Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HON	Honeywell	68,318	$15.3M	1.2%	$223.90	—	Stock	438516205
HONA	Honeywell Aerospace	68,390	$15.12M	1.2%	$221.08	—	Stock	43849R105
XOM	Exxon Mobil	57,973	$7.926M	0.6%	$136.72	—	Stock	30233Q108
FDXF	FedEx Freight	2,325	$351K	0.0%	$151.00	—	Stock	314352105
AMD	Advanced Micro Devices	553	$321K	0.0%	$580.91	—	Stock	007903107
BAC	Bank America	3,965	$226K	0.0%	$56.98	—	Stock	060505104
CSCO	Cisco Systems	1,714	$201K	0.0%	$117.46	—	Stock	17275R102

Increased Positions (12)

TXN Texas Instruments 2.2%

Value $28.14M (+57.4%) Shares 94,421 (+2.5%) Est. Cost $166.06 Unrealized —

RSG Republic Services 0.9%

Value $11.82M (+67.6%) Shares 55,455 (+72.3%) Est. Cost $215.12 Unrealized —

ETN Eaton 1.8%

Value $22.83M (+24.7%) Shares 53,572 (+4.7%) Est. Cost $315.93 Unrealized —

ZBRA Zebra Technologies 1.2%

Value $15.1M (+31.1%) Shares 57,352 (+4.1%) Est. Cost $274.92 Unrealized —

ACN Accenture 0.5%

Value $6.38M (-35.6%) Shares 51,267 (+2.7%) Est. Cost $322.30 Unrealized —

TMO Thermo Fisher Scientific 1.4%

Value $17.71M (+10.2%) Shares 35,330 (+8.1%) Est. Cost $563.83 Unrealized —

ALC Alcon 1.4%

Value $17.82M (-3.0%) Shares 265,588 (+8.9%) Est. Cost $87.25 Unrealized —

APD Air Products & Chemicals 1.5%

Value $19.42M (+2.3%) Shares 66,243 (+1.3%) Est. Cost $224.62 Unrealized —

SYK Stryker 1.7%

Value $21.32M (-1.8%) Shares 67,708 (+2.5%) Est. Cost $205.31 Unrealized —

VGT Vanguard Information Technology ETF 0.0%

Value $439K (+74.6%) Shares 3,670 (+919.4%) Est. Cost $181.43 Unrealized —

AVGO Broadcom 0.1%

Value $792K (+26.9%) Shares 2,097 (+4.0%) Est. Cost $224.86 Unrealized —

META Meta Platforms 0.0%

Value $317K (+5.0%) Shares 562 (+6.6%) Est. Cost $425.77 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TXN	Texas Instruments	94,421 (+2.5%)	$28.14M (+57.4%)	2.2%	$166.06	—	Stock	882508104
RSG	Republic Services	55,455 (+72.3%)	$11.82M (+67.6%)	0.9%	$215.12	—	Stock	760759100
ETN	Eaton	53,572 (+4.7%)	$22.83M (+24.7%)	1.8%	$315.93	—	Stock	G29183103
ZBRA	Zebra Technologies	57,352 (+4.1%)	$15.1M (+31.1%)	1.2%	$274.92	—	Stock	989207105
ACN	Accenture	51,267 (+2.7%)	$6.38M (-35.6%)	0.5%	$322.30	—	Stock	G1151C101
TMO	Thermo Fisher Scientific	35,330 (+8.1%)	$17.71M (+10.2%)	1.4%	$563.83	—	Stock	883556102
ALC	Alcon	265,588 (+8.9%)	$17.82M (-3.0%)	1.4%	$87.25	—	Stock	H01301128
APD	Air Products & Chemicals	66,243 (+1.3%)	$19.42M (+2.3%)	1.5%	$224.62	—	Stock	009158106
SYK	Stryker	67,708 (+2.5%)	$21.32M (-1.8%)	1.7%	$205.31	—	Stock	863667101
VGT	Vanguard Information Technology ETF	3,670 (+919.4%)	$439K (+74.6%)	0.0%	$181.43	—	ETF	92204A702
AVGO	Broadcom	2,097 (+4.0%)	$792K (+26.9%)	0.1%	$224.86	—	Stock	11135F101
META	Meta Platforms	562 (+6.6%)	$317K (+5.0%)	0.0%	$425.77	—	Stock	30303M102

