IFG Advisory, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 4, 2025), IFG Advisory, LLC reported 734 stock positions worth $2.0 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 2.5% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 2.4%) and VG Morningstar TS MKT ETF-US (VTI, 2.4%). Compared with Q1 2025, it opened 78 new positions, sold out of 17, added to 404 and reduced 204. The biggest buy was T Rowe PRC Cap Appreciation (TCAF, shares +505%) and the biggest sale Invesco Total Return Bond Et (GTO, shares −31%).
- Most Recent 13F
- Q2 2026
- Location
- ATLANTA, GA
- CIK
- 0001728319
- Portfolio Value
- $2.0B (Q2 2025)
- SEC Filing
- 0001728319-25-000004 ↗ filed Aug 4, 2025
Holdings Value
Holdings 734 stocks · $2.0B
| SPY SS SPDR S&P 500 ETF Trust-US | 2.45% | 79,045 | $48.8M | Add +2.9% |
| QQQ Invesco QQQ Trust Series 1 | 2.44% | 87,923 | $48.5M | Add +3.6% |
| VTI VG Morningstar TS MKT ETF-US | 2.38% | 156,050 | $47.4M | Reduce -1.5% |
| NOBL Proshares S&P 500 Dividend A | 2.00% | 394,814 | $39.8M | Reduce -0.1% |
| DFAC Dimensional US Core Equity 2 | 1.74% | 965,159 | $34.6M | Add +1.0% |
| AAPL Apple Inc. | 1.71% | 165,382 | $33.9M | Add +1.3% |
| VOO Vanguard S&P 500 ETF | 1.50% | 52,691 | $29.9M | Reduce -2.2% |
| FTCS First Trust Capital Strength | 1.50% | 328,019 | $29.8M | Add +0.2% |
| VYM Vanguard High DVD Yield ETF | 1.31% | 196,188 | $26.2M | Reduce -0.9% |
| NVDA Nvidia Corp. | 1.27% | 160,172 | $25.3M | Reduce -4.4% |
| OMFL Invesco Russell 1000 DYN M/F | 1.11% | 381,412 | $22.0M | Reduce -13.4% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 1.10% | 301,755 | $21.9M | Reduce -5.2% |
| MSFT Microsoft Corp. | 1.07% | 42,720 | $21.2M | Add +2.2% |
| IEFA iShares Core MSCI Eafe ETF | 0.97% | 231,645 | $19.3M | Add +10.7% |
| FVD First Trust Value Line DVD | 0.94% | 420,598 | $18.8M | Add +1.2% |
| DFAX Dimensional World Ex US Core | 0.92% | 620,028 | $18.2M | Add +5.2% |
| DIVB iShares Core Dividend ETF | 0.82% | 324,168 | $16.3M | Reduce -0.9% |
| QUAL iShares MSCI USA Quality Fac | 0.81% | 88,129 | $16.1M | Add +0.9% |
| AVGO Broadcom Inc. | 0.78% | 56,655 | $15.6M | Reduce -4.0% |
| BBUS JPMorgan Betabuilders US Equ | 0.75% | 133,667 | $15.0M | Reduce -25.6% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.74% | 33,399 | $14.7M | Add +6.4% |
| SPYV SS SPDR P S&P 500 Value ETF | 0.71% | 269,924 | $14.1M | Add +43.8% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.70% | 145,979 | $13.9M | Add +56.3% |
| BUFR FT Vest Lad Buffervetf-Usd I | 0.69% | 431,284 | $13.7M | Reduce -1.5% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.67% | 75,294 | $13.3M | Reduce -0.7% |
| AMZN Amazon.com Inc. | 0.66% | 59,763 | $13.1M | Add +6.5% |
