# EDGAR Filing Document

**Accession Number:** 0001634556
**File Stem:** 0001172661-23-000757
**Filing Date:** 2023-2
**Character Count:** 20121
**Document Hash:** 202c2abb4b7c738494c40ccbe69f6b1f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-23-000757.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001172661-23-000757

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**EFFECTIVENESS DATE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** True North Advisors, LLC
- **CENTRAL INDEX KEY:** 0001634556
- **IRS NUMBER:** 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:** 23618565

**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:** 12-31-2022

**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  02-13-2023<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:** 172

**Form 13F Information Table Value Total:** $293230011

      (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 |
| 3M CO | COM | 88579Y101 |  | 250633 | 2090 | SH |  | SOLE |  | 0 | 0 | 2090 |
| ABBOTT LABS | COM | 002824100 |  | 1411021 | 12852 | SH |  | SOLE |  | 0 | 0 | 12852 |
| ABBVIE INC | COM | 00287Y109 |  | 695970 | 4306 | SH |  | SOLE |  | 0 | 0 | 4306 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 684178 | 2564 | SH |  | SOLE |  | 0 | 0 | 2564 |
| ACV AUCTIONS INC | COM CL A | 00091G104 |  | 789786 | 96198 | SH |  | SOLE |  | 0 | 0 | 96198 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 348463 | 5380 | SH |  | SOLE |  | 0 | 0 | 5380 |
| AEGON N V | NY REGISTRY SHS | 007924103 |  | 315000 | 62500 | SH |  | SOLE |  | 0 | 0 | 62500 |
| AFLAC INC | COM | 001055102 |  | 289465 | 4024 | SH |  | SOLE |  | 0 | 0 | 4024 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 1120525 | 3635 | SH |  | SOLE |  | 0 | 0 | 3635 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 4821777 | 54342 | SH |  | SOLE |  | 0 | 0 | 54342 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 3241570 | 36740 | SH |  | SOLE |  | 0 | 0 | 36740 |
| AMAZON COM INC | COM | 023135106 |  | 1283629 | 15281 | SH |  | SOLE |  | 0 | 0 | 15281 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 1625250 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| AMGEN INC | COM | 031162100 |  | 239002 | 910 | SH |  | SOLE |  | 0 | 0 | 910 |
| ANALOG DEVICES INC | COM | 032654105 |  | 495371 | 3020 | SH |  | SOLE |  | 0 | 0 | 3020 |
| ANHEUSER BUSCH INBEV SA/NV | SPONSORED ADR | 03524A108 |  | 420280 | 7000 | SH |  | SOLE |  | 0 | 0 | 7000 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 2183085 | 34223 | SH |  | SOLE |  | 0 | 0 | 34223 |
| APPLE INC | COM | 037833100 |  | 17476603 | 134508 | SH |  | SOLE |  | 0 | 0 | 134508 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 888180 | 13100 | SH |  | SOLE |  | 0 | 0 | 13100 |
| AT INC | COM | 00206R102 |  | 388469 | 21101 | SH |  | SOLE |  | 0 | 0 | 21101 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 790961 | 26785 | SH |  | SOLE |  | 0 | 0 | 26785 |
| BANK AMERICA CORP | COM | 060505104 |  | 3091549 | 93344 | SH |  | SOLE |  | 0 | 0 | 93344 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 1202047 | 26407 | SH |  | SOLE |  | 0 | 0 | 26407 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 937422 | 2 | SH |  | SOLE |  | 0 | 0 | 2 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 28863128 | 93438 | SH |  | SOLE |  | 0 | 0 | 93438 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 280900 | 4527 | SH |  | SOLE |  | 0 | 0 | 4527 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 900363 | 8700 | SH |  | SOLE |  | 0 | 0 | 8700 |
