# EDGAR Filing Document

**Accession Number:** 0001461287
**File Stem:** 0001461287-26-000001
**Filing Date:** 2026-1
**Character Count:** 21687
**Document Hash:** 24f03f8422319f171fa6ea7efa5c1e73
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001461287-26-000001.hdr.sgml**: 20260130

**ACCESSION NUMBER**: 0001461287-26-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260130

**DATE AS OF CHANGE**: 20260130

**EFFECTIVENESS DATE**: 20260130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Narwhal Capital Management
- **CENTRAL INDEX KEY:** 0001461287

**ORGANIZATION NAME:**
- **EIN:** 202969572
- **STATE OF INCORPORATION:** GA
- **FISCAL YEAR END:** 1208

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13509
- **FILM NUMBER:** 26581478

**BUSINESS ADDRESS:**
- **STREET 1:** 531 ROSELANE STREET
- **STREET 2:** SUITE 420
- **CITY:** MARIETTA
- **STATE:** GA
- **ZIP:** 30060
- **BUSINESS PHONE:** 770-344-0172

**MAIL ADDRESS:**
- **STREET 1:** 531 ROSELANE STREET
- **STREET 2:** SUITE 420
- **CITY:** MARIETTA
- **STATE:** GA
- **ZIP:** 30060

### 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:** Narwhal Capital Management<br>**Address:** 531 ROSELANE STREET<br>SUITE 420<br>MARIETTA, GA 30060

**Form 13F File Number:** 028-13509

**CRD Number (if applicable):** 000135958

**SEC File Number (if applicable):** 801-66563

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:** Jonathan Hicks<br>**Title:** Chief Compliance Officer<br>**Phone:** 770-344-0172

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

/s/ Jonathan Hicks  Marietta, GA  01-30-2026<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:** 163

