# EDGAR Filing Document

**Accession Number:** 0001632078
**File Stem:** 0001632078-25-000015
**Filing Date:** 2025-10
**Character Count:** 18951
**Document Hash:** 953a918e87ed36dc78f378309e14103d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001632078-25-000015.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001632078-25-000015

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**EFFECTIVENESS DATE**: 20251023

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Spectrum Asset Management, Inc. (NB/CA)
- **CENTRAL INDEX KEY:** 0001632078

**ORGANIZATION NAME:**
- **EIN:** 330171752
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16433
- **FILM NUMBER:** 251412884

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 DOVE STREET, SUITE 720
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 949-717-3400

**MAIL ADDRESS:**
- **STREET 1:** 1301 DOVE STREET, SUITE 720
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

### 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:** Spectrum Asset Management Inc. (NB/CA)<br>**Address:** 1301 DOVE STREET SUITE 720<br>NEWPORT BEACH, CA 92660

**Form 13F File Number:** 028-16433

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:** Tony Jung<br>**Title:** COO<br>**Phone:** 949-717-3400

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

Tony Jung  Newport Beach, CA  10-23-2025<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:** 120

**Form 13F Information Table Value Total:** $284430382

      (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 |  | 3343411 | 24962 | SH |  | SOLE | Spectrum Asset Management Inc. | 24962 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 4759882 | 20557 | SH |  | SOLE | Spectrum Asset Management Inc. | 20557 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 5219937 | 21433 | SH |  | SOLE | Spectrum Asset Management Inc. | 21433 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1308719 | 5383 | SH |  | SOLE | Spectrum Asset Management Inc. | 5383 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 13760 | 205 | SH |  | DFND | Spectrum Asset Management Inc. | 0 | 0 | 205 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 214784 | 3200 | SH |  | SOLE | Spectrum Asset Management Inc. | 3200 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 222864 | 1015 | SH |  | SOLE | Spectrum Asset Management Inc. | 1015 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1097406 | 4310 | SH |  | SOLE | Spectrum Asset Management Inc. | 4310 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 400266 | 2747 | SH |  | SOLE | Spectrum Asset Management Inc. | 2747 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 691217 | 714 | SH |  | SOLE | Spectrum Asset Management Inc. | 714 | 0 | 0 |
| AXIS CAP HLDGS LTD | SHS | G0692U109 |  | 499390 | 5189 | SH |  | SOLE | Spectrum Asset Management Inc. | 5189 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 27137 | 526 | SH |  | DFND | Spectrum Asset Management Inc. | 0 | 0 | 526 |
| BANK AMERICA CORP | COM | 060505104 |  | 229721 | 4453 | SH |  | SOLE | Spectrum Asset Management Inc. | 4453 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 3738375 | 7436 | SH |  | SOLE | Spectrum Asset Management Inc. | 7436 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 2262600 | 3 | SH |  | SOLE | Spectrum Asset Management Inc. | 3 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 2823770 | 12017 | SH |  | SOLE | Spectrum Asset Management Inc. | 12017 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 14132 | 91 | SH |  | DFND | Spectrum Asset Management Inc. | 0 | 0 | 91 |
| CHEVRON CORP NEW | COM | 166764100 |  | 4895563 | 31525 | SH |  | SOLE | Spectrum Asset Management Inc. | 31525 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 215232 | 5492 | SH |  | SOLE | Spectrum Asset Management Inc. | 5492 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 22100 | 323 | SH |  | DFND | Spectrum Asset Management Inc. | 0 | 0 | 323 |
