MCDANIEL TERRY & CO Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
MSFT	Buy	Microsoft	$96,753	-6.4%	306,422	+1.0%	10.08%	-4.2%
AAPL	Buy	Apple	$61,468	-11.1%	359,021	+0.8%	6.40%	-9.0%
NDSN	Buy	Nordson	$49,193	-8.7%	220,431	+1.6%	5.12%	-6.5%
ADP	Buy	Auto Data Processing	$45,194	+10.9%	187,856	+1.3%	4.71%	+13.5%
ITW	Buy	Illinois Tool Works	$39,423	-7.2%	171,175	+0.8%	4.11%	-5.0%
PCAR	Buy	Paccar	$32,950	+2.1%	387,560	+0.5%	3.43%	+4.6%
FDX	Buy	FedEx	$30,935	+7.0%	116,771	+0.2%	3.22%	+9.6%
PG	Buy	Procter & Gamble	$30,405	-3.2%	208,455	+0.7%	3.17%	-0.9%
DCI	Buy	Donaldson	$30,308	-3.5%	508,178	+1.2%	3.16%	-1.2%
PEP	Buy	Pepsico	$29,253	-7.8%	172,645	+0.8%	3.05%	-5.6%
DOV	Buy	Dover	$29,060	-4.8%	208,304	+0.7%	3.03%	-2.5%
JNJ	Buy	Johnson & Johnson	$28,421	-5.1%	182,478	+0.9%	2.96%	-2.9%
ECL	Buy	Ecolab	$27,997	-8.4%	165,274	+1.0%	2.92%	-6.2%
EMR	Buy	Emerson Electric	$27,230	+7.9%	281,974	+1.0%	2.84%	+10.4%
TSM	Buy	Taiwan Semiconductor	$25,299	-13.2%	291,131	+0.8%	2.64%	-11.1%
HON	Buy	Honeywell International	$24,036	-9.3%	130,106	+1.9%	2.50%	-7.2%
KO	Buy	Coca-Cola	$23,857	-6.3%	426,172	+0.7%	2.48%	-4.1%
CTAS	Buy	Cintas	$21,929	-2.4%	45,589	+0.8%	2.28%	-0.1%
BDX	Buy	Becton Dickinson	$21,660	-1.1%	83,782	+1.0%	2.26%	+1.3%
ISRG	Buy	Intuitive Surgical	$20,094	-13.1%	68,748	+1.7%	2.09%	-11.0%
INTU	Buy	Intuit	$19,954	+13.2%	39,054	+1.5%	2.08%	+15.9%
INTC	Buy	Intel	$19,751	+8.8%	555,582	+2.4%	2.06%	+11.4%
ALC	Buy	Alcon	$18,698	-5.0%	242,648	+1.2%	1.95%	-2.7%
SYK	Buy	Stryker	$17,846	-8.9%	65,304	+1.7%	1.86%	-6.7%
MKC	Buy	McCormick	$17,763	-11.9%	234,836	+1.6%	1.85%	-9.8%
ADBE	Buy	Adobe	$17,551	+5.8%	34,421	+1.5%	1.83%	+8.3%
APD	Buy	Air Products	$16,950	-2.8%	59,810	+2.8%	1.76%	-0.5%
APH	Buy	Amphenol	$16,616	+1.0%	197,832	+2.1%	1.73%	+3.4%
AMZN	Buy	Amazon	$15,760	-0.1%	123,976	+2.4%	1.64%	+2.2%
TMO	Buy	Thermo Fisher	$13,657	+0.6%	26,982	+3.7%	1.42%	+2.9%
TXN	Buy	Texas Instruments	$10,904	+226.1%	68,574	+269.2%	1.14%	+234.1%
NATI	Sell	National Instruments	$9,940	-53.6%	166,726	-55.3%	1.04%	-52.5%
BRKB	Buy	Berkshire Hathaway Cl B	$9,117	+290.1%	26,026	+279.8%	0.95%	+299.2%
ZBRA	Buy	Zebra Technologies	$8,820	+690.3%	37,291	+888.9%	0.92%	+706.1%
XOM	Buy	Exxon Mobil Corp	$6,463	+19.9%	54,963	+9.4%	0.67%	+22.6%
UPS	Buy	United Parcel Service	$4,098	-13.0%	26,292	+0.0%	0.43%	-10.9%
ABBV	Buy	Abbvie Inc.	$2,680	+34.5%	17,983	+21.6%	0.28%	+37.4%
SJT	Sell	San Juan Basin Royalty Trust	$2,204	-47.5%	318,076	-43.7%	0.23%	-46.1%
CVX	Buy	Chevron Corp	$2,172	+48.2%	12,883	+38.3%	0.23%	+51.7%
ABT	Buy	Abbott Labs	$1,991	+5.0%	20,558	+18.2%	0.21%	+7.3%
MA	Sell	Mastercard Inc Cl A	$1,963	-0.1%	4,959	-0.7%	0.20%	+2.0%
GOOGL	Sell	Alphabet Inc Cap Sk Cl A	$1,951	-1.9%	14,906	-10.3%	0.20%	+0.5%
SPY	New	S&P 500 Spdr Tr Unit Ser 1	$1,631	–	3,816	–	0.17%	–
NVDA	Buy	Nvidia	$1,281	+4.3%	2,945	+1.4%	0.13%	+6.4%
GWW	Buy	W.W. Grainger	$1,266	+202.9%	1,830	+245.3%	0.13%	+207.0%
UNH	Sell	Unitedhealth Group	$1,131	-3.1%	2,244	-7.6%	0.12%	-0.8%
WM	Buy	Waste Management Inc	$991	+63.3%	6,500	+85.7%	0.10%	+66.1%
LOW	Sell	Lowes Cos Inc	$887	-9.0%	4,269	-1.2%	0.09%	-7.1%
JPM	Buy	Jp Morgan Chase & Co	$859	+0.6%	5,922	+0.8%	0.09%	+2.3%
AMD	Buy	Advanced Micro Devices Inc	$844	+32.1%	8,210	+46.3%	0.09%	+35.4%
MDT	Buy	Medtronic Plc	$696	-9.1%	8,881	+2.2%	0.07%	-7.7%
SYY	Buy	Sysco Corp	$655	+60.1%	9,920	+79.8%	0.07%	+61.9%
BMY	Buy	Bristol Myers Squibb	$517	+17.0%	8,915	+28.9%	0.05%	+20.0%
FB	Buy	Meta Platforms	$507	+21.0%	1,688	+15.5%	0.05%	+23.3%
MDLZ	Sell	Mondelez Intl Inc Cl A	$504	-9.2%	7,260	-4.5%	0.05%	-7.1%
MRK	Sell	Merck & Co Inc	$476	-16.5%	4,624	-6.3%	0.05%	-13.8%
HD	Buy	Home Depot	$444	-2.2%	1,468	+0.4%	0.05%	0.0%
PFE	Sell	Pfizer	$374	-9.9%	11,269	-0.4%	0.04%	-7.1%
MCD	Buy	Mcdonald's Corp.	$354	-4.8%	1,342	+7.8%	0.04%	-2.6%
CVS	Sell	Cvs Health	$287	-2.7%	4,108	-3.8%	0.03%	0.0%
NOW	Sell	Servicenow Inc Com	$250	-5.7%	448	-5.1%	0.03%	-3.7%
CRM	Sell	Salesforce Inc.	$222	-7.5%	1,093	-3.7%	0.02%	-4.2%
SPGI	Exit	S&p Global Inc	$0	–	-515	–	-0.02%	–
GLD	Exit	Spdr Gold Trust Gold Shs	$0	–	-1,185	–	-0.02%	–
FFIN	Exit	First Financial Bankshares	$0	–	-7,336	–	-0.02%	–
NKE	Exit	Nike	$0	–	-1,951	–	-0.02%	–
PYPL	Exit	Paypal	$0	–	-3,210	–	-0.02%	–

Q2 2023

			Value		Shares		↓ Weighting
MSFT	New	Microsoft	$103,364	–	303,529	–	10.52%	–
AAPL	New	Apple	$69,117	–	356,330	–	7.03%	–
NDSN	New	Nordson	$53,866	–	217,045	–	5.48%	–
ITW	New	Illinois Tool Works	$42,486	–	169,835	–	4.32%	–
ADP	New	Auto Data Processing	$40,762	–	185,460	–	4.15%	–
PCAR	New	Paccar	$32,261	–	385,670	–	3.28%	–
PEP	New	Pepsico	$31,733	–	171,326	–	3.23%	–
PG	New	Procter & Gamble	$31,418	–	207,053	–	3.20%	–
DCI	New	Donaldson	$31,405	–	502,392	–	3.20%	–
ECL	New	Ecolab	$30,560	–	163,696	–	3.11%	–
DOV	New	Dover	$30,530	–	206,772	–	3.11%	–
JNJ	New	Johnson & Johnson	$29,947	–	180,924	–	3.05%	–
TSM	New	Taiwan Semiconductor	$29,140	–	288,748	–	2.96%	–
FDX	New	FedEx	$28,902	–	116,586	–	2.94%	–
HON	New	Honeywell International	$26,497	–	127,694	–	2.70%	–
KO	New	Coca-Cola	$25,473	–	423,006	–	2.59%	–
EMR	New	Emerson Electric	$25,241	–	279,240	–	2.57%	–
ISRG	New	Intuitive Surgical	$23,110	–	67,585	–	2.35%	–
CTAS	New	Cintas	$22,473	–	45,209	–	2.29%	–
BDX	New	Becton Dickinson	$21,897	–	82,939	–	2.23%	–
NATI	New	National Instruments	$21,415	–	373,078	–	2.18%	–
MKC	New	McCormick	$20,157	–	231,077	–	2.05%	–
ALC	New	Alcon	$19,679	–	239,668	–	2.00%	–
SYK	New	Stryker	$19,592	–	64,218	–	1.99%	–
INTC	New	Intel	$18,146	–	542,645	–	1.85%	–
INTU	New	Intuit	$17,625	–	38,466	–	1.79%	–
APD	New	Air Products	$17,431	–	58,193	–	1.77%	–
ADBE	New	Adobe	$16,590	–	33,928	–	1.69%	–
APH	New	Amphenol	$16,455	–	193,704	–	1.67%	–
AMZN	New	Amazon	$15,778	–	121,033	–	1.60%	–
TMO	New	Thermo Fisher	$13,582	–	26,031	–	1.38%	–
XOM	New	Exxon Mobil Corp	$5,391	–	50,263	–	0.55%	–
UPS	New	United Parcel Service	$4,712	–	26,290	–	0.48%	–
SJT	New	San Juan Basin Royalty Trust	$4,199	–	565,191	–	0.43%	–
TXN	New	Texas Instruments	$3,344	–	18,574	–	0.34%	–
BRKB	New	Berkshire Hathaway Cl B	$2,337	–	6,852	–	0.24%	–
BSM	New	Black Stone Minerals L Com Uni	$2,121	–	132,962	–	0.22%	–
ABBV	New	Abbvie Inc.	$1,992	–	14,786	–	0.20%	–
GOOGL	New	Alphabet Inc Cap Sk Cl A	$1,989	–	16,616	–	0.20%	–
MA	New	Mastercard Inc Cl A	$1,965	–	4,995	–	0.20%	–
ABT	New	Abbott Labs	$1,897	–	17,398	–	0.19%	–
DMLP	New	Dorchester Minerals Lp	$1,571	–	52,423	–	0.16%	–
CVX	New	Chevron Corp	$1,466	–	9,316	–	0.15%	–
NVDA	New	Nvidia	$1,228	–	2,904	–	0.12%	–
UNH	New	Unitedhealth Group	$1,167	–	2,429	–	0.12%	–
NVS	New	Novartis Ag	$1,162	–	11,511	–	0.12%	–
ZBRA	New	Zebra Technologies	$1,116	–	3,771	–	0.11%	–
LRCX	New	Lam Resh Corp	$1,096	–	1,705	–	0.11%	–
LOW	New	Lowes Cos Inc	$975	–	4,320	–	0.10%	–
SBR	New	Sabine Royalty Trust Ubi	$923	–	14,000	–	0.09%	–
PB	New	Prosperity Bancshares	$871	–	15,425	–	0.09%	–
JPM	New	Jp Morgan Chase & Co	$854	–	5,875	–	0.09%	–
MDT	New	Medtronic Plc	$766	–	8,691	–	0.08%	–
AMD	New	Advanced Micro Devices Inc	$639	–	5,613	–	0.06%	–
WFC	New	Wells Fargo Co.	$632	–	14,808	–	0.06%	–
WM	New	Waste Management Inc Del	$607	–	3,500	–	0.06%	–
MRK	New	Merck & Co Inc	$570	–	4,937	–	0.06%	–
MDLZ	New	Mondelez Intl Inc Cl A	$555	–	7,606	–	0.06%	–
VNQ	New	Vanguard Index Fds Reit Viper	$504	–	6,030	–	0.05%	–
COP	New	Conocophillips	$496	–	4,789	–	0.05%	–
XLU	New	Select Sector Spdr Tr Sbi Int-	$462	–	7,060	–	0.05%	–
IBM	New	International Business Machine	$450	–	3,365	–	0.05%	–
HD	New	Home Depot	$454	–	1,462	–	0.05%	–
BMY	New	Bristol Myers Squibb	$442	–	6,915	–	0.04%	–
NFLX	New	Netflix Inc	$440	–	1,000	–	0.04%	–
CMG	New	Chipotle Mexican Grill Com	$428	–	200	–	0.04%	–
GWW	New	W.W. Grainger	$418	–	530	–	0.04%	–
FB	New	Meta Platforms	$419	–	1,461	–	0.04%	–
PFE	New	Pfizer	$415	–	11,310	–	0.04%	–
SYY	New	Sysco Corp	$409	–	5,518	–	0.04%	–
GOOG	New	Alphabet Inc Cap Sk Cl C	$383	–	3,166	–	0.04%	–
MCD	New	Mcdonald's Corp.	$372	–	1,245	–	0.04%	–
VEA	New	Vanguard FTSE Developed Market	$340	–	7,372	–	0.04%	–
DHR	New	Danaher Corp	$347	–	1,447	–	0.04%	–
IJH	New	Ishares Tr S&p Midcap 400	$337	–	1,288	–	0.03%	–
WMT	New	Wal-Mart Stores	$321	–	2,042	–	0.03%	–
CVS	New	Cvs Health	$295	–	4,272	–	0.03%	–
NOW	New	Servicenow Inc Com	$265	–	472	–	0.03%	–
AMAT	New	Applied Materials Inc	$260	–	1,800	–	0.03%	–
COST	New	Costco Whsl Corp New	$237	–	440	–	0.02%	–
CRM	New	Salesforce Inc.	$240	–	1,135	–	0.02%	–
PYPL	New	Paypal	$214	–	3,210	–	0.02%	–
NKE	New	Nike	$215	–	1,951	–	0.02%	–
LLY	New	Eli Lilly	$204	–	436	–	0.02%	–
GLD	New	Spdr Gold Trust Gold Shs	$211	–	1,185	–	0.02%	–
SPGI	New	S&p Global Inc	$206	–	515	–	0.02%	–
FFIN	New	First Financial Bankshares	$209	–	7,336	–	0.02%	–
NOK	New	Nokia	$64	–	15,300	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
TEF	Exit	Telefonica de Espana	$0	–	-13,917	–	-0.01%	–
NOK	Exit	Nokia	$0	–	-13,126	–	-0.01%	–
CL	Exit	Colgate Palmolive	$0	–	-2,877	–	-0.03%	–
WFC	Exit	Wells Fargo Co.	$0	–	-5,396	–	-0.03%	–
COST	Exit	Costco Whsl Corp New	$0	–	-461	–	-0.03%	–
C	Exit	Citigroup Inc	$0	–	-5,168	–	-0.03%	–
NKE	Exit	Nike	$0	–	-2,834	–	-0.03%	–
NFLX	Exit	Netflix Inc	$0	–	-1,017	–	-0.03%	–
CFR	Exit	Cullen Frost Bank	$0	–	-1,880	–	-0.03%	–
LIN	Exit	Linde Plc Com	$0	–	-912	–	-0.03%	–
MCD	Exit	Mcdonald's Corp.	$0	–	-1,142	–	-0.03%	–
VEA	Exit	Vanguard FTSE Developed Market	$0	–	-7,372	–	-0.04%	–
PANW	Exit	Palo Alto Networks Inc	$0	–	-1,665	–	-0.04%	–
CVS	Exit	Cvs Health	$0	–	-2,992	–	-0.04%	–
SPGI	Exit	S&p Global Inc	$0	–	-961	–	-0.04%	–
CMI	Exit	Cummins Inc	$0	–	-1,456	–	-0.04%	–
IJH	Exit	Ishares Tr S&p Midcap 400	$0	–	-1,326	–	-0.04%	–
UNP	Exit	Union Pacific Corp.	$0	–	-1,520	–	-0.04%	–
BLK	Exit	Blackrock Inc	$0	–	-546	–	-0.04%	–
CMG	Exit	Chipotle Mexican Grill Com	$0	–	-200	–	-0.04%	–
FFIN	Exit	First Financial Bankshares	$0	–	-7,336	–	-0.04%	–
MLM	Exit	Martin Marietta Matls	$0	–	-1,011	–	-0.04%	–
V	Exit	Visa Inc-Class A Shrs	$0	–	-1,890	–	-0.04%	–
TSCO	Exit	Tractor Supply Co	$0	–	-1,891	–	-0.04%	–
SYY	Exit	Sysco Corp	$0	–	-5,011	–	-0.05%	–
MDLZ	Exit	Mondelez Intl Inc Cl A	$0	–	-6,610	–	-0.05%	–
PYPL	Exit	Paypal	$0	–	-4,330	–	-0.05%	–
NVDA	Exit	Nvidia	$0	–	-3,105	–	-0.05%	–
GOOG	Exit	Alphabet Inc Cap Sk Cl C	$0	–	-4,140	–	-0.05%	–
IBM	Exit	International Business Machine	$0	–	-3,365	–	-0.05%	–
GLD	Exit	Spdr Gold Trust Gold Shs	$0	–	-2,650	–	-0.05%	–
MRK	Exit	Merck & Co Inc	$0	–	-4,860	–	-0.05%	–
BX	Exit	Blackstone Inc Com	$0	–	-5,055	–	-0.06%	–
AMD	Exit	Advanced Micro Devices Inc	$0	–	-7,167	–	-0.06%	–
BMY	Exit	Bristol Myers Squibb	$0	–	-6,615	–	-0.06%	–
COP	Exit	Conocophillips	$0	–	-4,603	–	-0.06%	–
FB	Exit	Meta Platforms	$0	–	-3,570	–	-0.06%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-1,852	–	-0.06%	–
DIS	Exit	Walt Disney	$0	–	-5,433	–	-0.07%	–
WM	Exit	Waste Management Inc Del	$0	–	-3,500	–	-0.07%	–
CRM	Exit	Salesforce Inc.	$0	–	-4,074	–	-0.08%	–
HD	Exit	Home Depot	$0	–	-2,169	–	-0.08%	–
MDT	Exit	Medtronic Plc	$0	–	-8,288	–	-0.09%	–
LRCX	Exit	Lam Resh Corp	$0	–	-1,919	–	-0.09%	–
DHR	Exit	Danaher Corp	$0	–	-2,749	–	-0.09%	–
LOW	Exit	Lowes Cos Inc	$0	–	-4,210	–	-0.10%	–
JPM	Exit	Jp Morgan Chase & Co	$0	–	-8,188	–	-0.11%	–
NVS	Exit	Novartis Ag	$0	–	-12,288	–	-0.12%	–
SBR	Exit	Sabine Royalty Trust Ubi	$0	–	-14,000	–	-0.13%	–
UNH	Exit	Unitedhealth Group	$0	–	-2,061	–	-0.14%	–
CVX	Exit	Chevron Corp	$0	–	-8,898	–	-0.17%	–
DMLP	Exit	Dorchester Minerals Lp	$0	–	-52,423	–	-0.17%	–
MA	Exit	Mastercard Inc Cl A	$0	–	-5,025	–	-0.18%	–
GOOGL	Exit	Alphabet Inc Cap Sk Cl A	$0	–	-16,720	–	-0.21%	–
ABBV	Exit	Abbvie Inc.	$0	–	-14,873	–	-0.26%	–
BSM	Exit	Black Stone Minerals L Com Uni	$0	–	-142,512	–	-0.29%	–
UPS	Exit	United Parcel Service	$0	–	-26,635	–	-0.56%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-50,263	–	-0.57%	–
SJT	Exit	San Juan Basin Royalty Trust	$0	–	-565,191	–	-0.69%	–
ADBE	Exit	Adobe	$0	–	-30,923	–	-1.10%	–
ISRG	Exit	Intuitive Surgical	$0	–	-67,572	–	-1.64%	–
APH	Exit	Amphenol	$0	–	-190,441	–	-1.65%	–
TMO	Exit	Thermo Fisher	$0	–	-25,314	–	-1.66%	–
SYK	Exit	Stryker	$0	–	-63,694	–	-1.67%	–
APD	Exit	Air Products	$0	–	-57,423	–	-1.73%	–
AMZN	Exit	Amazon	$0	–	-121,126	–	-1.77%	–
INTC	Exit	Intel	$0	–	-532,408	–	-1.78%	–
ALC	Exit	Alcon	$0	–	-239,003	–	-1.80%	–
INTU	Exit	Intuit	$0	–	-38,073	–	-1.91%	–
MKC	Exit	McCormick	$0	–	-229,379	–	-2.12%	–
NATI	Exit	National Instruments	$0	–	-444,068	–	-2.17%	–
CTAS	Exit	Cintas	$0	–	-45,593	–	-2.29%	–
FDX	Exit	FedEx	$0	–	-119,318	–	-2.30%	–
BDX	Exit	Becton Dickinson	$0	–	-83,022	–	-2.40%	–
TSM	Exit	Taiwan Semiconductor	$0	–	-295,314	–	-2.62%	–
EMR	Exit	Emerson Electric	$0	–	-279,241	–	-2.65%	–
HON	Exit	Honeywell International	$0	–	-128,239	–	-2.77%	–
PCAR	Exit	Paccar	$0	–	-261,831	–	-2.84%	–
ECL	Exit	Ecolab	$0	–	-163,946	–	-3.07%	–
KO	Exit	Coca-Cola	$0	–	-428,629	–	-3.11%	–
DOV	Exit	Dover	$0	–	-213,075	–	-3.22%	–
DCI	Exit	Donaldson	$0	–	-518,811	–	-3.29%	–
PG	Exit	Procter & Gamble	$0	–	-208,723	–	-3.41%	–
PEP	Exit	Pepsico	$0	–	-173,289	–	-3.66%	–
JNJ	Exit	Johnson & Johnson	$0	–	-181,146	–	-3.83%	–
ITW	Exit	Illinois Tool Works	$0	–	-176,486	–	-4.13%	–
ADP	Exit	Automatic Data Processing	$0	–	-189,829	–	-5.56%	–
NDSN	Exit	Nordson	$0	–	-220,237	–	-6.06%	–
AAPL	Exit	Apple	$0	–	-368,445	–	-6.60%	–
MSFT	Exit	Microsoft	$0	–	-310,922	–	-9.38%	–