**Form 13F Information Table Value Total:** $1376239849

      (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 | BBG001S5N9M6 | 9645081 | 76982 | SH |  | SOLE |  | 0 | 0 | 76982 |
| ADOBE INC | COM | 00724F101 | BBG001S5NCQ5 | 4493872 | 12840 | SH |  | SOLE |  | 0 | 0 | 12840 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 254398 | 813 | SH |  | SOLE |  | 0 | 0 | 813 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 89278432 | 284507 | SH |  | SOLE |  | 0 | 0 | 284507 |
| ALTRIA GROUP INC | COM | 02209S103 | BBG001S5T8T5 | 694515 | 12045 | SH |  | SOLE |  | 0 | 0 | 12045 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 49996997 | 216606 | SH |  | SOLE |  | 0 | 0 | 216606 |
| AMERICAN EXPRESS CO | COM | 025816109 | BBG001S5P034 | 20787205 | 56189 | SH |  | SOLE |  | 0 | 0 | 56189 |
| AMGEN INC | COM | 031162100 | BBG001S5NNL6 | 364623 | 1114 | SH |  | SOLE |  | 0 | 0 | 1114 |
| ANALOG DEVICES INC | COM | 032654105 | BBG001S5ND38 | 17837909 | 65774 | SH |  | SOLE |  | 0 | 0 | 65774 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 75068479 | 276129 | SH |  | SOLE |  | 0 | 0 | 276129 |
| AT INC | COM | 00206R102 | BBG001S5VWH2 | 1334479 | 53723 | SH |  | SOLE |  | 0 | 0 | 53723 |
| ATLANTA BRAVES HLDGS INC | COM SER C | 047726302 | BBG01HCX3Z22 | 686588 | 17404 | SH |  | SOLE |  | 0 | 0 | 17404 |
| AUTODESK INC | COM | 052769106 | BBG001S5SCD4 | 278545 | 941 | SH |  | SOLE |  | 0 | 0 | 941 |
| AVALONBAY CMNTYS INC | COM | 053484101 | BBG001S7J2H8 | 9378078 | 51724 | SH |  | SOLE |  | 0 | 0 | 51724 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | BBG001S902J2 | 3774000 | 5 | SH |  | SOLE |  | 0 | 0 | 5 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 319685 | 636 | SH |  | SOLE |  | 0 | 0 | 636 |
| BLACKROCK 2037 MUNICIPAL TAR | COM | 09262G108 | BBG01B6VR0Y2 | 507683 | 19392 | SH |  | SOLE |  | 0 | 0 | 19392 |
| BLACKROCK INC | COM | 09290D101 | BBG01PSW2WR0 | 22669254 | 21179 | SH |  | SOLE |  | 0 | 0 | 21179 |
| BLACKROCK MUN TARGET TERM TR | COM SHS BEN IN | 09257P105 | BBG003BPM0W5 | 8847366 | 387702 | SH |  | SOLE |  | 0 | 0 | 387702 |
| BLACKSTONE INC | COM | 09260D107 | BBG001S7H949 | 11060162 | 71754 | SH |  | SOLE |  | 0 | 0 | 71754 |
| BOEING CO | COM | 097023105 | BBG001S5P0V3 | 613147 | 2824 | SH |  | SOLE |  | 0 | 0 | 2824 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 12691487 | 36670 | SH |  | SOLE |  | 0 | 0 | 36670 |
| BWX TECHNOLOGIES INC | COM | 05605H100 | BBG001SGJPH7 | 5032409 | 29116 | SH |  | SOLE |  | 0 | 0 | 29116 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 | BBG001S7F4Z8 | 8561917 | 116283 | SH |  | SOLE |  | 0 | 0 | 116283 |
| CATERPILLAR INC | COM | 149123101 | BBG001S5PJ06 | 12435289 | 21707 | SH |  | SOLE |  | 0 | 0 | 21707 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 | BBG001S7W158 | 269599 | 1387 | SH |  | SOLE |  | 0 | 0 | 1387 |
| CHEVRON CORP NEW | COM | 166764100 | BBG001S67ZC5 | 5215165 | 34218 | SH |  | SOLE |  | 0 | 0 | 34218 |
