# EDGAR Filing Document

**Accession Number:** 0001134152
**File Stem:** 0001134152-25-000011
**Filing Date:** 2025-11
**Character Count:** 20199
**Document Hash:** e7cf8d351981988c4d6bb3c007dae95e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001134152-25-000011.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001134152-25-000011

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**EFFECTIVENESS DATE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADELL HARRIMAN & CARPENTER INC
- **CENTRAL INDEX KEY:** 0001134152

**ORGANIZATION NAME:**
- **EIN:** 760484482

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06247
- **FILM NUMBER:** 251449324

**BUSINESS ADDRESS:**
- **STREET 1:** 2700 POST OAK BLVD
- **STREET 2:** STE 1200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
- **BUSINESS PHONE:** 7136211155

**MAIL ADDRESS:**
- **STREET 1:** 2700 POST OAK BLVD
- **STREET 2:** STE 1200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** ADELL HARRIMAN  CARPENTER INC<br>**Address:** 2700 POST OAK BLVD<br>STE 1200<br>HOUSTON, TX 77056

**Form 13F File Number:** 028-06247

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:** Leia P. Carpenter<br>**Title:** Principal<br>**Phone:** 713-621-1155

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

Leia P. Carpenter  Houston, TX  11-04-2025<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:** 170

**Form 13F Information Table Value Total:** $1646524694

      (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 |
| Apple Inc | Com | 037833100 |  | 101040282 | 396812 | SH |  | SOLE |  | 396812 | 0 | 0 |
| AbbVie Inc | Com | 00287Y109 |  | 39152674 | 169096 | SH |  | SOLE |  | 169096 | 0 | 0 |
| Abbott Laboratories | Com | 002824100 |  | 1713395 | 12792 | SH |  | SOLE |  | 12792 | 0 | 0 |
| Accenture PLC | Com | G1151C101 |  | 325891 | 1321 | SH |  | SOLE |  | 1321 | 0 | 0 |
| Adobe Inc | Com | 00724F101 |  | 952425 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| Automatic Data Processing Inc | Com | 053015103 |  | 934321 | 3183 | SH |  | SOLE |  | 3183 | 0 | 0 |
| Advanced Micro Devices | Com | 007903107 |  | 489091 | 3023 | SH |  | SOLE |  | 3023 | 0 | 0 |
| Amgen Inc | Com | 031162100 |  | 5756861 | 20399 | SH |  | SOLE |  | 20399 | 0 | 0 |
| American Tower Corp | Com | 03027X100 |  | 5891427 | 30633 | SH |  | SOLE |  | 30633 | 0 | 0 |
| Amazon.com Inc | Com | 023135106 |  | 47466841 | 216180 | SH |  | SOLE |  | 216180 | 0 | 0 |
| Amphenol Corp | Com | 032095101 |  | 884317 | 7146 | SH |  | SOLE |  | 7146 | 0 | 0 |
| ASML Holding NV | Com | N07059210 |  | 1033920 | 1068 | SH |  | SOLE |  | 1068 | 0 | 0 |
| Broadcom Inc | Com | 11135F101 |  | 156798003 | 475275 | SH |  | SOLE |  | 475275 | 0 | 0 |
| Analog Devices Inc | Com | 032654105 |  | 226044 | 920 | SH |  | SOLE |  | 920 | 0 | 0 |
| American Express Co | Com | 025816109 |  | 309312 | 931 | SH |  | SOLE |  | 931 | 0 | 0 |
| Boeing Co | Com | 097023105 |  | 565474 | 2620 | SH |  | SOLE |  | 2620 | 0 | 0 |
