3,949	SH		SOLE		0	0	3,949
Verizon Communications	Common	92343V104	15,354	315,728	SH		SOLE		0	0	315,728
Visa Inc Cl A	Common	92826C839	243	3,708	SH		SOLE		0	0	3,708
Vulcan Materials Company	Common	929160109	4,264	50,586	SH		SOLE		0	0	50,586
Waddell & Reed Finl Cl A	Common	930059100	242	4,895	SH		SOLE		0	0	4,895
Wal-Mart Stores Inc	Common	931142103	312	3,790	SH		SOLE		0	0	3,790
Walgreens Boots Allianc	Common	931427108	754	8,901	SH		SOLE		0	0	8,901
Wells Fargo & Co New	Common	949746101	904	16,615	SH		SOLE		0	0	16,615
Xcel Energy Inc	Common	98389B100	295	8,463	SH		SOLE		0	0	8,463
Xpo Logistics Inc	Common	983793100	236	5,200	SH		SOLE		0	0	5,200
Yum Brands Inc	Common	988498101	440	5,595	SH		SOLE		0	0	5,595
Ziopharm Oncology	Common	98973P101	256	23,752	SH		SOLE		0	0	23,752
Ishares S&P 500 Value	Common	464287408	313	3,382	SH		SOLE		0	0	3,382
Ishares Silver TRUST	Common	46428Q109	363	22,789	SH		SOLE		0	0	22,789
Ishares Tr Comex Gold	Common	464285105	187	16,300	SH		SOLE		0	0	16,300
Ishares Tr Msci Eafe Fd	Common	464287465	2,113	32,921	SH		SOLE		0	0	32,921
Ishares Tr Russell	Common	464287655	2,438	19,601	SH		SOLE		0	0	19,601
Powershares RAFI Emerging Mkt	Common	73936T763	347	18,761	SH		SOLE		0	0	18,761
Powershares RAFI Small/Mid Cap	Common	73935X567	371	3,569	SH		SOLE		0	0	3,569
Powershs RAFI Large Cap US	Common	73935X583	900	9,859	SH		SOLE		0	0	9,859
Streettracks Gold TRUST	Common	863307104	1,005	8,846	SH		SOLE		0	0	8,846