| CINCINNATI FINL CORP | COM | 172062101 | BBG001S5PTM0 | 8088096 | 49523 | SH |  | SOLE |  | 0 | 0 | 49523 |
| CISCO SYS INC | COM | 17275R102 | BBG001S6HC62 | 15724940 | 204140 | SH |  | SOLE |  | 0 | 0 | 204140 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 | BBG001SD31G5 | 803203 | 5822 | SH |  | SOLE |  | 0 | 0 | 5822 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 | BBG014KFRPJ9 | 5586965 | 15815 | SH |  | SOLE |  | 0 | 0 | 15815 |
| COPART INC | COM | 217204106 | BBG001S7MTB1 | 383905 | 9806 | SH |  | SOLE |  | 0 | 0 | 9806 |
| COSTAR GROUP INC | COM | 22160N109 | BBG001SD3DY9 | 765393 | 11383 | SH |  | SOLE |  | 0 | 0 | 11383 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG001S9KRQ7 | 5008471 | 5808 | SH |  | SOLE |  | 0 | 0 | 5808 |
| CRH PLC | ORD | G25508105 | BBG001S61NK9 | 6289046 | 50393 | SH |  | SOLE |  | 0 | 0 | 50393 |
| CVS HEALTH CORP | COM | 126650100 | BBG001S5QBD8 | 328233 | 4136 | SH |  | SOLE |  | 0 | 0 | 4136 |
| D R HORTON INC | COM | 23331A109 | BBG001S8M692 | 230448 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| DEERE  CO | COM | 244199105 | BBG001S5QFF7 | 352902 | 758 | SH |  | SOLE |  | 0 | 0 | 758 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 | BBG001SPT759 | 1169390 | 16850 | SH |  | SOLE |  | 0 | 0 | 16850 |
| DISNEY WALT CO | COM | 254687106 | BBG001S5QHF3 | 405843 | 3567 | SH |  | SOLE |  | 0 | 0 | 3567 |
| DOMINOS PIZZA INC | COM | 25754A201 | BBG001SL3ZH1 | 6987570 | 16764 | SH |  | SOLE |  | 0 | 0 | 16764 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 | BBG001S6KBQ8 | 518113 | 1478 | SH |  | SOLE |  | 0 | 0 | 1478 |
| ELI LILLY  CO | COM | 532457108 | BBG001S5STL8 | 22497351 | 20934 | SH |  | SOLE |  | 0 | 0 | 20934 |
| ENTEGRIS INC | COM | 29362U104 | BBG001SF9YL6 | 3720396 | 44159 | SH |  | SOLE |  | 0 | 0 | 44159 |
| ENTERGY CORP NEW | COM | 29364G103 | BBG001S67KF5 | 1302801 | 14095 | SH |  | SOLE |  | 0 | 0 | 14095 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 | BBG001S9P0Z1 | 532196 | 16600 | SH |  | SOLE |  | 0 | 0 | 16600 |
| ETFS GOLD TR | PHYSCL GOLD SHS | 00326A104 | BBG001SCTFP8 | 4766348 | 116026 | SH |  | SOLE |  | 0 | 0 | 116026 |
| EXELON CORP | COM | 30161N101 | BBG001SBJMT2 | 1618497 | 37130 | SH |  | SOLE |  | 0 | 0 | 37130 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 14520797 | 120665 | SH |  | SOLE |  | 0 | 0 | 120665 |
| FATE THERAPEUTICS INC | COM | 31189P102 | BBG001T888S2 | 12479 | 12700 | SH |  | SOLE |  | 0 | 0 | 12700 |
| FEDEX CORP | COM | 31428X106 | BBG001S5R3M5 | 323523 | 1120 | SH |  | SOLE |  | 0 | 0 | 1120 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 | BBG01NMRD786 | 303222 | 1362 | SH |  | SOLE |  | 0 | 0 | 1362 |
| FIRST TR EXCHANGE-TRADED FD | FST LOW OPPT EFT | 33739Q200 | BBG007GFNV45 | 532793 | 10658 | SH |  | SOLE |  | 0 | 0 | 10658 |
| FIRST TR EXCHANGE-TRADED FD | INTERMEDIATE GOV | 33738D838 | BBG01HP28233 | 869232 | 42453 | SH |  | SOLE |  | 0 | 0 | 42453 |
| FIRST TR HIGH YIELD OPPRT 20 | COM | 33741Q107 | BBG00TJJ13N1 | 2180609 | 154983 | SH |  | SOLE |  | 0 | 0 | 154983 |
