# EDGAR Filing Document

**Accession Number:** 0001307878
**File Stem:** 0001172661-25-002953
**Filing Date:** 2025-8
**Character Count:** 20243
**Document Hash:** a67fa9683e0cb3168f6c13e10e73e260
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-002953.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001172661-25-002953

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**EFFECTIVENESS DATE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LAFFER TENGLER INVESTMENTS, INC.
- **CENTRAL INDEX KEY:** 0001307878

**ORGANIZATION NAME:**
- **EIN:** 200536838
- **STATE OF INCORPORATION:** TN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-10975
- **FILM NUMBER:** 251194440

**BUSINESS ADDRESS:**
- **STREET 1:** 103 MURPHY COURT
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37203
- **BUSINESS PHONE:** 4089485999

**MAIL ADDRESS:**
- **STREET 1:** 6730 N SCOTTSDALE ROAD
- **STREET 2:** SUITE 230
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85253

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Laffer Tengler Investments, Inc.
- **DATE OF NAME CHANGE:** 20230803

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Laffer Tengler Investments
- **DATE OF NAME CHANGE:** 20200813

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Laffer Investments
- **DATE OF NAME CHANGE:** 20041104

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** LAFFER TENGLER INVESTMENTS INC.<br>**Address:** 6730 N Scottsdale Road<br>Suite 230<br>Scottsdale, AZ 85253

**Form 13F File Number:** 028-10975

**CRD Number (if applicable):** 000108068

**SEC File Number (if applicable):** 801-56953

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:** Sheila Asher<br>**Title:** Chief Operating Officer<br>**Phone:** 480-998-2269

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

/s/ Sheila Asher  Scottsdale, AZ  08-07-2025<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:** 163

