Dunhill Financial, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 21, 2025), Dunhill Financial, LLC reported 966 stock positions worth $219.9 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 17.4% of the portfolio, followed by Vanguard Long-Term Treasury (VGLT, 8.1%) and Vanguard Total Bond Market (BND, 7.9%). Compared with Q4 2024, it opened 104 new positions, sold out of 44, added to 195 and reduced 464. The biggest buy was Vanguard Total Bond Market (BND, shares +65%) and the biggest sale iShares ESG MSCI KLD 400 ETF (DSI, shares −15%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001948904
- Portfolio Value
- $219.9M (Q1 2025)
- SEC Filing
- 0001948904-25-000004 ↗ filed Apr 21, 2025
Holdings Value
Holdings 966 stocks · $219.9M
| VOO Vanguard S&P 500 ETF | 17.45% | 84,958 | $38.4M | Add +2.5% |
| VGLT Vanguard Long-Term Treasury | 8.11% | 399,905 | $17.8M | Add +10.1% |
| BND Vanguard Total Bond Market | 7.91% | 236,760 | $17.4M | Add +65.2% |
| BOND PIMCO Active Bond Exchange-T | 5.08% | 120,787 | $11.2M | Reduce -5.9% |
| DSI iShares ESG MSCI KLD 400 ETF | 4.75% | 101,912 | $10.4M | Reduce -14.5% |
| VEU Vanguard Ftse All-World Ex-U | 4.35% | 157,847 | $9.6M | Add +2.6% |
| FTHI Fthi/First Trust Exchange-TR | 4.15% | 417,159 | $9.1M | Add +3.0% |
| VB Vanguard Most SM-Cap ETF-Usd | 3.94% | 38,983 | $8.7M | Add +242.1% |
| AAPL Apple Inc. | 2.73% | 27,014 | $6.0M | Reduce -12.2% |
| CIBR First Trust Nasdaq Cybersecu | 1.93% | 67,390 | $4.2M | Add +13.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.77% | 6,950 | $3.9M | Reduce -18.0% |
| VTI VG Morningstar TS MKT ETF-US | 1.49% | 11,933 | $3.3M | Reduce -1.1% |
| ESGD iShares Trust iShares ESG Aw | 1.40% | 37,631 | $3.1M | Reduce -8.5% |
| MSFT Microsoft Corp. | 1.39% | 8,170 | $3.1M | Reduce -18.6% |
| NVDA Nvidia Corp. | 1.23% | 25,035 | $2.7M | Reduce -14.6% |
| PFE Pfizer Inc. | 1.20% | 104,540 | $2.6M | Add +0.4% |
| GRID First TRST Nasd Class Edg Sgiif | 1.03% | 20,018 | $2.3M | Add +4.3% |
| GOOG Alphabet Inc. Class C | 1.01% | 14,191 | $2.2M | Add +12.2% |
| FTGC First Trust Global Tactical | 0.99% | 85,059 | $2.2M | Add +46.9% |
| MA Mastercard Inc. Class A | 0.90% | 3,600 | $2.0M | Add +262.2% |
| IWV iShares Russell 3000 ETF | 0.82% | 5,661 | $1.8M | Reduce -16.8% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.79% | 22,099 | $1.7M | Add +766.6% |
| AGG iShares Core U.S. Aggregate | 0.78% | 17,403 | $1.7M | Add +228.0% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.73% | 4,322 | $1.6M | Add +1967.9% |
| TOLZ Proshares GLB Infrastructure | 0.70% | 65,529 | $1.5M | New |
| VHT Vanguard Health Care ETF | 0.67% | 5,605 | $1.5M | Add +2.5% |
| V Visa Inc. Class A | 0.67% | 4,220 | $1.5M | Add +9.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.61% | 31,881 | $1.3M | Reduce -1.1% |
| ITOT iShares Core S&P Total U.S. | 0.60% | 10,808 | $1.3M | Add +382.7% |