| Bank of America Corp | Com | 060505104 |  | 2793826 | 54154 | SH |  | SOLE |  | 54154 | 0 | 0 |
| Invesco Senior Loan | Com | 46138G508 |  | 3232596 | 154448 | SH |  | SOLE |  | 154448 | 0 | 0 |
| BlackRock Inc | Com | 09290D101 |  | 10553836 | 9052 | SH |  | SOLE |  | 9052 | 0 | 0 |
| Berkshire Hathaway Inc Class B | Com | 084670702 |  | 515308 | 1025 | SH |  | SOLE |  | 1025 | 0 | 0 |
| Boston Scientific | Com | 101137107 |  | 5514733 | 56486 | SH |  | SOLE |  | 56486 | 0 | 0 |
| Blackstone Inc | Com | 09260D107 |  | 43566527 | 254998 | SH |  | SOLE |  | 254998 | 0 | 0 |
| Citigroup Inc | Com | 172967424 |  | 10378907 | 102255 | SH |  | SOLE |  | 102255 | 0 | 0 |
| Caterpillar Inc | Com | 149123101 |  | 1080267 | 2264 | SH |  | SOLE |  | 2264 | 0 | 0 |
| Crown Castle Inc | Com | 22822V101 |  | 365890 | 3792 | SH |  | SOLE |  | 3792 | 0 | 0 |
| Constellation Energy | Com | 21037T109 |  | 4045045 | 12292 | SH |  | SOLE |  | 12292 | 0 | 0 |
| Comcast Corp A | Com | 20030N101 |  | 441608 | 14055 | SH |  | SOLE |  | 14055 | 0 | 0 |
| Cummins Inc | Com | 231021106 |  | 7191716 | 17027 | SH |  | SOLE |  | 17027 | 0 | 0 |
| ConocoPhillips | Com | 20825C104 |  | 552991 | 5846 | SH |  | SOLE |  | 5846 | 0 | 0 |
| Costco Wholesale Corp | Com | 22160K105 |  | 36579568 | 39518 | SH |  | SOLE |  | 39518 | 0 | 0 |
| Chesapeake Utilities Corp | Com | 165303108 |  | 619574 | 4600 | SH |  | SOLE |  | 4600 | 0 | 0 |
| Salesforce Inc | Com | 79466L302 |  | 7961304 | 33592 | SH |  | SOLE |  | 33592 | 0 | 0 |
| Crowdstrike Hldgs Inc Cl A | Com | 22788C105 |  | 18542248 | 37812 | SH |  | SOLE |  | 37812 | 0 | 0 |
| Cisco Systems Inc | Com | 17275R102 |  | 19336854 | 282619 | SH |  | SOLE |  | 282619 | 0 | 0 |
| CoStar Group Inc | Com | 22160N109 |  | 202909 | 2405 | SH |  | SOLE |  | 2405 | 0 | 0 |
| Chevron Corp | Com | 166764100 |  | 10524811 | 67775 | SH |  | SOLE |  | 67775 | 0 | 0 |
| Deere  Company | Com | 244199105 |  | 210339 | 460 | SH |  | SOLE |  | 460 | 0 | 0 |
| Dell Technologies -C | Com | 24703L202 |  | 4214538 | 29728 | SH |  | SOLE |  | 29728 | 0 | 0 |
| iShares Core Dividend Growth ETF | Com | 46434V621 |  | 856718 | 12584 | SH |  | SOLE |  | 12584 | 0 | 0 |
| Danaher Corp | Com | 235851102 |  | 1696709 | 8558 | SH |  | SOLE |  | 8558 | 0 | 0 |
| Walt Disney Co | Com | 254687106 |  | 1756314 | 15338 | SH |  | SOLE |  | 15338 | 0 | 0 |
| Digital Realty Trust Inc | Com | 253868103 |  | 6718808 | 38864 | SH |  | SOLE |  | 38864 | 0 | 0 |
| Darden Restaurants Inc. | Com | 237194105 |  | 2834460 | 14890 | SH |  | SOLE |  | 14890 | 0 | 0 |
| Duke Energy Corp | Com | 26441C204 |  | 229680 | 1856 | SH |  | SOLE |  | 1856 | 0 | 0 |
| iShares MSCI Emerging Markets ETF | Com | 464287234 |  | 554932 | 10392 | SH |  | SOLE |  | 10392 | 0 | 0 |
| Emerson Electric Co | Com | 291011104 |  | 14815866 | 112943 | SH |  | SOLE |  | 112943 | 0 | 0 |
| Enbridge Inc | Com | 29250N105 |  | 5588747 | 110756 | SH |  | SOLE |  | 110756 | 0 | 0 |
| Enterprise Products Partners LP | Com | 293792107 |  | 6251975 | 199935 | SH |  | SOLE |  | 199935 | 0 | 0 |
