# EDGAR Filing Document

**Accession Number:** 0001634556
**File Stem:** 0001172661-25-004287
**Filing Date:** 2025-10
**Character Count:** 24291
**Document Hash:** 51c7f29cabf051794c1eeaa3837a807c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-004287.hdr.sgml**: 20251014

**ACCESSION NUMBER**: 0001172661-25-004287

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251014

**DATE AS OF CHANGE**: 20251014

**EFFECTIVENESS DATE**: 20251014

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** True North Advisors, LLC
- **CENTRAL INDEX KEY:** 0001634556

**ORGANIZATION NAME:**
- **EIN:** 752871229
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21867
- **FILM NUMBER:** 251392182

**BUSINESS ADDRESS:**
- **STREET 1:** 3131 TURTLE CREEK BOULEVARD
- **STREET 2:** SUITE 1300
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75219
- **BUSINESS PHONE:** 214-360-7300

**MAIL ADDRESS:**
- **STREET 1:** 3131 TURTLE CREEK BOULEVARD
- **STREET 2:** SUITE 1300
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75219

### 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:** True North Advisors LLC<br>**Address:** 3131 Turtle Creek Boulevard<br>Suite 1300<br>Dallas, TX 75219

**Form 13F File Number:** 028-21867

**CRD Number (if applicable):** 000116048

**SEC File Number (if applicable):** 801-66250

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:** Will Sharp<br>**Title:** Managing Director of Finance CCO Partner<br>**Phone:** 214-360-7300

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

/s/ Will Sharp  Dallas, TX  10-14-2025<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:** 215

