SPRING CAPITAL MANAGEMENT, LLC Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BRO	BROWN & BROWN INC	101,631 (+1.1%)	$8,100 (-14.1%)	4.1%	$69.00	+20.8%	COM	115236101
KMB	KIMBERLY-CLARK CORP	47,553 (+57.5%)	$4,798 (+27.8%)	2.4%	$114.73	-5.5%	COM	494368103
ADP	AUTOMATIC DATA PROCESSING IN	22,950 (+1.8%)	$5,903 (-10.8%)	3.0%	$218.50	+21.2%	COM	053015103
TPL	TEXAS PACIFIC LAND CORPORATI	11,340 (+200.0%)	$3,257 (-7.7%)	1.6%	$351.11	-13.1%	COM	88262P102
APD	AIR PRODS & CHEMS INC	20,916 (+5.9%)	$5,167 (-4.1%)	2.6%	$260.17	-3.3%	COM	009158106
MDT	MEDTRONIC PLC	41,719 (+1.4%)	$4,008 (+2.3%)	2.0%	$87.77	+10.7%	SHS	G5960L103
BIV	VANGUARD BD INDEX FDS	16,733 (+1.3%)	$1,303 (+1.0%)	0.7%	$76.59	—	INTERMED TERM	921937819
TIP	ISHARES TR	14,686 (+1.1%)	$1,614 (-0.1%)	0.8%	$111.06	—	TIPS BD ETF	464287176

Decreased Positions (9)

ORCL ORACLE CORP 6.1%

Value ($000) $11,969 (-32.4%) Shares 61,410 (-2.5%) Est. Cost $92.32 Unrealized +157.9%

AAPL APPLE INC 8.7%

Value ($000) $17,263 (+3.3%) Shares 63,500 (-3.3%) Est. Cost $162.95 Unrealized +64.7%

KR KROGER CO 2.7%

Value ($000) $5,376 (-8.7%) Shares 86,045 (-1.5%) Est. Cost $53.14 Unrealized +22.7%

NEE NEXTERA ENERGY INC 3.4%

Value ($000) $6,716 (+5.1%) Shares 83,653 (-1.2%) Est. Cost $74.54 Unrealized +10.7%

GWW WW GRAINGER INC 4.2%

Value ($000) $8,261 (+2.3%) Shares 8,187 (-3.3%) Est. Cost $560.24 Unrealized +72.9%

QCOM QUALCOMM INC 5.0%

Value ($000) $9,900 (+1.2%) Shares 57,876 (-1.5%) Est. Cost $147.54 Unrealized +15.8%

XOM EXXON MOBIL CORP 1.1%

Value ($000) $2,175 (+4.8%) Shares 18,073 (-1.8%) Est. Cost $112.24 Unrealized +2.9%

V VISA INC 4.3%

Value ($000) $8,488 (+1.1%) Shares 24,203 (-1.6%) Est. Cost $228.21 Unrealized +49.1%

BAC BANK AMERICA CORP 0.5%

Value ($000) $966 (+4.0%) Shares 17,571 (-2.4%) Est. Cost $31.43 Unrealized +67.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	ORACLE CORP	61,410 (-2.5%)	$11,969 (-32.4%)	6.1%	$92.32	+157.9%	COM	68389X105
AAPL	APPLE INC	63,500 (-3.3%)	$17,263 (+3.3%)	8.7%	$162.95	+64.7%	COM	037833100
KR	KROGER CO	86,045 (-1.5%)	$5,376 (-8.7%)	2.7%	$53.14	+22.7%	COM	501044101
NEE	NEXTERA ENERGY INC	83,653 (-1.2%)	$6,716 (+5.1%)	3.4%	$74.54	+10.7%	COM	65339F101
GWW	WW GRAINGER INC	8,187 (-3.3%)	$8,261 (+2.3%)	4.2%	$560.24	+72.9%	COM	384802104
QCOM	QUALCOMM INC	57,876 (-1.5%)	$9,900 (+1.2%)	5.0%	$147.54	+15.8%	COM	747525103
XOM	EXXON MOBIL CORP	18,073 (-1.8%)	$2,175 (+4.8%)	1.1%	$112.24	+2.9%	COM	30231G102
V	VISA INC	24,203 (-1.6%)	$8,488 (+1.1%)	4.3%	$228.21	+49.1%	COM CL A	92826C839
BAC	BANK AMERICA CORP	17,571 (-2.4%)	$966 (+4.0%)	0.5%	$31.43	+67.5%	COM	060505104