| AMZN Amazon.com Inc. | 0.58% | 6,674 | $1.3M | Reduce -24.7% |
| GOOGL Alphabet Inc. Class A | 0.57% | 8,131 | $1.3M | Add +7.2% |
| ESML iShares ESG Aware MSCI USA S | 0.46% | 26,336 | $1.0M | Reduce -19.8% |
| META Meta Platforms Inc. Class A | 0.45% | 1,698 | $979K | Reduce -32.8% |
| VNQ Vanguard Real Estate ETF | 0.44% | 10,720 | $971K | Add +18.2% |
| IVV iShares Core S&P 500 ETF | 0.44% | 1,709 | $960K | Add +118.3% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.43% | 3,627 | $938K | New |
| QQQ Invesco QQQ Trust Series 1 | 0.36% | 1,692 | $793K | Reduce -38.2% |
| BLV Vanguard Long-Term Bond ETF | 0.35% | 10,970 | $771K | Reduce -68.5% |
| GLD SPDR Gold Shares | 0.33% | 2,486 | $716K | Add +0.6% |
| BKNG Booking Holdings Inc. | 0.32% | 155 | $712K | Reduce -4.9% |
| ESGV Vanguard ESG US Stock ETF | 0.31% | 6,849 | $671K | Add +0.1% |
| CRM Salesforce Inc. | 0.29% | 2,367 | $635K | Add +166.6% |
| FLOT iShares Floating Rate Bond E | 0.24% | 4,430 | $537K | New |
| CWAN Clearwater Analytics HDS-A | 0.23% | 19,000 | $509K | No change |
| SCHB Schwab US Broad Market ETF | 0.23% | 23,543 | $507K | New |
| JNJ Johnson & Johnson | 0.23% | 3,052 | $506K | Reduce -6.1% |
| FYC First Trust Small Cap Growth | 0.22% | 7,176 | $494K | Reduce -48.7% |
| ANET Arista Networks Inc. | 0.22% | 6,358 | $493K | Add +2317.5% |
| LLY Eli Lilly & Co. | 0.22% | 574 | $474K | Reduce -1.4% |
| VIG Vanguard Dividend Apprec ETF | 0.21% | 2,373 | $460K | Reduce -9.7% |
| ARKB ARK 21SHARES Bitcoin ETF | 0.21% | 5,489 | $451K | New |
| SGOV iShares 0-3 Month Treasury B | 0.20% | 4,455 | $448K | New |
| AIRR First Trust Rba American Ind | 0.20% | 6,358 | $434K | Add +35.5% |
| NFLX Netflix Inc. | 0.19% | 457 | $426K | Reduce -1.1% |
| VBR Vngrd Mrngst SL-CP Val ETF-U | 0.18% | 2,085 | $388K | Add +3157.8% |
| SUSA iShares ESG Optimized MSCI U | 0.17% | 3,330 | $382K | Add +1532.3% |
| RTX RTX Corp. | 0.17% | 2,887 | $382K | Add +1.4% |
| GOVT iShares US Treasury Bond ETF | 0.17% | 16,630 | $382K | New |
| JPST JPMorgan Ultra-Short Income | 0.17% | 7,283 | $369K | New |
| FPE FT-Preferred Secur & Inc. ETF | 0.16% | 20,207 | $355K | Reduce -16.3% |
| ISRG Intuitive Surgical Inc. | 0.16% | 716 | $355K | Reduce -0.6% |
| IJR iShares Core S&P Small-Cap E | 0.16% | 3,308 | $346K | Reduce -4.7% |
| WM Waste Management Inc. | 0.16% | 1,477 | $342K | Reduce -0.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.16% | 2,056 | $341K | Add +8.3% |
| AMGN Amgen Inc. | 0.15% | 1,061 | $331K | Reduce -1.2% |
| ICSH iShares Ultra Short Duration | 0.15% | 6,399 | $324K | New |
| ADBE Adobe Inc. | 0.15% | 843 | $323K | Reduce -15.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.14% | 578 | $308K | Add +16.5% |
| SCHF Schwab Intl Equity ETF | 0.14% | 15,505 | $307K | Add +190.5% |
| MGK Vngrd Mrgstr MG CP GR ETF-Ui | 0.14% | 984 | $304K | No change |
