# EDGAR Filing Document

**Accession Number:** 0001634556
**File Stem:** 0001172661-25-002616
**Filing Date:** 2025-7
**Character Count:** 25253
**Document Hash:** 83f9738172e9a031cf97629d18f500b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-002616.hdr.sgml**: 20250716

**ACCESSION NUMBER**: 0001172661-25-002616

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250716

**DATE AS OF CHANGE**: 20250716

**EFFECTIVENESS DATE**: 20250716

**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:** 251126849

**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:** 06-30-2025

**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  07-16-2025<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:** 222

**Form 13F Information Table Value Total:** $521790219

      (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 |  | 323053 | 2122 | SH |  | SOLE |  | 0 | 0 | 2122 |
| ABBOTT LABS | COM | 002824100 |  | 2650880 | 19490 | SH |  | SOLE |  | 0 | 0 | 19490 |
| ABBVIE INC | COM | 00287Y109 |  | 3191495 | 17194 | SH |  | SOLE |  | 0 | 0 | 17194 |
| ACV AUCTIONS INC | COM CL A | 00091G104 |  | 1124062 | 69301 | SH |  | SOLE |  | 0 | 0 | 69301 |
| ADOBE INC | COM | 00724F101 |  | 455410 | 1177 | SH |  | SOLE |  | 0 | 0 | 1177 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 519070 | 3658 | SH |  | SOLE |  | 0 | 0 | 3658 |
| AFLAC INC | COM | 001055102 |  | 427187 | 4051 | SH |  | SOLE |  | 0 | 0 | 4051 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 1162087 | 4120 | SH |  | SOLE |  | 0 | 0 | 4120 |
| ALLEGION PLC | ORD SHS | G0176J109 |  | 1219976 | 8465 | SH |  | SOLE |  | 0 | 0 | 8465 |
| ALLSTATE CORP | COM | 020002101 |  | 2346067 | 11654 | SH |  | SOLE |  | 0 | 0 | 11654 |
| ALLY FINL INC | COM | 02005N100 |  | 798592 | 20503 | SH |  | SOLE |  | 0 | 0 | 20503 |
| AMAZON COM INC | COM | 023135106 |  | 5729846 | 26117 | SH |  | SOLE |  | 0 | 0 | 26117 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 536986 | 1683 | SH |  | SOLE |  | 0 | 0 | 1683 |
| AMGEN INC | COM | 031162100 |  | 280720 | 1005 | SH |  | SOLE |  | 0 | 0 | 1005 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 3608325 | 36540 | SH |  | SOLE |  | 0 | 0 | 36540 |
| ANALOG DEVICES INC | COM | 032654105 |  | 502723 | 2112 | SH |  | SOLE |  | 0 | 0 | 2112 |
| AON PLC | SHS CL A | G0403H108 |  | 360684 | 1011 | SH |  | SOLE |  | 0 | 0 | 1011 |
| APPLE INC | COM | 037833100 |  | 22842537 | 111335 | SH |  | SOLE |  | 0 | 0 | 111335 |
| APPLIED MATLS INC | COM | 038222105 |  | 1271970 | 6948 | SH |  | SOLE |  | 0 | 0 | 6948 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 1004146 | 1253 | SH |  | SOLE |  | 0 | 0 | 1253 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 365403 | 5229 | SH |  | SOLE |  | 0 | 0 | 5229 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 285307 | 1402 | SH |  | SOLE |  | 0 | 0 | 1402 |
| BANCO BRADESCO S A | SP ADR PFD NEW | 059460303 |  | 68805 | 22267 | SH |  | SOLE |  | 0 | 0 | 22267 |
| BANK AMERICA CORP | COM | 060505104 |  | 3258806 | 68867 | SH |  | SOLE |  | 0 | 0 | 68867 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 39082695 | 80455 | SH |  | SOLE |  | 0 | 0 | 80455 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 1457600 | 2 | SH |  | SOLE |  | 0 | 0 | 2 |