Q3 2022

			Value		Shares		↓ Weighting
MSFT	Sell	Microsoft	$72,414,000	-9.3%	310,922	-0.0%	9.38%	-4.9%
AAPL	Buy	Apple	$50,919,000	+1.3%	368,445	+0.2%	6.60%	+6.3%
NDSN	Buy	Nordson	$46,750,000	+5.2%	220,237	+0.3%	6.06%	+10.3%
ADP	Buy	Automatic Data Processing	$42,938,000	+7.9%	189,829	+0.2%	5.56%	+13.3%
ITW	Buy	Illinois Tool Works	$31,882,000	-0.3%	176,486	+0.5%	4.13%	+4.6%
JNJ	Buy	Johnson & Johnson	$29,592,000	-7.4%	181,146	+0.6%	3.83%	-2.9%
PEP	Buy	Pepsico	$28,291,000	-1.5%	173,289	+0.6%	3.66%	+3.4%
PG	Buy	Procter & Gamble	$26,351,000	-11.6%	208,723	+0.7%	3.41%	-7.2%
DCI	Buy	Donaldson	$25,427,000	+2.8%	518,811	+0.9%	3.29%	+7.9%
DOV	Buy	Dover	$24,840,000	-3.1%	213,075	+0.9%	3.22%	+1.7%
KO	Buy	Coca-Cola	$24,012,000	-10.5%	428,629	+0.5%	3.11%	-6.1%
ECL	Buy	Ecolab	$23,677,000	-5.0%	163,946	+1.1%	3.07%	-0.3%
PCAR	Buy	Paccar	$21,913,000	+2.4%	261,831	+0.7%	2.84%	+7.4%
HON	Buy	Honeywell International	$21,412,000	-3.1%	128,239	+0.8%	2.77%	+1.6%
EMR	Buy	Emerson Electric	$20,446,000	-6.9%	279,241	+1.1%	2.65%	-2.3%
TSM	Buy	Taiwan Semiconductor	$20,247,000	-15.6%	295,314	+0.7%	2.62%	-11.4%
BDX	Buy	Becton Dickinson	$18,500,000	-9.0%	83,022	+0.7%	2.40%	-4.5%
FDX	Buy	FedEx	$17,715,000	-34.0%	119,318	+0.8%	2.30%	-30.7%
CTAS	Buy	Cintas	$17,699,000	+5.0%	45,593	+1.1%	2.29%	+10.2%
NATI	Buy	National Instruments	$16,759,000	+21.3%	444,068	+0.4%	2.17%	+27.3%
MKC	Buy	McCormick	$16,348,000	-13.3%	229,379	+1.3%	2.12%	-9.0%
INTU	Buy	Intuit	$14,746,000	+2.7%	38,073	+2.2%	1.91%	+7.8%
ALC	Buy	Alcon	$13,905,000	-15.6%	239,003	+1.3%	1.80%	-11.5%
INTC	Buy	Intel	$13,720,000	-29.9%	532,408	+1.7%	1.78%	-26.5%
AMZN	Buy	Amazon	$13,687,000	+9.2%	121,126	+2.6%	1.77%	+14.6%
APD	Buy	Air Products	$13,364,000	-1.2%	57,423	+2.1%	1.73%	+3.7%
SYK	Buy	Stryker	$12,901,000	+4.2%	63,694	+2.3%	1.67%	+9.3%
TMO	Buy	Thermo Fisher	$12,839,000	-4.7%	25,314	+2.1%	1.66%	-0.1%
APH	Buy	Amphenol	$12,752,000	+7.4%	190,441	+3.3%	1.65%	+12.7%
ISRG	Buy	Intuitive Surgical	$12,666,000	-3.2%	67,572	+3.6%	1.64%	+1.5%
ADBE	Buy	Adobe	$8,510,000	-18.5%	30,923	+8.3%	1.10%	-14.6%
XOM	Buy	Exxon Mobil Corp	$4,388,000	+2.1%	50,263	+0.2%	0.57%	+7.2%
UPS	Buy	United Parcel Service	$4,303,000	-11.5%	26,635	+0.0%	0.56%	-7.2%
ABBV	Sell	Abbvie Inc.	$1,996,000	-12.7%	14,873	-0.4%	0.26%	-8.2%
GOOGL	Buy	Alphabet Inc Cap Sk Cl A	$1,599,000	-17.4%	16,720	+1780.8%	0.21%	-13.4%
MA	Buy	Mastercard Inc Cl A	$1,429,000	-9.4%	5,025	+0.5%	0.18%	-5.1%
CVX	Buy	Chevron Corp	$1,278,000	-0.7%	8,898	+0.1%	0.17%	+4.4%
NVS	Sell	Novartis Ag	$934,000	-13.4%	12,288	-3.7%	0.12%	-9.0%
JPM	Buy	Jp Morgan Chase & Co	$856,000	+3.3%	8,188	+11.2%	0.11%	+8.8%
LOW	Buy	Lowes Cos Inc	$791,000	+7.6%	4,210	+0.0%	0.10%	+12.1%
HD	Sell	Home Depot	$599,000	-10.9%	2,169	-11.4%	0.08%	-6.0%
CRM	Sell	Salesforce Inc.	$586,000	-22.8%	4,074	-11.4%	0.08%	-19.1%
DIS	Buy	Walt Disney	$512,000	+5.3%	5,433	+5.6%	0.07%	+10.0%
AMD	Buy	Advanced Micro Devices Inc	$454,000	-15.8%	7,167	+1.7%	0.06%	-11.9%
MRK	Buy	Merck & Co Inc	$419,000	-0.5%	4,860	+5.2%	0.05%	+3.8%
GOOG	Buy	Alphabet Inc Cap Sk Cl C	$398,000	-15.0%	4,140	+1834.6%	0.05%	-10.3%
NVDA	Buy	Nvidia	$377,000	-15.5%	3,105	+5.5%	0.05%	-10.9%
PYPL	Sell	Paypal	$373,000	+11.7%	4,330	-9.4%	0.05%	+17.1%
SYY	Sell	Sysco Corp	$354,000	-17.9%	5,011	-1.4%	0.05%	-13.2%
TSCO	Buy	Tractor Supply Co	$351,000	-4.1%	1,891	+0.1%	0.04%	0.0%
MLM	Buy	Martin Marietta Matls	$326,000	+17.7%	1,011	+9.2%	0.04%	+23.5%
CMG	Sell	Chipotle Mexican Grill Com	$301,000	-3.2%	200	-16.0%	0.04%	+2.6%
BLK	Sell	Blackrock Inc	$300,000	-33.8%	546	-26.5%	0.04%	-30.4%
UNP	Buy	Union Pacific Corp.	$296,000	-2.3%	1,520	+7.0%	0.04%	+2.7%
PANW	Buy	Palo Alto Networks Inc	$273,000	-0.4%	1,665	+200.0%	0.04%	+2.9%
MCD	Sell	Mcdonald's Corp.	$264,000	-25.0%	1,142	-19.8%	0.03%	-20.9%
CFR	Buy	Cullen Frost Bank	$249,000	+13.7%	1,880	+0.1%	0.03%	+18.5%
NFLX	New	Netflix Inc	$239,000	–	1,017	–	0.03%	–
COST	Sell	Costco Whsl Corp New	$218,000	-22.1%	461	-21.1%	0.03%	-20.0%
WFC	Sell	Wells Fargo Co.	$217,000	-2.7%	5,396	-5.2%	0.03%	0.0%
NOK	Buy	Nokia	$56,000	-6.7%	13,126	+1.0%	0.01%	0.0%
CLVT	Exit	Clarivate Plc Ord Shs	$0	–	-11,512	–	-0.02%	–
PFE	Exit	Pfizer	$0	–	-3,915	–	-0.02%	–
NOW	Exit	Servicenow Inc Com	$0	–	-445	–	-0.03%	–
HALO	Exit	Halozyme Therapeutics Com	$0	–	-6,071	–	-0.03%	–