| GARMIN LTD | SHS | H2906T109 | BBG001SG0H12 | 3717226 | 18325 | SH |  | SOLE |  | 0 | 0 | 18325 |
| GENERAL DYNAMICS CORP | COM | 369550108 | BBG001S5RHP1 | 12632493 | 37523 | SH |  | SOLE |  | 0 | 0 | 37523 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | BBG001SC07Z6 | 21985769 | 25012 | SH |  | SOLE |  | 0 | 0 | 25012 |
| GRACO INC | COM | 384109104 | BBG001S5RK56 | 4433593 | 54088 | SH |  | SOLE |  | 0 | 0 | 54088 |
| HALLIBURTON CO | COM | 406216101 | BBG001S5RS59 | 458575 | 16227 | SH |  | SOLE |  | 0 | 0 | 16227 |
| HCA HEALTHCARE INC | COM | 40412C101 | BBG001T8NTY2 | 6182627 | 13243 | SH |  | SOLE |  | 0 | 0 | 13243 |
| HF SINCLAIR CORP | COM | 403949100 | BBG0135B2269 | 435456 | 9450 | SH |  | SOLE |  | 0 | 0 | 9450 |
| HOME DEPOT INC | COM | 437076102 | BBG001S5RTW7 | 21984747 | 63891 | SH |  | SOLE |  | 0 | 0 | 63891 |
| INTEL CORP | COM | 458140100 | BBG001S5SF65 | 677669 | 18365 | SH |  | SOLE |  | 0 | 0 | 18365 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | BBG001SDJ4R0 | 2767249 | 17086 | SH |  | SOLE |  | 0 | 0 | 17086 |
| INVESCO EXCH TRADED FD TR II | S 500 MOMNTM | 46138E339 | BBG00B59HSJ0 | 1631820 | 13676 | SH |  | SOLE |  | 0 | 0 | 13676 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG001S9GN63 | 7673961 | 12492 | SH |  | SOLE |  | 0 | 0 | 12492 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 | BBG001SJK6D5 | 54596809 | 672623 | SH |  | SOLE |  | 0 | 0 | 672623 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 | BBG00TZR7YF0 | 323907 | 3227 | SH |  | SOLE |  | 0 | 0 | 3227 |
| ISHARES TR | CORE 60/40 BALAN | 464289867 | BBG001T3YV58 | 273042 | 4200 | SH |  | SOLE |  | 0 | 0 | 4200 |
| ISHARES TR | CORE S MCP ETF | 464287507 | BBG001SFC7V0 | 713130 | 10805 | SH |  | SOLE |  | 0 | 0 | 10805 |
| ISHARES TR | CORE S SCP ETF | 464287804 | BBG001SFC7W9 | 2457681 | 20450 | SH |  | SOLE |  | 0 | 0 | 20450 |
| ISHARES TR | CORE S ETF | 464287200 | BBG001SFB7R6 | 144220539 | 210559 | SH |  | SOLE |  | 0 | 0 | 210559 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 | BBG001SK77D5 | 659256 | 12050 | SH |  | SOLE |  | 0 | 0 | 12050 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 | BBG001S56320 | 14827069 | 31327 | SH |  | SOLE |  | 0 | 0 | 31327 |
| ISHARES TR | RUS MID CAP ETF | 464287499 | BBG001SJCNS1 | 984938 | 10231 | SH |  | SOLE |  | 0 | 0 | 10231 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG001SFC7Y7 | 720264 | 2926 | SH |  | SOLE |  | 0 | 0 | 2926 |
| ISHARES TR | S 500 GRWT ETF | 464287309 | BBG001S561Q8 | 6902560 | 56000 | SH |  | SOLE |  | 0 | 0 | 56000 |
| ISHARES TR | S 500 VAL ETF | 464287408 | BBG001S561K4 | 19676703 | 92784 | SH |  | SOLE |  | 0 | 0 | 92784 |
| ISHARES TR | S MC 400VL ETF | 464287705 | BBG001SFQJM9 | 910998 | 6923 | SH |  | SOLE |  | 0 | 0 | 6923 |
| ISHARES TR | SELECT DIVID ETF | 464287168 | BBG001SDJVG2 | 2959706 | 20970 | SH |  | SOLE |  | 0 | 0 | 20970 |
| ISHARES TR | U.S. ENERGY ETF | 464287796 | BBG001SFGXW8 | 419452 | 8825 | SH |  | SOLE |  | 0 | 0 | 8825 |