| Equinix Inc | Com | 29444U700 |  | 15913275 | 20317 | SH |  | SOLE |  | 20317 | 0 | 0 |
| Energy Transfer LP | Com | 29273V100 |  | 4828497 | 281381 | SH |  | SOLE |  | 281381 | 0 | 0 |
| Eaton Corp PLC | Com | G29183103 |  | 21689883 | 57955 | SH |  | SOLE |  | 57955 | 0 | 0 |
| Evercore Inc | Com | 29977A105 |  | 206777 | 613 | SH |  | SOLE |  | 613 | 0 | 0 |
| Fidelity Blue Chip Growth ETF | Com | 316092352 |  | 2203386 | 41062 | SH |  | SOLE |  | 41062 | 0 | 0 |
| General Dynamics Corporation | Com | 369550108 |  | 315425 | 925 | SH |  | SOLE |  | 925 | 0 | 0 |
| Ge Vernova Inc | Com | 36828A101 |  | 709594 | 1154 | SH |  | SOLE |  | 1154 | 0 | 0 |
| General Electric Company | Com | 369604301 |  | 314356 | 1045 | SH |  | SOLE |  | 1045 | 0 | 0 |
| General Mills Inc | Com | 370334104 |  | 310896 | 6166 | SH |  | SOLE |  | 6166 | 0 | 0 |
| Alphabet Inc Class C | Com | 02079K107 |  | 23993635 | 98516 | SH |  | SOLE |  | 98516 | 0 | 0 |
| Alphabet Inc Class A | Com | 02079K305 |  | 37120495 | 152696 | SH |  | SOLE |  | 152696 | 0 | 0 |
| Goldman Sachs Group Inc | Com | 38141G104 |  | 16663623 | 20925 | SH |  | SOLE |  | 20925 | 0 | 0 |
| Goldman Sachs Access Ultra Short Bd ETF | Com | 381430230 |  | 6208265 | 122451 | SH |  | SOLE |  | 122451 | 0 | 0 |
| Home Depot Inc | Com | 437076102 |  | 25498449 | 62929 | SH |  | SOLE |  | 62929 | 0 | 0 |
| Honeywell International | Com | 438516106 |  | 7131325 | 33878 | SH |  | SOLE |  | 33878 | 0 | 0 |
| Horizon Technology Finance C | Com | 44045A102 |  | 73200 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| iShares Biotechnology ETF | Com | 464287556 |  | 1065161 | 7378 | SH |  | SOLE |  | 7378 | 0 | 0 |
| International Business Machines | Com | 459200101 |  | 19206027 | 68067 | SH |  | SOLE |  | 68067 | 0 | 0 |
| IDEXX Labs Corp | Com | 45168D104 |  | 647834 | 1014 | SH |  | SOLE |  | 1014 | 0 | 0 |
| iShares Morningstar Growth ETF | Com | 464287119 |  | 2844261 | 27270 | SH |  | SOLE |  | 27270 | 0 | 0 |
| iShares Morningstar Mid Cap Core Index | Com | 464288208 |  | 357115 | 4300 | SH |  | SOLE |  | 4300 | 0 | 0 |
| Intel Corp | Com | 458140100 |  | 334250 | 9962 | SH |  | SOLE |  | 9962 | 0 | 0 |
| iShares S Global 100 Index | Com | 464287572 |  | 348029 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| Iron Mountain Inc | Com | 46284V101 |  | 33264551 | 326315 | SH |  | SOLE |  | 326315 | 0 | 0 |
| iShares Morningstar Small-Cap Growth ETF | Com | 464288604 |  | 477701 | 8796 | SH |  | SOLE |  | 8796 | 0 | 0 |
| Intuitive Surgical Inc | Com | 46120E602 |  | 294277 | 658 | SH |  | SOLE |  | 658 | 0 | 0 |
| iShares Core S 500 | Com | 464287200 |  | 471856 | 705 | SH |  | SOLE |  | 705 | 0 | 0 |
| iShares Russell 1000 Growth ETF | Com | 464287614 |  | 379412 | 810 | SH |  | SOLE |  | 810 | 0 | 0 |
| iShares Russell 2000 ETF | Com | 464287655 |  | 577558 | 2387 | SH |  | SOLE |  | 2387 | 0 | 0 |
| iShares Dow Jones US Financial Services Sector Index | Com | 464287770 |  | 215136 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| iShares US Consumer Services ETF | Com | 464287580 |  | 555440 | 5300 | SH |  | SOLE |  | 5300 | 0 | 0 |