| BLACKSTONE INC | COM | 09260D107 |  | 1550030 | 20893 | SH |  | SOLE |  | 0 | 0 | 20893 |
| BOEING CO | COM | 097023105 |  | 4508517 | 23668 | SH |  | SOLE |  | 0 | 0 | 23668 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 1007640 | 500 | SH |  | SOLE |  | 0 | 0 | 500 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1545024 | 21474 | SH |  | SOLE |  | 0 | 0 | 21474 |
| BROADCOM INC | COM | 11135F101 |  | 457810 | 819 | SH |  | SOLE |  | 0 | 0 | 819 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 2231040 | 24000 | SH |  | SOLE |  | 0 | 0 | 24000 |
| CARMAX INC | COM | 143130102 |  | 357424 | 5870 | SH |  | SOLE |  | 0 | 0 | 5870 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 639375 | 15500 | SH |  | SOLE |  | 0 | 0 | 15500 |
| CARVANA CO | CL A | 146869102 |  | 53017 | 11185 | SH |  | SOLE |  | 0 | 0 | 11185 |
| CATERPILLAR INC | COM | 149123101 |  | 1405436 | 5867 | SH |  | SOLE |  | 0 | 0 | 5867 |
| CBRE GROUP INC | CL A | 12504L109 |  | 1086829 | 14122 | SH |  | SOLE |  | 0 | 0 | 14122 |
| CELANESE CORP DEL | COM | 150870103 |  | 766800 | 7500 | SH |  | SOLE |  | 0 | 0 | 7500 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 1427023 | 73520 | SH |  | SOLE |  | 0 | 0 | 73520 |
| CHARTER COMMUNICATIONS INC N | CL A | 16119P108 |  | 1639549 | 4835 | SH |  | SOLE |  | 0 | 0 | 4835 |
| CHEVRON CORP NEW | COM | 166764100 |  | 3737209 | 20821 | SH |  | SOLE |  | 0 | 0 | 20821 |
| CIGNA CORP NEW | COM | 125523100 |  | 2044368 | 6170 | SH |  | SOLE |  | 0 | 0 | 6170 |
| CISCO SYS INC | COM | 17275R102 |  | 866996 | 18199 | SH |  | SOLE |  | 0 | 0 | 18199 |
| CLEARWATER PAPER CORP | COM | 18538R103 |  | 1231472 | 32570 | SH |  | SOLE |  | 0 | 0 | 32570 |
| COCA COLA CO | COM | 191216100 |  | 395503 | 6218 | SH |  | SOLE |  | 0 | 0 | 6218 |
| COHERENT CORP | COM | 19247G107 |  | 280800 | 8000 | SH |  | SOLE |  | 0 | 0 | 8000 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 1570305 | 19930 | SH |  | SOLE |  | 0 | 0 | 19930 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 2157964 | 61709 | SH |  | SOLE |  | 0 | 0 | 61709 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 3208184 | 27188 | SH |  | SOLE |  | 0 | 0 | 27188 |
| CORENERGY INFRASTRUCTURE TR | NOTE 5.875% 8/1 | 21870UAC0 |  | 34767 | 50000 | PRN |  | SOLE |  | 0 | 0 | 50000 |
| CORTEVA INC | COM | 22052L104 |  | 5865891 | 99794 | SH |  | SOLE |  | 0 | 0 | 99794 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 2600758 | 5697 | SH |  | SOLE |  | 0 | 0 | 5697 |
| CUBESMART | COM | 229663109 |  | 2137181 | 53098 | SH |  | SOLE |  | 0 | 0 | 53098 |
| CVS HEALTH CORP | COM | 126650100 |  | 1172610 | 12583 | SH |  | SOLE |  | 0 | 0 | 12583 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 1071635 | 6014 | SH |  | SOLE |  | 0 | 0 | 6014 |
| DISNEY WALT CO | COM | 254687106 |  | 2114485 | 24338 | SH |  | SOLE |  | 0 | 0 | 24338 |
| DOW INC | COM | 260557103 |  | 6707816 | 133118 | SH |  | SOLE |  | 0 | 0 | 133118 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 5682427 | 82798 | SH |  | SOLE |  | 0 | 0 | 82798 |
| EAGLE MATLS INC | COM | 26969P108 |  | 393767 | 2964 | SH |  | SOLE |  | 0 | 0 | 2964 |
| ELANCO ANIMAL HEALTH INC | COM | 28414H103 |  | 305500 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| ENBRIDGE INC | COM | 29250N105 |  | 546077 | 13966 | SH |  | SOLE |  | 0 | 0 | 13966 |
| EOG RES INC | COM | 26875P101 |  | 320821 | 2477 | SH |  | SOLE |  | 0 | 0 | 2477 |
| EQUILLIUM INC | COM | 29446K106 |  | 265370 | 265370 | SH |  | SOLE |  | 0 | 0 | 265370 |