Exited Positions (7)

HON Honeywell 2.4%

Value $30.47M Shares 134,795 Est. Cost $98.52 Unrealized —

XOM Exxon Mobil 0.8%

Value $9.991M Shares 58,887 Est. Cost $104.51 Unrealized —

MKC McCormick & Co 0.5%

Value $6.483M Shares 128,534 Est. Cost $65.87 Unrealized —

ADBE Adobe Systems 0.5%

Value $6.058M Shares 24,922 Est. Cost $490.19 Unrealized —

WAT Waters 0.0%

Value $517K Shares 1,737 Est. Cost $367.10 Unrealized —

SOLS Solstice Advanced Materials 0.0%

Value $326K Shares 4,283 Est. Cost $65.21 Unrealized —

NEE Nextera Energy 0.0%

Value $209K Shares 2,254 Est. Cost $87.17 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HON	Honeywell	134,795	$30.47M	2.4%	$98.52	—	—	438516106
XOM	Exxon Mobil	58,887	$9.991M	0.8%	$104.51	—	—	30231G102
MKC	McCormick & Co	128,534	$6.483M	0.5%	$65.87	—	—	579780206
ADBE	Adobe Systems	24,922	$6.058M	0.5%	$490.19	—	—	00724F101
WAT	Waters	1,737	$517K	0.0%	$367.10	—	—	941848103
SOLS	Solstice Advanced Materials	4,283	$326K	0.0%	$65.21	—	—	83443Q103
NEE	Nextera Energy	2,254	$209K	0.0%	$87.17	—	—	65339F101

Decreased Positions (8)

BDX Becton Dickinson 0.0%

Value $416K (-79.1%) Shares 2,749 (-78.3%) Est. Cost $172.75 Unrealized —

UPS United Parcel Service 0.0%

Value $327K (-79.6%) Shares 3,039 (-81.4%) Est. Cost $60.25 Unrealized —

GOOGL Alphabet Class A 0.2%

Value $2.629M (+19.1%) Shares 7,356 (-4.2%) Est. Cost $122.59 Unrealized —

NVDA Nvidia 0.2%

Value $3.049M (+12.0%) Shares 15,239 (-2.4%) Est. Cost $93.85 Unrealized —

FDX FedEx 0.1%

Value $1.429M (-17.2%) Shares 4,563 (-5.8%) Est. Cost $215.22 Unrealized —

MA Mastercard 0.1%

Value $1.307M (-6.4%) Shares 2,545 (-8.9%) Est. Cost $551.47 Unrealized —

BMY Bristol-Myers Squibb 0.0%

Value $433K (-14.1%) Shares 7,519 (-9.6%) Est. Cost $61.89 Unrealized —

NOK Nokia ADR 0.0%

Value $177K (+47.0%) Shares 13,318 (-11.0%) Est. Cost $6.48 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BDX	Becton Dickinson	2,749 (-78.3%)	$416K (-79.1%)	0.0%	$172.75	—	Stock	075887109
UPS	United Parcel Service	3,039 (-81.4%)	$327K (-79.6%)	0.0%	$60.25	—	Stock	911312106
GOOGL	Alphabet Class A	7,356 (-4.2%)	$2.629M (+19.1%)	0.2%	$122.59	—	Stock	02079K305
NVDA	Nvidia	15,239 (-2.4%)	$3.049M (+12.0%)	0.2%	$93.85	—	Stock	67066G104
FDX	FedEx	4,563 (-5.8%)	$1.429M (-17.2%)	0.1%	$215.22	—	Stock	31428X106
MA	Mastercard	2,545 (-8.9%)	$1.307M (-6.4%)	0.1%	$551.47	—	Stock	57636Q104
BMY	Bristol-Myers Squibb	7,519 (-9.6%)	$433K (-14.1%)	0.0%	$61.89	—	Stock	110122108
NOK	Nokia ADR	13,318 (-11.0%)	$177K (+47.0%)	0.0%	$6.48	—	ADR	654902204