Q2 2022

			Value		Shares		↓ Weighting
MSFT	New	Microsoft	$79,871,000	–	310,986	–	9.86%	–
AAPL	New	Apple	$50,266,000	–	367,659	–	6.20%	–
NDSN	New	Nordson	$44,457,000	–	219,604	–	5.49%	–
ADP	New	Automatic Data Processing	$39,779,000	–	189,386	–	4.91%	–
ITW	New	Illinois Tool Works	$31,990,000	–	175,526	–	3.95%	–
JNJ	New	Johnson & Johnson	$31,974,000	–	180,124	–	3.95%	–
PG	New	Procter & Gamble	$29,807,000	–	207,294	–	3.68%	–
PEP	New	Pepsico	$28,709,000	–	172,263	–	3.54%	–
FDX	New	FedEx	$26,827,000	–	118,330	–	3.31%	–
KO	New	Coca-Cola	$26,820,000	–	426,323	–	3.31%	–
DOV	New	Dover	$25,629,000	–	211,254	–	3.16%	–
ECL	New	Ecolab	$24,928,000	–	162,121	–	3.08%	–
DCI	New	Donaldson	$24,742,000	–	513,969	–	3.05%	–
TSM	New	Taiwan Semiconductor	$23,984,000	–	293,378	–	2.96%	–
HON	New	Honeywell International	$22,107,000	–	127,188	–	2.73%	–
EMR	New	Emerson Electric	$21,960,000	–	276,086	–	2.71%	–
PCAR	New	Paccar	$21,404,000	–	259,947	–	2.64%	–
BDX	New	Becton Dickinson	$20,319,000	–	82,419	–	2.51%	–
INTC	New	Intel	$19,581,000	–	523,417	–	2.42%	–
MKC	New	McCormick	$18,856,000	–	226,499	–	2.33%	–
CTAS	New	Cintas	$16,851,000	–	45,112	–	2.08%	–
ALC	New	Alcon	$16,482,000	–	235,824	–	2.04%	–
INTU	New	Intuit	$14,358,000	–	37,251	–	1.77%	–
NATI	New	National Instruments	$13,811,000	–	442,231	–	1.70%	–
APD	New	Air Products	$13,524,000	–	56,236	–	1.67%	–
TMO	New	Thermo Fisher	$13,476,000	–	24,804	–	1.66%	–
ISRG	New	Intuitive Surgical	$13,090,000	–	65,218	–	1.62%	–
AMZN	New	Amazon	$12,536,000	–	118,034	–	1.55%	–
SYK	New	Stryker	$12,386,000	–	62,261	–	1.53%	–
APH	New	Amphenol	$11,872,000	–	184,404	–	1.47%	–
ADBE	New	Adobe	$10,447,000	–	28,540	–	1.29%	–
SJT	New	San Juan Basin Royalty Trust	$4,906,000	–	565,191	–	0.61%	–
UPS	New	United Parcel Service	$4,862,000	–	26,634	–	0.60%	–
XOM	New	Exxon Mobil Corp	$4,296,000	–	50,163	–	0.53%	–
ABBV	New	Abbvie Inc.	$2,286,000	–	14,928	–	0.28%	–
BSM	New	Black Stone Minerals L Com Uni	$1,951,000	–	142,512	–	0.24%	–
GOOGL	New	Alphabet Inc Cap Sk Cl A	$1,937,000	–	889	–	0.24%	–
MA	New	Mastercard Inc Cl A	$1,577,000	–	4,998	–	0.20%	–
CVX	New	Chevron Corp	$1,287,000	–	8,891	–	0.16%	–
DMLP	New	Dorchester Minerals Lp	$1,250,000	–	52,423	–	0.15%	–
NVS	New	Novartis Ag	$1,079,000	–	12,761	–	0.13%	–
UNH	New	Unitedhealth Group	$1,059,000	–	2,061	–	0.13%	–
SBR	New	Sabine Royalty Trust Ubi	$852,000	–	14,000	–	0.10%	–
JPM	New	Jp Morgan Chase & Co	$829,000	–	7,364	–	0.10%	–
LRCX	New	Lam Resh Corp	$818,000	–	1,919	–	0.10%	–
CRM	New	Salesforce Inc.	$759,000	–	4,600	–	0.09%	–
MDT	New	Medtronic Plc	$744,000	–	8,288	–	0.09%	–
LOW	New	Lowes Cos Inc	$735,000	–	4,209	–	0.09%	–
DHR	New	Danaher Corp	$697,000	–	2,749	–	0.09%	–
HD	New	Home Depot	$672,000	–	2,449	–	0.08%	–
FB	New	Meta Platforms	$576,000	–	3,570	–	0.07%	–
AMD	New	Advanced Micro Devices Inc	$539,000	–	7,047	–	0.07%	–
WM	New	Waste Management Inc Del	$535,000	–	3,500	–	0.07%	–
BMY	New	Bristol Myers Squibb	$509,000	–	6,615	–	0.06%	–
BRKB	New	Berkshire Hathaway Cl B	$506,000	–	1,852	–	0.06%	–
DIS	New	Walt Disney	$486,000	–	5,145	–	0.06%	–
IBM	New	International Business Machine	$475,000	–	3,365	–	0.06%	–
GOOG	New	Alphabet Inc Cap Sk Cl C	$468,000	–	214	–	0.06%	–
BX	New	Blackstone Inc Com	$461,000	–	5,055	–	0.06%	–
BLK	New	Blackrock Inc	$453,000	–	743	–	0.06%	–
GLD	New	Spdr Gold Trust Gold Shs	$446,000	–	2,650	–	0.06%	–
NVDA	New	Nvidia	$446,000	–	2,943	–	0.06%	–
SYY	New	Sysco Corp	$431,000	–	5,083	–	0.05%	–
MRK	New	Merck & Co Inc	$421,000	–	4,620	–	0.05%	–
MDLZ	New	Mondelez Intl Inc Cl A	$410,000	–	6,610	–	0.05%	–
COP	New	Conocophillips	$413,000	–	4,603	–	0.05%	–
V	New	Visa Inc-Class A Shrs	$372,000	–	1,890	–	0.05%	–
TSCO	New	Tractor Supply Co	$366,000	–	1,890	–	0.04%	–
MCD	New	Mcdonald's Corp.	$352,000	–	1,424	–	0.04%	–
PYPL	New	Paypal	$334,000	–	4,779	–	0.04%	–
SPGI	New	S&p Global Inc	$324,000	–	961	–	0.04%	–
CMG	New	Chipotle Mexican Grill Com	$311,000	–	238	–	0.04%	–
UNP	New	Union Pacific Corp.	$303,000	–	1,420	–	0.04%	–
VEA	New	Vanguard FTSE Developed Market	$301,000	–	7,372	–	0.04%	–
IJH	New	Ishares Tr S&p Midcap 400	$300,000	–	1,326	–	0.04%	–
NKE	New	Nike	$290,000	–	2,834	–	0.04%	–
FFIN	New	First Financial Bankshares	$288,000	–	7,336	–	0.04%	–
CMI	New	Cummins Inc	$282,000	–	1,456	–	0.04%	–
COST	New	Costco Whsl Corp New	$280,000	–	584	–	0.04%	–
CVS	New	Cvs Health	$277,000	–	2,992	–	0.03%	–
PANW	New	Palo Alto Networks Inc	$274,000	–	555	–	0.03%	–
MLM	New	Martin Marietta Matls	$277,000	–	926	–	0.03%	–
HALO	New	Halozyme Therapeutics Com	$267,000	–	6,071	–	0.03%	–
LIN	New	Linde Plc Com	$262,000	–	912	–	0.03%	–
C	New	Citigroup Inc	$238,000	–	5,168	–	0.03%	–
CL	New	Colgate Palmolive	$231,000	–	2,877	–	0.03%	–
WFC	New	Wells Fargo Co.	$223,000	–	5,690	–	0.03%	–
CFR	New	Cullen Frost Bank	$219,000	–	1,879	–	0.03%	–
NOW	New	Servicenow Inc Com	$212,000	–	445	–	0.03%	–
PFE	New	Pfizer	$205,000	–	3,915	–	0.02%	–
CLVT	New	Clarivate Plc Ord Shs	$160,000	–	11,512	–	0.02%	–
TEF	New	Telefonica de Espana	$71,000	–	13,917	–	0.01%	–
NOK	New	Nokia	$60,000	–	13,000	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
TEF	Exit	Telefonica de Espana	$0	–	-12,983	–	-0.01%	–
NOK	Exit	Nokia	$0	–	-13,000	–	-0.01%	–
AMAT	Exit	Applied Materials Inc	$0	–	-1,600	–	-0.02%	–
CHTR	Exit	Charter Communications Cl A	$0	–	-287	–	-0.02%	–
TXN	Exit	Texas Instruments	$0	–	-1,100	–	-0.02%	–
TSCO	Exit	Tractor Supply Co	$0	–	-1,109	–	-0.03%	–
VWO	Exit	Vanguard Intl Eqty Idx Emr Mkt	$0	–	-4,409	–	-0.03%	–
SPGI	Exit	S&P Global Inc	$0	–	-521	–	-0.03%	–
TGT	Exit	Target	$0	–	-956	–	-0.03%	–
DHR	Exit	Danaher Corp	$0	–	-746	–	-0.03%	–
WDAY	Exit	Workday Inc Cl A	$0	–	-911	–	-0.03%	–
CNC	Exit	Centene Corp Del	$0	–	-3,693	–	-0.03%	–
COST	Exit	Costco Wholesale Corp New	$0	–	-508	–	-0.03%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-742	–	-0.03%	–
PSX	Exit	Phillips 66 COM	$0	–	-3,688	–	-0.03%	–
NOW	Exit	ServiceNow Inc Com	$0	–	-445	–	-0.03%	–
MCD	Exit	McDonald's Corp.	$0	–	-1,142	–	-0.03%	–
IYT	Exit	IShares Tr Trans Avg ETF	$0	–	-1,140	–	-0.03%	–
SHOP	Exit	Shopify Inc Cl A	$0	–	-215	–	-0.03%	–
VEA	Exit	Vanguard FTSE Developed Market	$0	–	-5,941	–	-0.04%	–
CVS	Exit	CVS Health	$0	–	-3,562	–	-0.04%	–
GOOG	Exit	Alphabet Inc Cap Sk Cl C	$0	–	-119	–	-0.04%	–
FFIN	Exit	First Financial Bankshares	$0	–	-7,336	–	-0.04%	–
IJH	Exit	Ishares Tr S&P Midcap 400	$0	–	-1,326	–	-0.04%	–
MRK	Exit	Merck & Co Inc New	$0	–	-4,833	–	-0.04%	–
CMG	Exit	Chipotle Mexican Grill Com	$0	–	-200	–	-0.04%	–
NKE	Exit	Nike Inc CL B	$0	–	-2,559	–	-0.04%	–
MDLZ	Exit	Mondelez Intl Inc Cl A	$0	–	-6,610	–	-0.04%	–
SYY	Exit	Sysco Corp	$0	–	-5,075	–	-0.05%	–
XBI	Exit	Spdr Series Trust S&P Biotech	$0	–	-3,482	–	-0.05%	–
NVDA	Exit	Nvidia	$0	–	-2,157	–	-0.05%	–
IBM	Exit	International Business Machine	$0	–	-3,365	–	-0.05%	–
ADBE	Exit	Adobe Sys Inc	$0	–	-802	–	-0.05%	–
DIS	Exit	Walt Disney	$0	–	-2,802	–	-0.06%	–
BLK	Exit	Blackrock Inc	$0	–	-590	–	-0.06%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-1,852	–	-0.06%	–
WM	Exit	Waste Management Inc Del	$0	–	-3,500	–	-0.06%	–
BX	Exit	Blackstone Group Inc.	$0	–	-4,575	–	-0.06%	–
SBR	Exit	Sabine Royalty Trust UBI	$0	–	-14,000	–	-0.07%	–
HD	Exit	Home Depot Inc	$0	–	-1,823	–	-0.07%	–
COP	Exit	ConocoPhillips	$0	–	-8,945	–	-0.07%	–
JPM	Exit	J.P. Morgan Chase & Co.	$0	–	-4,820	–	-0.09%	–
UNH	Exit	UnitedHealth Group Inc	$0	–	-2,057	–	-0.09%	–
LOW	Exit	Lowes Cos Inc	$0	–	-4,035	–	-0.10%	–
CRM	Exit	Salesforce Com Inc	$0	–	-3,038	–	-0.10%	–
CVX	Exit	Chevron Corp	$0	–	-9,299	–	-0.11%	–
AMD	Exit	Advanced Micro Devices	$0	–	-9,144	–	-0.11%	–
MDT	Exit	Medtronic PLC	$0	–	-7,887	–	-0.12%	–
DMLP	Exit	Dorchester Minerals LP	$0	–	-52,423	–	-0.12%	–
NFLX	Exit	Netflix Inc	$0	–	-1,682	–	-0.12%	–
PYPL	Exit	Paypal Hldgs Inc	$0	–	-3,980	–	-0.12%	–
LRCX	Exit	Lam Research Corp.	$0	–	-1,985	–	-0.13%	–
MA	Exit	Mastercard Inc Cl A	$0	–	-4,542	–	-0.18%	–
ABBV	Exit	Abbvie Inc. Com	$0	–	-15,139	–	-0.19%	–
BSM	Exit	Black Stone Minerals L Com Uni	$0	–	-150,357	–	-0.21%	–
GOOGL	Exit	Alphabet Inc Cap Sk Cl A	$0	–	-700	–	-0.22%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-46,466	–	-0.32%	–
SJT	Exit	San Juan Basin Royalty Trust	$0	–	-565,191	–	-0.33%	–
UPS	Exit	United Parcel Svc Cl B	$0	–	-27,397	–	-0.58%	–
APD	Exit	Air Prods & Chems	$0	–	-45,431	–	-1.36%	–
SYK	Exit	Stryker	$0	–	-54,280	–	-1.67%	–
CTAS	Exit	Cintas Corp Com	$0	–	-41,204	–	-1.83%	–
AMZN	Exit	Amazon.Com	$0	–	-4,913	–	-1.88%	–
NATI	Exit	National Instr	$0	–	-438,822	–	-2.01%	–
MKC	Exit	McCormick	$0	–	-214,186	–	-2.02%	–
NVS	Exit	Novartis AG	$0	–	-212,475	–	-2.03%	–
ALC	Exit	Alcon	$0	–	-220,349	–	-2.07%	–
INTU	Exit	Intuit	$0	–	-33,710	–	-2.12%	–
ISRG	Exit	Intuitive Surgical	$0	–	-18,607	–	-2.16%	–
BDX	Exit	Becton Dickinson	$0	–	-78,560	–	-2.25%	–
PCAR	Exit	Paccar	$0	–	-248,431	–	-2.29%	–
MMM	Exit	3M Company	$0	–	-114,396	–	-2.34%	–
KO	Exit	Coca-Cola	$0	–	-407,340	–	-2.49%	–
FDX	Exit	FedEx	$0	–	-113,451	–	-2.90%	–
EMR	Exit	Emerson Electric	$0	–	-264,561	–	-2.91%	–
PEP	Exit	PepsiCo	$0	–	-166,258	–	-2.92%	–
HON	Exit	Honeywell International	$0	–	-121,527	–	-3.01%	–
INTC	Exit	Intel	$0	–	-499,088	–	-3.10%	–
JNJ	Exit	Johnson & Johnson	$0	–	-174,570	–	-3.29%	–
PG	Exit	Procter & Gamble	$0	–	-201,903	–	-3.29%	–
DCI	Exit	Donaldson	$0	–	-496,185	–	-3.32%	–
TSM	Exit	Taiwan Semiconductor	$0	–	-286,713	–	-3.74%	–
DOV	Exit	Dover	$0	–	-207,670	–	-3.77%	–
ECL	Exit	Ecolab	$0	–	-157,104	–	-3.82%	–
ITW	Exit	Illinois Tool Works	$0	–	-173,197	–	-4.18%	–
ADP	Exit	Auto Data Processing	$0	–	-187,111	–	-4.36%	–
AAPL	Exit	Apple	$0	–	-356,441	–	-5.88%	–
NDSN	Exit	Nordson	$0	–	-216,166	–	-6.01%	–
MSFT	Exit	Microsoft	$0	–	-307,848	–	-10.12%	–