| EQUITRANS MIDSTREAM CORP | COM | 294600101 |  | 118905 | 17747 | SH |  | SOLE |  | 0 | 0 | 17747 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 4007973 | 36337 | SH |  | SOLE |  | 0 | 0 | 36337 |
| FASTENAL CO | COM | 311900104 |  | 1248917 | 26393 | SH |  | SOLE |  | 0 | 0 | 26393 |
| FEDEX CORP | COM | 31428X106 |  | 2029904 | 11720 | SH |  | SOLE |  | 0 | 0 | 11720 |
| FIBROGEN INC | COM | 31572Q808 |  | 240300 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| FISERV INC | COM | 337738108 |  | 2274640 | 22506 | SH |  | SOLE |  | 0 | 0 | 22506 |
| FORD MTR CO DEL | COM | 345370860 |  | 263770 | 22680 | SH |  | SOLE |  | 0 | 0 | 22680 |
| FOX CORP | CL A COM | 35137L105 |  | 404923 | 13333 | SH |  | SOLE |  | 0 | 0 | 13333 |
| GAP INC | COM | 364760108 |  | 152280 | 13500 | SH |  | SOLE |  | 0 | 0 | 13500 |
| GENERAL ELECTRIC CO | COM NEW | 369604301 |  | 1436735 | 17147 | SH |  | SOLE |  | 0 | 0 | 17147 |
| GENERAL MLS INC | COM | 370334104 |  | 269745 | 3217 | SH |  | SOLE |  | 0 | 0 | 3217 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 1896169 | 22087 | SH |  | SOLE |  | 0 | 0 | 22087 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 1343989 | 3914 | SH |  | SOLE |  | 0 | 0 | 3914 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 634347 | 18052 | SH |  | SOLE |  | 0 | 0 | 18052 |
| HALEON PLC | SPON ADS | 405552100 |  | 180536 | 22567 | SH |  | SOLE |  | 0 | 0 | 22567 |
| HERSHEY CO | COM | 427866108 |  | 264342 | 1142 | SH |  | SOLE |  | 0 | 0 | 1142 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 3166278 | 150910 | SH |  | SOLE |  | 0 | 0 | 150910 |
| HOME DEPOT INC | COM | 437076102 |  | 449760 | 1424 | SH |  | SOLE |  | 0 | 0 | 1424 |
| HONEYWELL INTL INC | COM | 438516106 |  | 336022 | 1568 | SH |  | SOLE |  | 0 | 0 | 1568 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 365331 | 25910 | SH |  | SOLE |  | 0 | 0 | 25910 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 241606 | 911 | SH |  | SOLE |  | 0 | 0 | 911 |
| INVESCO EXCHANGE TRADED FD T | DWA MOMENTUM | 46137V837 |  | 204198 | 2874 | SH |  | SOLE |  | 0 | 0 | 2874 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 666206 | 2502 | SH |  | SOLE |  | 0 | 0 | 2502 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 887255 | 4136 | SH |  | SOLE |  | 0 | 0 | 4136 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 4632973 | 122242 | SH |  | SOLE |  | 0 | 0 | 122242 |
| ISHARES TR | CORE S ETF | 464287200 |  | 458167 | 1192 | SH |  | SOLE |  | 0 | 0 | 1192 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 478355 | 4932 | SH |  | SOLE |  | 0 | 0 | 4932 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 319101 | 3817 | SH |  | SOLE |  | 0 | 0 | 3817 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 1299792 | 8571 | SH |  | SOLE |  | 0 | 0 | 8571 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 435940 | 5141 | SH |  | SOLE |  | 0 | 0 | 5141 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 576313 | 4156 | SH |  | SOLE |  | 0 | 0 | 4156 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 3581664 | 16718 | SH |  | SOLE |  | 0 | 0 | 16718 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 296063 | 1698 | SH |  | SOLE |  | 0 | 0 | 1698 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 3588585 | 20315 | SH |  | SOLE |  | 0 | 0 | 20315 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 2007879 | 14973 | SH |  | SOLE |  | 0 | 0 | 14973 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 367540 | 11500 | SH |  | SOLE |  | 0 | 0 | 11500 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 789017 | 43640 | SH |  | SOLE |  | 0 | 0 | 43640 |