| CISCO SYS INC | COM | 17275R102 |  | 4396906 | 64263 | SH |  | SOLE | Spectrum Asset Management Inc. | 64263 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 1382309 | 1493 | SH |  | SOLE | Spectrum Asset Management Inc. | 1493 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 515428 | 1123 | SH |  | SOLE | Spectrum Asset Management Inc. | 1123 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 24008 | 194 | SH |  | DFND | Spectrum Asset Management Inc. | 0 | 0 | 194 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 4165602 | 33661 | SH |  | SOLE | Spectrum Asset Management Inc. | 33661 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 3029920 | 38960 | SH |  | SOLE | Spectrum Asset Management Inc. | 38960 | 0 | 0 |
| ELBIT SYS LTD | ORD | M3760D101 |  | 732073 | 1436 | SH |  | SOLE | Spectrum Asset Management Inc. | 1436 | 0 | 0 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 4175893 | 6429 | SH |  | SOLE | Spectrum Asset Management Inc. | 6429 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 3626865 | 27648 | SH |  | SOLE | Spectrum Asset Management Inc. | 27648 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 18604 | 165 | SH |  | DFND | Spectrum Asset Management Inc. | 0 | 0 | 165 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 4619615 | 40972 | SH |  | SOLE | Spectrum Asset Management Inc. | 40972 | 0 | 0 |
| FIRST TR EXCHANGE TRADED FD | NASDAQ CYB ETF | 33734X846 |  | 630961 | 8301 | SH |  | SOLE | Spectrum Asset Management Inc. | 8301 | 0 | 0 |
| FIRST TR EXCHNG TRADED FD VI | FT VEST US EQT | 33740F680 |  | 11780671 | 266531 | SH |  | SOLE | Spectrum Asset Management Inc. | 266531 | 0 | 0 |
| FIRST TR EXCHNG TRADED FD VI | FT VEST US EQT | 33740F615 |  | 9725691 | 238549 | SH |  | SOLE | Spectrum Asset Management Inc. | 238549 | 0 | 0 |
| FIRST TR EXCHNG TRADED FD VI | FT VEST US | 33740F771 |  | 6612977 | 142103 | SH |  | SOLE | Spectrum Asset Management Inc. | 142103 | 0 | 0 |
| FIRST TR EXCHNG TRADED FD VI | FT VEST US EQT | 33740F730 |  | 6060430 | 136741 | SH |  | SOLE | Spectrum Asset Management Inc. | 136741 | 0 | 0 |
| FIRST TR EXCHNG TRADED FD VI | FT VEST US EQT | 33740F839 |  | 1161136 | 24800 | SH |  | SOLE | Spectrum Asset Management Inc. | 24800 | 0 | 0 |
| FIRST TR EXCHNG TRADED FD VI | FT VEST US EQT | 33740F698 |  | 278770 | 5970 | SH |  | SOLE | Spectrum Asset Management Inc. | 5970 | 0 | 0 |
| FIRST TR EXCHNG TRADED FD VI | FT VEST U.S. | 33740U802 |  | 269097 | 6965 | SH |  | SOLE | Spectrum Asset Management Inc. | 6965 | 0 | 0 |
| FIRST TR EXCHNG TRADED FD VI | FT VEST UQ EQT | 33740F672 |  | 220336 | 5100 | SH |  | SOLE | Spectrum Asset Management Inc. | 5100 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 2054500 | 15935 | SH |  | SOLE | Spectrum Asset Management Inc. | 15935 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FTSE JAPAN ETF | 35473P744 |  | 2019307 | 58429 | SH |  | SOLE | Spectrum Asset Management Inc. | 58429 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 332804 | 1105 | SH |  | SOLE | Spectrum Asset Management Inc. | 1105 | 0 | 0 |
| GLOBAL X FDS | GLB X MLP ENRG I | 37954Y293 |  | 2449767 | 39065 | SH |  | SOLE | Spectrum Asset Management Inc. | 39065 | 0 | 0 |
| GLOBAL X FDS | GLBL X MLP ETF | 37954Y343 |  | 379211 | 7832 | SH |  | SOLE | Spectrum Asset Management Inc. | 7832 | 0 | 0 |
| GOLDMAN SACHS PHYSICAL GOLD | UNIT | 38150K103 |  | 2719176 | 71332 | SH |  | SOLE | Spectrum Asset Management Inc. | 71332 | 0 | 0 |
| HEARTBEAM INC | COM | 42238H108 |  | 122760 | 74400 | SH |  | SOLE | Spectrum Asset Management Inc. | 74400 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 4708577 | 22369 | SH |  | SOLE | Spectrum Asset Management Inc. | 22369 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 338592 | 1200 | SH |  | SOLE | Spectrum Asset Management Inc. | 1200 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 13029332 | 68684 | SH |  | SOLE | Spectrum Asset Management Inc. | 68684 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 11666123 | 160315 | SH |  | SOLE | Spectrum Asset Management Inc. | 160315 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 2564909 | 82739 | SH |  | SOLE | Spectrum Asset Management Inc. | 82739 | 0 | 0 |
| ISHARES INC | MSCI AUST ETF | 464286103 |  | 1854279 | 68677 | SH |  | SOLE | Spectrum Asset Management Inc. | 68677 | 0 | 0 |
| ISHARES INC | MSCI MEXICO ETF | 464286822 |  | 2564696 | 37600 | SH |  | SOLE | Spectrum Asset Management Inc. | 37600 | 0 | 0 |