| TXN Texas Instruments Inc. | 0.14% | 1,665 | $299K | Reduce -2.5% |
| MCO Moody's Corp. | 0.14% | 639 | $297K | Reduce -0.5% |
| IHY Vaneck Int High Yield Bond | 0.13% | 14,049 | $294K | New |
| IVW iShares S&P 500 Growth ETF | 0.13% | 2,962 | $275K | No change |
| IWM iShares Russell 2000 ETF | 0.12% | 1,368 | $273K | Reduce -17.4% |
| MCD McDonald's Corp. | 0.12% | 862 | $269K | Reduce -0.5% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.12% | 627 | $263K | Reduce -37.4% |
| BIV Vanguard Intermediate-Term B | 0.12% | 3,352 | $257K | New |
| SBUX Starbucks Corp. | 0.11% | 2,437 | $239K | Reduce -0.7% |
| VYM Vanguard High DVD Yield ETF | 0.11% | 1,852 | $239K | Reduce -45.8% |
| COST Costco Wholesale Corp. | 0.11% | 252 | $239K | Reduce -12.5% |
| EPI Wisdomtree India Earnings | 0.11% | 5,452 | $238K | No change |
| QYLD Global X Nasd 100 Cov Call | 0.11% | 14,251 | $237K | Reduce -0.8% |
| LMT Lockheed Martin Corp. | 0.11% | 526 | $235K | Reduce -42.3% |
| MAR Marriott International Class A | 0.11% | 986 | $235K | Reduce -3.0% |
| DFAX Dimensional World Ex US Core | 0.11% | 8,907 | $233K | New |
| RSG Republic Services Inc. | 0.11% | 959 | $232K | Reduce -0.3% |
| TSLA Tesla Inc. | 0.10% | 889 | $230K | Reduce -50.6% |
| DVY iShares Select Dividend ETF | 0.10% | 1,577 | $212K | Reduce -33.3% |
| FDN First Trust DJ Internet Ind | 0.10% | 950 | $211K | No change |
| PHG Koninklijke Philips NVR- NY | 0.10% | 8,286 | $210K | No change |
| CDNS Cadence Design SYS Inc. | 0.10% | 827 | $210K | Reduce -0.7% |
| IEMG iShares Core MSCI Emerging | 0.09% | 3,819 | $206K | Add +3.5% |
| ASML ASML Holding NV-NY Reg SHS | 0.09% | 319 | $206K | Reduce -3.3% |
| ADSK Autodesk Inc. | 0.09% | 782 | $205K | Reduce -0.6% |
| TWLO Twilio Inc. Class A | 0.09% | 2,072 | $203K | No change |
| QCOM Qualcomm Inc. | 0.09% | 1,302 | $200K | Reduce -40.6% |
| TTWO Take-Two Interactive Softwre | 0.09% | 963 | $200K | Reduce -49.2% |
| VOOG Vanguard S&P 500 Growth ETF | 0.09% | 595 | $199K | No change |
| IWR iShares Russell Mid-Cap ETF | 0.09% | 2,323 | $198K | No change |
Options reported separately and not counted above: SALESFORCE INC puts ($20K).
Lines left out (9) · $215 — a value with no share or principal amount
| Security | Class | Shares | Value |
|---|---|---|---|
| ALX Alexander's Inc. | COM | 0 | $35 |
| DELL Dell Technologies -C | CL C | 0 | $33 |
| GDDY GoDaddy Inc. Class A | CL A | 0 | $33 |
| IYR iShares US Real Estate ETF | U.S. REAL ES ETF | 0 | $26 |
| TPL Texas Pacific Land Corp. | COM | 0 | $26 |
| LGLV SPDR US LC Low Vol Idx | ST STR R1K LOWV | 0 | $23 |
| LII Lennox International Inc. | COM | 0 | $20 |
| ERIE Erie Indemnity Company Class A | CL A | 0 | $11 |
| LINE Lineage Inc. | COM | 0 | $8 |
Filed with a value but no share or principal amount (a cash line, a holding rounded to 0 shares), so they are kept out of the holdings, totals and percentages.