| BIOHARVEST SCIENCES INC | COM NEW | 09076J207 |  | 145691 | 21648 | SH |  | SOLE |  | 0 | 0 | 21648 |
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 |  | 593803 | 30847 | SH |  | SOLE |  | 0 | 0 | 30847 |
| BROADCOM INC | COM | 11135F101 |  | 9094649 | 32993 | SH |  | SOLE |  | 0 | 0 | 32993 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 305503 | 2711 | SH |  | SOLE |  | 0 | 0 | 2711 |
| CARMAX INC | COM | 143130102 |  | 4993165 | 74292 | SH |  | SOLE |  | 0 | 0 | 74292 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 |  | 461975 | 16429 | SH |  | SOLE |  | 0 | 0 | 16429 |
| CATERPILLAR INC | COM | 149123101 |  | 1963466 | 5058 | SH |  | SOLE |  | 0 | 0 | 5058 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1400276 | 9779 | SH |  | SOLE |  | 0 | 0 | 9779 |
| CINTAS CORP | COM | 172908105 |  | 474431 | 2129 | SH |  | SOLE |  | 0 | 0 | 2129 |
| CISCO SYS INC | COM | 17275R102 |  | 267460 | 3855 | SH |  | SOLE |  | 0 | 0 | 3855 |
| COCA COLA CO | COM | 191216100 |  | 661465 | 9349 | SH |  | SOLE |  | 0 | 0 | 9349 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 618575 | 6805 | SH |  | SOLE |  | 0 | 0 | 6805 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 1484389 | 16541 | SH |  | SOLE |  | 0 | 0 | 16541 |
| CORTEVA INC | COM | 22052L104 |  | 4507276 | 60476 | SH |  | SOLE |  | 0 | 0 | 60476 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 9587628 | 9685 | SH |  | SOLE |  | 0 | 0 | 9685 |
| D R HORTON INC | COM | 23331A109 |  | 2036807 | 15799 | SH |  | SOLE |  | 0 | 0 | 15799 |
| DECKERS OUTDOOR CORP | COM | 243537107 |  | 970404 | 9415 | SH |  | SOLE |  | 0 | 0 | 9415 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 278252 | 2025 | SH |  | SOLE |  | 0 | 0 | 2025 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 215298 | 1235 | SH |  | SOLE |  | 0 | 0 | 1235 |
| DIMENSIONAL ETF TRUST | US EQUITY MARKET | 25434V401 |  | 312715 | 4666 | SH |  | SOLE |  | 0 | 0 | 4666 |
| DIMENSIONAL ETF TRUST | US TARGETED VLU | 25434V609 |  | 1524748 | 28257 | SH |  | SOLE |  | 0 | 0 | 28257 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 2863724 | 79903 | SH |  | SOLE |  | 0 | 0 | 79903 |
| DISNEY WALT CO | COM | 254687106 |  | 413634 | 3335 | SH |  | SOLE |  | 0 | 0 | 3335 |
| DOMINOS PIZZA INC | COM | 25754A201 |  | 282076 | 626 | SH |  | SOLE |  | 0 | 0 | 626 |
| DOW INC | COM | 260557103 |  | 2578109 | 97361 | SH |  | SOLE |  | 0 | 0 | 97361 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 2816274 | 41060 | SH |  | SOLE |  | 0 | 0 | 41060 |
| ELEVANCE HEALTH INC | COM | 036752103 |  | 297613 | 765 | SH |  | SOLE |  | 0 | 0 | 765 |
| ELI LILLY  CO | COM | 532457108 |  | 2304291 | 2956 | SH |  | SOLE |  | 0 | 0 | 2956 |
| EMERSON ELEC CO | COM | 291011104 |  | 324125 | 2431 | SH |  | SOLE |  | 0 | 0 | 2431 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 1776844 | 98006 | SH |  | SOLE |  | 0 | 0 | 98006 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 383469 | 4613 | SH |  | SOLE |  | 0 | 0 | 4613 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 4668648 | 150553 | SH |  | SOLE |  | 0 | 0 | 150553 |