| ISHARES TR | US AER DEF ETF | 464288760 | BBG001SC08P5 | 485199 | 2260 | SH |  | SOLE |  | 0 | 0 | 2260 |
| ISHARES TR | US HLTHCARE ETF | 464287762 | BBG001SFGXR4 | 244125 | 3750 | SH |  | SOLE |  | 0 | 0 | 3750 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG001S5SHQ9 | 19821977 | 95781 | SH |  | SOLE |  | 0 | 0 | 95781 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG001S8CRC3 | 41889466 | 130003 | SH |  | SOLE |  | 0 | 0 | 130003 |
| KINDER MORGAN INC DEL | COM | 49456B101 | BBG001TG2YZ5 | 4241157 | 154280 | SH |  | SOLE |  | 0 | 0 | 154280 |
| KROGER CO | COM | 501044101 | BBG001S5SN40 | 1879461 | 30081 | SH |  | SOLE |  | 0 | 0 | 30081 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 | BBG001S5S0N9 | 15055756 | 51285 | SH |  | SOLE |  | 0 | 0 | 51285 |
| LOCKHEED MARTIN CORP | COM | 539830109 | BBG001S7PS57 | 16075740 | 33237 | SH |  | SOLE |  | 0 | 0 | 33237 |
| MARKEL GROUP INC | COM | 570535104 | BBG001S9ZK95 | 225713 | 105 | SH |  | SOLE |  | 0 | 0 | 105 |
| MCDONALDS CORP | COM | 580135101 | BBG001S5T110 | 645491 | 2112 | SH |  | SOLE |  | 0 | 0 | 2112 |
| MERCK  CO INC | COM | 58933Y105 | BBG001S5TC52 | 11762068 | 111743 | SH |  | SOLE |  | 0 | 0 | 111743 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 32076419 | 48594 | SH |  | SOLE |  | 0 | 0 | 48594 |
| MICRON TECHNOLOGY INC | COM | 595112103 | BBG001S6P675 | 3193167 | 11188 | SH |  | SOLE |  | 0 | 0 | 11188 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 78055007 | 161397 | SH |  | SOLE |  | 0 | 0 | 161397 |
| MUELLER INDS INC | COM | 624756102 | BBG001S6PVC4 | 7214376 | 62843 | SH |  | SOLE |  | 0 | 0 | 62843 |
| MURPHY USA INC | COM | 626755102 | BBG001Z0Q6V2 | 649667 | 1610 | SH |  | SOLE |  | 0 | 0 | 1610 |
| NATERA INC | COM | 632307104 | BBG001V0FSF8 | 2232482 | 9745 | SH |  | SOLE |  | 0 | 0 | 9745 |
| NETFLIX INC | COM | 64110L106 | BBG001SF6L46 | 837558 | 8933 | SH |  | SOLE |  | 0 | 0 | 8933 |
| NEW YORK LIFE INVTS ACTIVE E | NYLI MACKAY MUNI | 45409F843 | BBG00HZ6Q4L0 | 572262 | 23904 | SH |  | SOLE |  | 0 | 0 | 23904 |
| NEXPOINT RESIDENTIAL TR INC | COM | 65341D102 | BBG0077Q6QH7 | 1120232 | 37217 | SH |  | SOLE |  | 0 | 0 | 37217 |
| NEXTERA ENERGY INC | COM | 65339F101 | BBG001S5RB29 | 14317628 | 178346 | SH |  | SOLE |  | 0 | 0 | 178346 |
| NORTHROP GRUMMAN CORP | COM | 666807102 | BBG001S5TP26 | 11237699 | 19708 | SH |  | SOLE |  | 0 | 0 | 19708 |
| NOV INC | COM | 62955J103 | BBG001S6HFR2 | 159692 | 10217 | SH |  | SOLE |  | 0 | 0 | 10217 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 | BBG001SF5LW6 | 7419060 | 53812 | SH |  | SOLE |  | 0 | 0 | 53812 |
| NUVEEN MUN VALUE FD INC | COM | 670928100 | BBG001S5TS84 | 236013 | 26050 | SH |  | SOLE |  | 0 | 0 | 26050 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 92901028 | 498129 | SH |  | SOLE |  | 0 | 0 | 498129 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 14125 | 1000 | SH | Put | SOLE |  | 0 | 0 | 1000 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 | BBG001SF62F6 | 544821 | 2510 | SH |  | SOLE |  | 0 | 0 | 2510 |