**Form 13F Information Table Value Total:** $629953431

      (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 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 977991 | 2109 | SH |  | SOLE |  | 0 | 0 | 2109 |
| ISHARES TR | USD INV GRDE ETF | 464288620 |  | 286387 | 5484 | SH |  | SOLE |  | 0 | 0 | 5484 |
| ISHARES TR | US TREAS BD ETF | 46429B267 |  | 8448458 | 365418 | SH |  | SOLE |  | 0 | 0 | 365418 |
| DIMENSIONAL ETF TRUST | US TARGETED VLU | 25434V609 |  | 1644840 | 28257 | SH |  | SOLE |  | 0 | 0 | 28257 |
| DIMENSIONAL ETF TRUST | US EQUITY MARKET | 25434V401 |  | 338005 | 4666 | SH |  | SOLE |  | 0 | 0 | 4666 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 3081859 | 79903 | SH |  | SOLE |  | 0 | 0 | 79903 |
| PACER FDS TR | US CASH COWS 100 | 69374H881 |  | 291089 | 5065 | SH |  | SOLE |  | 0 | 0 | 5065 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 |  | 279348 | 9663 | SH |  | SOLE |  | 0 | 0 | 9663 |
| GOLDMAN SACHS PHYSICAL GOLD | UNIT | 38150K103 |  | 763162 | 20020 | SH |  | SOLE |  | 0 | 0 | 20020 |
| PACER FDS TR | TRENDP US LAR CP | 69374H105 |  | 284478 | 5195 | SH |  | SOLE |  | 0 | 0 | 5195 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 25737654 | 38635 | SH |  | SOLE |  | 0 | 0 | 38635 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 294538 | 1648 | SH |  | SOLE |  | 0 | 0 | 1648 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 482334 | 1727 | SH |  | SOLE |  | 0 | 0 | 1727 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 439145 | 5724 | SH |  | SOLE |  | 0 | 0 | 5724 |
| SSGA ACTIVE ETF TR | SPDR TR TACTIC | 78467V848 |  | 262812 | 6478 | SH |  | SOLE |  | 0 | 0 | 6478 |
| GRAYSCALE BITCOIN MINI TR ET | SHS NEW | 389930207 |  | 327272 | 6464 | SH |  | SOLE |  | 0 | 0 | 6464 |
| AON PLC | SHS CL A | G0403H108 |  | 382610 | 1073 | SH |  | SOLE |  | 0 | 0 | 1073 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 2761785 | 42489 | SH |  | SOLE |  | 0 | 0 | 42489 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 956109 | 2266 | SH |  | SOLE |  | 0 | 0 | 2266 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 391046 | 4106 | SH |  | SOLE |  | 0 | 0 | 4106 |
| VICTORY PORTFOLIOS II | SHORT TRM BD ETF | 92647N535 |  | 258704 | 5074 | SH |  | SOLE |  | 0 | 0 | 5074 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 278696 | 2610 | SH |  | SOLE |  | 0 | 0 | 2610 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 289004 | 2394 | SH |  | SOLE |  | 0 | 0 | 2394 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 650383 | 2688 | SH |  | SOLE |  | 0 | 0 | 2688 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 452864 | 3180 | SH |  | SOLE |  | 0 | 0 | 3180 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 535381 | 3028 | SH |  | SOLE |  | 0 | 0 | 3028 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 1807676 | 8879 | SH |  | SOLE |  | 0 | 0 | 8879 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 5632630 | 12025 | SH |  | SOLE |  | 0 | 0 | 12025 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 1079159 | 2953 | SH |  | SOLE |  | 0 | 0 | 2953 |
| SPDR SERIES TRUST | PORTFOLIO S | 78464A847 |  | 228302 | 3992 | SH |  | SOLE |  | 0 | 0 | 3992 |
| SPDR INDEX SHS FDS | PORTFOLIO EMG MK | 78463X509 |  | 311146 | 6647 | SH |  | SOLE |  | 0 | 0 | 6647 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD TR | 85207H104 |  | 1025385 | 34618 | SH |  | SOLE |  | 0 | 0 | 34618 |
| ETFS GOLD TR | PHYSCL GOLD SHS | 00326A104 |  | 3007819 | 81712 | SH |  | SOLE |  | 0 | 0 | 81712 |