| ETFS GOLD TR | PHYSCL GOLD SHS | 00326A104 |  | 2566252 | 81365 | SH |  | SOLE |  | 0 | 0 | 81365 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 210364 | 2075 | SH |  | SOLE |  | 0 | 0 | 2075 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 6954533 | 64513 | SH |  | SOLE |  | 0 | 0 | 64513 |
| FASTENAL CO | COM | 311900104 |  | 5936695 | 141350 | SH |  | SOLE |  | 0 | 0 | 141350 |
| GE AEROSPACE | COM NEW | 369604301 |  | 6350334 | 24672 | SH |  | SOLE |  | 0 | 0 | 24672 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 507237 | 6848 | SH |  | SOLE |  | 0 | 0 | 6848 |
| GE VERNOVA INC | COM | 36828A101 |  | 3161142 | 5974 | SH |  | SOLE |  | 0 | 0 | 5974 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA US LG | 381430503 |  | 438425 | 3612 | SH |  | SOLE |  | 0 | 0 | 3612 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 226480 | 320 | SH |  | SOLE |  | 0 | 0 | 320 |
| GOLDMAN SACHS PHYSICAL GOLD | UNIT | 38150K103 |  | 654254 | 20020 | SH |  | SOLE |  | 0 | 0 | 20020 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 411854 | 1075 | SH |  | SOLE |  | 0 | 0 | 1075 |
| HENRY JACK  ASSOC INC | COM | 426281101 |  | 306830 | 1703 | SH |  | SOLE |  | 0 | 0 | 1703 |
| HOME DEPOT INC | COM | 437076102 |  | 3372994 | 9200 | SH |  | SOLE |  | 0 | 0 | 9200 |
| HONDA MOTOR LTD | ADR ECH CNV IN 3 | 438128308 |  | 356310 | 12359 | SH |  | SOLE |  | 0 | 0 | 12359 |
| HONEYWELL INTL INC | COM | 438516106 |  | 703298 | 3020 | SH |  | SOLE |  | 0 | 0 | 3020 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 435106 | 25961 | SH |  | SOLE |  | 0 | 0 | 25961 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 215588 | 1175 | SH |  | SOLE |  | 0 | 0 | 1175 |
| INTUIT | COM | 461202103 |  | 387514 | 492 | SH |  | SOLE |  | 0 | 0 | 492 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 1188058 | 2186 | SH |  | SOLE |  | 0 | 0 | 2186 |
| INVESCO EXCHANGE TRADED FD T | DORSEY WRIGHT MO | 46137V837 |  | 312088 | 2874 | SH |  | SOLE |  | 0 | 0 | 2874 |
| INVESCO EXCHANGE TRADED FD T | AEROSPACE DEFN | 46137V100 |  | 361168 | 2549 | SH |  | SOLE |  | 0 | 0 | 2549 |
| INVESCO EXCHANGE TRADED FD T | S QUALITY | 46137V241 |  | 447370 | 6278 | SH |  | SOLE |  | 0 | 0 | 6278 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 1870120 | 3390 | SH |  | SOLE |  | 0 | 0 | 3390 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 676107 | 10842 | SH |  | SOLE |  | 0 | 0 | 10842 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 789412 | 5846 | SH |  | SOLE |  | 0 | 0 | 5846 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 5103027 | 12019 | SH |  | SOLE |  | 0 | 0 | 12019 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 357350 | 1656 | SH |  | SOLE |  | 0 | 0 | 1656 |
| ISHARES TR | US TREAS BD ETF | 46429B267 |  | 10624665 | 462344 | SH |  | SOLE |  | 0 | 0 | 462344 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 1045676 | 3658 | SH |  | SOLE |  | 0 | 0 | 3658 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 1547819 | 7969 | SH |  | SOLE |  | 0 | 0 | 7969 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 473596 | 3002 | SH |  | SOLE |  | 0 | 0 | 3002 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 |  | 343520 | 4443 | SH |  | SOLE |  | 0 | 0 | 4443 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 710439 | 3886 | SH |  | SOLE |  | 0 | 0 | 3886 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 441002 | 3180 | SH |  | SOLE |  | 0 | 0 | 3180 |