Unchanged Positions (32)

ETN EATON CORP PLC 5.3%

Value ($000) $10,498 Shares 32,959 Est. Cost $177.27 Unrealized +99.9%

JNJ JOHNSON & JOHNSON 4.8%

Value ($000) $9,519 Shares 45,997 Est. Cost $146.47 Unrealized +34.5%

WMT WALMART INC 5.0%

Value ($000) $9,900 Shares 88,862 Est. Cost $67.06 Unrealized +59.9%

LHX L3HARRIS TECHNOLOGIES INC 3.9%

Value ($000) $7,791 Shares 26,540 Est. Cost $190.48 Unrealized +51.4%

GOOG ALPHABET INC 0.7%

Value ($000) $1,465 Shares 4,670 Est. Cost $182.46 Unrealized +56.9%

VZ VERIZON COMMUNICATIONS INC 1.9%

Value ($000) $3,719 Shares 91,306 Est. Cost $39.00 Unrealized +3.8%

MSFT MICROSOFT CORP 1.0%

Value ($000) $1,975 Shares 4,083 Est. Cost $444.75 Unrealized +12.6%

MTDR MATADOR RES CO 1.1%

Value ($000) $2,157 Shares 50,827 Est. Cost $57.36 Unrealized -26.8%

TSCO TRACTOR SUPPLY CO 0.5%

Value ($000) $900 Shares 18,000 Est. Cost $55.43 Unrealized -3.1%

CAT CATERPILLAR INC 0.3%

Value ($000) $642 Shares 1,120 Est. Cost $206.59 Unrealized +168.9%

CVX CHEVRON CORP NEW 2.8%

Value ($000) $5,610 Shares 36,806 Est. Cost $106.89 Unrealized +41.6%

MKC MCCORMICK & CO INC 2.3%

Value ($000) $4,519 Shares 66,355 Est. Cost $75.84 Unrealized -13.1%

PEP PEPSICO INC 2.3%

Value ($000) $4,567 Shares 31,821 Est. Cost $145.19 Unrealized +0.5%

DE DEERE & CO 4.5%

Value ($000) $8,829 Shares 18,964 Est. Cost $333.77 Unrealized +40.1%

SPY SPDR S&P 500 ETF TR 1.4%

Value ($000) $2,730 Shares 4,004 Est. Cost $457.84 Unrealized —

FDX FEDEX CORP 0.2%

Value ($000) $337 Shares 1,166 Est. Cost $253.59 Unrealized +3.1%

CMC COMMERCIAL METALS CO 0.2%

Value ($000) $346 Shares 5,000 Est. Cost $55.42 Unrealized +12.6%

DIA SPDR DOW JONES INDL AVERAGE 0.7%

Value ($000) $1,403 Shares 2,920 Est. Cost $425.50 Unrealized —

MCD MCDONALDS CORP 3.0%

Value ($000) $6,020 Shares 19,697 Est. Cost $237.08 Unrealized +28.7%

FANG DIAMONDBACK ENERGY INC 0.3%

Value ($000) $625 Shares 4,160 Est. Cost $157.12 Unrealized -6.4%

TRN TRINITY INDS INC 0.2%

Value ($000) $476 Shares 18,000 Est. Cost $34.23 Unrealized -21.6%

HON HONEYWELL INTL INC 0.2%

Value ($000) $347 Shares 1,781 Est. Cost $203.59 Unrealized -4.2%

SPYV SPDR SERIES TRUST 0.5%

Value ($000) $1,050 Shares 18,490 Est. Cost $51.07 Unrealized —

WFC WELLS FARGO CO NEW 0.1%

Value ($000) $246 Shares 2,638 Est. Cost $71.15 Unrealized +21.8%

AMZN AMAZON COM INC 0.2%

Value ($000) $411 Shares 1,780 Est. Cost $204.58 Unrealized +11.8%

ET ENERGY TRANSFER L P 0.2%

Value ($000) $478 Shares 29,000 Est. Cost $19.59 Unrealized —

AVGO BROADCOM INC 0.2%

Value ($000) $351 Shares 1,015 Est. Cost $215.92 Unrealized +65.3%

USAC USA COMPRESSION PARTNERS LP 0.1%

Value ($000) $276 Shares 12,000 Est. Cost $23.56 Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 0.2%