| RDVY First Trust Rising Dividend | 0.65% | 205,819 | $12.9M | Add +5.2% |
| XLG Invesco S&P 500 Top 50 ETF | 0.65% | 246,814 | $12.9M | Add +6.6% |
| IJH iShares Core S&P Midcap ETF | 0.63% | 202,746 | $12.6M | Reduce -1.5% |
| GTO Invesco Total Return Bond Et | 0.62% | 262,776 | $12.3M | Reduce -30.9% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.61% | 27,528 | $12.1M | Add +4.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.58% | 23,771 | $11.5M | Reduce -1.6% |
| STIP iShares 0-5 Year Tips Bond E | 0.57% | 110,817 | $11.4M | Add +0.7% |
| XLF SS Financial Select Sector | 0.57% | 216,541 | $11.3M | Reduce -1.3% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.57% | 103,399 | $11.3M | Add +0.5% |
| SPMO Invesco S&P 500 Momentum ETF | 0.55% | 98,070 | $11.0M | Add +1.2% |
| GLTR Abrdn Precious Metals Basket | 0.55% | 78,509 | $10.8M | Reduce -9.3% |
| MBB iShares MBS ETF | 0.54% | 114,924 | $10.8M | Add +30.8% |
| TCAF T Rowe PRC Cap Appreciation | 0.53% | 299,794 | $10.6M | Add +505.2% |
| VGT Vanguard Info Tech ETF | 0.53% | 15,926 | $10.6M | Reduce -7.8% |
| IEMG iShares Core MSCI Emerging | 0.52% | 173,643 | $10.4M | Add +24.2% |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | 0.52% | 390,837 | $10.4M | Reduce -8.3% |
| JAAA Janus Henderson Aaa Clo ETF | 0.52% | 203,737 | $10.3M | Add +4.5% |
| IJR iShares Core S&P Small-Cap E | 0.52% | 93,781 | $10.2M | Reduce -0.4% |
| VIG Vanguard Dividend Apprec ETF | 0.50% | 49,022 | $10.0M | Reduce -1.1% |
| DGRW Wisdomtree U.S. Quality Divi | 0.50% | 118,983 | $10.0M | Add +8.9% |
| IVV iShares Core S&P 500 ETF | 0.49% | 15,831 | $9.8M | Reduce -13.9% |
| WMT Walmart Inc. | 0.48% | 97,288 | $9.5M | Reduce -1.8% |
| SO The Southern Co. | 0.48% | 103,041 | $9.5M | Add +2.8% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.47% | 102,794 | $9.4M | Add +8.4% |
| TBLL Invesco Short Term Treasury | 0.47% | 88,919 | $9.4M | Add +0.7% |
| IUSG iShares Core S&P U.S. Growth | 0.46% | 61,222 | $9.2M | Add +10.7% |
| GOVT iShares US Treasury Bond ETF | 0.46% | 394,744 | $9.1M | Add +1.9% |
| USFR Wisdomtree Floating Rate Tre | 0.45% | 179,572 | $9.0M | Add +15.8% |
| PLTR Palantir Technologies Inc. Class A | 0.45% | 66,122 | $9.0M | Reduce -4.5% |
| JPM JPMorgan Chase & Co. | 0.44% | 29,924 | $8.7M | Add +0.8% |
| UNM Unum Group | 0.43% | 106,474 | $8.6M | Reduce -3.2% |
| BKNG Booking Holdings Inc. | 0.43% | 1,485 | $8.6M | Reduce -1.3% |
| IEF iShares 7-10 Year Treasury B | 0.42% | 87,309 | $8.4M | Add +10.9% |
| SPTI SS SPDR P Int Term TSY ETF | 0.41% | 281,700 | $8.1M | Add +1.9% |
| BOND PIMCO Active Bond Exchange-T | 0.40% | 86,684 | $8.0M | Reduce -18.9% |
| XOM Exxon Mobil Corp. | 0.40% | 73,905 | $8.0M | Add +18.6% |
| FUTY Fidelity MSCI US Utilities | 0.40% | 149,700 | $7.9M | Add +1.3% |