| ISHARES TR | CORE S ETF | 464287200 |  | 1210816 | 1950 | SH |  | SOLE |  | 0 | 0 | 1950 |
| ISHARES TR | SHRT NAT MUN ETF | 464288158 |  | 405793 | 3816 | SH |  | SOLE |  | 0 | 0 | 3816 |
| J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM | 46641Q332 |  | 2517358 | 44281 | SH |  | SOLE |  | 0 | 0 | 44281 |
| JANUS DETROIT STR TR | HENDERSON MTG | 47103U852 |  | 12130607 | 269270 | SH |  | SOLE |  | 0 | 0 | 269270 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1239848 | 8117 | SH |  | SOLE |  | 0 | 0 | 8117 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 5190549 | 17904 | SH |  | SOLE |  | 0 | 0 | 17904 |
| KLA CORP | COM NEW | 482480100 |  | 935153 | 1044 | SH |  | SOLE |  | 0 | 0 | 1044 |
| KROGER CO | COM | 501044101 |  | 2792090 | 38925 | SH |  | SOLE |  | 0 | 0 | 38925 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 3031362 | 31142 | SH |  | SOLE |  | 0 | 0 | 31142 |
| LENNOX INTL INC | COM | 526107107 |  | 104092359 | 181586 | SH |  | SOLE |  | 0 | 0 | 181586 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 1136546 | 2454 | SH |  | SOLE |  | 0 | 0 | 2454 |
| LOEWS CORP | COM | 540424108 |  | 282313 | 3080 | SH |  | SOLE |  | 0 | 0 | 3080 |
| LOWES COS INC | COM | 548661107 |  | 449952 | 2028 | SH |  | SOLE |  | 0 | 0 | 2028 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 2927055 | 5332 | SH |  | SOLE |  | 0 | 0 | 5332 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 869561 | 1547 | SH |  | SOLE |  | 0 | 0 | 1547 |
| MCDONALDS CORP | COM | 580135101 |  | 669078 | 2290 | SH |  | SOLE |  | 0 | 0 | 2290 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 797157 | 305 | SH |  | SOLE |  | 0 | 0 | 305 |
| MERCK  CO INC | COM | 58933Y105 |  | 956649 | 12085 | SH |  | SOLE |  | 0 | 0 | 12085 |
| META PLATFORMS INC | CL A | 30303M102 |  | 3405433 | 4614 | SH |  | SOLE |  | 0 | 0 | 4614 |
| MICROSOFT CORP | COM | 594918104 |  | 13145256 | 26427 | SH |  | SOLE |  | 0 | 0 | 26427 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 3151179 | 22371 | SH |  | SOLE |  | 0 | 0 | 22371 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 1104548 | 2627 | SH |  | SOLE |  | 0 | 0 | 2627 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 429946 | 8347 | SH |  | SOLE |  | 0 | 0 | 8347 |
| MSCI INC | COM | 55354G100 |  | 284333 | 493 | SH |  | SOLE |  | 0 | 0 | 493 |
| NATIONAL BK HLDGS CORP | CL A | 633707104 |  | 379523 | 10091 | SH |  | SOLE |  | 0 | 0 | 10091 |
| NETAPP INC | COM | 64110D104 |  | 1480938 | 13899 | SH |  | SOLE |  | 0 | 0 | 13899 |
| NETFLIX INC | COM | 64110L106 |  | 820918 | 613 | SH |  | SOLE |  | 0 | 0 | 613 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 1620124 | 23338 | SH |  | SOLE |  | 0 | 0 | 23338 |
| NORTHERN DYNASTY MINERALS LT | COM NEW | 66510M204 |  | 70685 | 52750 | SH |  | SOLE |  | 0 | 0 | 52750 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 395623 | 5732 | SH |  | SOLE |  | 0 | 0 | 5732 |
| NUCOR CORP | COM | 670346105 |  | 273718 | 2113 | SH |  | SOLE |  | 0 | 0 | 2113 |