| LILLY ELI  CO | COM | 532457108 |  | 1646280 | 4500 | SH |  | SOLE |  | 0 | 0 | 4500 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 500678 | 1029 | SH |  | SOLE |  | 0 | 0 | 1029 |
| LOWES COS INC | COM | 548661107 |  | 323964 | 1626 | SH |  | SOLE |  | 0 | 0 | 1626 |
| MARATHON PETE CORP | COM | 56585A102 |  | 1059265 | 9101 | SH |  | SOLE |  | 0 | 0 | 9101 |
| MARKEL CORP | COM | 570535104 |  | 1744357 | 1324 | SH |  | SOLE |  | 0 | 0 | 1324 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 1487406 | 4401 | SH |  | SOLE |  | 0 | 0 | 4401 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 285057 | 820 | SH |  | SOLE |  | 0 | 0 | 820 |
| MAXAR TECHNOLOGIES INC | COM | 57778K105 |  | 1060670 | 20500 | SH |  | SOLE |  | 0 | 0 | 20500 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 429714 | 5529 | SH |  | SOLE |  | 0 | 0 | 5529 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 242025 | 286 | SH |  | SOLE |  | 0 | 0 | 286 |
| MERCK  CO INC | COM | 58933Y105 |  | 2151099 | 19388 | SH |  | SOLE |  | 0 | 0 | 19388 |
| META PLATFORMS INC | CL A | 30303M102 |  | 314366 | 2612 | SH |  | SOLE |  | 0 | 0 | 2612 |
| METLIFE INC | COM | 59156R108 |  | 1563192 | 21600 | SH |  | SOLE |  | 0 | 0 | 21600 |
| MFA FINL INC | NOTE 6.250% 6/1 | 55272XAA0 |  | 48330 | 54000 | PRN |  | SOLE |  | 0 | 0 | 54000 |
| MICRO FOCUS INTL PLC | SPON ADR NEW | 594837403 |  | 187887 | 29776 | SH |  | SOLE |  | 0 | 0 | 29776 |
| MICROSOFT CORP | COM | 594918104 |  | 6524947 | 27208 | SH |  | SOLE |  | 0 | 0 | 27208 |
| NEWS CORP NEW | CL A | 65249B109 |  | 204750 | 11250 | SH |  | SOLE |  | 0 | 0 | 11250 |
| NOKIA CORP | SPONSORED ADR | 654902204 |  | 46400 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| NORTHERN DYNASTY MINERALS LT | COM NEW | 66510M204 |  | 17885 | 81000 | SH |  | SOLE |  | 0 | 0 | 81000 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 204058 | 374 | SH |  | SOLE |  | 0 | 0 | 374 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 1442539 | 15901 | SH |  | SOLE |  | 0 | 0 | 15901 |
| NUVEEN INTER DURATION MUN TE | COM | 670671106 |  | 301760 | 23000 | SH |  | SOLE |  | 0 | 0 | 23000 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 216377 | 1481 | SH |  | SOLE |  | 0 | 0 | 1481 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 3082164 | 48931 | SH |  | SOLE |  | 0 | 0 | 48931 |
| OPKO HEALTH INC | COM | 68375N103 |  | 17500 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| ORACLE CORP | COM | 68389X105 |  | 355569 | 4350 | SH |  | SOLE |  | 0 | 0 | 4350 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 203868 | 1461 | SH |  | SOLE |  | 0 | 0 | 1461 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 784245 | 23100 | SH |  | SOLE |  | 0 | 0 | 23100 |
| PEPSICO INC | COM | 713448108 |  | 1325177 | 7335 | SH |  | SOLE |  | 0 | 0 | 7335 |
| PFIZER INC | COM | 717081103 |  | 4233069 | 82613 | SH |  | SOLE |  | 0 | 0 | 82613 |
| PHILLIPS 66 | COM | 718546104 |  | 821938 | 7897 | SH |  | SOLE |  | 0 | 0 | 7897 |
| PIONEER NAT RES CO | COM | 723787107 |  | 429602 | 1881 | SH |  | SOLE |  | 0 | 0 | 1881 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 705512 | 4655 | SH |  | SOLE |  | 0 | 0 | 4655 |
| QUALCOMM INC | COM | 747525103 |  | 675202 | 6142 | SH |  | SOLE |  | 0 | 0 | 6142 |
| QURATE RETAIL INC | COM SER A | 74915M100 |  | 32600 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 1608230 | 15936 | SH |  | SOLE |  | 0 | 0 | 15936 |