| iShares U.S. Financials ETF | Com | 464287788 |  | 430576 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| iShares U.S. Industrials ETF | Com | 464287754 |  | 758550 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| iShares Dow Jones US Basic Materials Sector Index | Com | 464287838 |  | 235209 | 1587 | SH |  | SOLE |  | 1587 | 0 | 0 |
| iShares Dow Jones US Real Estate | Com | 464287739 |  | 837576 | 8627 | SH |  | SOLE |  | 8627 | 0 | 0 |
| iShares U.S. Technology ETF | Com | 464287721 |  | 2350320 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| iShares Russell 1000 ETF | Com | 464287622 |  | 362921 | 993 | SH |  | SOLE |  | 993 | 0 | 0 |
| JPMorgan Ultra-Short Municipal Inc ETF | Com | 46641Q654 |  | 599720 | 11750 | SH |  | SOLE |  | 11750 | 0 | 0 |
| Johnson  Johnson | Com | 478160104 |  | 5871509 | 31665 | SH |  | SOLE |  | 31665 | 0 | 0 |
| JP Morgan Chase  Co. | Com | 46625H100 |  | 35933178 | 113918 | SH |  | SOLE |  | 113918 | 0 | 0 |
| JPMorgan Ultra-Short Income ETF | Com | 46641Q837 |  | 4010967 | 79065 | SH |  | SOLE |  | 79065 | 0 | 0 |
| Joint Corp | Com | 47973J102 |  | 477000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| Invesco KBW High Dividend Yield Financial | Com | 46138E610 |  | 147477 | 10900 | SH |  | SOLE |  | 10900 | 0 | 0 |
| Kimco Realty Corp | Com | 49446R109 |  | 482551 | 22084 | SH |  | SOLE |  | 22084 | 0 | 0 |
| KKR  Co Inc A | Com | 48251W104 |  | 34309797 | 264023 | SH |  | SOLE |  | 264023 | 0 | 0 |
| Kinder Morgan Inc | Com | 49456B101 |  | 1686341 | 59567 | SH |  | SOLE |  | 59567 | 0 | 0 |
| Coca Cola Company | Com | 191216100 |  | 8932138 | 134682 | SH |  | SOLE |  | 134682 | 0 | 0 |
| L3 Harris Technologies Inc | Com | 502431109 |  | 2261466 | 7404 | SH |  | SOLE |  | 7404 | 0 | 0 |
| Eli Lilly and Company | Com | 532457108 |  | 9382569 | 12296 | SH |  | SOLE |  | 12296 | 0 | 0 |
| Lockheed Martin Corp | Com | 539830109 |  | 261086 | 523 | SH |  | SOLE |  | 523 | 0 | 0 |
| Lowe's Companies Inc | Com | 548661107 |  | 330777 | 1316 | SH |  | SOLE |  | 1316 | 0 | 0 |
| Lyondellbasell Industries N V | Com | N53745100 |  | 563312 | 11486 | SH |  | SOLE |  | 11486 | 0 | 0 |
| Mastercard Inc | Com | 57636Q104 |  | 21352325 | 37538 | SH |  | SOLE |  | 37538 | 0 | 0 |
| MainStreet Capital Corp | Com | 56035L104 |  | 28901222 | 454493 | SH |  | SOLE |  | 454493 | 0 | 0 |
| McDonald's Corporation | Com | 580135101 |  | 6322513 | 20805 | SH |  | SOLE |  | 20805 | 0 | 0 |
| Mondelez Intl Inc | Com | 609207105 |  | 2177604 | 34858 | SH |  | SOLE |  | 34858 | 0 | 0 |
| Mercadolibre Inc | Com | 58733R102 |  | 1397490 | 598 | SH |  | SOLE |  | 598 | 0 | 0 |
| Meta Platforms Inc | Com | 30303M102 |  | 3047626 | 4149 | SH |  | SOLE |  | 4149 | 0 | 0 |
| Marriott Intl Inc Cl A | Com | 571903202 |  | 319985 | 1228 | SH |  | SOLE |  | 1228 | 0 | 0 |
| Altria Group Inc | Com | 02209S103 |  | 413350 | 6257 | SH |  | SOLE |  | 6257 | 0 | 0 |