| NUVEEN MUN VALUE FD INC | COM | 670928100 |  | 3588292 | 412922 | SH |  | SOLE |  | 0 | 0 | 412922 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 5209124 | 32971 | SH |  | SOLE |  | 0 | 0 | 32971 |
| ONEOK INC NEW | COM | 682680103 |  | 231421 | 2835 | SH |  | SOLE |  | 0 | 0 | 2835 |
| ORACLE CORP | COM | 68389X105 |  | 1756473 | 8034 | SH |  | SOLE |  | 0 | 0 | 8034 |
| OSHKOSH CORP | COM | 688239201 |  | 974173 | 8580 | SH |  | SOLE |  | 0 | 0 | 8580 |
| OUSTER INC | COM NEW | 68989M202 |  | 333995 | 13773 | SH |  | SOLE |  | 0 | 0 | 13773 |
| PACER FDS TR | US CASH COWS 100 | 69374H881 |  | 255884 | 4644 | SH |  | SOLE |  | 0 | 0 | 4644 |
| PACER FDS TR | TRENDP US LAR CP | 69374H105 |  | 263698 | 5195 | SH |  | SOLE |  | 0 | 0 | 5195 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 689784 | 3371 | SH |  | SOLE |  | 0 | 0 | 3371 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 453832 | 15980 | SH |  | SOLE |  | 0 | 0 | 15980 |
| PAYCHEX INC | COM | 704326107 |  | 2567514 | 17651 | SH |  | SOLE |  | 0 | 0 | 17651 |
| PEPSICO INC | COM | 713448108 |  | 609169 | 4614 | SH |  | SOLE |  | 0 | 0 | 4614 |
| PFIZER INC | COM | 717081103 |  | 1326325 | 54716 | SH |  | SOLE |  | 0 | 0 | 54716 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 518601 | 2847 | SH |  | SOLE |  | 0 | 0 | 2847 |
| PHILLIPS 66 | COM | 718546104 |  | 204573 | 1715 | SH |  | SOLE |  | 0 | 0 | 1715 |
| PIMCO ETF TR | INV GRD CRP BD | 72201R817 |  | 7151701 | 73494 | SH |  | SOLE |  | 0 | 0 | 73494 |
| PIMCO ETF TR | INTER MUN BD ACT | 72201R866 |  | 7280177 | 141748 | SH |  | SOLE |  | 0 | 0 | 141748 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1064474 | 6681 | SH |  | SOLE |  | 0 | 0 | 6681 |
| PROGRESSIVE CORP | COM | 743315103 |  | 270329 | 1013 | SH |  | SOLE |  | 0 | 0 | 1013 |
| PROLOGIS INC. | COM | 74340W103 |  | 246121 | 2341 | SH |  | SOLE |  | 0 | 0 | 2341 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 316056 | 1077 | SH |  | SOLE |  | 0 | 0 | 1077 |
| QUALCOMM INC | COM | 747525103 |  | 821827 | 5160 | SH |  | SOLE |  | 0 | 0 | 5160 |
| QUANTA SVCS INC | COM | 74762E102 |  | 326283 | 863 | SH |  | SOLE |  | 0 | 0 | 863 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 268188 | 1493 | SH |  | SOLE |  | 0 | 0 | 1493 |
| RESMED INC | COM | 761152107 |  | 1250526 | 4847 | SH |  | SOLE |  | 0 | 0 | 4847 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 229529 | 691 | SH |  | SOLE |  | 0 | 0 | 691 |
| ROLLINS INC | COM | 775711104 |  | 319224 | 5658 | SH |  | SOLE |  | 0 | 0 | 5658 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 312896 | 552 | SH |  | SOLE |  | 0 | 0 | 552 |
| RTX CORPORATION | COM | 75513E101 |  | 757552 | 5188 | SH |  | SOLE |  | 0 | 0 | 5188 |
| S GLOBAL INC | COM | 78409V104 |  | 2488282 | 4719 | SH |  | SOLE |  | 0 | 0 | 4719 |
| SALESFORCE INC | COM | 79466L302 |  | 2907667 | 10663 | SH |  | SOLE |  | 0 | 0 | 10663 |