Value ($000) $444 Shares 2,500 Est. Cost $87.82 Unrealized +106.1%

OKE ONEOK INC NEW 0.3%

Value ($000) $575 Shares 7,824 Est. Cost $96.16 Unrealized -26.7%

NVDA NVIDIA CORPORATION 1.9%

Value ($000) $3,818 Shares 20,470 Est. Cost $137.79 Unrealized +35.1%

ASO ACADEMY SPORTS & OUTDOORS IN 0.1%

Value ($000) $250 Shares 5,000 Est. Cost $52.11 Unrealized -5.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ETN	EATON CORP PLC	32,959	$10,498	5.3%	$177.27	+99.9%	SHS	G29183103
JNJ	JOHNSON & JOHNSON	45,997	$9,519	4.8%	$146.47	+34.5%	COM	478160104
WMT	WALMART INC	88,862	$9,900	5.0%	$67.06	+59.9%	COM	931142103
LHX	L3HARRIS TECHNOLOGIES INC	26,540	$7,791	3.9%	$190.48	+51.4%	COM	502431109
GOOG	ALPHABET INC	4,670	$1,465	0.7%	$182.46	+56.9%	CAP STK CL C	02079K107
VZ	VERIZON COMMUNICATIONS INC	91,306	$3,719	1.9%	$39.00	+3.8%	COM	92343V104
MSFT	MICROSOFT CORP	4,083	$1,975	1.0%	$444.75	+12.6%	COM	594918104
MTDR	MATADOR RES CO	50,827	$2,157	1.1%	$57.36	-26.8%	COM	576485205
TSCO	TRACTOR SUPPLY CO	18,000	$900	0.5%	$55.43	-3.1%	COM	892356106
CAT	CATERPILLAR INC	1,120	$642	0.3%	$206.59	+168.9%	COM	149123101
CVX	CHEVRON CORP NEW	36,806	$5,610	2.8%	$106.89	+41.6%	COM	166764100
MKC	MCCORMICK & CO INC	66,355	$4,519	2.3%	$75.84	-13.1%	COM NON VTG	579780206
PEP	PEPSICO INC	31,821	$4,567	2.3%	$145.19	+0.5%	COM	713448108
DE	DEERE & CO	18,964	$8,829	4.5%	$333.77	+40.1%	COM	244199105
SPY	SPDR S&P 500 ETF TR	4,004	$2,730	1.4%	$457.84	—	TR UNIT	78462F103
FDX	FEDEX CORP	1,166	$337	0.2%	$253.59	+3.1%	COM	31428X106
CMC	COMMERCIAL METALS CO	5,000	$346	0.2%	$55.42	+12.6%	COM	201723103
DIA	SPDR DOW JONES INDL AVERAGE	2,920	$1,403	0.7%	$425.50	—	UT SER 1	78467X109
MCD	MCDONALDS CORP	19,697	$6,020	3.0%	$237.08	+28.7%	COM	580135101
FANG	DIAMONDBACK ENERGY INC	4,160	$625	0.3%	$157.12	-6.4%	COM	25278X109
TRN	TRINITY INDS INC	18,000	$476	0.2%	$34.23	-21.6%	COM	896522109
HON	HONEYWELL INTL INC	1,781	$347	0.2%	$203.59	-4.2%	COM	438516106
SPYV	SPDR SERIES TRUST	18,490	$1,050	0.5%	$51.07	—	STATE STREET SPD	78464A508
WFC	WELLS FARGO CO NEW	2,638	$246	0.1%	$71.15	+21.8%	COM	949746101
AMZN	AMAZON COM INC	1,780	$411	0.2%	$204.58	+11.8%	COM	023135106
ET	ENERGY TRANSFER L P	29,000	$478	0.2%	$19.59	—	COM UT LTD PTN	29273V100
AVGO	BROADCOM INC	1,015	$351	0.2%	$215.92	+65.3%	COM	11135F101
USAC	USA COMPRESSION PARTNERS LP	12,000	$276	0.1%	$23.56	—	COM UNIT LTDPAR	90290N109
PLTR	PALANTIR TECHNOLOGIES INC	2,500	$444	0.2%	$87.82	+106.1%	CL A	69608A108
OKE	ONEOK INC NEW	7,824	$575	0.3%	$96.16	-26.7%	COM	682680103
NVDA	NVIDIA CORPORATION	20,470	$3,818	1.9%	$137.79	+35.1%	COM	67066G104
ASO	ACADEMY SPORTS & OUTDOORS IN	5,000	$250	0.1%	$52.11	-5.0%	COM	00402L107