**Form 13F Information Table Value Total:** $561123467

      (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 |
| ABBOTT LABS | COM | 002824100 |  | 474947 | 3492 | SH |  | SOLE |  | 3492 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 11545115 | 62198 | SH |  | SOLE |  | 62198 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 3603418 | 12056 | SH |  | SOLE |  | 12056 | 0 | 0 |
| ADVANCED ENERGY INDS | NOTE 2.500% 9/1 | 007973AE0 |  | 1637986 | 1348 | SH |  | SOLE |  | 1348 | 0 | 0 |
| AEROVIRONMENT INC | COM | 008073108 |  | 569900 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | NOTE 0.375% 9/0 | 00971TAL5 |  | 1917616 | 1970 | SH |  | SOLE |  | 1970 | 0 | 0 |
| ALBEMARLE CORP | 7.25% DEP SHS A | 012653200 |  | 1148359 | 35660 | SH |  | SOLE |  | 35660 | 0 | 0 |
| ALLIANT ENERGY CORP | NOTE 3.875% 3/1 | 018802AC2 |  | 2515127 | 2391 | SH |  | SOLE |  | 2391 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1027620 | 5793 | SH |  | SOLE |  | 5793 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 9230799 | 52379 | SH |  | SOLE |  | 52379 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 11381307 | 51877 | SH |  | SOLE |  | 51877 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 16035983 | 50273 | SH |  | SOLE |  | 50273 | 0 | 0 |
| AMERICAN WTR CAP CORP | NOTE 3.625% 6/1 | 03040WBE4 |  | 2510781 | 2491 | SH |  | SOLE |  | 2491 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 796384 | 2852 | SH |  | SOLE |  | 2852 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 377942 | 2664 | SH |  | SOLE |  | 2664 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | SER A MAND CNV | 03769M304 |  | 3867599 | 51450 | SH |  | SOLE |  | 51450 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 17213789 | 83900 | SH |  | SOLE |  | 83900 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 247145 | 1350 | SH |  | SOLE |  | 1350 | 0 | 0 |
| ARBOR REALTY TRUST INC | NOTE 7.500% 8/0 | 038923BA5 |  | 2787270 | 2632 | SH |  | SOLE |  | 2632 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | 6.75 SE B PFD | 03990B309 |  | 3484074 | 64890 | SH |  | SOLE |  | 64890 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 228273 | 7888 | SH |  | SOLE |  | 7888 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 418356 | 8841 | SH |  | SOLE |  | 8841 | 0 | 0 |
| BANK AMERICA CORP | 7.25%CNV PFD L | 060505682 |  | 3924865 | 3282 | SH |  | SOLE |  | 3282 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 221997 | 457 | SH |  | SOLE |  | 457 | 0 | 0 |
| BLACKROCK ETF TRUST II | ISHARES FLEXIBLE | 092528603 |  | 1077408 | 20390 | SH |  | SOLE |  | 20390 | 0 | 0 |
| BLACKROCK ETF TRUST II | ISHARES AAA CLO | 092528504 |  | 1074121 | 20688 | SH |  | SOLE |  | 20688 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 565412 | 3780 | SH |  | SOLE |  | 3780 | 0 | 0 |
| BLACKSTONE MORTGAGE TRUST IN | NOTE 5.500% 3/1 | 09257WAE0 |  | 2938158 | 2909 | SH |  | SOLE |  | 2909 | 0 | 0 |
| BOEING CO | DEP CONV PFD A | 097023204 |  | 3510939 | 51425 | SH |  | SOLE |  | 51425 | 0 | 0 |
| BOFA FIN LLC | MTNF 0.600% 5/2 | 09709UV70 |  | 1475695 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 25449828 | 92327 | SH |  | SOLE |  | 92327 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 7148257 | 129310 | SH |  | SOLE |  | 129310 | 0 | 0 |
| CAPITAL SOUTHWEST CORP | NOTE 5.125%11/1 | 140501AE7 |  | 3496247 | 3501 | SH |  | SOLE |  | 3501 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 8138362 | 111195 | SH |  | SOLE |  | 111195 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 602114 | 1551 | SH |  | SOLE |  | 1551 | 0 | 0 |
| CENTERPOINT ENERGY INC | NOTE 4.250% 8/1 | 15189TBD8 |  | 2775998 | 2488 | SH |  | SOLE |  | 2488 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 9112268 | 63638 | SH |  | SOLE |  | 63638 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 6326027 | 112663 | SH |  | SOLE |  | 112663 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 5202112 | 74980 | SH |  | SOLE |  | 74980 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 586281 | 8287 | SH |  | SOLE |  | 8287 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 203343 | 2237 | SH |  | SOLE |  | 2237 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 481137 | 13481 | SH |  | SOLE |  | 13481 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 5843616 | 5903 | SH |  | SOLE |  | 5903 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 4579206 | 8991 | SH |  | SOLE |  | 8991 | 0 | 0 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 398449 | 1828 | SH |  | SOLE |  | 1828 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 472010 | 3850 | SH |  | SOLE |  | 3850 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 2032558 | 14793 | SH |  | SOLE |  | 14793 | 0 | 0 |
| DUKE ENERGY CORP NEW | NOTE 4.125% 4/1 | 26441CBY0 |  | 2807048 | 2610 | SH |  | SOLE |  | 2610 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 4455592 | 12481 | SH |  | SOLE |  | 12481 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 489134 | 627 | SH |  | SOLE |  | 627 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 6973559 | 52303 | SH |  | SOLE |  | 52303 | 0 | 0 |
| EOG RES INC | COM | 26875P101 |  | 5771063 | 48249 | SH |  | SOLE |  | 48249 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 1542331 | 26446 | SH |  | SOLE |  | 26446 | 0 | 0 |