| ISHARES INC | MSCI JAPN SMCETF | 464286582 |  | 2750064 | 29879 | SH |  | SOLE | Spectrum Asset Management Inc. | 29879 | 0 | 0 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 |  | 11717786 | 123164 | SH |  | SOLE | Spectrum Asset Management Inc. | 123164 | 0 | 0 |
| ISHARES TR | IBONDS 27 TRM TS | 46436E841 |  | 631730 | 28052 | SH |  | SOLE | Spectrum Asset Management Inc. | 28052 | 0 | 0 |
| ISHARES TR | IBONDS 26 TRM TS | 46436E858 |  | 435660 | 18983 | SH |  | SOLE | Spectrum Asset Management Inc. | 18983 | 0 | 0 |
| ISHARES TR | IBONDS 25 TRM TS | 46436E866 |  | 304517 | 13033 | SH |  | SOLE | Spectrum Asset Management Inc. | 13033 | 0 | 0 |
| ISHARES TR | ESG AWR MSCI USA | 46435G425 |  | 1797287 | 12344 | SH |  | SOLE | Spectrum Asset Management Inc. | 12344 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 748027 | 8370 | SH |  | SOLE | Spectrum Asset Management Inc. | 8370 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 565394 | 4758 | SH |  | SOLE | Spectrum Asset Management Inc. | 4758 | 0 | 0 |
| ISHARES TR | US HOME CONS ETF | 464288752 |  | 436937 | 4074 | SH |  | SOLE | Spectrum Asset Management Inc. | 4074 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 310556 | 464 | SH |  | SOLE | Spectrum Asset Management Inc. | 464 | 0 | 0 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 200284 | 548 | SH |  | SOLE | Spectrum Asset Management Inc. | 548 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 4641123 | 15196 | SH |  | SOLE | Spectrum Asset Management Inc. | 15196 | 0 | 0 |
| LINDE PLC | SHS | G54950103 |  | 4080250 | 8590 | SH |  | SOLE | Spectrum Asset Management Inc. | 8590 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 649658 | 2138 | SH |  | SOLE | Spectrum Asset Management Inc. | 2138 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 1237376 | 1600 | SH |  | SOLE | Spectrum Asset Management Inc. | 1600 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 19670 | 205 | SH |  | DFND | Spectrum Asset Management Inc. | 0 | 0 | 205 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 3920709 | 40862 | SH |  | SOLE | Spectrum Asset Management Inc. | 40862 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 268749 | 115 | SH |  | SOLE | Spectrum Asset Management Inc. | 115 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 17611 | 34 | SH |  | DFND | Spectrum Asset Management Inc. | 0 | 0 | 34 |
| MICROSOFT CORP | COM | 594918104 |  | 6230059 | 12028 | SH |  | SOLE | Spectrum Asset Management Inc. | 12028 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 468857 | 984 | SH |  | SOLE | Spectrum Asset Management Inc. | 984 | 0 | 0 |
| MORNINGSTAR INC | COM | 617700109 |  | 421197 | 1815 | SH |  | SOLE | Spectrum Asset Management Inc. | 1815 | 0 | 0 |
| NICE LTD | SPONSORED ADR | 653656108 |  | 239611 | 1655 | SH |  | SOLE | Spectrum Asset Management Inc. | 1655 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 693081 | 9939 | SH |  | SOLE | Spectrum Asset Management Inc. | 9939 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 18467 | 144 | SH |  | DFND | Spectrum Asset Management Inc. | 0 | 0 | 144 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 3337318 | 26024 | SH |  | SOLE | Spectrum Asset Management Inc. | 26024 | 0 | 0 |
| NVIDIA CORPORATION | PUT | 67066G104 |  | 1683 | 40000 | PRN | Put | SOLE | Spectrum Asset Management Inc. | 40000 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 382895 | 2052 | SH |  | SOLE | Spectrum Asset Management Inc. | 2052 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 7541104 | 26814 | SH |  | SOLE | Spectrum Asset Management Inc. | 26814 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 311132 | 1528 | SH |  | SOLE | Spectrum Asset Management Inc. | 1528 | 0 | 0 |
| PAYCOM SOFTWARE INC | COM | 70432V102 |  | 528260 | 2538 | SH |  | SOLE | Spectrum Asset Management Inc. | 2538 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 302409 | 2153 | SH |  | SOLE | Spectrum Asset Management Inc. | 2153 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 8052 | 316 | SH |  | DFND | Spectrum Asset Management Inc. | 0 | 0 | 316 |