| SBA COMMUNICATIONS CORP NEW | CL A | 78410G104 |  | 640409 | 2727 | SH |  | SOLE |  | 0 | 0 | 2727 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 279458 | 8268 | SH |  | SOLE |  | 0 | 0 | 8268 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US S | 808524763 |  | 1202788 | 41982 | SH |  | SOLE |  | 0 | 0 | 41982 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524748 |  | 918145 | 21835 | SH |  | SOLE |  | 0 | 0 | 21835 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524755 |  | 2674708 | 66834 | SH |  | SOLE |  | 0 | 0 | 66834 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US L | 808524771 |  | 3502865 | 142741 | SH |  | SOLE |  | 0 | 0 | 142741 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 203315 | 9200 | SH |  | SOLE |  | 0 | 0 | 9200 |
| SCHWAB STRATEGIC TR | US LCAP VA ETF | 808524409 |  | 1588285 | 57401 | SH |  | SOLE |  | 0 | 0 | 57401 |
| SCHWAB STRATEGIC TR | US MID-CAP ETF | 808524508 |  | 2748283 | 97978 | SH |  | SOLE |  | 0 | 0 | 97978 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 1539059 | 52689 | SH |  | SOLE |  | 0 | 0 | 52689 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 5932711 | 242746 | SH |  | SOLE |  | 0 | 0 | 242746 |
| SCHWAB STRATEGIC TR | US AGGREGATE B | 808524839 |  | 1008651 | 43401 | SH |  | SOLE |  | 0 | 0 | 43401 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 1628352 | 19200 | SH |  | SOLE |  | 0 | 0 | 19200 |
| SERVICENOW INC | COM | 81762P102 |  | 465720 | 453 | SH |  | SOLE |  | 0 | 0 | 453 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 2261712 | 6587 | SH |  | SOLE |  | 0 | 0 | 6587 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 323210 | 9963 | SH |  | SOLE |  | 0 | 0 | 9963 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 926705 | 2103 | SH |  | SOLE |  | 0 | 0 | 2103 |
| SPDR INDEX SHS FDS | PORTFOLIO EMG MK | 78463X509 |  | 250927 | 5871 | SH |  | SOLE |  | 0 | 0 | 5871 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 |  | 1519522 | 37528 | SH |  | SOLE |  | 0 | 0 | 37528 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 3609141 | 5841 | SH |  | SOLE |  | 0 | 0 | 5841 |
| SPDR SERIES TRUST | MSCI USA STRTGIC | 78468R812 |  | 422892 | 2593 | SH |  | SOLE |  | 0 | 0 | 2593 |
| SPDR SERIES TRUST | PORTFOLIO S | 78464A847 |  | 217085 | 3992 | SH |  | SOLE |  | 0 | 0 | 3992 |
| SPROTT PHYSICAL GOLD TR | UNIT | 85207H104 |  | 887453 | 35008 | SH |  | SOLE |  | 0 | 0 | 35008 |
| SSGA ACTIVE ETF TR | SPDR TR TACTIC | 78467V848 |  | 255300 | 6365 | SH |  | SOLE |  | 0 | 0 | 6365 |
| STARBUCKS CORP | COM | 855244109 |  | 632168 | 6899 | SH |  | SOLE |  | 0 | 0 | 6899 |
| STRYKER CORPORATION | COM | 863667101 |  | 3171766 | 8017 | SH |  | SOLE |  | 0 | 0 | 8017 |
| SYNOPSYS INC | COM | 871607107 |  | 234807 | 458 | SH |  | SOLE |  | 0 | 0 | 458 |
| SYSCO CORP | COM | 871829107 |  | 211921 | 2798 | SH |  | SOLE |  | 0 | 0 | 2798 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 419233 | 1851 | SH |  | SOLE |  | 0 | 0 | 1851 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 214194 | 882 | SH |  | SOLE |  | 0 | 0 | 882 |
| TARGET CORP | COM | 87612E106 |  | 360046 | 3650 | SH |  | SOLE |  | 0 | 0 | 3650 |
| TESLA INC | COM | 88160R101 |  | 1294875 | 4076 | SH |  | SOLE |  | 0 | 0 | 4076 |
| TEXAS INSTRS INC | COM | 882508104 |  | 2293163 | 11045 | SH |  | SOLE |  | 0 | 0 | 11045 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 3523969 | 3336 | SH |  | SOLE |  | 0 | 0 | 3336 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 213272 | 526 | SH |  | SOLE |  | 0 | 0 | 526 |