Q3 2021

			Value		Shares		↓ Weighting
MSFT	Buy	Microsoft	$86,789,000	+4.2%	307,848	+0.1%	10.12%	+5.4%
NDSN	Buy	Nordson	$51,480,000	+8.6%	216,166	+0.1%	6.01%	+10.0%
AAPL	Buy	Apple	$50,436,000	+3.8%	356,441	+0.4%	5.88%	+5.0%
ADP	Buy	Auto Data Processing	$37,407,000	+0.9%	187,111	+0.3%	4.36%	+2.1%
ITW	Buy	Illinois Tool Works	$35,788,000	-7.3%	173,197	+0.3%	4.18%	-6.1%
ECL	Buy	Ecolab	$32,775,000	+2.0%	157,104	+0.7%	3.82%	+3.3%
DOV	Buy	Dover	$32,293,000	+3.5%	207,670	+0.2%	3.77%	+4.7%
TSM	Buy	Taiwan Semiconductor	$32,012,000	-6.8%	286,713	+0.3%	3.74%	-5.7%
DCI	Buy	Donaldson	$28,486,000	-9.0%	496,185	+0.7%	3.32%	-7.9%
PG	Buy	Procter & Gamble	$28,226,000	+4.5%	201,903	+0.9%	3.29%	+5.8%
JNJ	Buy	Johnson & Johnson	$28,193,000	-1.2%	174,570	+0.8%	3.29%	0.0%
INTC	Buy	Intel	$26,591,000	-3.7%	499,088	+1.5%	3.10%	-2.5%
HON	Buy	Honeywell International	$25,798,000	-2.5%	121,527	+0.8%	3.01%	-1.3%
PEP	Buy	PepsiCo	$25,007,000	+2.4%	166,258	+0.9%	2.92%	+3.7%
EMR	Buy	Emerson Electric	$24,922,000	-0.7%	264,561	+1.4%	2.91%	+0.4%
FDX	Buy	FedEx	$24,879,000	-25.6%	113,451	+1.2%	2.90%	-24.7%
KO	Buy	Coca-Cola	$21,373,000	-1.2%	407,340	+1.9%	2.49%	+0.0%
MMM	Buy	3M Company	$20,067,000	-10.1%	114,396	+1.8%	2.34%	-9.0%
PCAR	Buy	Paccar	$19,606,000	-8.9%	248,431	+3.0%	2.29%	-7.8%
BDX	Buy	Becton Dickinson	$19,312,000	+4.3%	78,560	+3.2%	2.25%	+5.6%
ISRG	Buy	Intuitive Surgical	$18,498,000	+9.2%	18,607	+1.0%	2.16%	+10.6%
INTU	Buy	Intuit	$18,187,000	+11.7%	33,710	+1.5%	2.12%	+13.1%
ALC	Buy	Alcon	$17,731,000	+18.8%	220,349	+3.7%	2.07%	+20.3%
NVS	Buy	Novartis AG	$17,376,000	-7.6%	212,475	+3.1%	2.03%	-6.4%
MKC	Buy	McCormick	$17,355,000	-5.9%	214,186	+2.6%	2.02%	-4.7%
NATI	Sell	National Instr	$17,215,000	-9.0%	438,822	-1.9%	2.01%	-7.9%
AMZN	Buy	Amazon.Com	$16,139,000	-0.6%	4,913	+4.1%	1.88%	+0.6%
CTAS	Buy	Cintas Corp Com	$15,685,000	+1.6%	41,204	+2.0%	1.83%	+2.9%
SYK	Buy	Stryker	$14,315,000	+6.6%	54,280	+5.0%	1.67%	+8.0%
APD	Buy	Air Prods & Chems	$11,635,000	-3.0%	45,431	+8.9%	1.36%	-1.9%
UPS	Sell	United Parcel Svc Cl B	$4,989,000	-12.5%	27,397	-0.1%	0.58%	-11.4%
GOOGL	Buy	Alphabet Inc Cap Sk Cl A	$1,871,000	+12.8%	700	+3.1%	0.22%	+14.1%
ABBV	Buy	Abbvie Inc. Com	$1,633,000	-3.8%	15,139	+0.4%	0.19%	-2.6%
MA	Buy	Mastercard Inc Cl A	$1,579,000	+1.7%	4,542	+6.8%	0.18%	+2.8%
LRCX	Sell	Lam Research Corp.	$1,130,000	-13.5%	1,985	-1.1%	0.13%	-12.6%
PYPL	Buy	Paypal Hldgs Inc	$1,036,000	-7.2%	3,980	+3.9%	0.12%	-6.2%
CVX	Buy	Chevron Corp	$943,000	-3.1%	9,299	+0.1%	0.11%	-1.8%
AMD	Sell	Advanced Micro Devices	$941,000	+7.2%	9,144	-2.2%	0.11%	+8.9%
CRM	Buy	Salesforce Com Inc	$824,000	+20.6%	3,038	+8.7%	0.10%	+21.5%
LOW	Buy	Lowes Cos Inc	$818,000	+4.6%	4,035	+0.0%	0.10%	+5.6%
HD	Buy	Home Depot Inc	$598,000	+3.3%	1,823	+0.5%	0.07%	+4.5%
BRKB	Sell	Berkshire Hathaway Cl B	$505,000	-9.2%	1,852	-7.5%	0.06%	-7.8%
NVDA	Buy	Nvidia	$447,000	+14.6%	2,157	+342.0%	0.05%	+15.6%
SYY	Buy	Sysco Corp	$398,000	+1.0%	5,075	+0.1%	0.05%	+2.2%
NOW	Sell	ServiceNow Inc Com	$277,000	-11.8%	445	-22.2%	0.03%	-11.1%
CNC	Sell	Centene Corp Del	$230,000	-19.0%	3,693	-5.2%	0.03%	-18.2%
TGT	Buy	Target	$219,000	-5.2%	956	+0.1%	0.03%	-3.7%
TXN	New	Texas Instruments	$211,000	–	1,100	–	0.02%	–
VGT	Exit	Vanguard World Fds Inf Tech ET	$0	–	-634	–	-0.03%	–
FB	Exit	Facebook Inc Cl A	$0	–	-2,204	–	-0.09%	–
LMNX	Exit	Luminex Corp	$0	–	-32,275	–	-0.14%	–
ABT	Exit	Abbott Labs	$0	–	-14,682	–	-0.20%	–

Q2 2021

			Value		Shares		↓ Weighting
MSFT	New	Microsoft	$83,325,000	–	307,585	–	9.60%	–
AAPL	New	Apple	$48,600,000	–	354,851	–	5.60%	–
NDSN	New	Nordson	$47,386,000	–	215,873	–	5.46%	–
ITW	New	Illinois Tool Works	$38,589,000	–	172,611	–	4.45%	–
ADP	New	Auto Data Processing	$37,071,000	–	186,642	–	4.27%	–
TSM	New	Taiwan Semiconductor	$34,357,000	–	285,930	–	3.96%	–
FDX	New	FedEx	$33,443,000	–	112,101	–	3.86%	–
ECL	New	Ecolab	$32,128,000	–	155,982	–	3.70%	–
DCI	New	Donaldson	$31,300,000	–	492,681	–	3.61%	–
DOV	New	Dover	$31,212,000	–	207,250	–	3.60%	–
JNJ	New	Johnson & Johnson	$28,539,000	–	173,239	–	3.29%	–
INTC	New	Intel	$27,613,000	–	491,867	–	3.18%	–
PG	New	Procter & Gamble	$27,010,000	–	200,176	–	3.11%	–
HON	New	Honeywell International	$26,453,000	–	120,596	–	3.05%	–
EMR	New	Emerson Electric	$25,109,000	–	260,899	–	2.89%	–
PEP	New	PepsiCo	$24,415,000	–	164,774	–	2.81%	–
MMM	New	3M Company	$22,326,000	–	112,400	–	2.57%	–
KO	New	Coca-Cola	$21,625,000	–	399,645	–	2.49%	–
PCAR	New	Paccar	$21,519,000	–	241,111	–	2.48%	–
NATI	New	National Instr	$18,919,000	–	447,477	–	2.18%	–
NVS	New	Novartis AG	$18,797,000	–	206,020	–	2.17%	–
BDX	New	Becton Dickinson	$18,508,000	–	76,104	–	2.13%	–
MKC	New	McCormick	$18,436,000	–	208,745	–	2.12%	–
ISRG	New	Intuitive Surgical	$16,935,000	–	18,415	–	1.95%	–
INTU	New	Intuit	$16,284,000	–	33,222	–	1.88%	–
AMZN	New	Amazon.Com	$16,241,000	–	4,721	–	1.87%	–
CTAS	New	Cintas Corp Com	$15,439,000	–	40,415	–	1.78%	–
ALC	New	Alcon	$14,926,000	–	212,438	–	1.72%	–
SYK	New	Stryker	$13,426,000	–	51,693	–	1.55%	–
APD	New	Air Prods & Chems	$11,997,000	–	41,703	–	1.38%	–
UPS	New	United Parcel Svc Cl B	$5,702,000	–	27,420	–	0.66%	–
XOM	New	Exxon Mobil Corp	$2,931,000	–	46,466	–	0.34%	–
SJT	New	San Juan Basin Royalty Trust	$2,905,000	–	565,191	–	0.34%	–
ABBV	New	Abbvie Inc. Com	$1,698,000	–	15,078	–	0.20%	–
ABT	New	Abbott Labs	$1,702,000	–	14,682	–	0.20%	–
GOOGL	New	Alphabet Inc Cap Sk Cl A	$1,658,000	–	679	–	0.19%	–
BSM	New	Black Stone Minerals L Com Uni	$1,616,000	–	150,357	–	0.19%	–
MA	New	Mastercard Inc Cl A	$1,552,000	–	4,251	–	0.18%	–
LRCX	New	Lam Research Corp.	$1,307,000	–	2,008	–	0.15%	–
LMNX	New	Luminex Corp	$1,188,000	–	32,275	–	0.14%	–
PYPL	New	Paypal Hldgs Inc	$1,116,000	–	3,830	–	0.13%	–
MDT	New	Medtronic PLC	$979,000	–	7,887	–	0.11%	–
CVX	New	Chevron Corp	$973,000	–	9,290	–	0.11%	–
NFLX	New	Netflix Inc	$888,000	–	1,682	–	0.10%	–
DMLP	New	Dorchester Minerals LP	$883,000	–	52,423	–	0.10%	–
AMD	New	Advanced Micro Devices	$878,000	–	9,346	–	0.10%	–
UNH	New	UnitedHealth Group Inc	$824,000	–	2,057	–	0.10%	–
LOW	New	Lowes Cos Inc	$782,000	–	4,033	–	0.09%	–
FB	New	Facebook Inc Cl A	$766,000	–	2,204	–	0.09%	–
JPM	New	J.P. Morgan Chase & Co.	$750,000	–	4,820	–	0.09%	–
CRM	New	Salesforce Com Inc	$683,000	–	2,796	–	0.08%	–
HD	New	Home Depot Inc	$579,000	–	1,814	–	0.07%	–
SBR	New	Sabine Royalty Trust UBI	$564,000	–	14,000	–	0.06%	–
BRKB	New	Berkshire Hathaway Cl B	$556,000	–	2,002	–	0.06%	–
COP	New	ConocoPhillips	$545,000	–	8,945	–	0.06%	–
BLK	New	Blackrock Inc	$516,000	–	590	–	0.06%	–
IBM	New	International Business Machine	$493,000	–	3,365	–	0.06%	–
DIS	New	Walt Disney	$493,000	–	2,802	–	0.06%	–
WM	New	Waste Management Inc Del	$490,000	–	3,500	–	0.06%	–
XBI	New	Spdr Series Trust S&P Biotech	$471,000	–	3,482	–	0.05%	–
ADBE	New	Adobe Sys Inc	$470,000	–	802	–	0.05%	–
BX	New	Blackstone Group Inc.	$444,000	–	4,575	–	0.05%	–
MDLZ	New	Mondelez Intl Inc Cl A	$413,000	–	6,610	–	0.05%	–
NKE	New	Nike Inc CL B	$395,000	–	2,559	–	0.05%	–
NVDA	New	Nvidia	$390,000	–	488	–	0.04%	–
SYY	New	Sysco Corp	$394,000	–	5,072	–	0.04%	–
MRK	New	Merck & Co Inc New	$376,000	–	4,833	–	0.04%	–
IJH	New	Ishares Tr S&P Midcap 400	$356,000	–	1,326	–	0.04%	–
FFIN	New	First Financial Bankshares	$360,000	–	7,336	–	0.04%	–
PSX	New	Phillips 66 COM	$317,000	–	3,688	–	0.04%	–
CMG	New	Chipotle Mexican Grill Com	$310,000	–	200	–	0.04%	–
NOW	New	ServiceNow Inc Com	$314,000	–	572	–	0.04%	–
SHOP	New	Shopify Inc Cl A	$314,000	–	215	–	0.04%	–
VEA	New	Vanguard FTSE Developed Market	$306,000	–	5,941	–	0.04%	–
GOOG	New	Alphabet Inc Cap Sk Cl C	$298,000	–	119	–	0.03%	–
CVS	New	CVS Health	$297,000	–	3,562	–	0.03%	–
IYT	New	IShares Tr Trans Avg ETF	$296,000	–	1,140	–	0.03%	–
CNC	New	Centene Corp Del	$284,000	–	3,895	–	0.03%	–
LMT	New	Lockheed Martin Corp	$281,000	–	742	–	0.03%	–
MCD	New	McDonald's Corp.	$264,000	–	1,142	–	0.03%	–
VGT	New	Vanguard World Fds Inf Tech ET	$253,000	–	634	–	0.03%	–
VWO	New	Vanguard Intl Eqty Idx Emr Mkt	$239,000	–	4,409	–	0.03%	–
TGT	New	Target	$231,000	–	955	–	0.03%	–
AMAT	New	Applied Materials Inc	$228,000	–	1,600	–	0.03%	–
SPGI	New	S&P Global Inc	$214,000	–	521	–	0.02%	–
WDAY	New	Workday Inc Cl A	$217,000	–	911	–	0.02%	–
CHTR	New	Charter Communications Cl A	$207,000	–	287	–	0.02%	–
TSCO	New	Tractor Supply Co	$206,000	–	1,109	–	0.02%	–
COST	New	Costco Wholesale Corp New	$201,000	–	508	–	0.02%	–
DHR	New	Danaher Corp	$200,000	–	746	–	0.02%	–
NOK	New	Nokia	$69,000	–	13,000	–	0.01%	–
TEF	New	Telefonica de Espana	$61,000	–	12,983	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
TEF	Exit	Telefonica de Espana	$0	–	-11,715	–	-0.01%	–
NOK	Exit	Nokia	$0	–	-15,250	–	-0.01%	–
FFIN	Exit	First Financial Bankshares	$0	–	-7,336	–	-0.03%	–
SHOP	Exit	Shopify Inc Cl A	$0	–	-200	–	-0.03%	–
NVDA	Exit	Nvidia	$0	–	-390	–	-0.03%	–
IYT	Exit	IShares Tr Trans Avg ETF	$0	–	-1,137	–	-0.03%	–
CNC	Exit	Centene Corp Del	$0	–	-3,885	–	-0.03%	–
V	Exit	Visa Inc Cl A	$0	–	-1,179	–	-0.03%	–
COP	Exit	ConocoPhillips	$0	–	-7,256	–	-0.03%	–
CVS	Exit	CVS Health	$0	–	-4,066	–	-0.03%	–
VEA	Exit	Vanguard FTSE Developed Market	$0	–	-5,941	–	-0.03%	–
IJH	Exit	Ishares Tr S&P Midcap 400	$0	–	-1,326	–	-0.04%	–
CMG	Exit	Chipotle Mexican Grill Com	$0	–	-200	–	-0.04%	–
MCD	Exit	McDonald's Corp.	$0	–	-1,142	–	-0.04%	–
CRM	Exit	Salesforce Com Inc	$0	–	-1,000	–	-0.04%	–
DIS	Exit	Walt Disney	$0	–	-2,037	–	-0.04%	–
NOW	Exit	ServiceNow Inc Com	$0	–	-572	–	-0.04%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-737	–	-0.04%	–
SYY	Exit	Sysco Corp	$0	–	-5,064	–	-0.04%	–
BLK	Exit	Blackrock Inc	$0	–	-590	–	-0.05%	–
MDLZ	Exit	Mondelez Intl Inc Cl A	$0	–	-6,566	–	-0.05%	–
ADBE	Exit	Adobe Sys Inc	$0	–	-776	–	-0.05%	–
VZ	Exit	Verizon Communications	$0	–	-6,388	–	-0.05%	–
XBI	Exit	Spdr Series Trust S&P Biotech	$0	–	-3,482	–	-0.06%	–
MRK	Exit	Merck & Co Inc New	$0	–	-4,663	–	-0.06%	–
WM	Exit	Waste Management Inc Del	$0	–	-3,500	–	-0.06%	–
NKE	Exit	Nike Inc CL B	$0	–	-3,236	–	-0.06%	–
SBR	Exit	Sabine Royalty Trust UBI	$0	–	-14,000	–	-0.06%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-2,002	–	-0.06%	–
IBM	Exit	International Business Machine	$0	–	-3,747	–	-0.06%	–
JPM	Exit	J.P. Morgan Chase & Co.	$0	–	-4,799	–	-0.06%	–
FB	Exit	Facebook Inc Cl A	$0	–	-2,016	–	-0.08%	–
DMLP	Exit	Dorchester Minerals LP	$0	–	-52,423	–	-0.08%	–
CVX	Exit	Chevron Corp	$0	–	-7,899	–	-0.08%	–
UNH	Exit	UnitedHealth Group Inc	$0	–	-1,927	–	-0.08%	–
HD	Exit	Home Depot Inc	$0	–	-2,176	–	-0.08%	–
VGT	Exit	Vanguard World Fds Inf Tech ET	$0	–	-1,924	–	-0.08%	–
AMD	Exit	Advanced Micro Devices	$0	–	-7,957	–	-0.09%	–
LRCX	Exit	Lam Research Corp.	$0	–	-1,950	–	-0.09%	–
LOW	Exit	Lowes Cos Inc	$0	–	-4,030	–	-0.10%	–
PYPL	Exit	Paypal Hldgs Inc	$0	–	-3,530	–	-0.10%	–
MDT	Exit	Medtronic PLC	$0	–	-7,757	–	-0.11%	–
NFLX	Exit	Netflix Inc	$0	–	-1,632	–	-0.12%	–
LMNX	Exit	Luminex Corp	$0	–	-32,273	–	-0.12%	–
BSM	Exit	Black Stone Minerals L Com Uni	$0	–	-150,357	–	-0.13%	–
GOOGL	Exit	Alphabet Inc Cap Sk Cl A	$0	–	-636	–	-0.13%	–
ABBV	Exit	Abbvie Inc. Com	$0	–	-15,021	–	-0.19%	–
MA	Exit	Mastercard Inc Cl A	$0	–	-3,972	–	-0.19%	–
ABT	Exit	Abbott Labs	$0	–	-14,663	–	-0.23%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-47,369	–	-0.23%	–
SJT	Exit	San Juan Basin Royalty Trust	$0	–	-647,452	–	-0.23%	–
UPS	Exit	United Parcel Svc Cl B	$0	–	-33,003	–	-0.78%	–
SYK	Exit	Stryker	$0	–	-46,933	–	-1.38%	–
INTU	Exit	Intuit	$0	–	-30,580	–	-1.41%	–
APD	Exit	Air Prods & Chems	$0	–	-36,343	–	-1.53%	–
ALC	Exit	Alcon	$0	–	-200,236	–	-1.61%	–
ISRG	Exit	Intuitive Surgical	$0	–	-16,946	–	-1.70%	–
CTAS	Exit	Cintas Corp Com	$0	–	-37,041	–	-1.74%	–
AMZN	Exit	Amazon.Com	$0	–	-4,434	–	-1.98%	–
NATI	Exit	National Instr	$0	–	-438,701	–	-2.22%	–
BDX	Exit	Becton Dickinson	$0	–	-72,050	–	-2.37%	–
EMR	Exit	Emerson Electric	$0	–	-256,805	–	-2.38%	–
NVS	Exit	Novartis AG	$0	–	-197,088	–	-2.42%	–
MMM	Exit	3M Company	$0	–	-108,722	–	-2.46%	–
KO	Exit	Coca-Cola	$0	–	-386,007	–	-2.70%	–
MKC	Exit	McCormick	$0	–	-99,945	–	-2.74%	–
HON	Exit	Honeywell International	$0	–	-119,031	–	-2.77%	–
PCAR	Exit	Paccar	$0	–	-235,373	–	-2.84%	–
DOV	Exit	Dover	$0	–	-203,976	–	-3.13%	–
PEP	Exit	PepsiCo	$0	–	-160,474	–	-3.15%	–
DCI	Exit	Donaldson	$0	–	-485,425	–	-3.19%	–
TSM	Exit	Taiwan Semiconductor	$0	–	-285,282	–	-3.27%	–
INTC	Exit	Intel	$0	–	-484,358	–	-3.55%	–
JNJ	Exit	Johnson & Johnson	$0	–	-169,416	–	-3.57%	–
ADP	Exit	Auto Data Processing	$0	–	-185,655	–	-3.66%	–
PG	Exit	Procter & Gamble	$0	–	-196,646	–	-3.87%	–
FDX	Exit	FedEx	$0	–	-111,323	–	-3.96%	–
ECL	Exit	Ecolab	$0	–	-154,103	–	-4.36%	–
ITW	Exit	Illinois Tool Works	$0	–	-172,158	–	-4.71%	–
AAPL	Exit	Apple	$0	–	-347,721	–	-5.70%	–
NDSN	Exit	Nordson	$0	–	-214,238	–	-5.82%	–
MSFT	Exit	Microsoft	$0	–	-308,764	–	-9.19%	–