Unchanged Positions (54)

TSM Taiwan Semiconductor 10.2%

Value $131M Shares 273,518 Est. Cost $55.76 Unrealized —

APH Amphenol 5.5%

Value $70.84M Shares 401,779 Est. Cost $54.00 Unrealized —

AAPL Apple 7.9%

Value $101M Shares 349,854 Est. Cost $125.57 Unrealized —

NDSN Nordson 5.5%

Value $70.55M Shares 233,840 Est. Cost $92.95 Unrealized —

INTU Intuit 0.8%

Value $10.47M Shares 40,121 Est. Cost $324.93 Unrealized —

ISRG Intuitive Surgical 2.1%

Value $27.33M Shares 68,719 Est. Cost $522.83 Unrealized —

ADP Automatic Data Processing 3.4%

Value $43.08M Shares 192,351 Est. Cost $75.56 Unrealized —

AMZN Amazon 2.2%

Value $27.61M Shares 115,854 Est. Cost $128.21 Unrealized —

EMR Emerson Electric 3.2%

Value $40.49M Shares 282,826 Est. Cost $53.13 Unrealized —

DOV Dover 3.8%

Value $48.19M Shares 214,867 Est. Cost $57.97 Unrealized —

LRCX Lam Research 0.5%

Value $5.85M Shares 13,500 Est. Cost $76.05 Unrealized —

DCI Donaldson 3.9%

Value $49.68M Shares 553,427 Est. Cost $40.59 Unrealized —

KO Coca-Cola 2.8%

Value $35.8M Shares 440,494 Est. Cost $35.53 Unrealized —

ECL Ecolab 3.6%

Value $45.79M Shares 164,367 Est. Cost $98.52 Unrealized —

ITW Illinois Tool Works 3.9%

Value $50.05M Shares 185,044 Est. Cost $82.88 Unrealized —

JNJ Johnson & Johnson 3.7%

Value $47.31M Shares 186,267 Est. Cost $82.68 Unrealized —

PCAR Paccar 3.6%

Value $46.18M Shares 384,489 Est. Cost $42.97 Unrealized —

MSFT Microsoft 8.6%

Value $110M Shares 295,851 Est. Cost $79.28 Unrealized —

BRK/B Berkshire Hathaway Class B 1.0%

Value $12.58M Shares 25,146 Est. Cost $332.61 Unrealized —

SJT San Juan Basin Royalty Trust 0.1%

Value $1.021M Shares 318,076 Est. Cost $10.07 Unrealized —

PG Procter & Gamble 2.5%

Value $31.9M Shares 217,517 Est. Cost $68.98 Unrealized —

GWW WW Grainger 0.2%

Value $2.49M Shares 1,830 Est. Cost $672.40 Unrealized —

CVX Chevron Corp 0.1%

Value $1.694M Shares 10,218 Est. Cost $101.51 Unrealized —

ABBV Abbvie 0.2%

Value $3.037M Shares 12,069 Est. Cost $136.09 Unrealized —

SPY SPDR S&P 500 ETF Trust 0.2%

Value $3.15M Shares 4,218 Est. Cost $466.41 Unrealized —

PEP Pepsico 0.2%

Value $2.111M Shares 15,592 Est. Cost $69.79 Unrealized —

CTAS Cintas 2.4%

Value $30.28M Shares 178,058 Est. Cost $159.04 Unrealized —

NFLX Netflix 0.1%

Value $715K Shares 10,009 Est. Cost $99.45 Unrealized —

GOOG Alphabet Class C 0.1%

Value $1.115M Shares 3,157 Est. Cost $164.85 Unrealized —

LLY Eli Lilly 0.1%

Value $898K Shares 749 Est. Cost $753.50 Unrealized —

ABT Abbott Labs 0.1%

Value $1.205M Shares 13,281 Est. Cost $101.23 Unrealized —