| SANOFI | SPONSORED ADR | 80105N105 |  | 2424406 | 50060 | SH |  | SOLE |  | 0 | 0 | 50060 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 1968290 | 36818 | SH |  | SOLE |  | 0 | 0 | 36818 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 3746700 | 45000 | SH |  | SOLE |  | 0 | 0 | 45000 |
| SIMMONS 1ST NATL CORP | CL A $1 PAR | 828730200 |  | 287359 | 13316 | SH |  | SOLE |  | 0 | 0 | 13316 |
| SOUTHSTATE CORPORATION | COM | 840441109 |  | 239541 | 3137 | SH |  | SOLE |  | 0 | 0 | 3137 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 334545 | 9936 | SH |  | SOLE |  | 0 | 0 | 9936 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 671727 | 2027 | SH |  | SOLE |  | 0 | 0 | 2027 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 |  | 7148529 | 240772 | SH |  | SOLE |  | 0 | 0 | 240772 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 6051377 | 15823 | SH |  | SOLE |  | 0 | 0 | 15823 |
| SSGA ACTIVE ETF TR | SPDR TR TACTIC | 78467V848 |  | 27134996 | 677697 | SH |  | SOLE |  | 0 | 0 | 677697 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 598301 | 18856 | SH |  | SOLE |  | 0 | 0 | 18856 |
| SYNOPSYS INC | COM | 871607107 |  | 478935 | 1500 | SH |  | SOLE |  | 0 | 0 | 1500 |
| TARGA RES CORP | COM | 87612G101 |  | 786230 | 10697 | SH |  | SOLE |  | 0 | 0 | 10697 |
| TARGET CORP | COM | 87612E106 |  | 621532 | 4170 | SH |  | SOLE |  | 0 | 0 | 4170 |
| TC ENERGY CORP | COM | 87807B107 |  | 350489 | 8793 | SH |  | SOLE |  | 0 | 0 | 8793 |
| TE CONNECTIVITY LTD | SHS | H84989104 |  | 1042843 | 9084 | SH |  | SOLE |  | 0 | 0 | 9084 |
| TEKLA LIFE SCIENCES INVS | SH BEN INT | 87911K100 |  | 143166 | 10075 | SH |  | SOLE |  | 0 | 0 | 10075 |
| TEXAS INSTRS INC | COM | 882508104 |  | 1493424 | 9039 | SH |  | SOLE |  | 0 | 0 | 9039 |
| T-MOBILE US INC | COM | 872590104 |  | 1191680 | 8512 | SH |  | SOLE |  | 0 | 0 | 8512 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 338341 | 2013 | SH |  | SOLE |  | 0 | 0 | 2013 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 679651 | 3625 | SH |  | SOLE |  | 0 | 0 | 3625 |
| TRINITY INDS INC | COM | 896522109 |  | 316103 | 10690 | SH |  | SOLE |  | 0 | 0 | 10690 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 1012195 | 23523 | SH |  | SOLE |  | 0 | 0 | 23523 |
| U S PHYSICAL THERAPY | COM | 90337L108 |  | 296813 | 3663 | SH |  | SOLE |  | 0 | 0 | 3663 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 352450 | 7000 | SH |  | SOLE |  | 0 | 0 | 7000 |
| UNION PAC CORP | COM | 907818108 |  | 1039698 | 5021 | SH |  | SOLE |  | 0 | 0 | 5021 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 3805107 | 7177 | SH |  | SOLE |  | 0 | 0 | 7177 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 1114963 | 8789 | SH |  | SOLE |  | 0 | 0 | 8789 |
| VISA INC | COM CL A | 92826C839 |  | 601032 | 2893 | SH |  | SOLE |  | 0 | 0 | 2893 |
| WALMART INC | COM | 931142103 |  | 1517994 | 10706 | SH |  | SOLE |  | 0 | 0 | 10706 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 2526700 | 61194 | SH |  | SOLE |  | 0 | 0 | 61194 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 3473400 | 112045 | SH |  | SOLE |  | 0 | 0 | 112045 |
| WILLIAMS COS INC | COM | 969457100 |  | 1807362 | 54935 | SH |  | SOLE |  | 0 | 0 | 54935 |
| WYNN RESORTS LTD | COM | 983134107 |  | 742230 | 9000 | SH |  | SOLE |  | 0 | 0 | 9000 |
| YUM BRANDS INC | COM | 988498101 |  | 276653 | 2160 | SH |  | SOLE |  | 0 | 0 | 2160 |

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