| PFIZER INC | COM | 717081103 |  | 445809 | 17496 | SH |  | SOLE | Spectrum Asset Management Inc. | 17496 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 496864 | 2012 | SH |  | SOLE | Spectrum Asset Management Inc. | 2012 | 0 | 0 |
| PULTE GROUP INC | COM | 745867101 |  | 642163 | 4852 | SH |  | SOLE | Spectrum Asset Management Inc. | 4852 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 31793 | 190 | SH |  | DFND | Spectrum Asset Management Inc. | 0 | 0 | 190 |
| RTX CORPORATION | COM | 75513E101 |  | 1173683 | 7014 | SH |  | SOLE | Spectrum Asset Management Inc. | 7014 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 517677 | 14938 | SH |  | SOLE | Spectrum Asset Management Inc. | 14938 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 5064620 | 53049 | SH |  | SOLE | Spectrum Asset Management Inc. | 53049 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LCAP VA ETF | 808524409 |  | 11960727 | 410880 | SH |  | SOLE | Spectrum Asset Management Inc. | 410880 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 6765730 | 212025 | SH |  | SOLE | Spectrum Asset Management Inc. | 212025 | 0 | 0 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 4618097 | 198372 | SH |  | SOLE | Spectrum Asset Management Inc. | 198372 | 0 | 0 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 2079907 | 80899 | SH |  | SOLE | Spectrum Asset Management Inc. | 80899 | 0 | 0 |
| SCHWAB STRATEGIC TR | INT-TRM U.S TRES | 808524854 |  | 1996303 | 79439 | SH |  | SOLE | Spectrum Asset Management Inc. | 79439 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 2075828 | 23235 | SH |  | SOLE | Spectrum Asset Management Inc. | 23235 | 0 | 0 |
| SEMPRA | COM | 816851109 |  | 434923 | 4834 | SH |  | SOLE | Spectrum Asset Management Inc. | 4834 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 277005 | 301 | SH |  | SOLE | Spectrum Asset Management Inc. | 301 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 351205 | 988 | SH |  | SOLE | Spectrum Asset Management Inc. | 988 | 0 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 |  | 237020 | 5539 | SH |  | SOLE | Spectrum Asset Management Inc. | 5539 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1830790 | 2741 | SH |  | SOLE | Spectrum Asset Management Inc. | 2741 | 0 | 0 |
| TENON MEDICAL INC | *W EXP 06/16/202 | 88066N113 |  | 17007 | 914314 | SH |  | SOLE | Spectrum Asset Management Inc. | 914314 | 0 | 0 |
| TENON MEDICAL INC | COM | 88066N303 |  | 12567 | 10650 | SH |  | SOLE | Spectrum Asset Management Inc. | 10650 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 435066 | 978 | SH |  | SOLE | Spectrum Asset Management Inc. | 978 | 0 | 0 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 341713 | 366 | SH |  | SOLE | Spectrum Asset Management Inc. | 366 | 0 | 0 |
| VANGUARD BD INDEX FDS | VANGUARD ULTRA | 92203C303 |  | 21421209 | 428467 | SH |  | SOLE | Spectrum Asset Management Inc. | 428467 | 0 | 0 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 1712577 | 3567 | SH |  | SOLE | Spectrum Asset Management Inc. | 3567 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 492963 | 1498 | SH |  | SOLE | Spectrum Asset Management Inc. | 1498 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 |  | 5934871 | 74372 | SH |  | SOLE | Spectrum Asset Management Inc. | 74372 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000IDX | 92206C730 |  | 633121 | 2094 | SH |  | SOLE | Spectrum Asset Management Inc. | 2094 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 746112 | 12452 | SH |  | SOLE | Spectrum Asset Management Inc. | 12452 | 0 | 0 |
| VANGUARD WHITEHALL FDS | INTL HIGH ETF | 921946794 |  | 4659094 | 55020 | SH |  | SOLE | Spectrum Asset Management Inc. | 55020 | 0 | 0 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 289271 | 971 | SH |  | SOLE | Spectrum Asset Management Inc. | 971 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 3300546 | 75098 | SH |  | SOLE | Spectrum Asset Management Inc. | 75098 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1305769 | 3825 | SH |  | SOLE | Spectrum Asset Management Inc. | 3825 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 4679248 | 45403 | SH |  | SOLE | Spectrum Asset Management Inc. | 45403 | 0 | 0 |

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