| Marathon Petroleum Corp | Com | 56585A102 |  | 6696751 | 34745 | SH |  | SOLE |  | 34745 | 0 | 0 |
| MPLX LP | Com | 55336V100 |  | 4215530 | 84395 | SH |  | SOLE |  | 84395 | 0 | 0 |
| Merck  Co Inc | Com | 58933Y105 |  | 1198285 | 14277 | SH |  | SOLE |  | 14277 | 0 | 0 |
| Marvell Technology Inc | Com | 573874104 |  | 5898260 | 70158 | SH |  | SOLE |  | 70158 | 0 | 0 |
| Morgan Stanley | Com | 617446448 |  | 4759518 | 29941 | SH |  | SOLE |  | 29941 | 0 | 0 |
| Microsoft Corp | Com | 594918104 |  | 80476435 | 155374 | SH |  | SOLE |  | 155374 | 0 | 0 |
| Micron Technology Inc | Com | 595112103 |  | 13117720 | 78399 | SH |  | SOLE |  | 78399 | 0 | 0 |
| NextEra Energy Inc | Com | 65339F101 |  | 3522622 | 46663 | SH |  | SOLE |  | 46663 | 0 | 0 |
| Netflix Inc | Com | 64110L106 |  | 1967427 | 1641 | SH |  | SOLE |  | 1641 | 0 | 0 |
| ServiceNow Inc | Com | 81762P102 |  | 979177 | 1064 | SH |  | SOLE |  | 1064 | 0 | 0 |
| Nvidia Corp | Com | 67066G104 |  | 146986031 | 787790 | SH |  | SOLE |  | 787790 | 0 | 0 |
| Oneok Inc | Com | 682680103 |  | 289763 | 3971 | SH |  | SOLE |  | 3971 | 0 | 0 |
| Nike Inc Class B | Com | 654106103 |  | 246286 | 3532 | SH |  | SOLE |  | 3532 | 0 | 0 |
| Oracle Corporation | Com | 68389X105 |  | 25850265 | 91915 | SH |  | SOLE |  | 91915 | 0 | 0 |
| Palo Alto Networks Com | Com | 697435105 |  | 45439692 | 223159 | SH |  | SOLE |  | 223159 | 0 | 0 |
| Invesco CEF Income Composite | Com | 46138E404 |  | 2908610 | 145649 | SH |  | SOLE |  | 145649 | 0 | 0 |
| Pepsico Incorporated | Com | 713448108 |  | 4673169 | 33275 | SH |  | SOLE |  | 33275 | 0 | 0 |
| Pfizer Inc | Com | 717081103 |  | 6494594 | 254889 | SH |  | SOLE |  | 254889 | 0 | 0 |
| Procter  Gamble Co | Com | 742718109 |  | 2172714 | 14140 | SH |  | SOLE |  | 14140 | 0 | 0 |
| ProLogis Inc | Com | 74340W103 |  | 3883831 | 33914 | SH |  | SOLE |  | 33914 | 0 | 0 |
| Philip Morris International Inc | Com | 718172109 |  | 587517 | 3622 | SH |  | SOLE |  | 3622 | 0 | 0 |
| Permian Resources Corp A | Com | 71424F105 |  | 184460 | 14411 | SH |  | SOLE |  | 14411 | 0 | 0 |
| Public Storage Inc | Com | 74460D109 |  | 354996 | 1229 | SH |  | SOLE |  | 1229 | 0 | 0 |
| Phillips 66 | Com | 718546104 |  | 9922676 | 72950 | SH |  | SOLE |  | 72950 | 0 | 0 |
| Quanta Services Inc | Com | 74762E102 |  | 50404246 | 121626 | SH |  | SOLE |  | 121626 | 0 | 0 |
| Qualcomm Incorporated | Com | 747525103 |  | 8103344 | 48709 | SH |  | SOLE |  | 48709 | 0 | 0 |
| Proshares Ultra QQQ | Com | 74347R206 |  | 474712 | 3460 | SH |  | SOLE |  | 3460 | 0 | 0 |
| Invesco QQQ Trust Series 1 | Com | 46090E103 |  | 480055 | 799 | SH |  | SOLE |  | 799 | 0 | 0 |
| Polo Ralph Lauren Corp Cl A | Com | 751212101 |  | 1723012 | 5495 | SH |  | SOLE |  | 5495 | 0 | 0 |
| RTX Corporation | Com | 75513E101 |  | 16727113 | 99964 | SH |  | SOLE |  | 99964 | 0 | 0 |
| Royal Caribbean Cruises | Com | V7780T103 |  | 386030 | 1193 | SH |  | SOLE |  | 1193 | 0 | 0 |
| Starbucks Corp | Com | 855244109 |  | 1645547 | 19450 | SH |  | SOLE |  | 19450 | 0 | 0 |