| XLP SS Consumer Staples Sel Sect | 0.39% | 96,459 | $7.8M | Reduce -5.0% |
| JPST JPMorgan Ultra-Short Income | 0.39% | 152,631 | $7.7M | Reduce -4.5% |
| COF Capital One Financial Corp. | 0.39% | 36,015 | $7.7M | New |
| PULS Pgim Ultra Short Bond ETF | 0.38% | 152,584 | $7.6M | Add +16.6% |
| FNDF Schwab Fndmn Intl LRG Co. ETF | 0.38% | 187,136 | $7.5M | Add +10.3% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.38% | 82,052 | $7.5M | Reduce -4.1% |
| FNDE Schwab Fndmntl Em MRK Eq ETF | 0.37% | 224,814 | $7.4M | Add +8.3% |
| ABBV Abbvie Inc. | 0.37% | 39,701 | $7.4M | Add +3.4% |
| VXF Vanguard Extended Market ETF | 0.36% | 37,690 | $7.3M | Add +4.2% |
| HD Home Depot Inc. | 0.36% | 19,598 | $7.2M | Add +3.5% |
| IVW iShares S&P 500 Growth ETF | 0.35% | 63,892 | $7.0M | Add +7.2% |
| IUSV iShares Core S&P U.S. Value | 0.35% | 74,127 | $7.0M | Add +10.8% |
| IWF iShares Russell 1000 Growth | 0.35% | 16,409 | $7.0M | Add +6.0% |
| IWM iShares Russell 2000 ETF | 0.35% | 32,195 | $6.9M | Add +1.5% |
| CHKP Check Point Software Tech | 0.35% | 31,324 | $6.9M | Reduce -0.3% |
| XLU St Sr Utl SL SE SPDR ETF-Usd | 0.34% | 83,096 | $6.8M | Add +7.6% |
| XLK SS Technology Select Sector | 0.34% | 26,627 | $6.7M | Add +15.1% |
| AMAT Applied Materials Inc. | 0.33% | 36,156 | $6.6M | Add +1008.1% |
| CBSH Commerce Bancshares Inc. | 0.33% | 105,262 | $6.5M | Add +1.9% |
| IUS Invesco Rafi Strategic US Et | 0.31% | 120,660 | $6.2M | Add +0.5% |
| JNK SS SPDR BB High Yield Bond | 0.30% | 62,392 | $6.1M | Add +3.1% |
| MTUM iShares MSCI USA Momentum Fa | 0.30% | 25,208 | $6.1M | Add +9.4% |
| META Meta Platforms Inc. Class A | 0.30% | 8,115 | $6.0M | Add +1.8% |
| PM Philip Morris International | 0.29% | 32,195 | $5.9M | Reduce -7.1% |
| CSCO Cisco Systems Inc. | 0.29% | 84,396 | $5.9M | Add +1.8% |
| SNA Snap-on Inc. | 0.29% | 18,795 | $5.8M | Reduce -3.3% |
| DVY iShares Select Dividend ETF | 0.29% | 42,919 | $5.7M | Add +15.2% |
| GOOG Alphabet Inc. Class C | 0.28% | 31,809 | $5.6M | Add +5.1% |
| TSLA Tesla Inc. | 0.28% | 17,480 | $5.6M | Add +11.5% |
| DISV Dimensional International SM | 0.28% | 167,389 | $5.5M | Add +5.1% |
| XLI SS Industrial Select Sector | 0.27% | 36,899 | $5.4M | Reduce -23.4% |
| AFL Aflac Inc. | 0.27% | 51,315 | $5.4M | Add +0.6% |
| DFUS Dimensional US Eq MKT ETF | 0.27% | 80,074 | $5.4M | Add +3.1% |
| BSV Vanguard Short-Term Bond ETF | 0.27% | 67,573 | $5.3M | Reduce -2.4% |
| CPAY Corpay Inc. | 0.27% | 15,993 | $5.3M | Add +0.5% |
| SPIB SS SPDR P Int C Corp. ETF | 0.26% | 156,370 | $5.3M | Add +3.2% |
| SDVY First Trust Smid Cap Rising | 0.26% | 146,001 | $5.2M | Add +1.9% |
Options reported separately and not counted above: STATE STR SPDR S&P 500 ETF T puts ($2.0M).