Q3 2020

			Value		Shares		↓ Weighting
MSFT	Sell	Microsoft	$64,942,000	+0.7%	308,764	-2.6%	9.19%	-6.5%
NDSN	Sell	Nordson	$41,095,000	-1.1%	214,238	-2.2%	5.82%	-8.1%
AAPL	Buy	Apple	$40,270,000	+27.1%	347,721	+300.3%	5.70%	+18.1%
ITW	Sell	Illinois Tool Works	$33,263,000	+9.3%	172,158	-1.1%	4.71%	+1.5%
ECL	Sell	Ecolab	$30,796,000	-0.5%	154,103	-1.0%	4.36%	-7.6%
FDX	Sell	FedEx	$28,000,000	+78.7%	111,323	-0.4%	3.96%	+66.0%
PG	Sell	Procter & Gamble	$27,332,000	+15.7%	196,646	-0.4%	3.87%	+7.5%
ADP	Sell	Auto Data Processing	$25,897,000	-6.4%	185,655	-0.1%	3.66%	-13.0%
JNJ	Sell	Johnson & Johnson	$25,223,000	+5.4%	169,416	-0.5%	3.57%	-2.1%
INTC	Buy	Intel	$25,080,000	-13.3%	484,358	+0.2%	3.55%	-19.5%
TSM	Sell	Taiwan Semiconductor	$23,128,000	+42.4%	285,282	-0.3%	3.27%	+32.2%
DCI	Sell	Donaldson	$22,533,000	-3.1%	485,425	-2.9%	3.19%	-10.0%
PEP	Buy	PepsiCo	$22,242,000	+5.1%	160,474	+0.3%	3.15%	-2.4%
DOV	Sell	Dover	$22,099,000	+11.5%	203,976	-0.6%	3.13%	+3.6%
PCAR	Sell	Paccar	$20,073,000	+12.7%	235,373	-1.1%	2.84%	+4.7%
HON	Sell	Honeywell International	$19,594,000	+13.3%	119,031	-0.5%	2.77%	+5.3%
MKC	Buy	McCormick	$19,399,000	+8.8%	99,945	+0.5%	2.74%	+1.0%
KO	Buy	Coca-Cola	$19,057,000	+11.0%	386,007	+0.4%	2.70%	+3.1%
MMM	Sell	3M Company	$17,415,000	+2.6%	108,722	-0.1%	2.46%	-4.7%
NVS	Buy	Novartis AG	$17,139,000	+0.0%	197,088	+0.5%	2.42%	-7.1%
EMR	Sell	Emerson Electric	$16,839,000	+5.3%	256,805	-0.4%	2.38%	-2.2%
BDX	Buy	Becton Dickinson	$16,765,000	-1.5%	72,050	+1.3%	2.37%	-8.4%
NATI	Buy	National Instr	$15,662,000	-6.5%	438,701	+1.4%	2.22%	-13.2%
AMZN	Buy	Amazon.Com	$13,961,000	+24.9%	4,434	+9.4%	1.98%	+16.0%
CTAS	Buy	Cintas Corp Com	$12,328,000	+37.3%	37,041	+9.9%	1.74%	+27.6%
ISRG	Buy	Intuitive Surgical	$12,024,000	+37.0%	16,946	+10.0%	1.70%	+27.3%
ALC	Buy	Alcon	$11,403,000	+1.2%	200,236	+1.8%	1.61%	-6.0%
APD	Buy	Air Prods & Chems	$10,825,000	+36.9%	36,343	+11.0%	1.53%	+27.2%
INTU	Buy	Intuit	$9,976,000	+26.2%	30,580	+14.6%	1.41%	+17.3%
SYK	Buy	Stryker	$9,779,000	+36.6%	46,933	+18.1%	1.38%	+26.9%
UPS	Sell	United Parcel Svc Cl B	$5,499,000	+40.6%	33,003	-6.2%	0.78%	+30.5%
XOM	Sell	Exxon Mobil Corp	$1,626,000	-25.4%	47,369	-2.8%	0.23%	-30.7%
ABT	Sell	Abbott Labs	$1,596,000	+18.8%	14,663	-0.2%	0.23%	+10.2%
MA	Buy	Mastercard Inc Cl A	$1,343,000	+23.6%	3,972	+8.1%	0.19%	+14.5%
ABBV	Buy	Abbvie Inc. Com	$1,316,000	-10.6%	15,021	+0.2%	0.19%	-17.0%
GOOGL	Buy	Alphabet Inc Cap Sk Cl A	$932,000	+4.5%	636	+1.1%	0.13%	-2.9%
NFLX	Buy	Netflix Inc	$816,000	+12.1%	1,632	+2.0%	0.12%	+3.6%
MDT	Sell	Medtronic PLC	$806,000	+12.9%	7,757	-0.3%	0.11%	+4.6%
PYPL	Buy	Paypal Hldgs Inc	$696,000	+16.4%	3,530	+2.9%	0.10%	+7.7%
LOW	Buy	Lowes Cos Inc	$668,000	+22.8%	4,030	+0.0%	0.10%	+14.5%
AMD	Buy	Advanced Micro Devices	$652,000	+75.3%	7,957	+12.4%	0.09%	+61.4%
LRCX	Buy	Lam Research Corp.	$647,000	+2.7%	1,950	+0.1%	0.09%	-4.2%
HD	Sell	Home Depot Inc	$604,000	+0.7%	2,176	-9.1%	0.08%	-6.6%
CVX	Buy	Chevron Corp	$569,000	-19.2%	7,899	+0.1%	0.08%	-24.3%
IBM	Buy	International Business Machine	$456,000	+0.9%	3,747	+0.2%	0.06%	-5.8%
NKE	Buy	Nike Inc CL B	$406,000	+31.4%	3,236	+2.5%	0.06%	+21.3%
WM	Sell	Waste Management Inc Del	$396,000	-46.6%	3,500	-50.0%	0.06%	-50.4%
VZ	Sell	Verizon Communications	$380,000	+1.6%	6,388	-5.8%	0.05%	-5.3%
ADBE	Sell	Adobe Sys Inc	$381,000	+8.2%	776	-4.1%	0.05%	0.0%
SYY	Buy	Sysco Corp	$315,000	+13.7%	5,064	+0.1%	0.04%	+7.1%
CRM	New	Salesforce Com Inc	$251,000	–	1,000	–	0.04%	–
CVS	Sell	CVS Health	$237,000	-97.7%	4,066	-97.4%	0.03%	-97.8%
V	Buy	Visa Inc Cl A	$236,000	+13.5%	1,179	+9.3%	0.03%	+3.1%
IYT	New	IShares Tr Trans Avg ETF	$226,000	–	1,137	–	0.03%	–
NVDA	New	Nvidia	$211,000	–	390	–	0.03%	–
SHOP	New	Shopify Inc Cl A	$205,000	–	200	–	0.03%	–
TEF	Buy	Telefonica de Espana	$40,000	-25.9%	11,715	+4.2%	0.01%	-25.0%
PSX	Exit	Phillips 66 COM	$0	–	-3,688	–	-0.04%	–