| ONEOK INC NEW | COM | 682680103 | BBG001S5TWK1 | 1263759 | 17194 | SH |  | SOLE |  | 0 | 0 | 17194 |
| ORACLE CORP | COM | 68389X105 | BBG001S5SJG6 | 7018101 | 36007 | SH |  | SOLE |  | 0 | 0 | 36007 |
| PEPSICO INC | COM | 713448108 | BBG001S695T1 | 8238445 | 57403 | SH |  | SOLE |  | 0 | 0 | 57403 |
| PERIMETER SOLUTIONS INC | COMMON STOCK | 71385M107 | BBG01QXPR8M8 | 275685 | 10014 | SH |  | SOLE |  | 0 | 0 | 10014 |
| PHILIP MORRIS INTL INC | COM | 718172109 | BBG001STP9N1 | 10940724 | 68209 | SH |  | SOLE |  | 0 | 0 | 68209 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 11775479 | 82168 | SH |  | SOLE |  | 0 | 0 | 82168 |
| QUALCOMM INC | COM | 747525103 | BBG001S6VS70 | 5991000 | 35025 | SH |  | SOLE |  | 0 | 0 | 35025 |
| RELX PLC | SPONSORED ADR | 759530108 | BBG001S898V8 | 6023267 | 149017 | SH |  | SOLE |  | 0 | 0 | 149017 |
| RTX CORPORATION | COM | 75513E101 | BBG001S5X5Q9 | 13269724 | 72354 | SH |  | SOLE |  | 0 | 0 | 72354 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 | BBG0025RWLM4 | 979278 | 35701 | SH |  | SOLE |  | 0 | 0 | 35701 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 | BBG001T5XQV6 | 325711 | 12104 | SH |  | SOLE |  | 0 | 0 | 12104 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y308 | BBG001S7T107 | 588814 | 7580 | SH |  | SOLE |  | 0 | 0 | 7580 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 | BBG001S7T1S7 | 522251 | 11681 | SH |  | SOLE |  | 0 | 0 | 11681 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 | BBG001S7T223 | 287543 | 5250 | SH |  | SOLE |  | 0 | 0 | 5250 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 | BBG001S7SCQ6 | 910224 | 5880 | SH |  | SOLE |  | 0 | 0 | 5880 |
| SELECT SECTOR SPDR TR | STATE STREET IND | 81369Y704 | BBG001S7T232 | 298606 | 1925 | SH |  | SOLE |  | 0 | 0 | 1925 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 | BBG001S7TCZ5 | 6046740 | 42000 | SH |  | SOLE |  | 0 | 0 | 42000 |
| SELECT SECTOR SPDR TR | STATE STREET UTI | 81369Y886 | BBG001S7TD56 | 952414 | 22310 | SH |  | SOLE |  | 0 | 0 | 22310 |
| SERVICENOW INC | COM | 81762P102 | BBG001T4JFC0 | 2600707 | 16977 | SH |  | SOLE |  | 0 | 0 | 16977 |
| SIMPLIFY EXCHANGE TRADED FUN | MBS ETF | 82889N525 | BBG01JXBTX20 | 3632970 | 72068 | SH |  | SOLE |  | 0 | 0 | 72068 |
| SLB LIMITED | COM STK | 806857108 | BBG001S5W4C8 | 4721009 | 123007 | SH |  | SOLE |  | 0 | 0 | 123007 |
| SOUTHERN CO | COM | 842587107 | BBG001S5W777 | 336505 | 3859 | SH |  | SOLE |  | 0 | 0 | 3859 |
| SOUTHWEST AIRLS CO | COM | 844741108 | BBG001S5SXC9 | 321961 | 7790 | SH |  | SOLE |  | 0 | 0 | 7790 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 | BBG001S8LH99 | 5324716 | 11080 | SH |  | SOLE |  | 0 | 0 | 11080 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 4067330 | 10263 | SH |  | SOLE |  | 0 | 0 | 10263 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 1395890 | 2047 | SH |  | SOLE |  | 0 | 0 | 2047 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A474 | BBG001T6B0P2 | 286771 | 9496 | SH |  | SOLE |  | 0 | 0 | 9496 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A763 | BBG001SPTBP8 | 2920829 | 20989 | SH |  | SOLE |  | 0 | 0 | 20989 |