| ALLEGION PLC | ORD SHS | G0176J109 |  | 1591184 | 8972 | SH |  | SOLE |  | 0 | 0 | 8972 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 1206240 | 1246 | SH |  | SOLE |  | 0 | 0 | 1246 |
| J P MORGAN EXCHANGE TRADED F | MUNICIPAL ETF | 46641Q647 |  | 252057 | 4994 | SH |  | SOLE |  | 0 | 0 | 4994 |
| SPDR SERIES TRUST | MSCI USA STRTGIC | 78468R812 |  | 443922 | 2593 | SH |  | SOLE |  | 0 | 0 | 2593 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 755827 | 3886 | SH |  | SOLE |  | 0 | 0 | 3886 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 7559057 | 103876 | SH |  | SOLE |  | 0 | 0 | 103876 |
| AMERICAN CENTY ETF TR | INTL SMCP VLU | 025072802 |  | 7817914 | 87812 | SH |  | SOLE |  | 0 | 0 | 87812 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 399904 | 1125 | SH |  | SOLE |  | 0 | 0 | 1125 |
| J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM | 46641Q332 |  | 2720099 | 47637 | SH |  | SOLE |  | 0 | 0 | 47637 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 1766673 | 19775 | SH |  | SOLE |  | 0 | 0 | 19775 |
| ISHARES TR | CORE S ETF | 464287200 |  | 1497991 | 2238 | SH |  | SOLE |  | 0 | 0 | 2238 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 826323 | 5673 | SH |  | SOLE |  | 0 | 0 | 5673 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 234871 | 3599 | SH |  | SOLE |  | 0 | 0 | 3599 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 |  | 366937 | 4443 | SH |  | SOLE |  | 0 | 0 | 4443 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 369147 | 4228 | SH |  | SOLE |  | 0 | 0 | 4228 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 524730 | 6987 | SH |  | SOLE |  | 0 | 0 | 6987 |
| ORGANON  CO | COMMON STOCK | 68622V106 |  | 157766 | 14772 | SH |  | SOLE |  | 0 | 0 | 14772 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 1681465 | 97987 | SH |  | SOLE |  | 0 | 0 | 97987 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 418673 | 8382 | SH |  | SOLE |  | 0 | 0 | 8382 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 601108 | 17489 | SH |  | SOLE |  | 0 | 0 | 17489 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 562295 | 3859 | SH |  | SOLE |  | 0 | 0 | 3859 |
| NORTHERN DYNASTY MINERALS LT | COM NEW | 66510M204 |  | 39300 | 32750 | SH |  | SOLE |  | 0 | 0 | 32750 |
| BIOHARVEST SCIENCES INC | COM NEW | 09076J207 |  | 1581002 | 168013 | SH |  | SOLE |  | 0 | 0 | 168013 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 4376260 | 32683 | SH |  | SOLE |  | 0 | 0 | 32683 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 3365223 | 21170 | SH |  | SOLE |  | 0 | 0 | 21170 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 1045624 | 2338 | SH |  | SOLE |  | 0 | 0 | 2338 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 1296419 | 2835 | SH |  | SOLE |  | 0 | 0 | 2835 |
| GE AEROSPACE | COM NEW | 369604301 |  | 6474811 | 21524 | SH |  | SOLE |  | 0 | 0 | 21524 |
| KLA CORP | COM NEW | 482480100 |  | 1251783 | 1161 | SH |  | SOLE |  | 0 | 0 | 1161 |
| VISA INC | COM CL A | 92826C839 |  | 5798016 | 16984 | SH |  | SOLE |  | 0 | 0 | 16984 |
| ACV AUCTIONS INC | COM CL A | 00091G104 |  | 914396 | 92270 | SH |  | SOLE |  | 0 | 0 | 92270 |
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 |  | 571905 | 31065 | SH |  | SOLE |  | 0 | 0 | 31065 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 574938 | 1731 | SH |  | SOLE |  | 0 | 0 | 1731 |
| COCA COLA CO | COM | 191216100 |  | 706771 | 10657 | SH |  | SOLE |  | 0 | 0 | 10657 |