Q2 2020

			Value		Shares		↓ Weighting
MSFT	New	Microsoft	$64,521,000	–	317,042	–	9.83%	–
NDSN	New	Nordson	$41,563,000	–	219,089	–	6.33%	–
AAPL	New	Apple	$31,691,000	–	86,872	–	4.83%	–
ECL	New	Ecolab	$30,959,000	–	155,613	–	4.72%	–
ITW	New	Illinois Tool Works	$30,433,000	–	174,052	–	4.64%	–
INTC	New	Intel	$28,922,000	–	483,409	–	4.41%	–
ADP	New	Auto Data Processing	$27,656,000	–	185,749	–	4.21%	–
JNJ	New	Johnson & Johnson	$23,934,000	–	170,190	–	3.65%	–
PG	New	Procter & Gamble	$23,613,000	–	197,483	–	3.60%	–
DCI	New	Donaldson	$23,260,000	–	499,991	–	3.54%	–
PEP	New	PepsiCo	$21,170,000	–	160,062	–	3.22%	–
DOV	New	Dover	$19,820,000	–	205,266	–	3.02%	–
MKC	New	McCormick	$17,835,000	–	99,407	–	2.72%	–
PCAR	New	Paccar	$17,812,000	–	237,969	–	2.71%	–
HON	New	Honeywell International	$17,293,000	–	119,597	–	2.63%	–
KO	New	Coca-Cola	$17,173,000	–	384,347	–	2.62%	–
NVS	New	Novartis AG	$17,132,000	–	196,154	–	2.61%	–
BDX	New	Becton Dickinson	$17,015,000	–	71,111	–	2.59%	–
MMM	New	3M Company	$16,974,000	–	108,817	–	2.59%	–
NATI	New	National Instr	$16,753,000	–	432,772	–	2.55%	–
TSM	New	Taiwan Semiconductor	$16,247,000	–	286,197	–	2.48%	–
EMR	New	Emerson Electric	$15,993,000	–	257,821	–	2.44%	–
FDX	New	FedEx	$15,670,000	–	111,751	–	2.39%	–
ALC	New	Alcon	$11,273,000	–	196,674	–	1.72%	–
AMZN	New	Amazon.Com	$11,181,000	–	4,053	–	1.70%	–
CVS	New	CVS Health	$10,282,000	–	158,250	–	1.57%	–
CTAS	New	Cintas Corp Com	$8,978,000	–	33,705	–	1.37%	–
ISRG	New	Intuitive Surgical	$8,779,000	–	15,407	–	1.34%	–
APD	New	Air Prods & Chems	$7,905,000	–	32,739	–	1.20%	–
INTU	New	Intuit	$7,906,000	–	26,694	–	1.20%	–
SYK	New	Stryker	$7,160,000	–	39,738	–	1.09%	–
UPS	New	United Parcel Svc Cl B	$3,910,000	–	35,171	–	0.60%	–
XOM	New	Exxon Mobil Corp	$2,179,000	–	48,736	–	0.33%	–
SJT	New	San Juan Basin Royalty Trust	$1,476,000	–	647,452	–	0.22%	–
ABBV	New	Abbvie Inc. Com	$1,472,000	–	14,996	–	0.22%	–
ABT	New	Abbott Labs	$1,344,000	–	14,696	–	0.20%	–
MA	New	Mastercard Inc Cl A	$1,087,000	–	3,676	–	0.17%	–
LMNX	New	Luminex Corp	$1,050,000	–	32,273	–	0.16%	–
BSM	New	Black Stone Minerals L Com Uni	$977,000	–	150,357	–	0.15%	–
GOOGL	New	Alphabet Inc Cap Sk Cl A	$892,000	–	629	–	0.14%	–
WM	New	Waste Management Inc Del	$741,000	–	7,000	–	0.11%	–
NFLX	New	Netflix Inc	$728,000	–	1,600	–	0.11%	–
MDT	New	Medtronic PLC	$714,000	–	7,782	–	0.11%	–
CVX	New	Chevron Corp	$704,000	–	7,888	–	0.11%	–
DMLP	New	Dorchester Minerals LP	$670,000	–	52,423	–	0.10%	–
LRCX	New	Lam Research Corp.	$630,000	–	1,948	–	0.10%	–
HD	New	Home Depot Inc	$600,000	–	2,395	–	0.09%	–
PYPL	New	Paypal Hldgs Inc	$598,000	–	3,430	–	0.09%	–
UNH	New	UnitedHealth Group Inc	$568,000	–	1,927	–	0.09%	–
LOW	New	Lowes Cos Inc	$544,000	–	4,029	–	0.08%	–
VGT	New	Vanguard World Fds Inf Tech ET	$536,000	–	1,924	–	0.08%	–
FB	New	Facebook Inc Cl A	$458,000	–	2,016	–	0.07%	–
IBM	New	International Business Machine	$452,000	–	3,739	–	0.07%	–
JPM	New	J.P. Morgan Chase & Co.	$451,000	–	4,799	–	0.07%	–
SBR	New	Sabine Royalty Trust UBI	$388,000	–	14,000	–	0.06%	–
XBI	New	Spdr Series Trust S&P Biotech	$390,000	–	3,482	–	0.06%	–
VZ	New	Verizon Communications	$374,000	–	6,782	–	0.06%	–
AMD	New	Advanced Micro Devices	$372,000	–	7,077	–	0.06%	–
MRK	New	Merck & Co Inc New	$361,000	–	4,663	–	0.06%	–
ADBE	New	Adobe Sys Inc	$352,000	–	809	–	0.05%	–
BRKB	New	Berkshire Hathaway Cl B	$357,000	–	2,002	–	0.05%	–
MDLZ	New	Mondelez Intl Inc Cl A	$336,000	–	6,566	–	0.05%	–
BLK	New	Blackrock Inc	$321,000	–	590	–	0.05%	–
NKE	New	Nike Inc CL B	$309,000	–	3,156	–	0.05%	–
COP	New	ConocoPhillips	$305,000	–	7,256	–	0.05%	–
SYY	New	Sysco Corp	$277,000	–	5,061	–	0.04%	–
LMT	New	Lockheed Martin Corp	$269,000	–	737	–	0.04%	–
PSX	New	Phillips 66 COM	$265,000	–	3,688	–	0.04%	–
CNC	New	Centene Corp Del	$247,000	–	3,885	–	0.04%	–
IJH	New	Ishares Tr S&P Midcap 400	$236,000	–	1,326	–	0.04%	–
DIS	New	Walt Disney	$227,000	–	2,037	–	0.04%	–
VEA	New	Vanguard FTSE Developed Market	$230,000	–	5,941	–	0.04%	–
NOW	New	ServiceNow Inc Com	$232,000	–	572	–	0.04%	–
MCD	New	McDonald's Corp.	$211,000	–	1,142	–	0.03%	–
V	New	Visa Inc Cl A	$208,000	–	1,079	–	0.03%	–
FFIN	New	First Financial Bankshares	$212,000	–	7,336	–	0.03%	–
CMG	New	Chipotle Mexican Grill Com	$210,000	–	200	–	0.03%	–
NOK	New	Nokia	$67,000	–	15,250	–	0.01%	–
TEF	New	Telefonica de Espana	$54,000	–	11,247	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
BLCM	Exit	Bellicum Pharmaceutica	$0	–	-11,270	–	-0.00%	–
MDR	Exit	McDermott Intl Inc	$0	–	-28,270	–	-0.01%	–
NOK	Exit	Nokia	$0	–	-15,250	–	-0.01%	–
BP	Exit	BP PLC ADR	$0	–	-5,300	–	-0.03%	–
WPC	Exit	W P Carey Inc	$0	–	-2,326	–	-0.03%	–
TEF	Exit	Telefonica de Espana	$0	–	-28,192	–	-0.03%	–
VEA	Exit	Vanguard FTSE Developed Market	$0	–	-5,596	–	-0.04%	–
IJH	Exit	Ishares Tr S&P Midcap 400	$0	–	-1,215	–	-0.04%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-604	–	-0.04%	–
FFIN	Exit	First Financial Bankshares	$0	–	-7,336	–	-0.04%	–
VAW	Exit	Vanguard World Fds Materials E	$0	–	-1,990	–	-0.04%	–
XLU	Exit	Select Sector Spdr Tr Sbi Int-	$0	–	-3,954	–	-0.04%	–
MCD	Exit	McDonald's Corp.	$0	–	-1,192	–	-0.04%	–
CSCO	Exit	Cisco Systems	$0	–	-5,285	–	-0.04%	–
BLK	Exit	Blackrock Inc	$0	–	-590	–	-0.04%	–
PFE	Exit	Pfizer, Inc.	$0	–	-7,550	–	-0.04%	–
VNQ	Exit	Vanguard Index Fds Reit Viper	$0	–	-3,032	–	-0.04%	–
NKE	Exit	Nike Inc CL B	$0	–	-3,016	–	-0.04%	–
PNC	Exit	PNC Financial Services Group	$0	–	-2,043	–	-0.05%	–
CRM	Exit	Salesforce Com Inc	$0	–	-2,000	–	-0.05%	–
FB	Exit	Facebook Inc Cl A	$0	–	-1,800	–	-0.05%	–
T	Exit	A T & T Inc New	$0	–	-8,838	–	-0.05%	–
LRCX	Exit	Lam Research Corp.	$0	–	-1,459	–	-0.05%	–
PYPL	Exit	Paypal Hldgs Inc	$0	–	-3,280	–	-0.06%	–
SYY	Exit	Sysco Corp	$0	–	-4,436	–	-0.06%	–
VZ	Exit	Verizon Communications	$0	–	-6,050	–	-0.06%	–
WM	Exit	Waste Management Inc Del	$0	–	-3,500	–	-0.06%	–
COP	Exit	ConocoPhillips	$0	–	-7,256	–	-0.07%	–
VGT	Exit	Vanguard World Fds Inf Tech ET	$0	–	-1,924	–	-0.07%	–
MDLZ	Exit	Mondelez Intl Inc Cl A	$0	–	-7,596	–	-0.07%	–
UNH	Exit	United Healthcare Corp	$0	–	-1,927	–	-0.07%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-2,057	–	-0.07%	–
MRK	Exit	Merck & Co Inc New	$0	–	-5,343	–	-0.07%	–
LOW	Exit	Lowes Cos Inc	$0	–	-4,124	–	-0.07%	–
IBM	Exit	International Business Machine	$0	–	-3,218	–	-0.08%	–
BA	Exit	Boeing Co.	$0	–	-1,238	–	-0.08%	–
HD	Exit	Home Depot Inc	$0	–	-2,212	–	-0.08%	–
JPM	Exit	J.P. Morgan Chase & Co.	$0	–	-4,799	–	-0.09%	–
NFLX	Exit	Netflix Inc	$0	–	-2,200	–	-0.10%	–
SBR	Exit	Sabine Royalty Trust UBI	$0	–	-14,000	–	-0.10%	–
PSX	Exit	Phillips 66 COM	$0	–	-6,081	–	-0.10%	–
DIS	Exit	Walt Disney	$0	–	-4,784	–	-0.10%	–
LMNX	Exit	Luminex Corp	$0	–	-32,270	–	-0.11%	–
MDT	Exit	Medtronic PLC	$0	–	-7,576	–	-0.13%	–
GOOGL	Exit	Alphabet Inc Cap Sk Cl A	$0	–	-703	–	-0.14%	–
DMLP	Exit	Dorchester Minerals LP	$0	–	-52,423	–	-0.16%	–
ABBV	Exit	Abbvie Inc. Com	$0	–	-15,520	–	-0.19%	–
ISRG	Exit	Intuitive Surgical Inc Com New	$0	–	-2,175	–	-0.19%	–
ABT	Exit	Abbott Labs	$0	–	-14,939	–	-0.20%	–
MA	Exit	Mastercard Inc Cl A	$0	–	-4,598	–	-0.20%	–
SJT	Exit	San Juan Basin Royalty Trust	$0	–	-647,452	–	-0.31%	–
AMZN	Exit	Amazon.Com Inc	$0	–	-1,564	–	-0.44%	–
BSM	Exit	Black Stone Minerals L Com Uni	$0	–	-200,357	–	-0.46%	–
CVX	Exit	Chevron Corp	$0	–	-25,743	–	-0.49%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-63,622	–	-0.72%	–
ALC	Exit	Alcon Inc	$0	–	-90,232	–	-0.84%	–
SLB	Exit	Schlumberger Ltd	$0	–	-174,864	–	-0.96%	–
CVS	Exit	CVS Health	$0	–	-154,887	–	-1.57%	–
TSM	Exit	Taiwan Semiconductor	$0	–	-237,538	–	-1.77%	–
AAPL	Exit	Apple Computer	$0	–	-63,911	–	-2.30%	–
FDX	Exit	FedEx	$0	–	-109,839	–	-2.57%	–
NVS	Exit	Novartis AG	$0	–	-196,863	–	-2.75%	–
MKC	Exit	McCormick	$0	–	-110,019	–	-2.76%	–
PCAR	Exit	Paccar	$0	–	-250,758	–	-2.82%	–
EMR	Exit	Emerson Electric	$0	–	-265,624	–	-2.85%	–
UPS	Exit	United Parcel Svc Cl B	$0	–	-149,575	–	-2.88%	–
BDX	Exit	Becton Dickinson	$0	–	-71,748	–	-2.92%	–
MMM	Exit	3M Company	$0	–	-112,167	–	-2.96%	–
NATI	Exit	National Instr	$0	–	-483,363	–	-3.26%	–
HON	Exit	Honeywell International	$0	–	-124,452	–	-3.38%	–
DOV	Exit	Dover	$0	–	-215,702	–	-3.45%	–
KO	Exit	Coca-Cola	$0	–	-396,434	–	-3.47%	–
JNJ	Exit	Johnson & Johnson Com	$0	–	-177,585	–	-3.69%	–
PEP	Exit	PepsiCo	$0	–	-171,860	–	-3.78%	–
PG	Exit	Procter & Gamble	$0	–	-211,578	–	-4.23%	–
DCI	Exit	Donaldson	$0	–	-517,324	–	-4.33%	–
INTC	Exit	Intel	$0	–	-535,948	–	-4.44%	–
ITW	Exit	Illinois Tool Works	$0	–	-193,493	–	-4.86%	–
ADP	Exit	Auto Data Processing	$0	–	-207,044	–	-5.37%	–
ECL	Exit	Ecolab	$0	–	-170,551	–	-5.42%	–
NDSN	Exit	Nordson	$0	–	-255,522	–	-6.00%	–
MSFT	Exit	Microsoft	$0	–	-373,312	–	-8.34%	–