| ETF OPPORTUNITIES TRUST | LAFFER TEN EQ IN | 26923N769 |  | 1364623 | 42300 | SH |  | SOLE |  | 42300 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 255809 | 2373 | SH |  | SOLE |  | 2373 | 0 | 0 |
| FIRSTENERGY CORP | NOTE 4.000% 5/0 | 337932AR8 |  | 2264270 | 2219 | SH |  | SOLE |  | 2219 | 0 | 0 |
| GLOBAL PMTS INC | NOTE 1.500% 3/0 | 37940XAU6 |  | 1488735 | 1644 | SH |  | SOLE |  | 1644 | 0 | 0 |
| GLOBAL SELF STORAGE INC | COM | 37955N106 |  | 387625 | 72589 | SH |  | SOLE |  | 72589 | 0 | 0 |
| GLOBAL X FDS | GB MSCI AR ETF | 37950E259 |  | 217841 | 2571 | SH |  | SOLE |  | 2571 | 0 | 0 |
| GLOBAL X FDS | DAX GERMANY ETF | 37954Y491 |  | 351173 | 7816 | SH |  | SOLE |  | 7816 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 18297461 | 25853 | SH |  | SOLE |  | 25853 | 0 | 0 |
| HALOZYME THERAPEUTICS INC | NOTE 0.250% 3/0 | 40637HAD1 |  | 1979403 | 1984 | SH |  | SOLE |  | 1984 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | 7.625 MAND CONV | 42824C208 |  | 2939021 | 49765 | SH |  | SOLE |  | 49765 | 0 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 332925 | 1250 | SH |  | SOLE |  | 1250 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 11109192 | 30300 | SH |  | SOLE |  | 30300 | 0 | 0 |
| ICON PLC | SHS | G4705A100 |  | 305445 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 291222 | 988 | SH |  | SOLE |  | 988 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 611336 | 1125 | SH |  | SOLE |  | 1125 | 0 | 0 |
| INVESCO ACTIVELY MANAGED EXC | VAR RATE INVT | 46090A879 |  | 2172887 | 86742 | SH |  | SOLE |  | 86742 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 995002 | 1804 | SH |  | SOLE |  | 1804 | 0 | 0 |
| ISHARES INC | MSCI SWEDEN ETF | 464286756 |  | 281896 | 6163 | SH |  | SOLE |  | 6163 | 0 | 0 |
| ISHARES INC | MSCI AUST ETF | 464286103 |  | 266780 | 10136 | SH |  | SOLE |  | 10136 | 0 | 0 |
| ISHARES TR | BB RAT CORP BD | 46435U473 |  | 939577 | 19991 | SH |  | SOLE |  | 19991 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 281606 | 1305 | SH |  | SOLE |  | 1305 | 0 | 0 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 552141 | 1626 | SH |  | SOLE |  | 1626 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 247887 | 4452 | SH |  | SOLE |  | 4452 | 0 | 0 |
| ISHARES TR | 0-5YR HI YL CP | 46434V407 |  | 1610416 | 37330 | SH |  | SOLE |  | 37330 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | BETABUILDERS CDA | 46641Q225 |  | 244279 | 3027 | SH |  | SOLE |  | 3027 | 0 | 0 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 1338633 | 26377 | SH |  | SOLE |  | 26377 | 0 | 0 |
| JAZZ INVESTMENTS I LTD | NOTE 2.000% 6/1 | 472145AF8 |  | 2319894 | 2289 | SH |  | SOLE |  | 2289 | 0 | 0 |
| JAZZ PHARMACEUTICALS PLC | SHS USD | G50871105 |  | 1427314 | 13450 | SH |  | SOLE |  | 13450 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 7700924 | 50415 | SH |  | SOLE |  | 50415 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 15178486 | 52356 | SH |  | SOLE |  | 52356 | 0 | 0 |
| KKR  CO INC | 6.25 CON SER D | 48251W500 |  | 2938516 | 54820 | SH |  | SOLE |  | 54820 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 6148346 | 24511 | SH |  | SOLE |  | 24511 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 9569009 | 98305 | SH |  | SOLE |  | 98305 | 0 | 0 |
| LANTHEUS HLDGS INC | NOTE 2.625%12/1 | 516544AB9 |  | 1939987 | 1524 | SH |  | SOLE |  | 1524 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 594920 | 1268 | SH |  | SOLE |  | 1268 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 3232471 | 6979 | SH |  | SOLE |  | 6979 | 0 | 0 |
| LUMENTUM HLDGS INC | NOTE 0.500%12/1 | 55024UAD1 |  | 2610288 | 2217 | SH |  | SOLE |  | 2217 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 5931051 | 20300 | SH |  | SOLE |  | 20300 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 4103179 | 47071 | SH |  | SOLE |  | 47071 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 744885 | 285 | SH |  | SOLE |  | 285 | 0 | 0 |
| MERITAGE HOMES CORP | NOTE 1.750% 5/1 | 59001ABF8 |  | 1958550 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 600805 | 814 | SH |  | SOLE |  | 814 | 0 | 0 |
| MICROCHIP TECHNOLOGY INC. | DEP SHS REPSTG | 595017302 |  | 2264408 | 34530 | SH |  | SOLE |  | 34530 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 23507870 | 47261 | SH |  | SOLE |  | 47261 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 395394 | 2807 | SH |  | SOLE |  | 2807 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 988081 | 2350 | SH |  | SOLE |  | 2350 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 2186799 | 1633 | SH |  | SOLE |  | 1633 | 0 | 0 |
| NEW MTN FIN CORP | NOTE 7.500%10/1 | 647551AE0 |  | 2656551 | 2561 | SH |  | SOLE |  | 2561 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 4016225 | 57854 | SH |  | SOLE |  | 57854 | 0 | 0 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 457653 | 2850 | SH |  | SOLE |  | 2850 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 7184930 | 45477 | SH |  | SOLE |  | 45477 | 0 | 0 |
| NVR INC | COM | 62944T105 |  | 443140 | 60 | SH |  | SOLE |  | 60 | 0 | 0 |