Total filed on the 13F, all lines: $219.9M.
Portfolio Sells Q4 2024 → Q1 2025
| DSI iShares ESG MSCI KLD 400 ETF | Reduce -14.5% | 4.75% | −1.37 |
| AAPL Apple Inc. | Reduce -12.2% | 2.73% | −0.86 |
| BLV Vanguard Long-Term Bond ETF | Reduce -68.5% | 0.35% | −0.76 |
| NVDA Nvidia Corp. | Reduce -14.6% | 1.23% | −0.60 |
| MSFT Microsoft Corp. | Reduce -18.6% | 1.39% | −0.57 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -18.0% | 1.77% | −0.54 |
| AMZN Amazon.com Inc. | Reduce -24.7% | 0.58% | −0.33 |
| BOND PIMCO Active Bond Exchange-T | Reduce -5.9% | 5.08% | −0.32 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -38.2% | 0.36% | −0.29 |
| FYC First Trust Small Cap Growth | Reduce -48.7% | 0.22% | −0.28 |
| META Meta Platforms Inc. Class A | Reduce -32.8% | 0.45% | −0.24 |
| IWV iShares Russell 3000 ETF | Reduce -16.8% | 0.82% | −0.24 |
| TSLA Tesla Inc. | Reduce -50.6% | 0.10% | −0.23 |
| ESML iShares ESG Aware MSCI USA S | Reduce -19.8% | 0.46% | −0.18 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -1.1% | 1.49% | −0.14 |
| REGN Regeneron Pharmaceuticals | Reduce -97.9% | 0.00% | −0.12 |
| VYM Vanguard High DVD Yield ETF | Reduce -45.8% | 0.11% | −0.09 |
| NEE Nextera Energy Inc. | Reduce -88.1% | 0.01% | −0.09 |
| UL Unilever PLC | Reduce -98.8% | 0.00% | −0.09 |
| DIA SS SPDR Dow Jones Indus Avg | Reduce -37.4% | 0.12% | −0.08 |
| HD Home Depot Inc. | Reduce -45.1% | 0.08% | −0.08 |
| TTWO Take-Two Interactive Softwre | Reduce -49.2% | 0.09% | −0.07 |
| VSGX Vanguard ESG Intl Stock ETF | Reduce -70.0% | 0.03% | −0.07 |
| QCOM Qualcomm Inc. | Reduce -40.6% | 0.09% | −0.07 |
| XLF SS Financial Select Sector | Reduce -50.0% | 0.06% | −0.06 |
| ADBE Adobe Inc. | Reduce -15.6% | 0.15% | −0.06 |
| ESGD iShares Trust iShares ESG Aw | Reduce -8.5% | 1.40% | −0.06 |
| UNH Unitedhealth Group Inc. | Reduce -38.6% | 0.09% | −0.05 |
| BAC Bank of America Corp. | Reduce -1.1% | 0.61% | −0.05 |
| BKNG Booking Holdings Inc. | Reduce -4.9% | 0.32% | −0.05 |
| AVGO Broadcom Inc. | Reduce -12.2% | 0.08% | −0.05 |
| DVY iShares Select Dividend ETF | Reduce -33.3% | 0.10% | −0.05 |
| IWM iShares Russell 2000 ETF | Reduce -17.4% | 0.12% | −0.05 |
| CWB SS SPDR BB Conv Sec ETF | Reduce -48.3% | 0.04% | −0.04 |
| XLP SS Consumer Staples Sel Sect | Reduce -50.0% | 0.04% | −0.04 |
| NXPI NXP Semiconductors NV | Reduce -88.0% | 0.01% | −0.04 |
| JEPI JPMorgan Equity Premium Inco | Reduce -43.8% | 0.05% | −0.04 |
| FPE FT-Preferred Secur & Inc. ETF | Reduce -16.3% | 0.16% | −0.04 |
| ORCL Oracle Corp. | Reduce -25.2% | 0.05% | −0.03 |
| SO The Southern Co. | Reduce -66.0% | 0.02% | −0.03 |