| PROGRESSIVE CORP | COM | 743315103 |  | 285230 | 1155 | SH |  | SOLE |  | 0 | 0 | 1155 |
| U S PHYSICAL THERAPY | COM | 90337L108 |  | 929608 | 10943 | SH |  | SOLE |  | 0 | 0 | 10943 |
| DEERE  CO | COM | 244199105 |  | 225438 | 493 | SH |  | SOLE |  | 0 | 0 | 493 |
| SYNOPSYS INC | COM | 871607107 |  | 253602 | 514 | SH |  | SOLE |  | 0 | 0 | 514 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1270498 | 8269 | SH |  | SOLE |  | 0 | 0 | 8269 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 272445 | 1617 | SH |  | SOLE |  | 0 | 0 | 1617 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 238706 | 8432 | SH |  | SOLE |  | 0 | 0 | 8432 |
| ALKAMI TECHNOLOGY INC | COM | 01644J108 |  | 372600 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| PFIZER INC | COM | 717081103 |  | 1630568 | 63994 | SH |  | SOLE |  | 0 | 0 | 63994 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 3201504 | 41098 | SH |  | SOLE |  | 0 | 0 | 41098 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 2005015 | 35256 | SH |  | SOLE |  | 0 | 0 | 35256 |
| STARBUCKS CORP | COM | 855244109 |  | 619718 | 7325 | SH |  | SOLE |  | 0 | 0 | 7325 |
| REXFORD INDL RLTY INC | COM | 76169C100 |  | 213895 | 5203 | SH |  | SOLE |  | 0 | 0 | 5203 |
| DISNEY WALT CO | COM | 254687106 |  | 481437 | 4205 | SH |  | SOLE |  | 0 | 0 | 4205 |
| ABBOTT LABS | COM | 002824100 |  | 2571618 | 19200 | SH |  | SOLE |  | 0 | 0 | 19200 |
| CATERPILLAR INC | COM | 149123101 |  | 2473443 | 5184 | SH |  | SOLE |  | 0 | 0 | 5184 |
| LOEWS CORP | COM | 540424108 |  | 310909 | 3097 | SH |  | SOLE |  | 0 | 0 | 3097 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 766516 | 328 | SH |  | SOLE |  | 0 | 0 | 328 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 451912 | 26167 | SH |  | SOLE |  | 0 | 0 | 26167 |
| ONEOK INC NEW | COM | 682680103 |  | 255614 | 3503 | SH |  | SOLE |  | 0 | 0 | 3503 |
| MCDONALDS CORP | COM | 580135101 |  | 821509 | 2703 | SH |  | SOLE |  | 0 | 0 | 2703 |
| VENTAS INC | COM | 92276F100 |  | 303897 | 4342 | SH |  | SOLE |  | 0 | 0 | 4342 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 565105 | 12530 | SH |  | SOLE |  | 0 | 0 | 12530 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 269469 | 1043 | SH |  | SOLE |  | 0 | 0 | 1043 |
| QUALCOMM INC | COM | 747525103 |  | 1016037 | 6107 | SH |  | SOLE |  | 0 | 0 | 6107 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 2166609 | 6257 | SH |  | SOLE |  | 0 | 0 | 6257 |
| BROADCOM INC | COM | 11135F101 |  | 11954589 | 36236 | SH |  | SOLE |  | 0 | 0 | 36236 |
| CARMAX INC | COM | 143130102 |  | 5552303 | 123742 | SH |  | SOLE |  | 0 | 0 | 123742 |
| UNION PAC CORP | COM | 907818108 |  | 652696 | 2761 | SH |  | SOLE |  | 0 | 0 | 2761 |
| ALLSTATE CORP | COM | 020002101 |  | 2521279 | 11746 | SH |  | SOLE |  | 0 | 0 | 11746 |
| HONEYWELL INTL INC | COM | 438516106 |  | 749380 | 3560 | SH |  | SOLE |  | 0 | 0 | 3560 |
| HOME DEPOT INC | COM | 437076102 |  | 3724876 | 9193 | SH |  | SOLE |  | 0 | 0 | 9193 |
| SYSCO CORP | COM | 871829107 |  | 236823 | 2876 | SH |  | SOLE |  | 0 | 0 | 2876 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 1144611 | 4197 | SH |  | SOLE |  | 0 | 0 | 4197 |
| ABBVIE INC | COM | 00287Y109 |  | 4215142 | 18205 | SH |  | SOLE |  | 0 | 0 | 18205 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 225090 | 1302 | SH |  | SOLE |  | 0 | 0 | 1302 |
| AT INC | COM | 00206R102 |  | 671688 | 23785 | SH |  | SOLE |  | 0 | 0 | 23785 |
| KROGER CO | COM | 501044101 |  | 2428270 | 36022 | SH |  | SOLE |  | 0 | 0 | 36022 |