Q3 2019

			Value		Shares		↓ Weighting
MSFT	Sell	Microsoft	$51,902,000	+3.2%	373,312	-0.6%	8.34%	-0.1%
NDSN	Sell	Nordson	$37,373,000	+2.6%	255,522	-0.9%	6.00%	-0.7%
ECL	Sell	Ecolab	$33,776,000	-0.8%	170,551	-1.1%	5.42%	-3.9%
ADP	Sell	Auto Data Processing	$33,421,000	-3.5%	207,044	-1.2%	5.37%	-6.6%
ITW	Sell	Illinois Tool Works	$30,280,000	+2.8%	193,493	-0.9%	4.86%	-0.5%
INTC	Sell	Intel	$27,617,000	+6.7%	535,948	-0.9%	4.44%	+3.3%
DCI	Sell	Donaldson	$26,942,000	+1.5%	517,324	-0.9%	4.33%	-1.7%
PG	Sell	Procter & Gamble	$26,316,000	+12.0%	211,578	-1.2%	4.23%	+8.5%
PEP	Sell	PepsiCo	$23,562,000	+4.1%	171,860	-0.4%	3.78%	+0.8%
JNJ	Buy	Johnson & Johnson Com	$22,976,000	-6.8%	177,585	+0.3%	3.69%	-9.8%
KO	Sell	Coca-Cola	$21,582,000	+6.3%	396,434	-0.6%	3.47%	+2.9%
DOV	Sell	Dover	$21,475,000	-2.1%	215,702	-1.5%	3.45%	-5.2%
HON	Sell	Honeywell International	$21,057,000	-3.6%	124,452	-0.5%	3.38%	-6.7%
NATI	Buy	National Instr	$20,296,000	+3.7%	483,363	+3.7%	3.26%	+0.4%
MMM	Sell	3M Company	$18,440,000	-6.3%	112,167	-1.2%	2.96%	-9.3%
BDX	Sell	Becton Dickinson	$18,149,000	-0.9%	71,748	-1.3%	2.92%	-4.0%
UPS	Sell	United Parcel Svc Cl B	$17,922,000	+14.7%	149,575	-1.1%	2.88%	+11.1%
EMR	Sell	Emerson Electric	$17,760,000	-0.8%	265,624	-1.1%	2.85%	-4.0%
PCAR	Sell	Paccar	$17,556,000	-3.6%	250,758	-1.3%	2.82%	-6.7%
MKC	Sell	McCormick	$17,196,000	-1.0%	110,019	-1.8%	2.76%	-4.1%
NVS	Sell	Novartis AG	$17,107,000	-6.0%	196,863	-1.2%	2.75%	-8.9%
FDX	Sell	FedEx	$15,989,000	-11.9%	109,839	-0.6%	2.57%	-14.7%
AAPL	Buy	Apple Computer	$14,314,000	+17.8%	63,911	+4.1%	2.30%	+14.0%
TSM	Sell	Taiwan Semiconductor	$11,041,000	+17.3%	237,538	-1.1%	1.77%	+13.6%
CVS	Buy	CVS Health	$9,769,000	+19.5%	154,887	+3.2%	1.57%	+15.6%
SLB	Buy	Schlumberger Ltd	$5,975,000	-13.6%	174,864	+0.5%	0.96%	-16.3%
ALC	Buy	Alcon Inc	$5,260,000	+27.7%	90,232	+36.0%	0.84%	+23.7%
XOM	Buy	Exxon Mobil Corp	$4,492,000	+44.8%	63,622	+57.2%	0.72%	+40.0%
CVX	Buy	Chevron Corp	$3,053,000	+11.6%	25,743	+17.1%	0.49%	+7.9%
BSM	Buy	Black Stone Minerals L Com Uni	$2,853,000	+159.4%	200,357	+182.2%	0.46%	+151.6%
AMZN	Buy	Amazon.Com Inc	$2,715,000	+16.4%	1,564	+26.9%	0.44%	+12.7%
ABT	Buy	Abbott Labs	$1,250,000	+3.0%	14,939	+3.5%	0.20%	0.0%
MA	Buy	Mastercard Inc Cl A	$1,249,000	+53.1%	4,598	+49.1%	0.20%	+48.9%
ABBV	Buy	Abbvie Inc. Com	$1,175,000	+7.5%	15,520	+3.3%	0.19%	+4.4%
DMLP	Sell	Dorchester Minerals LP	$978,000	+0.7%	52,423	-1.1%	0.16%	-2.5%
GOOGL	Buy	Alphabet Inc Cap Sk Cl A	$858,000	+81.0%	703	+60.5%	0.14%	+74.7%
MDT	Buy	Medtronic PLC	$823,000	+28.8%	7,576	+15.4%	0.13%	+24.5%
DIS	Buy	Walt Disney	$623,000	+99.7%	4,784	+114.0%	0.10%	+92.3%
NFLX	Buy	Netflix Inc	$589,000	+0.2%	2,200	+37.5%	0.10%	-3.1%
JPM	Buy	J.P. Morgan Chase & Co.	$565,000	+143.5%	4,799	+131.5%	0.09%	+139.5%
HD	Buy	Home Depot Inc	$513,000	+13.5%	2,212	+1.8%	0.08%	+9.3%
BA	Buy	Boeing Co.	$471,000	+23.9%	1,238	+18.7%	0.08%	+20.6%
IBM	Buy	International Business Machine	$468,000	+7.3%	3,218	+1.8%	0.08%	+4.2%
LOW	Buy	Lowes Cos Inc	$453,000	+41.6%	4,124	+29.9%	0.07%	+37.7%
MRK	Buy	Merck & Co Inc New	$450,000	+122.8%	5,343	+121.6%	0.07%	+111.8%
BRKB	Sell	Berkshire Hathaway Cl B	$428,000	-9.9%	2,057	-7.6%	0.07%	-12.7%
MDLZ	New	Mondelez Intl Inc Cl A	$420,000	–	7,596	–	0.07%	–
UNH	Buy	United Healthcare Corp	$419,000	+0.7%	1,927	+13.0%	0.07%	-2.9%
VGT	New	Vanguard World Fds Inf Tech ET	$415,000	–	1,924	–	0.07%	–
VZ	New	Verizon Communications	$365,000	–	6,050	–	0.06%	–
SYY	Buy	Sysco Corp	$352,000	+44.9%	4,436	+29.2%	0.06%	+42.5%
T	Buy	A T & T Inc New	$334,000	+37.4%	8,838	+21.7%	0.05%	+35.0%
LRCX	Buy	Lam Research Corp.	$337,000	+32.7%	1,459	+8.1%	0.05%	+28.6%
FB	Buy	Facebook Inc Cl A	$321,000	+26.4%	1,800	+36.6%	0.05%	+23.8%
CRM	New	Salesforce Com Inc	$297,000	–	2,000	–	0.05%	–
PNC	New	PNC Financial Services Group	$286,000	–	2,043	–	0.05%	–
VNQ	New	Vanguard Index Fds Reit Viper	$283,000	–	3,032	–	0.04%	–
NKE	New	Nike Inc CL B	$283,000	–	3,016	–	0.04%	–
PFE	New	Pfizer, Inc.	$271,000	–	7,550	–	0.04%	–
CSCO	New	Cisco Systems	$261,000	–	5,285	–	0.04%	–
BLK	New	Blackrock Inc	$263,000	–	590	–	0.04%	–
XLU	New	Select Sector Spdr Tr Sbi Int-	$256,000	–	3,954	–	0.04%	–
MCD	New	McDonald's Corp.	$256,000	–	1,192	–	0.04%	–
VAW	New	Vanguard World Fds Materials E	$251,000	–	1,990	–	0.04%	–
LMT	New	Lockheed Martin Corp	$236,000	–	604	–	0.04%	–
IJH	New	Ishares Tr S&P Midcap 400	$235,000	–	1,215	–	0.04%	–
VEA	New	Vanguard FTSE Developed Market	$230,000	–	5,596	–	0.04%	–
WPC	New	W P Carey Inc	$208,000	–	2,326	–	0.03%	–
BP	New	BP PLC ADR	$201,000	–	5,300	–	0.03%	–
BLCM	Sell	Bellicum Pharmaceutica	$12,000	-50.0%	11,270	-18.9%	0.00%	-50.0%

Q2 2019

			Value		Shares		↓ Weighting
MSFT	New	Microsoft	$50,312,000	–	375,576	–	8.35%	–
NDSN	New	Nordson	$36,439,000	–	257,863	–	6.04%	–
ADP	New	Auto Data Processing	$34,635,000	–	209,493	–	5.74%	–
ECL	New	Ecolab	$34,046,000	–	172,438	–	5.65%	–
ITW	New	Illinois Tool Works	$29,446,000	–	195,249	–	4.88%	–
DCI	New	Donaldson	$26,546,000	–	521,941	–	4.40%	–
INTC	New	Intel	$25,883,000	–	540,697	–	4.29%	–
JNJ	New	Johnson & Johnson Com	$24,652,000	–	176,995	–	4.09%	–
PG	New	Procter & Gamble	$23,487,000	–	214,197	–	3.90%	–
PEP	New	PepsiCo	$22,634,000	–	172,605	–	3.76%	–
DOV	New	Dover	$21,943,000	–	218,989	–	3.64%	–
HON	New	Honeywell International	$21,844,000	–	125,117	–	3.62%	–
KO	New	Coca-Cola	$20,307,000	–	398,802	–	3.37%	–
MMM	New	3M Company	$19,677,000	–	113,520	–	3.26%	–
NATI	New	National Instr	$19,573,000	–	466,138	–	3.25%	–
BDX	New	Becton Dickinson	$18,312,000	–	72,662	–	3.04%	–
PCAR	New	Paccar	$18,213,000	–	254,155	–	3.02%	–
NVS	New	Novartis AG	$18,194,000	–	199,258	–	3.02%	–
FDX	New	FedEx	$18,151,000	–	110,549	–	3.01%	–
EMR	New	Emerson Electric	$17,912,000	–	268,462	–	2.97%	–
MKC	New	McCormick	$17,369,000	–	112,050	–	2.88%	–
UPS	New	United Parcel Svc Cl B	$15,621,000	–	151,268	–	2.59%	–
AAPL	New	Apple Computer	$12,156,000	–	61,417	–	2.02%	–
TSM	New	Taiwan Semiconductor	$9,409,000	–	240,205	–	1.56%	–
CVS	New	CVS Health	$8,178,000	–	150,086	–	1.36%	–
SLB	New	Schlumberger Ltd	$6,914,000	–	173,991	–	1.15%	–
ALC	New	Alcon Inc	$4,118,000	–	66,369	–	0.68%	–
XOM	New	Exxon Mobil Corp	$3,102,000	–	40,475	–	0.52%	–
CVX	New	Chevron Corp	$2,735,000	–	21,978	–	0.45%	–
SJT	New	San Juan Basin Royalty Trust	$2,480,000	–	647,452	–	0.41%	–
AMZN	New	Amazon.Com Inc	$2,333,000	–	1,232	–	0.39%	–
ABT	New	Abbott Labs	$1,214,000	–	14,432	–	0.20%	–
ISRG	New	Intuitive Surgical Inc Com New	$1,141,000	–	2,175	–	0.19%	–
BSM	New	Black Stone Minerals L Com Uni	$1,100,000	–	70,998	–	0.18%	–
ABBV	New	Abbvie Inc. Com	$1,093,000	–	15,028	–	0.18%	–
DMLP	New	Dorchester Minerals LP	$971,000	–	53,023	–	0.16%	–
MA	New	Mastercard Inc Cl A	$816,000	–	3,083	–	0.14%	–
SBR	New	Sabine Royalty Trust UBI	$677,000	–	14,000	–	0.11%	–
LMNX	New	Luminex Corp	$666,000	–	32,270	–	0.11%	–
MDT	New	Medtronic PLC	$639,000	–	6,565	–	0.11%	–
NFLX	New	Netflix Inc	$588,000	–	1,600	–	0.10%	–
PSX	New	Phillips 66 COM	$569,000	–	6,081	–	0.09%	–
GOOGL	New	Alphabet Inc Cap Sk Cl A	$474,000	–	438	–	0.08%	–
BRKB	New	Berkshire Hathaway Cl B	$475,000	–	2,227	–	0.08%	–
HD	New	Home Depot Inc	$452,000	–	2,173	–	0.08%	–
COP	New	ConocoPhillips	$443,000	–	7,256	–	0.07%	–
IBM	New	International Business Machine	$436,000	–	3,162	–	0.07%	–
UNH	New	United Healthcare Corp	$416,000	–	1,705	–	0.07%	–
WM	New	Waste Management Inc Del	$404,000	–	3,500	–	0.07%	–
BA	New	Boeing Co.	$380,000	–	1,043	–	0.06%	–
PYPL	New	Paypal Hldgs Inc	$375,000	–	3,280	–	0.06%	–
LOW	New	Lowes Cos Inc	$320,000	–	3,174	–	0.05%	–
DIS	New	Walt Disney	$312,000	–	2,236	–	0.05%	–
MDR	New	McDermott Intl Inc	$273,000	–	28,270	–	0.04%	–
LRCX	New	Lam Research Corp.	$254,000	–	1,350	–	0.04%	–
FB	New	Facebook Inc Cl A	$254,000	–	1,318	–	0.04%	–
T	New	A T & T Inc New	$243,000	–	7,265	–	0.04%	–
SYY	New	Sysco Corp	$243,000	–	3,433	–	0.04%	–
TEF	New	Telefonica de Espana	$234,000	–	28,192	–	0.04%	–
JPM	New	J.P. Morgan Chase & Co.	$232,000	–	2,073	–	0.04%	–
FFIN	New	First Financial Bankshares	$226,000	–	7,336	–	0.04%	–
MRK	New	Merck & Co Inc New	$202,000	–	2,411	–	0.03%	–
NOK	New	Nokia	$76,000	–	15,250	–	0.01%	–
BLCM	New	Bellicum Pharmaceutica	$24,000	–	13,900	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
NOK	Exit	Nokia	$0	–	-15,250	–	-0.01%	–
BLCM	Exit	Bellicum Pharmaceutica	$0	–	-16,900	–	-0.02%	–
FFIN	Exit	First Financial Bankshares	$0	–	-3,668	–	-0.04%	–
TEF	Exit	Telefonica de Espana	$0	–	-28,192	–	-0.04%	–
VZ	Exit	Verizon Communications	$0	–	-4,168	–	-0.04%	–
DIS	Exit	Walt Disney	$0	–	-1,983	–	-0.04%	–
NFLX	Exit	Netflix Inc	$0	–	-670	–	-0.04%	–
MA	Exit	Mastercard Inc Cl A	$0	–	-1,147	–	-0.04%	–
WM	Exit	Waste Management Inc Del	$0	–	-3,500	–	-0.05%	–
BMY	Exit	Bristol Myers Squibb	$0	–	-5,450	–	-0.06%	–
HD	Exit	Home Depot Inc	$0	–	-1,643	–	-0.06%	–
PSX	Exit	Phillips 66 COM	$0	–	-3,042	–	-0.06%	–
SYY	Exit	Sysco Corp	$0	–	-4,774	–	-0.06%	–
DWDP	Exit	Dow Dupont Inc Com	$0	–	-5,503	–	-0.06%	–
T	Exit	A T & T Inc New	$0	–	-10,842	–	-0.06%	–
LOW	Exit	Lowes Cos Inc	$0	–	-3,166	–	-0.06%	–
REGN	Exit	Regeneron Pharmaceuticals Inc	$0	–	-1,000	–	-0.07%	–
MDR	Exit	McDermott Intl Inc	$0	–	-23,863	–	-0.07%	–
MMP	Exit	Magellan Midstream Prt Unit Rp	$0	–	-7,000	–	-0.08%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-2,252	–	-0.08%	–
GOOGL	Exit	Alphabet Inc Cap Sk Cl A	$0	–	-420	–	-0.09%	–
IBM	Exit	International Business Machine	$0	–	-3,494	–	-0.09%	–
ISRG	Exit	Intuitive Surgical Inc Com New	$0	–	-975	–	-0.09%	–
SBR	Exit	Sabine Royalty Trust UBI	$0	–	-14,000	–	-0.10%	–
APY	Exit	Apergy Corp Com	$0	–	-14,077	–	-0.10%	–
MDT	Exit	Medtronic PLC	$0	–	-6,593	–	-0.11%	–
D	Exit	Dominion Energy Inc	$0	–	-10,680	–	-0.13%	–
PFE	Exit	Pfizer, Inc.	$0	–	-17,674	–	-0.13%	–
ABT	Exit	Abbott Labs	$0	–	-14,456	–	-0.18%	–
LMNX	Exit	Luminex Corp	$0	–	-35,453	–	-0.18%	–
AMZN	Exit	Amazon.Com Inc	$0	–	-611	–	-0.21%	–
BSM	Exit	Black Stone Minerals L Com Uni	$0	–	-70,998	–	-0.22%	–
DMLP	Exit	Dorchester Minerals LP	$0	–	-73,023	–	-0.25%	–
ABBV	Exit	Abbvie Inc. Com	$0	–	-18,933	–	-0.30%	–
CVX	Exit	Chevron Corp	$0	–	-21,902	–	-0.45%	–
TSM	Exit	Taiwan Semiconductor	$0	–	-62,362	–	-0.46%	–
SJT	Exit	San Juan Basin Royalty Trust	$0	–	-647,452	–	-0.54%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-47,139	–	-0.68%	–
CVS	Exit	CVS Health	$0	–	-143,634	–	-1.91%	–
SLB	Exit	Schlumberger Ltd	$0	–	-192,099	–	-1.98%	–
AAPL	Exit	Apple Computer	$0	–	-52,987	–	-2.02%	–
MKC	Exit	McCormick	$0	–	-113,799	–	-2.53%	–
NVS	Exit	Novartis AG	$0	–	-197,807	–	-2.88%	–
PCAR	Exit	Paccar	$0	–	-254,435	–	-2.93%	–
PG	Exit	Procter & Gamble	$0	–	-215,150	–	-3.02%	–
UPS	Exit	United Parcel Svc Cl B	$0	–	-153,456	–	-3.02%	–
KO	Exit	Coca-Cola	$0	–	-401,996	–	-3.13%	–
BDX	Exit	Becton Dickinson	$0	–	-72,068	–	-3.17%	–
PEP	Exit	PepsiCo	$0	–	-174,811	–	-3.30%	–
DOV	Exit	Dover	$0	–	-220,896	–	-3.30%	–
EMR	Exit	Emerson Electric	$0	–	-271,680	–	-3.51%	–
HON	Exit	Honeywell International	$0	–	-126,243	–	-3.54%	–
NATI	Exit	National Instr	$0	–	-471,022	–	-3.84%	–
MMM	Exit	3M Company	$0	–	-113,622	–	-4.04%	–
JNJ	Exit	Johnson & Johnson Com	$0	–	-179,511	–	-4.18%	–
INTC	Exit	Intel	$0	–	-544,173	–	-4.34%	–
FDX	Exit	FedEx	$0	–	-110,056	–	-4.47%	–
ECL	Exit	Ecolab	$0	–	-174,483	–	-4.62%	–
ITW	Exit	Illinois Tool Works	$0	–	-196,849	–	-4.69%	–
DCI	Exit	Donaldson	$0	–	-528,889	–	-5.20%	–
ADP	Exit	Auto Data Processing	$0	–	-212,496	–	-5.40%	–
NDSN	Exit	Nordson	$0	–	-262,834	–	-6.16%	–
MSFT	Exit	Microsoft	$0	–	-386,906	–	-7.47%	–