| PAYX Paychex Inc. | Reduce -86.2% | 0.01% | −0.03 |
| SAP Sap SE-Sponsored ADR | Reduce -83.5% | 0.01% | −0.03 |
| VIG Vanguard Dividend Apprec ETF | Reduce -9.7% | 0.21% | −0.03 |
| URTH iShares MSCI World ETF | Sold out | 0.00% | −0.03 |
| IJR iShares Core S&P Small-Cap E | Reduce -4.7% | 0.16% | −0.03 |
| XLU St Sr Utl SL SE SPDR ETF-Usd | Reduce -66.7% | 0.01% | −0.03 |
| BLK BlackRock Inc. | Reduce -25.9% | 0.05% | −0.03 |
| XLY SS Consumer Disc Select Sect | Reduce -38.0% | 0.03% | −0.03 |
| BIPC Brookfield Infrastructure-A | Sold out | 0.00% | −0.03 |
| WMT Walmart Inc. | Reduce -32.7% | 0.04% | −0.03 |
Portfolio Buys Q4 2024 → Q1 2025
| BND Vanguard Total Bond Market | Add +65.2% | 7.91% | +3.12 |
| VB Vanguard Most SM-Cap ETF-Usd | Add +242.1% | 3.94% | +2.66 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +766.6% | 0.79% | +0.70 |
| TOLZ Proshares GLB Infrastructure | New | 0.70% | +0.70 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +1967.9% | 0.73% | +0.69 |
| MA Mastercard Inc. Class A | Add +262.2% | 0.90% | +0.65 |
| AGG iShares Core U.S. Aggregate | Add +228.0% | 0.78% | +0.54 |
| ITOT iShares Core S&P Total U.S. | Add +382.7% | 0.60% | +0.47 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | New | 0.43% | +0.43 |
| FTGC First Trust Global Tactical | Add +46.9% | 0.99% | +0.34 |
| VEU Vanguard Ftse All-World Ex-U | Add +2.6% | 4.35% | +0.25 |
| FLOT iShares Floating Rate Bond E | New | 0.24% | +0.24 |
| SCHB Schwab US Broad Market ETF | New | 0.23% | +0.23 |
| IVV iShares Core S&P 500 ETF | Add +118.3% | 0.44% | +0.22 |
| ANET Arista Networks Inc. | Add +2317.5% | 0.22% | +0.21 |
| ARKB ARK 21SHARES Bitcoin ETF | New | 0.21% | +0.21 |
| SGOV iShares 0-3 Month Treasury B | New | 0.20% | +0.20 |
| GOVT iShares US Treasury Bond ETF | New | 0.17% | +0.17 |
| CIBR First Trust Nasdaq Cybersecu | Add +13.1% | 1.93% | +0.17 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Add +3157.8% | 0.18% | +0.17 |
| JPST JPMorgan Ultra-Short Income | New | 0.17% | +0.17 |
| SUSA iShares ESG Optimized MSCI U | Add +1532.3% | 0.17% | +0.16 |
| CRM Salesforce Inc. | Add +166.6% | 0.29% | +0.15 |
| ICSH iShares Ultra Short Duration | New | 0.15% | +0.15 |
| IHY Vaneck Int High Yield Bond | New | 0.13% | +0.13 |
| BIV Vanguard Intermediate-Term B | New | 0.12% | +0.12 |
| DFAX Dimensional World Ex US Core | New | 0.11% | +0.11 |
| V Visa Inc. Class A | Add +9.2% | 0.67% | +0.10 |
| SCHF Schwab Intl Equity ETF | Add +190.5% | 0.14% | +0.09 |
| GE General Electric | Add +463.9% | 0.09% | +0.07 |
| QQQM Invesco Nasdaq 100 ETF | New | 0.07% | +0.07 |