| Proshares Ultra Short S | Com | 74347G416 |  | 249045 | 17235 | SH |  | SOLE |  | 17235 | 0 | 0 |
| Seagate Technology | Com | G7997R103 |  | 267692 | 1134 | SH |  | SOLE |  | 1134 | 0 | 0 |
| Shell PLC A Spons ADR | Com | 780259305 |  | 10704533 | 149650 | SH |  | SOLE |  | 149650 | 0 | 0 |
| Sherwin Williams Co | Com | 824348106 |  | 1426591 | 4120 | SH |  | SOLE |  | 4120 | 0 | 0 |
| iShares 0-5 Year High Yield Corporate Bond | Com | 46434V407 |  | 4807512 | 111028 | SH |  | SOLE |  | 111028 | 0 | 0 |
| SPDR Bloomberg Short Term High Yield Bond ETF | Com | 78468R408 |  | 4629875 | 180854 | SH |  | SOLE |  | 180854 | 0 | 0 |
| Simon Property Group Inc | Com | 828806109 |  | 2516279 | 13408 | SH |  | SOLE |  | 13408 | 0 | 0 |
| SPDR S 500 Trust | Com | 78462F103 |  | 522285 | 784 | SH |  | SOLE |  | 784 | 0 | 0 |
| SPDR Blackstone / GSO Senior Loan ETF | Com | 78467V608 |  | 3532969 | 84968 | SH |  | SOLE |  | 84968 | 0 | 0 |
| Starwood Property Trust Inc | Com | 85571B105 |  | 5823726 | 300657 | SH |  | SOLE |  | 300657 | 0 | 0 |
| AT Inc | Com | 00206R102 |  | 6766157 | 239594 | SH |  | SOLE |  | 239594 | 0 | 0 |
| Toronto-Dominion Bank | Com | 891160509 |  | 485696 | 6075 | SH |  | SOLE |  | 6075 | 0 | 0 |
| TJX Companies Inc | Com | 872540109 |  | 2677458 | 18524 | SH |  | SOLE |  | 18524 | 0 | 0 |
| Thermo Fisher Scientific Inc | Com | 883556102 |  | 4184752 | 8628 | SH |  | SOLE |  | 8628 | 0 | 0 |
| Tesla Inc | Com | 88160R101 |  | 4531007 | 10188 | SH |  | SOLE |  | 10188 | 0 | 0 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR | Com | 874039100 |  | 15405590 | 55159 | SH |  | SOLE |  | 55159 | 0 | 0 |
| Texas Instruments Inc | Com | 882508104 |  | 2092647 | 11389 | SH |  | SOLE |  | 11389 | 0 | 0 |
| Tyler Technologies Inc | Com | 902252105 |  | 246408 | 471 | SH |  | SOLE |  | 471 | 0 | 0 |
| UnitedHealth Group Inc | Com | 91324P102 |  | 2176543 | 6303 | SH |  | SOLE |  | 6303 | 0 | 0 |
| United Rentals Inc | Com | 911363109 |  | 753226 | 789 | SH |  | SOLE |  | 789 | 0 | 0 |
| Visa Inc | Com | 92826C839 |  | 38297915 | 112185 | SH |  | SOLE |  | 112185 | 0 | 0 |
| Valero Energy Corp | Com | 91913Y100 |  | 14739719 | 86571 | SH |  | SOLE |  | 86571 | 0 | 0 |
| Vanguard S 500 | Com | 922908363 |  | 443975 | 725 | SH |  | SOLE |  | 725 | 0 | 0 |
| Verizon Communications | Com | 92343V104 |  | 5452274 | 124056 | SH |  | SOLE |  | 124056 | 0 | 0 |
| Waste Management Inc | Com | 94106L109 |  | 511000 | 2314 | SH |  | SOLE |  | 2314 | 0 | 0 |
| Williams Companies | Com | 969457100 |  | 28453464 | 449147 | SH |  | SOLE |  | 449147 | 0 | 0 |
| Walmart Inc | Com | 931142103 |  | 18007696 | 174730 | SH |  | SOLE |  | 174730 | 0 | 0 |
| Watsco Inc | Com | 942622200 |  | 382063 | 945 | SH |  | SOLE |  | 945 | 0 | 0 |
| Exxon Mobil Corporation | Com | 30231G102 |  | 21715869 | 192601 | SH |  | SOLE |  | 192601 | 0 | 0 |
| Zoetis Inc | Com | 98978V103 |  | 303614 | 2075 | SH |  | SOLE |  | 2075 | 0 | 0 |

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