BSM Black Stone Minerals 0.1%

Value $1.676M Shares 119,987 Est. Cost $13.08 Unrealized —

STEL Stellar Bancorp 0.1%

Value $1.825M Shares 46,419 Est. Cost $28.48 Unrealized —

COP Conocophillips 0.0%

Value $443K Shares 4,264 Est. Cost $73.49 Unrealized —

SYY Sysco 0.1%

Value $773K Shares 9,252 Est. Cost $56.07 Unrealized —

DMLP Dorchester Minerals 0.1%

Value $1.324M Shares 52,423 Est. Cost $22.60 Unrealized —

IBM IBM 0.0%

Value $559K Shares 1,988 Est. Cost $123.75 Unrealized —

GLD SPDR Gold Shares 0.0%

Value $346K Shares 939 Est. Cost $304.83 Unrealized —

MCD McDonalds 0.0%

Value $374K Shares 1,384 Est. Cost $229.22 Unrealized —

MDT Medtronic 0.0%

Value $485K Shares 6,203 Est. Cost $84.55 Unrealized —

WM Waste Management 0.1%

Value $1.399M Shares 6,275 Est. Cost $109.19 Unrealized —

MMM 3M 0.0%

Value $396K Shares 2,445 Est. Cost $128.38 Unrealized —

FFIN First Financial Bankshares 0.0%

Value $254K Shares 7,336 Est. Cost $25.26 Unrealized —

PSX Phillips 66 0.0%

Value $462K Shares 2,730 Est. Cost $111.77 Unrealized —

LOW Lowes 0.0%

Value $482K Shares 2,187 Est. Cost $102.66 Unrealized —

SBR Sabine Royalty Trust 0.1%

Value $1.025M Shares 14,000 Est. Cost $63.49 Unrealized —

TCBI Texas Capital Bancshares 0.0%

Value $361K Shares 3,500 Est. Cost $87.79 Unrealized —

JPM JPMorganChase 0.0%

Value $279K Shares 851 Est. Cost $311.42 Unrealized —

WMT Walmart 0.0%

Value $293K Shares 2,587 Est. Cost $53.26 Unrealized —

HD Home Depot 0.0%

Value $380K Shares 1,079 Est. Cost $226.26 Unrealized —

DUK Duke Energy 0.1%

Value $786K Shares 6,213 Est. Cost $115.43 Unrealized —

NVS Novartis 0.0%

Value $521K Shares 3,325 Est. Cost $79.84 Unrealized —

AMGN Amgen 0.0%

Value $285K Shares 787 Est. Cost $271.44 Unrealized —

EPD Enterprise Products 0.0%

Value $258K Shares 7,020 Est. Cost $31.33 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TSM	Taiwan Semiconductor	273,518	$131M	10.2%	$55.76	—	ADR	874039100
APH	Amphenol	401,779	$70.84M	5.5%	$54.00	—	Stock	032095101
AAPL	Apple	349,854	$101M	7.9%	$125.57	—	Stock	037833100
NDSN	Nordson	233,840	$70.55M	5.5%	$92.95	—	Stock	655663102
INTU	Intuit	40,121	$10.47M	0.8%	$324.93	—	Stock	461202103
ISRG	Intuitive Surgical	68,719	$27.33M	2.1%	$522.83	—	Stock	46120E602
ADP	Automatic Data Processing	192,351	$43.08M	3.4%	$75.56	—	Stock	053015103
AMZN	Amazon	115,854	$27.61M	2.2%	$128.21	—	Stock	023135106
EMR	Emerson Electric	282,826	$40.49M	3.2%	$53.13	—	Stock	291011104
DOV	Dover	214,867	$48.19M	3.8%	$57.97	—	Stock	260003108
LRCX	Lam Research	13,500	$5.85M	0.5%	$76.05	—	Stock	512807306
DCI	Donaldson	553,427	$49.68M	3.9%	$40.59	—	Stock	257651109