| VNQ Vanguard Real Estate ETF | Add +18.2% | 0.44% | +0.07 |
| EAGG iShares ESG Aware US Aggrega | New | 0.06% | +0.06 |
| NUMG Nuveen ESG Mid-Cap Grow ETF | New | 0.06% | +0.06 |
| IBIT iShares Bitcoin Trust ETF | New | 0.06% | +0.06 |
| GLD SPDR Gold Shares | Add +0.6% | 0.33% | +0.05 |
| VGT Vanguard Info Tech ETF | Add +181.4% | 0.08% | +0.05 |
| CALM Cal-Maine Foods Inc. | Add +118.9% | 0.08% | +0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +16.5% | 0.14% | +0.04 |
| VNQI Vanguard GLBL Ex-US Real Est | New | 0.03% | +0.03 |
| TFLO iShares Treasury Floating Ra | New | 0.03% | +0.03 |
| GS Goldman Sachs Group Inc. | Add +270.2% | 0.04% | +0.03 |
| VHT Vanguard Health Care ETF | Add +2.5% | 0.67% | +0.03 |
| AIRR First Trust Rba American Ind | Add +35.5% | 0.20% | +0.03 |
| EZU iShares MSCI Eurozone ETF | New | 0.03% | +0.03 |
| CL Colgate-Palmolive Co. | Add +1620.0% | 0.03% | +0.02 |
| FNDX Schwab Fndmntl US LRG Co. ETF | New | 0.02% | +0.02 |
| RTX RTX Corp. | Add +1.4% | 0.17% | +0.02 |
| KO The Coca-Cola Co. | Add +110.2% | 0.03% | +0.02 |
| FLCA Franklin Ftse Canada ETF | New | 0.02% | +0.02 |
Options Activity Q4 2024 → Q1 2025
| SALESFORCE INC | put | New | 10 | $20K |
| AMAZON COM INC | put | Sold out | 9 | $4Kbefore exit |
| MICROSOFT CORP | put | Sold out | 2 | $840before exit |
| TESLA INC | put | Sold out | 6 | $240before exit |
| MASTERCARD INCORPORATED | put | Sold out | 8 | $80before exit |
| NVIDIA CORPORATION | put | Sold out | 20 | $79before exit |
| APPLE INC | put | Sold out | 1 | $1before exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| DELL Dell Technologies -C | CL C | Reduce -100.0% | 0 | $33 |
| GDDY GoDaddy Inc. Class A | CL A | New | 0 | $33 |
| IYR iShares US Real Estate ETF | U.S. REAL ES ETF | New | 0 | $26 |
| TPL Texas Pacific Land Corp. | COM | New | 0 | $26 |
| LGLV SPDR US LC Low Vol Idx | ST STR R1K LOWV | New | 0 | $23 |
| LII Lennox International Inc. | COM | New | 0 | $20 |
| ERIE Erie Indemnity Company Class A | CL A | New | 0 | $11 |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 1,616 | $489.0M | VOO, VEU, PICB, FTGC, VB |
| Q1 2026 | 1,856 | $424.4M | VOO, VEU, PICB, VB, FTGC |
| Q4 2025 | 1,954 | $316.9M | VOO, VEU, VB, VTI, FTGC |
| Q3 2025 | 916 | $297.8M | VOO, VEU, VB, VTI, NFLX |
| Q2 2025 | 979 | $345.3M | VOO, VEU, VGLT, BND, VB |
| Q1 2025 | 966 | $219.9M | VOO, VGLT, BND, BOND, DSI |
| Q4 2024 | 905 | $215.0M | VOO, VGLT, DSI, BOND, BND |
| Q3 2024 | 926 | $194.7M | VOO, VGLT, DSI, BOND, VEU |
| Q2 2024 | 782 | $161.1M | VOO, DSI, VGLT, BOND, VEU |
| Q1 2024 | 737 | $134.7M | VOO, DSI, VEU, FTHI, BOND |