| VERITEX HLDGS INC | COM | 923451108 |  | 675059 | 20133 | SH |  | SOLE |  | 0 | 0 | 20133 |
| ELI LILLY  CO | COM | 532457108 |  | 2639985 | 3460 | SH |  | SOLE |  | 0 | 0 | 3460 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 457865 | 944 | SH |  | SOLE |  | 0 | 0 | 944 |
| SALESFORCE INC | COM | 79466L302 |  | 2477231 | 10452 | SH |  | SOLE |  | 0 | 0 | 10452 |
| DOMINOS PIZZA INC | COM | 25754A201 |  | 264638 | 613 | SH |  | SOLE |  | 0 | 0 | 613 |
| STRYKER CORPORATION | COM | 863667101 |  | 3166226 | 8565 | SH |  | SOLE |  | 0 | 0 | 8565 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 4711418 | 150669 | SH |  | SOLE |  | 0 | 0 | 150669 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 1501264 | 15871 | SH |  | SOLE |  | 0 | 0 | 15871 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 801906 | 2322 | SH |  | SOLE |  | 0 | 0 | 2322 |
| PROLOGIS INC. | COM | 74340W103 |  | 320695 | 2800 | SH |  | SOLE |  | 0 | 0 | 2800 |
| WP CAREY INC | COM | 92936U109 |  | 382446 | 5660 | SH |  | SOLE |  | 0 | 0 | 5660 |
| PAYCHEX INC | COM | 704326107 |  | 2146681 | 16935 | SH |  | SOLE |  | 0 | 0 | 16935 |
| ADOBE INC | COM | 00724F101 |  | 571150 | 1619 | SH |  | SOLE |  | 0 | 0 | 1619 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 271238 | 776 | SH |  | SOLE |  | 0 | 0 | 776 |
| CINTAS CORP | COM | 172908105 |  | 568875 | 2771 | SH |  | SOLE |  | 0 | 0 | 2771 |
| MICROSOFT CORP | COM | 594918104 |  | 20929229 | 40408 | SH |  | SOLE |  | 0 | 0 | 40408 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 3390278 | 5379 | SH |  | SOLE |  | 0 | 0 | 5379 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 679554 | 3991 | SH |  | SOLE |  | 0 | 0 | 3991 |
| APPLE INC | COM | 037833100 |  | 77613597 | 304809 | SH |  | SOLE |  | 0 | 0 | 304809 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 617683 | 5565 | SH |  | SOLE |  | 0 | 0 | 5565 |
| RESMED INC | COM | 761152107 |  | 1422301 | 5196 | SH |  | SOLE |  | 0 | 0 | 5196 |
| CVS HEALTH CORP | COM | 126650100 |  | 287945 | 3819 | SH |  | SOLE |  | 0 | 0 | 3819 |
| SERVICENOW INC | COM | 81762P102 |  | 523639 | 569 | SH |  | SOLE |  | 0 | 0 | 569 |
| TESLA INC | COM | 88160R101 |  | 2108801 | 4742 | SH |  | SOLE |  | 0 | 0 | 4742 |
| WELLTOWER INC | COM | 95040Q104 |  | 224456 | 1260 | SH |  | SOLE |  | 0 | 0 | 1260 |
| NETAPP INC | COM | 64110D104 |  | 1753805 | 14805 | SH |  | SOLE |  | 0 | 0 | 14805 |
| LENNOX INTL INC | COM | 526107107 |  | 94081565 | 177727 | SH |  | SOLE |  | 0 | 0 | 177727 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 23927710 | 128244 | SH |  | SOLE |  | 0 | 0 | 128244 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 1435229 | 2875 | SH |  | SOLE |  | 0 | 0 | 2875 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 7667494 | 68004 | SH |  | SOLE |  | 0 | 0 | 68004 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 453016 | 12921 | SH |  | SOLE |  | 0 | 0 | 12921 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 261442 | 905 | SH |  | SOLE |  | 0 | 0 | 905 |
| AFLAC INC | COM | 001055102 |  | 487426 | 4364 | SH |  | SOLE |  | 0 | 0 | 4364 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 296166 | 1554 | SH |  | SOLE |  | 0 | 0 | 1554 |
| AMAZON COM INC | COM | 023135106 |  | 30466825 | 138757 | SH |  | SOLE |  | 0 | 0 | 138757 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 222882 | 2275 | SH |  | SOLE |  | 0 | 0 | 2275 |
| 3M CO | COM | 88579Y101 |  | 394164 | 2540 | SH |  | SOLE |  | 0 | 0 | 2540 |