KO	Coca-Cola	440,494	$35.8M	2.8%	$35.53	—	Stock	191216100
ECL	Ecolab	164,367	$45.79M	3.6%	$98.52	—	Stock	278865100
ITW	Illinois Tool Works	185,044	$50.05M	3.9%	$82.88	—	Stock	452308109
JNJ	Johnson & Johnson	186,267	$47.31M	3.7%	$82.68	—	Stock	478160104
PCAR	Paccar	384,489	$46.18M	3.6%	$42.97	—	Stock	693718108
MSFT	Microsoft	295,851	$110M	8.6%	$79.28	—	Stock	594918104
BRK/B	Berkshire Hathaway Class B	25,146	$12.58M	1.0%	$332.61	—	Stock	084670702
SJT	San Juan Basin Royalty Trust	318,076	$1.021M	0.1%	$10.07	—	Stock	798241105
PG	Procter & Gamble	217,517	$31.9M	2.5%	$68.98	—	Stock	742718109
GWW	WW Grainger	1,830	$2.49M	0.2%	$672.40	—	Stock	384802104
CVX	Chevron Corp	10,218	$1.694M	0.1%	$101.51	—	Stock	166764100
ABBV	Abbvie	12,069	$3.037M	0.2%	$136.09	—	Stock	00287Y109
SPY	SPDR S&P 500 ETF Trust	4,218	$3.15M	0.2%	$466.41	—	ETF	78462F103
PEP	Pepsico	15,592	$2.111M	0.2%	$69.79	—	Stock	713448108
CTAS	Cintas	178,058	$30.28M	2.4%	$159.04	—	Stock	172908105
NFLX	Netflix	10,009	$715K	0.1%	$99.45	—	Stock	64110L106
GOOG	Alphabet Class C	3,157	$1.115M	0.1%	$164.85	—	Stock	02079K107
LLY	Eli Lilly	749	$898K	0.1%	$753.50	—	Stock	532457108
ABT	Abbott Labs	13,281	$1.205M	0.1%	$101.23	—	Stock	002824100
BSM	Black Stone Minerals	119,987	$1.676M	0.1%	$13.08	—	Stock	09225M101
STEL	Stellar Bancorp	46,419	$1.825M	0.1%	$28.48	—	Stock	858927106
COP	Conocophillips	4,264	$443K	0.0%	$73.49	—	Stock	20825C104
SYY	Sysco	9,252	$773K	0.1%	$56.07	—	Stock	871829107
DMLP	Dorchester Minerals	52,423	$1.324M	0.1%	$22.60	—	Stock	25820R105
IBM	IBM	1,988	$559K	0.0%	$123.75	—	Stock	459200101
GLD	SPDR Gold Shares	939	$346K	0.0%	$304.83	—	ETF	78463V107
MCD	McDonalds	1,384	$374K	0.0%	$229.22	—	Stock	580135101
MDT	Medtronic	6,203	$485K	0.0%	$84.55	—	Stock	G5960L103
WM	Waste Management	6,275	$1.399M	0.1%	$109.19	—	Stock	94106L109
MMM	3M	2,445	$396K	0.0%	$128.38	—	Stock	88579Y101
FFIN	First Financial Bankshares	7,336	$254K	0.0%	$25.26	—	Stock	32020R109
PSX	Phillips 66	2,730	$462K	0.0%	$111.77	—	Stock	718546104
LOW	Lowes	2,187	$482K	0.0%	$102.66	—	Stock	548661107
SBR	Sabine Royalty Trust	14,000	$1.025M	0.1%	$63.49	—	Stock	785688102
TCBI	Texas Capital Bancshares	3,500	$361K	0.0%	$87.79	—	Stock	88224Q107
JPM	JPMorganChase	851	$279K	0.0%	$311.42	—	Stock	46625H100
WMT	Walmart	2,587	$293K	0.0%	$53.26	—	Stock	931142103
HD	Home Depot	1,079	$380K	0.0%	$226.26	—	Stock	437076102
DUK	Duke Energy	6,213	$786K	0.1%	$115.43	—	Stock	26441C204
NVS	Novartis	3,325	$521K	0.0%	$79.84	—	ADR	66987V109
AMGN	Amgen	787	$285K	0.0%	$271.44	—	Stock	031162100
EPD	Enterprise Products	7,020	$258K	0.0%	$31.33	—	Stock	293792107