Other holdings (2): bonds, preferreds, convertibles and warrants · $547K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 240 | $291K | Add +1.7% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 218 | $256K | Add +1.4% |
Total filed on the 13F, all lines: $2.0B.
Portfolio Sells Q1 2025 → Q2 2025
| GTO Invesco Total Return Bond Et | Reduce -30.9% | 0.62% | −0.37 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.33 |
| GOOGL Alphabet Inc. Class A | Reduce -69.1% | 0.12% | −0.26 |
| BBUS JPMorgan Betabuilders US Equ | Reduce -25.6% | 0.75% | −0.25 |
| NOBL Proshares S&P 500 Dividend A | Reduce -0.1% | 2.00% | −0.24 |
| STATE STR SPDR S&P 500 ETF T | Sold out | 0.00% | −0.21 |
| OMFL Invesco Russell 1000 DYN M/F | Reduce -13.4% | 1.11% | −0.19 |
| GDIV Harbor Dividend Growth Leade | Reduce -92.8% | 0.01% | −0.15 |
| BOND PIMCO Active Bond Exchange-T | Reduce -18.9% | 0.40% | −0.15 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.6% | 0.58% | −0.13 |
| VBR Vngrd Mrngst SL-CP Val ETF-U | Reduce -75.3% | 0.04% | −0.12 |
| SPTL SS SPDR PF LNG TRM TSY E-Usd | Reduce -8.3% | 0.52% | −0.12 |
| VGIT Vanguard Intermediate-Term T | Reduce -86.1% | 0.02% | −0.12 |
| FSIG FT Ltd. Duration Inv Grade | Reduce -59.2% | 0.07% | −0.12 |
| FYX First Trust Small Cap Core A | Reduce -49.9% | 0.11% | −0.11 |
| BABA Alibaba Group Holding-SP ADR | Reduce -81.5% | 0.02% | −0.10 |
| VYM Vanguard High DVD Yield ETF | Reduce -0.9% | 1.31% | −0.10 |
| RWJ Invesco S&P Smallcap 600 | Reduce -65.3% | 0.05% | −0.10 |
| XSMO Invesco S&P Smallcap Momentu | Reduce -83.8% | 0.02% | −0.09 |
| IVV iShares Core S&P 500 ETF | Reduce -13.9% | 0.49% | −0.08 |
| XLI SS Industrial Select Sector | Reduce -23.4% | 0.27% | −0.08 |
| GLTR Abrdn Precious Metals Basket | Reduce -9.3% | 0.55% | −0.08 |
| TBIL F/M US Treasury 3 Month Bill | Reduce -18.0% | 0.21% | −0.07 |
| EMXC iShares MSCI Emr MRK Ex Chna | Reduce -86.4% | 0.01% | −0.07 |
| SNA Snap-on Inc. | Reduce -3.3% | 0.29% | −0.07 |
| PANW Palo Alto Networks Inc. | Reduce -80.2% | 0.02% | −0.07 |
| XLP SS Consumer Staples Sel Sect | Reduce -5.0% | 0.39% | −0.07 |
| NVS Novartis AG-Sponsored ADR | Reduce -82.1% | 0.01% | −0.07 |
| UNM Unum Group | Reduce -3.2% | 0.43% | −0.06 |
| DIVB iShares Core Dividend ETF | Reduce -0.9% | 0.82% | −0.06 |
| JPST JPMorgan Ultra-Short Income | Reduce -4.5% | 0.39% | −0.06 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Reduce -5.2% | 1.10% | −0.06 |
| VTV Vanguard Mrngstr Val ETF-Aui | Reduce -0.7% | 0.67% | −0.06 |