| TJX COS INC NEW | COM | 872540109 |  | 418786 | 3391 | SH |  | SOLE |  | 0 | 0 | 3391 |
| T-MOBILE US INC | COM | 872590104 |  | 314537 | 1320 | SH |  | SOLE |  | 0 | 0 | 1320 |
| TOYOTA MOTOR CORP | ADS | 892331307 |  | 1481091 | 8598 | SH |  | SOLE |  | 0 | 0 | 8598 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 2076974 | 39359 | SH |  | SOLE |  | 0 | 0 | 39359 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 884817 | 2023 | SH |  | SOLE |  | 0 | 0 | 2023 |
| U S PHYSICAL THERAPY | COM | 90337L108 |  | 908293 | 11615 | SH |  | SOLE |  | 0 | 0 | 11615 |
| UNION PAC CORP | COM | 907818108 |  | 496757 | 2159 | SH |  | SOLE |  | 0 | 0 | 2159 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 538950 | 1728 | SH |  | SOLE |  | 0 | 0 | 1728 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 521227 | 3878 | SH |  | SOLE |  | 0 | 0 | 3878 |
| VANECK ETF TRUST | MRNGSTR WDE MOAT | 92189F643 |  | 280807 | 2994 | SH |  | SOLE |  | 0 | 0 | 2994 |
| VANGUARD ADMIRAL FDS INC | SMLLCP 600 IDX | 921932828 |  | 1725879 | 17049 | SH |  | SOLE |  | 0 | 0 | 17049 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 4002195 | 13168 | SH |  | SOLE |  | 0 | 0 | 13168 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 238490 | 544 | SH |  | SOLE |  | 0 | 0 | 544 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 768599 | 2747 | SH |  | SOLE |  | 0 | 0 | 2747 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 254682 | 1441 | SH |  | SOLE |  | 0 | 0 | 1441 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 1063884 | 3729 | SH |  | SOLE |  | 0 | 0 | 3729 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 442717 | 4971 | SH |  | SOLE |  | 0 | 0 | 4971 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 15902175 | 67103 | SH |  | SOLE |  | 0 | 0 | 67103 |
| VANGUARD INTL EQUITY INDEX F | FTSE SMCAP ETF | 922042718 |  | 718046 | 5343 | SH |  | SOLE |  | 0 | 0 | 5343 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 334751 | 6768 | SH |  | SOLE |  | 0 | 0 | 6768 |
| VANGUARD SCOTTSDALE FDS | MTG-BKD SECS ETF | 92206C771 |  | 1454259 | 31382 | SH |  | SOLE |  | 0 | 0 | 31382 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 247097 | 1207 | SH |  | SOLE |  | 0 | 0 | 1207 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 239350 | 4198 | SH |  | SOLE |  | 0 | 0 | 4198 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 283768 | 2129 | SH |  | SOLE |  | 0 | 0 | 2129 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 344356 | 519 | SH |  | SOLE |  | 0 | 0 | 519 |
| VENTAS INC | COM | 92276F100 |  | 271545 | 4300 | SH |  | SOLE |  | 0 | 0 | 4300 |
| VERITEX HLDGS INC | COM | 923451108 |  | 425300 | 16295 | SH |  | SOLE |  | 0 | 0 | 16295 |
| VISA INC | COM CL A | 92826C839 |  | 5369909 | 15124 | SH |  | SOLE |  | 0 | 0 | 15124 |
| WALMART INC | COM | 931142103 |  | 1176787 | 12035 | SH |  | SOLE |  | 0 | 0 | 12035 |
| WELLTOWER INC | COM | 95040Q104 |  | 232440 | 1512 | SH |  | SOLE |  | 0 | 0 | 1512 |
| WP CAREY INC | COM | 92936U109 |  | 365484 | 5859 | SH |  | SOLE |  | 0 | 0 | 5859 |
| YUM BRANDS INC | COM | 988498101 |  | 348668 | 2353 | SH |  | SOLE |  | 0 | 0 | 2353 |
| ZOETIS INC | CL A | 98978V103 |  | 1923487 | 12334 | SH |  | SOLE |  | 0 | 0 | 12334 |

---