| STARBUCKS CORP | COM | 855244109 | BBG001S72KH6 | 6917178 | 82142 | SH |  | SOLE |  | 0 | 0 | 82142 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 1405187 | 4624 | SH |  | SOLE |  | 0 | 0 | 4624 |
| TESLA INC | COM | 88160R101 | BBG001SQKGD7 | 2961856 | 6586 | SH |  | SOLE |  | 0 | 0 | 6586 |
| T-MOBILE US INC | COM | 872590104 | BBG001SKR9Y6 | 1779849 | 8766 | SH |  | SOLE |  | 0 | 0 | 8766 |
| UFP INDUSTRIES INC | COM | 90278Q108 | BBG001S7GZG9 | 4025138 | 44208 | SH |  | SOLE |  | 0 | 0 | 44208 |
| UNILEVER PLC | SPON ADR NEW | 904767803 | BBG001S5X1K4 | 1285699 | 19659 | SH |  | SOLE |  | 0 | 0 | 19659 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 | BBG001SDGSH1 | 245098 | 2471 | SH |  | SOLE |  | 0 | 0 | 2471 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG001S6WCJ1 | 1829498 | 5542 | SH |  | SOLE |  | 0 | 0 | 5542 |
| VALERO ENERGY CORP | COM | 91913Y100 | BBG001S5X8K9 | 6399231 | 39310 | SH |  | SOLE |  | 0 | 0 | 39310 |
| VANECK ETF TRUST | CLO ETF | 92189H748 | BBG0188ZYL92 | 819453 | 15517 | SH |  | SOLE |  | 0 | 0 | 15517 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 | BBG001SK3J43 | 610003 | 2917 | SH |  | SOLE |  | 0 | 0 | 2917 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 | BBG001SHTTS4 | 878148 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 | BBG001SHVTS1 | 205766 | 709 | SH |  | SOLE |  | 0 | 0 | 709 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 | BBG001SMD2X3 | 348651 | 3940 | SH |  | SOLE |  | 0 | 0 | 3940 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 | BBG001SHTTW9 | 407849 | 1350 | SH |  | SOLE |  | 0 | 0 | 1350 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | BBG001SHTV18 | 535104 | 6400 | SH |  | SOLE |  | 0 | 0 | 6400 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000IDX | 92206C730 | BBG001TCHM11 | 484575 | 1568 | SH |  | SOLE |  | 0 | 0 | 1568 |
| VANGUARD WORLD FD | INDUSTRIAL ETF | 92204A603 | BBG001SHVTX5 | 835166 | 2799 | SH |  | SOLE |  | 0 | 0 | 2799 |
| VANGUARD WORLD FD | MATERIALS ETF | 92204A801 | BBG001SHTTP7 | 293476 | 1414 | SH |  | SOLE |  | 0 | 0 | 1414 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 | BBG00L2B8LM7 | 436617 | 2695 | SH |  | SOLE |  | 0 | 0 | 2695 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 20933267 | 59688 | SH |  | SOLE |  | 0 | 0 | 59688 |
| VULCAN MATLS CO | COM | 929160109 | BBG001S5X8R2 | 37903741 | 132893 | SH |  | SOLE |  | 0 | 0 | 132893 |
| WALMART INC | COM | 931142103 | BBG001S5XH92 | 2768427 | 24849 | SH |  | SOLE |  | 0 | 0 | 24849 |
| WELLS FARGO CO NEW | COM | 949746101 | BBG001S5XF23 | 412969 | 4431 | SH |  | SOLE |  | 0 | 0 | 4431 |
| WISDOMTREE TR | US QTLY DIV GRT | 97717X669 | BBG004LMH3Z6 | 1947696 | 21779 | SH |  | SOLE |  | 0 | 0 | 21779 |

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