| KRE SS SPDR S&P Regional Bank | Reduce -69.4% | 0.02% | −0.05 |
| XLY SS Consumer Disc Select Sect | Reduce -32.9% | 0.10% | −0.05 |
| CHKP Check Point Software Tech | Reduce -0.3% | 0.35% | −0.05 |
| TFC Truist Financial Corp. | Reduce -31.8% | 0.09% | −0.05 |
| GLD SPDR Gold Shares | Reduce -11.1% | 0.24% | −0.04 |
| JNJ Johnson & Johnson | Reduce -1.0% | 0.19% | −0.04 |
| XLV SS Health Care Select Sector | Reduce -3.8% | 0.17% | −0.04 |
| ALL Allstate Corp. | Reduce -12.9% | 0.13% | −0.04 |
| MDYV SS SPDR S&P 400 MC Val ETF | Reduce -46.9% | 0.04% | −0.04 |
| INTC Intel Corp. | Reduce -62.7% | 0.02% | −0.04 |
| HDV iShares Core High Dividend E | Reduce -7.4% | 0.16% | −0.04 |
| MHK Mohawk Industries Inc. | Reduce -2.0% | 0.16% | −0.04 |
| XLF SS Financial Select Sector | Reduce -1.3% | 0.57% | −0.04 |
| FMB First Trust Managed Municipa | Reduce -37.0% | 0.05% | −0.04 |
| IJH iShares Core S&P Midcap ETF | Reduce -1.5% | 0.63% | −0.03 |
| BSV Vanguard Short-Term Bond ETF | Reduce -2.4% | 0.27% | −0.03 |
| BUFR FT Vest Lad Buffervetf-Usd I | Reduce -1.5% | 0.69% | −0.03 |
Portfolio Buys Q1 2025 → Q2 2025
| TCAF T Rowe PRC Cap Appreciation | Add +505.2% | 0.53% | +0.44 |
| COF Capital One Financial Corp. | New | 0.39% | +0.39 |
| AMAT Applied Materials Inc. | Add +1008.1% | 0.33% | +0.31 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +56.3% | 0.70% | +0.28 |
| QQQ Invesco QQQ Trust Series 1 | Add +3.6% | 2.44% | +0.23 |
| MSFT Microsoft Corp. | Add +2.2% | 1.07% | +0.20 |
| SPYV SS SPDR P S&P 500 Value ETF | Add +43.8% | 0.71% | +0.18 |
| DFSV Dimensional US Small Cap Val | New | 0.16% | +0.16 |
| STEW SRH Total Return Fund Inc. | New | 0.14% | +0.14 |
| JGRO JPMorgan Active Growth ETF | Add +163.7% | 0.22% | +0.14 |
| JBND JPMorgan Active Bond ETF | Add +325.4% | 0.17% | +0.13 |
| IEMG iShares Core MSCI Emerging | Add +24.2% | 0.52% | +0.11 |
| PDI PIMCO Dynamic Income Fund | Add +688.8% | 0.11% | +0.10 |
| SCHD Schwab US DVD Equity ETF | Add +151.6% | 0.18% | +0.10 |
| IEFA iShares Core MSCI Eafe ETF | Add +10.7% | 0.97% | +0.09 |
| CRWV Coreweave Inc. Class A | New | 0.09% | +0.09 |
| AFSM First Trust Active Factor SM | New | 0.09% | +0.09 |
| HELO JPMorgan Hedged Equity ETF | New | 0.09% | +0.09 |
| MBB iShares MBS ETF | Add +30.8% | 0.54% | +0.09 |
| THRO iShares U.S. Thematic Rotati | New | 0.08% | +0.08 |
| ITA iShares U.S. Aerospace & Def | Add +256.4% | 0.10% | +0.07 |
| XLK SS Technology Select Sector | Add +15.1% | 0.34% | +0.07 |