| TEXAS INSTRS INC | COM | 882508104 |  | 2092701 | 11390 | SH |  | SOLE |  | 0 | 0 | 11390 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 481500 | 605 | SH |  | SOLE |  | 0 | 0 | 605 |
| ANALOG DEVICES INC | COM | 032654105 |  | 633938 | 2580 | SH |  | SOLE |  | 0 | 0 | 2580 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 324768 | 10178 | SH |  | SOLE |  | 0 | 0 | 10178 |
| OSHKOSH CORP | COM | 688239201 |  | 1117884 | 8619 | SH |  | SOLE |  | 0 | 0 | 8619 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 448106 | 4809 | SH |  | SOLE |  | 0 | 0 | 4809 |
| CORTEVA INC | COM | 22052L104 |  | 4096353 | 60570 | SH |  | SOLE |  | 0 | 0 | 60570 |
| RTX CORPORATION | COM | 75513E101 |  | 1010698 | 6040 | SH |  | SOLE |  | 0 | 0 | 6040 |
| ROLLINS INC | COM | 775711104 |  | 323540 | 5508 | SH |  | SOLE |  | 0 | 0 | 5508 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 662045 | 4092 | SH |  | SOLE |  | 0 | 0 | 4092 |
| APPLIED MATLS INC | COM | 038222105 |  | 1601280 | 7821 | SH |  | SOLE |  | 0 | 0 | 7821 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 505510 | 11502 | SH |  | SOLE |  | 0 | 0 | 11502 |
| DOW INC | COM | 260557103 |  | 2230640 | 97280 | SH |  | SOLE |  | 0 | 0 | 97280 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 490928 | 2411 | SH |  | SOLE |  | 0 | 0 | 2411 |
| YUM BRANDS INC | COM | 988498101 |  | 356896 | 2348 | SH |  | SOLE |  | 0 | 0 | 2348 |
| AMGEN INC | COM | 031162100 |  | 463979 | 1644 | SH |  | SOLE |  | 0 | 0 | 1644 |
| BANK AMERICA CORP | COM | 060505104 |  | 13753154 | 266586 | SH |  | SOLE |  | 0 | 0 | 266586 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 618905 | 15980 | SH |  | SOLE |  | 0 | 0 | 15980 |
| POOL CORP | COM | 73278L105 |  | 208057 | 671 | SH |  | SOLE |  | 0 | 0 | 671 |
| MSCI INC | COM | 55354G100 |  | 284843 | 502 | SH |  | SOLE |  | 0 | 0 | 502 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 800796 | 4786 | SH |  | SOLE |  | 0 | 0 | 4786 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 1648192 | 21833 | SH |  | SOLE |  | 0 | 0 | 21833 |
| ALLY FINL INC | COM | 02005N100 |  | 380005 | 9694 | SH |  | SOLE |  | 0 | 0 | 9694 |
| CISCO SYS INC | COM | 17275R102 |  | 879093 | 12848 | SH |  | SOLE |  | 0 | 0 | 12848 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 532761 | 1250 | SH |  | SOLE |  | 0 | 0 | 1250 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 3122871 | 3345 | SH |  | SOLE |  | 0 | 0 | 3345 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1840862 | 9928 | SH |  | SOLE |  | 0 | 0 | 9928 |
| WALMART INC | COM | 931142103 |  | 1378900 | 13380 | SH |  | SOLE |  | 0 | 0 | 13380 |
| HENRY JACK  ASSOC INC | COM | 426281101 |  | 255713 | 1717 | SH |  | SOLE |  | 0 | 0 | 1717 |
| LOWES COS INC | COM | 548661107 |  | 708216 | 2818 | SH |  | SOLE |  | 0 | 0 | 2818 |
| MERCK  CO INC | COM | 58933Y105 |  | 1073178 | 12787 | SH |  | SOLE |  | 0 | 0 | 12787 |
| NUCOR CORP | COM | 670346105 |  | 297276 | 2195 | SH |  | SOLE |  | 0 | 0 | 2195 |
| FASTENAL CO | COM | 311900104 |  | 6815844 | 138985 | SH |  | SOLE |  | 0 | 0 | 138985 |
| DECKERS OUTDOOR CORP | COM | 243537107 |  | 1054856 | 10406 | SH |  | SOLE |  | 0 | 0 | 10406 |
| PHILLIPS 66 | COM | 718546104 |  | 233622 | 1718 | SH |  | SOLE |  | 0 | 0 | 1718 |
| INTUIT | COM | 461202103 |  | 407703 | 597 | SH |  | SOLE |  | 0 | 0 | 597 |
| DANAHER CORPORATION | COM | 235851102 |  | 232765 | 1174 | SH |  | SOLE |  | 0 | 0 | 1174 |
| ORACLE CORP | COM | 68389X105 |  | 2647899 | 9415 | SH |  | SOLE |  | 0 | 0 | 9415 |