| ON SEMICONDUCTOR CORP | NOTE 0.500% 3/0 | 682189AU9 |  | 2791264 | 3007 | SH |  | SOLE |  | 3007 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 13558776 | 62017 | SH |  | SOLE |  | 62017 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 5379596 | 39463 | SH |  | SOLE |  | 39463 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 9808395 | 47930 | SH |  | SOLE |  | 47930 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 1396940 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| PARSONS CORP DEL | NOTE 0.250% 8/1 | 70202LAB8 |  | 2006068 | 1261 | SH |  | SOLE |  | 1261 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 210542 | 1156 | SH |  | SOLE |  | 1156 | 0 | 0 |
| PINNACLE WEST CAP CORP | NOTE 4.750% 6/1 | 723484AK7 |  | 2699022 | 2482 | SH |  | SOLE |  | 2482 | 0 | 0 |
| PPL CAP FDG INC | NOTE 2.875% 3/1 | 69352PAS2 |  | 2808786 | 2559 | SH |  | SOLE |  | 2559 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 801584 | 5031 | SH |  | SOLE |  | 5031 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 420305 | 1575 | SH |  | SOLE |  | 1575 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 3884184 | 36950 | SH |  | SOLE |  | 36950 | 0 | 0 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 235910 | 804 | SH |  | SOLE |  | 804 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 7287870 | 19276 | SH |  | SOLE |  | 19276 | 0 | 0 |
| RANGE RES CORP | COM | 75281A109 |  | 370097 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 10156669 | 69557 | SH |  | SOLE |  | 69557 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 243608 | 462 | SH |  | SOLE |  | 462 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 580830 | 2130 | SH |  | SOLE |  | 2130 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 367241 | 4025 | SH |  | SOLE |  | 4025 | 0 | 0 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 1094812 | 49539 | SH |  | SOLE |  | 49539 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 9596099 | 9334 | SH |  | SOLE |  | 9334 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 945613 | 2754 | SH |  | SOLE |  | 2754 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 239050 | 1487 | SH |  | SOLE |  | 1487 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 238758 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| SOUTHERN CO | NOTE 4.500% 6/1 | 842587DZ7 |  | 2937822 | 2663 | SH |  | SOLE |  | 2663 | 0 | 0 |
| SOUTHERN COPPER CORP | COM | 84265V105 |  | 334089 | 3302 | SH |  | SOLE |  | 3302 | 0 | 0 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 308455 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1168972 | 1892 | SH |  | SOLE |  | 1892 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 9838066 | 12821 | SH |  | SOLE |  | 12821 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 5515367 | 60192 | SH |  | SOLE |  | 60192 | 0 | 0 |
| STARWOOD PPTY TR INC | NOTE 6.750% 7/1 | 85571BBA2 |  | 2230917 | 1970 | SH |  | SOLE |  | 1970 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 5149970 | 40231 | SH |  | SOLE |  | 40231 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 2110290 | 5334 | SH |  | SOLE |  | 5334 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 342226 | 1511 | SH |  | SOLE |  | 1511 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 4445890 | 13996 | SH |  | SOLE |  | 13996 | 0 | 0 |
| TETRA TECH INC NEW | DBCV 2.250% 8/1 | 88162GAB9 |  | 1387852 | 1215 | SH |  | SOLE |  | 1215 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 6664727 | 32101 | SH |  | SOLE |  | 32101 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 4485774 | 36325 | SH |  | SOLE |  | 36325 | 0 | 0 |
| TWO HARBORS INVENTMENT CORPO | NOTE 6.250% 1/1 | 90187BAB7 |  | 2791810 | 2670 | SH |  | SOLE |  | 2670 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 8447849 | 90545 | SH |  | SOLE |  | 90545 | 0 | 0 |
| UBER TECHNOLOGIES INC | NOTE 0.875%12/0 | 90353TAM2 |  | 2542813 | 1779 | SH |  | SOLE |  | 1779 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 231482 | 742 | SH |  | SOLE |  | 742 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 11494043 | 254012 | SH |  | SOLE |  | 254012 | 0 | 0 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 145650 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| VANGUARD ADMIRAL FDS INC | 500 GRTH IDX F | 921932505 |  | 260527 | 657 | SH |  | SOLE |  | 657 | 0 | 0 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 552384 | 1260 | SH |  | SOLE |  | 1260 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 713263 | 14421 | SH |  | SOLE |  | 14421 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 218067 | 3646 | SH |  | SOLE |  | 3646 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 1346698 | 10102 | SH |  | SOLE |  | 10102 | 0 | 0 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 225515 | 340 | SH |  | SOLE |  | 340 | 0 | 0 |
| VENTAS RLTY LTD PARTNERSHIP | NOTE 3.750% 6/0 | 92277GAZ0 |  | 2622528 | 2182 | SH |  | SOLE |  | 2182 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 1747855 | 3926 | SH |  | SOLE |  | 3926 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 3184443 | 8969 | SH |  | SOLE |  | 8969 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 13986208 | 143038 | SH |  | SOLE |  | 143038 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 1255764 | 5488 | SH |  | SOLE |  | 5488 | 0 | 0 |
| WELLS FARGO CO NEW | PERP PFD CNV A | 949746804 |  | 3831973 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 3968775 | 63187 | SH |  | SOLE |  | 63187 | 0 | 0 |
| XYLEM INC | COM | 98419M100 |  | 2591598 | 20034 | SH |  | SOLE |  | 20034 | 0 | 0 |

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