| IUSG iShares Core S&P U.S. Growth | Add +10.7% | 0.46% | +0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +2.9% | 2.45% | +0.07 |
| LSGR Natixis Loomis Focused Grwth | Add +326.1% | 0.09% | +0.07 |
| IOT Samsara Inc. Class A | New | 0.07% | +0.07 |
| AMZN Amazon.com Inc. | Add +6.5% | 0.66% | +0.07 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +4.0% | 0.61% | +0.06 |
| DFAX Dimensional World Ex US Core | Add +5.2% | 0.92% | +0.06 |
| IVE iShares S&P 500 Value ETF | Add +52.1% | 0.20% | +0.06 |
| NFLX Netflix Inc. | Add +13.7% | 0.18% | +0.06 |
| SPMO Invesco S&P 500 Momentum ETF | Add +1.2% | 0.55% | +0.06 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | Add +33.1% | 0.22% | +0.06 |
| XLG Invesco S&P 500 Top 50 ETF | Add +6.6% | 0.65% | +0.06 |
| CGDV Cap Group Dividend Value | Add +69.0% | 0.13% | +0.05 |
| TSLA Tesla Inc. | Add +11.5% | 0.28% | +0.05 |
| CGGR Cap Group Growth Equity | Add +57.4% | 0.13% | +0.05 |
| FMDE Fidelity Enhanced Mid Cap Co. | Add +444.0% | 0.06% | +0.05 |
| EWW iShares MSCI Mexico ETF | New | 0.05% | +0.05 |
| GOF Guggenheim Strategic Opport | Add +327.6% | 0.07% | +0.05 |
| IAI iShares U.S. Broker-Dealers | Add +377.9% | 0.06% | +0.05 |
| IAGG iShares Intl Aggregate Bond | New | 0.05% | +0.05 |
| IVW iShares S&P 500 Growth ETF | Add +7.2% | 0.35% | +0.05 |
| META Meta Platforms Inc. Class A | Add +1.8% | 0.30% | +0.05 |
| MTUM iShares MSCI USA Momentum Fa | Add +9.4% | 0.30% | +0.05 |
| EFV iShares MSCI Eafe Value ETF | Add +30.5% | 0.21% | +0.05 |
| ALLE Allegion PLC | New | 0.04% | +0.04 |
| FTCB FT Core Investment Grade ETF | New | 0.04% | +0.04 |
| DHI D.R. Horton Inc. | Add +343.7% | 0.06% | +0.04 |
| IWF iShares Russell 1000 Growth | Add +6.0% | 0.35% | +0.04 |
Options Activity Q1 2025 → Q2 2025
| STATE STR SPDR S&P 500 ETF T | put | New | 1,416 | $2.0M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +1.7% | 240 | $291K |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Add +1.4% | 218 | $256K |
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 | 2,348 | $2.9B | SPY, QQQ, VOO, VTI, AAPL |
| Q1 2026 | 333 | $34.9M | CBSH, DKL, MPLX, BIP, WES |
| Q4 2025 | 747 | $2.3B | SPY, QQQ, VTI, AAPL, DFAC |
| Q3 2025 | 761 | $2.2B | SPY, QQQ, VTI, AAPL, DFAC |
| Q2 2025 | 734 | $2.0B | SPY, QQQ, VTI, NOBL, DFAC |
| Q1 2025 | 673 | $1.8B | VTI, SPY, NOBL, QQQ, AAPL |
| Q4 2024 | 670 | $1.8B | VTI, QQQ, SPY, AAPL, NOBL |
| Q3 2024 | 384 | $1.6B | VTI, VOO, SPY, QQQ, NOBL |
| Q2 2024 | 614 | $1.6B | SPY, VTI, QQQ, VOO, NOBL |
| Q1 2024 | 362 | $1.3B | VOO, VTI, QQQ, NOBL, FTCS |