| TJX COS INC NEW | COM | 872540109 |  | 719396 | 4977 | SH |  | SOLE |  | 0 | 0 | 4977 |
| D R HORTON INC | COM | 23331A109 |  | 2461727 | 14526 | SH |  | SOLE |  | 0 | 0 | 14526 |
| ECOLAB INC | COM | 278865100 |  | 256335 | 936 | SH |  | SOLE |  | 0 | 0 | 936 |
| T-MOBILE US INC | COM | 872590104 |  | 577927 | 2414 | SH |  | SOLE |  | 0 | 0 | 2414 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 493709 | 6176 | SH |  | SOLE |  | 0 | 0 | 6176 |
| CHERRY HILL MTG INVT CORP | COM | 164651101 |  | 24139 | 10100 | SH |  | SOLE |  | 0 | 0 | 10100 |
| CHEVRON CORP NEW | COM | 166764100 |  | 2165995 | 13948 | SH |  | SOLE |  | 0 | 0 | 13948 |
| PEPSICO INC | COM | 713448108 |  | 943142 | 6716 | SH |  | SOLE |  | 0 | 0 | 6716 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 363046 | 728 | SH |  | SOLE |  | 0 | 0 | 728 |
| NETFLIX INC | COM | 64110L106 |  | 988415 | 824 | SH |  | SOLE |  | 0 | 0 | 824 |
| S GLOBAL INC | COM | 78409V104 |  | 2427718 | 4988 | SH |  | SOLE |  | 0 | 0 | 4988 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 6358839 | 20159 | SH |  | SOLE |  | 0 | 0 | 20159 |
| TARGET CORP | COM | 87612E106 |  | 400658 | 4467 | SH |  | SOLE |  | 0 | 0 | 4467 |
| GE VERNOVA INC | COM | 36828A101 |  | 3213630 | 5226 | SH |  | SOLE |  | 0 | 0 | 5226 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 260780 | 1350 | SH |  | SOLE |  | 0 | 0 | 1350 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 243165 | 1747 | SH |  | SOLE |  | 0 | 0 | 1747 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 9145538 | 9880 | SH |  | SOLE |  | 0 | 0 | 9880 |
| EMERSON ELEC CO | COM | 291011104 |  | 366000 | 2790 | SH |  | SOLE |  | 0 | 0 | 2790 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 608184 | 3750 | SH |  | SOLE |  | 0 | 0 | 3750 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 292637 | 2045 | SH |  | SOLE |  | 0 | 0 | 2045 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 40255551 | 80072 | SH |  | SOLE |  | 0 | 0 | 80072 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 255935 | 1403 | SH |  | SOLE |  | 0 | 0 | 1403 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 1136757 | 1998 | SH |  | SOLE |  | 0 | 0 | 1998 |
| META PLATFORMS INC | CL A | 30303M102 |  | 16896495 | 23008 | SH |  | SOLE |  | 0 | 0 | 23008 |
| SBA COMMUNICATIONS CORP NEW | CL A | 78410G104 |  | 338943 | 1753 | SH |  | SOLE |  | 0 | 0 | 1753 |
| ZOETIS INC | CL A | 98978V103 |  | 1671413 | 11423 | SH |  | SOLE |  | 0 | 0 | 11423 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 1508400 | 2 | SH |  | SOLE |  | 0 | 0 | 2 |
| NATIONAL BK HLDGS CORP | CL A | 633707104 |  | 389916 | 10091 | SH |  | SOLE |  | 0 | 0 | 10091 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 4152433 | 33555 | SH |  | SOLE |  | 0 | 0 | 33555 |
| TOYOTA MOTOR CORP | ADS | 892331307 |  | 904046 | 4731 | SH |  | SOLE |  | 0 | 0 | 4731 |
| TELEFONAKTIEBOLAGET LM ERICS | ADR B SEK 10 | 294821608 |  | 96208 | 11633 | SH |  | SOLE |  | 0 | 0 | 11633 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 283332 | 5106 | SH |  | SOLE |  | 0 | 0 | 5106 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA US LG | 381430503 |  | 470571 | 3612 | SH |  | SOLE |  | 0 | 0 | 3612 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 809426 | 9057 | SH |  | SOLE |  | 0 | 0 | 9057 |
| YD BIO LTD | *W EXP 08/28/203 | G9835J103 |  | 466513 | 219020 | SH |  | SOLE |  | 0 | 0 | 219020 |

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