Q3 2018

			Value		Shares		↓ Weighting
MSFT	Sell	Microsoft	$44,250,000	+13.9%	386,906	-1.8%	7.47%	+4.5%
NDSN	Sell	Nordson	$36,508,000	+7.8%	262,834	-0.3%	6.16%	-1.0%
ADP	Sell	Auto Data Processing	$32,015,000	+11.3%	212,496	-0.9%	5.40%	+2.2%
DCI	Sell	Donaldson	$30,813,000	+28.5%	528,889	-0.5%	5.20%	+17.9%
ITW	Sell	Illinois Tool Works	$27,779,000	+1.4%	196,849	-0.5%	4.69%	-6.9%
ECL	Sell	Ecolab	$27,355,000	+11.4%	174,483	-0.3%	4.62%	+2.3%
FDX	Sell	FedEx	$26,500,000	+5.3%	110,056	-0.7%	4.47%	-3.3%
INTC	Sell	Intel	$25,734,000	-5.6%	544,173	-0.7%	4.34%	-13.3%
JNJ	Sell	Johnson & Johnson Com	$24,803,000	+13.4%	179,511	-0.4%	4.18%	+4.1%
MMM	Buy	3M Company	$23,941,000	+7.1%	113,622	+0.0%	4.04%	-1.6%
NATI	Sell	National Instr	$22,765,000	+13.7%	471,022	-1.2%	3.84%	+4.4%
HON	Sell	Honeywell International	$21,007,000	+13.7%	126,243	-1.6%	3.54%	+4.4%
EMR	Sell	Emerson Electric	$20,805,000	+9.7%	271,680	-1.0%	3.51%	+0.7%
DOV	Sell	Dover	$19,556,000	+20.8%	220,896	-0.1%	3.30%	+11.0%
PEP	Sell	PepsiCo	$19,544,000	+2.1%	174,811	-0.6%	3.30%	-6.3%
BDX	Sell	Becton Dickinson	$18,810,000	+7.4%	72,068	-1.4%	3.17%	-1.3%
KO	Sell	Coca-Cola	$18,568,000	+5.2%	401,996	-0.1%	3.13%	-3.4%
UPS	Sell	United Parcel Svc Cl B	$17,916,000	+9.5%	153,456	-0.4%	3.02%	+0.5%
PG	Buy	Procter & Gamble	$17,907,000	+6.7%	215,150	+0.1%	3.02%	-2.0%
PCAR	Sell	Paccar	$17,350,000	+9.8%	254,435	-0.2%	2.93%	+0.9%
NVS	Buy	Novartis AG	$17,043,000	+14.5%	197,807	+0.3%	2.88%	+5.1%
MKC	Buy	McCormick	$14,993,000	+15.6%	113,799	+1.8%	2.53%	+6.1%
AAPL	Sell	Apple Computer	$11,961,000	+21.2%	52,987	-0.6%	2.02%	+11.2%
SLB	Sell	Schlumberger Ltd	$11,703,000	-10.8%	192,099	-1.8%	1.98%	-18.0%
CVS	Buy	CVS Health	$11,307,000	+26.6%	143,634	+3.5%	1.91%	+16.3%
XOM	Sell	Exxon Mobil Corp	$4,008,000	-0.8%	47,139	-3.5%	0.68%	-9.0%
TSM	New	Taiwan Semiconductor	$2,754,000	–	62,362	–	0.46%	–
CVX	Buy	Chevron Corp	$2,678,000	-3.3%	21,902	+0.0%	0.45%	-11.2%
ABBV	Buy	Abbvie Inc. Com	$1,791,000	+4.1%	18,933	+2.0%	0.30%	-4.4%
AMZN	Sell	Amazon.Com Inc	$1,224,000	+13.5%	611	-3.6%	0.21%	+4.5%
LMNX	Sell	Luminex Corp	$1,075,000	-6.1%	35,453	-8.6%	0.18%	-13.8%
ABT	Sell	Abbott Labs	$1,061,000	+17.0%	14,456	-2.8%	0.18%	+7.2%
PFE	Buy	Pfizer, Inc.	$779,000	+34.3%	17,674	+10.5%	0.13%	+22.4%
D	Sell	Dominion Energy Inc	$751,000	-5.7%	10,680	-8.6%	0.13%	-13.0%
MDT	Buy	Medtronic PLC	$649,000	+17.1%	6,593	+1.9%	0.11%	+7.8%
APY	Sell	Apergy Corp Com	$613,000	-82.8%	14,077	-83.5%	0.10%	-84.3%
IBM	Buy	International Business Machine	$528,000	+8.4%	3,494	+0.1%	0.09%	-1.1%
GOOGL	Sell	Alphabet Inc Cap Sk Cl A	$507,000	-31.5%	420	-35.9%	0.09%	-36.8%
BRKB	Sell	Berkshire Hathaway Cl B	$482,000	+10.0%	2,252	-4.0%	0.08%	+1.2%
MMP	Sell	Magellan Midstream Prt Unit Rp	$474,000	-14.3%	7,000	-12.5%	0.08%	-21.6%
REGN	New	Regeneron Pharmaceuticals Inc	$404,000	–	1,000	–	0.07%	–
T	Sell	A T & T Inc New	$364,000	+2.5%	10,842	-2.0%	0.06%	-6.2%
LOW	Buy	Lowes Cos Inc	$364,000	+20.5%	3,166	+0.1%	0.06%	+8.9%
DWDP	Sell	Dow Dupont Inc Com	$354,000	-19.0%	5,503	-16.9%	0.06%	-25.0%
SYY	Buy	Sysco Corp	$350,000	+19.5%	4,774	+11.1%	0.06%	+9.3%
HD	Buy	Home Depot Inc	$340,000	+6.6%	1,643	+0.5%	0.06%	-3.4%
NFLX	Sell	Netflix Inc	$251,000	-13.4%	670	-9.5%	0.04%	-20.8%
VZ	Sell	Verizon Communications	$223,000	+4.7%	4,168	-1.4%	0.04%	-2.6%
FFIN	New	First Financial Bankshares	$217,000	–	3,668	–	0.04%	–
BLCM	Buy	Bellicum Pharmaceutica	$104,000	+1.0%	16,900	+21.6%	0.02%	-5.3%
V	Exit	Visa Inc Cl A	$0	–	-1,578	–	-0.04%	–
CLX	Exit	Clorox Co Del	$0	–	-1,710	–	-0.04%	–
MRK	Exit	Merck & Co Inc New	$0	–	-3,815	–	-0.04%	–
ATVI	Exit	Activision Blizzard In Com	$0	–	-3,500	–	-0.05%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-900	–	-0.05%	–
CL	Exit	Colgate Palmolive	$0	–	-4,268	–	-0.05%	–
EOG	Exit	EOG Resources	$0	–	-2,673	–	-0.06%	–

Q2 2018

			Value		Shares		↓ Weighting
MSFT	New	Microsoft	$38,866,000	–	394,139	–	7.14%	–
NDSN	New	Nordson	$33,860,000	–	263,684	–	6.22%	–
ADP	New	Auto Data Processing	$28,768,000	–	214,462	–	5.29%	–
ITW	New	Illinois Tool Works	$27,406,000	–	197,822	–	5.04%	–
INTC	New	Intel	$27,250,000	–	548,189	–	5.01%	–
FDX	New	FedEx	$25,160,000	–	110,806	–	4.62%	–
ECL	New	Ecolab	$24,551,000	–	174,949	–	4.51%	–
DCI	New	Donaldson	$23,987,000	–	531,629	–	4.41%	–
MMM	New	3M Company	$22,346,000	–	113,591	–	4.11%	–
JNJ	New	Johnson & Johnson Com	$21,878,000	–	180,305	–	4.02%	–
NATI	New	National Instr	$20,024,000	–	476,981	–	3.68%	–
PEP	New	PepsiCo	$19,146,000	–	175,857	–	3.52%	–
EMR	New	Emerson Electric	$18,973,000	–	274,416	–	3.49%	–
HON	New	Honeywell International	$18,482,000	–	128,306	–	3.40%	–
KO	New	Coca-Cola	$17,651,000	–	402,443	–	3.24%	–
BDX	New	Becton Dickinson	$17,506,000	–	73,074	–	3.22%	–
PG	New	Procter & Gamble	$16,777,000	–	214,921	–	3.08%	–
UPS	New	United Parcel Svc Cl B	$16,361,000	–	154,011	–	3.01%	–
DOV	New	Dover	$16,183,000	–	221,082	–	2.97%	–
PCAR	New	Paccar	$15,797,000	–	254,952	–	2.90%	–
NVS	New	Novartis AG	$14,891,000	–	197,130	–	2.74%	–
SLB	New	Schlumberger Ltd	$13,114,000	–	195,640	–	2.41%	–
MKC	New	McCormick	$12,975,000	–	111,770	–	2.38%	–
AAPL	New	Apple Computer	$9,868,000	–	53,308	–	1.81%	–
CVS	New	CVS Health	$8,931,000	–	138,783	–	1.64%	–
XOM	New	Exxon Mobil Corp	$4,041,000	–	48,848	–	0.74%	–
SJT	New	San Juan Basin Royalty Trust	$3,749,000	–	647,452	–	0.69%	–
APY	New	Apergy Corp Com	$3,572,000	–	85,554	–	0.66%	–
CVX	New	Chevron Corp	$2,769,000	–	21,899	–	0.51%	–
ABBV	New	Abbvie Inc. Com	$1,720,000	–	18,565	–	0.32%	–
DMLP	New	Dorchester Minerals LP	$1,504,000	–	73,023	–	0.28%	–
BSM	New	Black Stone Minerals L Com Uni	$1,313,000	–	70,998	–	0.24%	–
LMNX	New	Luminex Corp	$1,145,000	–	38,778	–	0.21%	–
AMZN	New	Amazon.Com Inc	$1,078,000	–	634	–	0.20%	–
ABT	New	Abbott Labs	$907,000	–	14,868	–	0.17%	–
D	New	Dominion Energy Inc	$796,000	–	11,680	–	0.15%	–
GOOGL	New	Alphabet Inc Cap Sk Cl A	$740,000	–	655	–	0.14%	–
SBR	New	Sabine Royalty Trust UBI	$659,000	–	14,000	–	0.12%	–
PFE	New	Pfizer, Inc.	$580,000	–	15,994	–	0.11%	–
MDT	New	Medtronic PLC	$554,000	–	6,473	–	0.10%	–
MMP	New	Magellan Midstream Prt Unit Rp	$553,000	–	8,000	–	0.10%	–
IBM	New	International Business Machine	$487,000	–	3,489	–	0.09%	–
MDR	New	McDermott Intl Inc	$469,000	–	23,863	–	0.09%	–
ISRG	New	Intuitive Surgical Inc Com New	$467,000	–	975	–	0.09%	–
BRKB	New	Berkshire Hathaway Cl B	$438,000	–	2,347	–	0.08%	–
DWDP	New	Dow Dupont Inc Com	$437,000	–	6,625	–	0.08%	–
T	New	A T & T Inc New	$355,000	–	11,068	–	0.06%	–
PSX	New	Phillips 66 COM	$342,000	–	3,042	–	0.06%	–
EOG	New	EOG Resources	$333,000	–	2,673	–	0.06%	–
HD	New	Home Depot Inc	$319,000	–	1,635	–	0.06%	–
BMY	New	Bristol Myers Squibb	$302,000	–	5,450	–	0.06%	–
LOW	New	Lowes Cos Inc	$302,000	–	3,164	–	0.06%	–
SYY	New	Sysco Corp	$293,000	–	4,296	–	0.05%	–
NFLX	New	Netflix Inc	$290,000	–	740	–	0.05%	–
WM	New	Waste Management Inc Del	$285,000	–	3,500	–	0.05%	–
CL	New	Colgate Palmolive	$277,000	–	4,268	–	0.05%	–
LMT	New	Lockheed Martin Corp	$266,000	–	900	–	0.05%	–
ATVI	New	Activision Blizzard In Com	$267,000	–	3,500	–	0.05%	–
TEF	New	Telefonica de Espana	$240,000	–	28,192	–	0.04%	–
MRK	New	Merck & Co Inc New	$232,000	–	3,815	–	0.04%	–
CLX	New	Clorox Co Del	$231,000	–	1,710	–	0.04%	–
MA	New	Mastercard Inc Cl A	$225,000	–	1,147	–	0.04%	–
VZ	New	Verizon Communications	$213,000	–	4,227	–	0.04%	–
V	New	Visa Inc Cl A	$209,000	–	1,578	–	0.04%	–
DIS	New	Walt Disney	$208,000	–	1,983	–	0.04%	–
BLCM	New	Bellicum Pharmaceutica	$103,000	–	13,900	–	0.02%	–
NOK	New	Nokia	$88,000	–	15,250	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
MDR	Exit	McDermott Intl Inc	$0	–	-10,850	–	-0.02%	–
NOK	Exit	Nokia	$0	–	-15,250	–	-0.02%	–
MRK	Exit	Merck & Co Inc New	$0	–	-3,408	–	-0.04%	–
CLX	Exit	Clorox Co Del	$0	–	-1,710	–	-0.04%	–
SYY	Exit	Sysco Corp	$0	–	-4,287	–	-0.04%	–
VZ	Exit	Verizon Communications	$0	–	-4,884	–	-0.05%	–
PSX	Exit	Phillips 66 COM	$0	–	-2,843	–	-0.05%	–
WM	Exit	Waste Management Inc Del	$0	–	-3,500	–	-0.05%	–
HD	Exit	Home Depot Inc	$0	–	-1,686	–	-0.05%	–
COP	Exit	ConocoPhillips	$0	–	-5,786	–	-0.06%	–
TEF	Exit	Telefonica de Espana	$0	–	-28,192	–	-0.06%	–
CL	Exit	Colgate Palmolive	$0	–	-4,268	–	-0.06%	–
GOOGL	Exit	Alphabet Inc Cap Stk Cl A	$0	–	-329	–	-0.06%	–
ISRG	Exit	Intuitive Surgical Inc Com New	$0	–	-325	–	-0.06%	–
BMY	Exit	Bristol Myers Squibb	$0	–	-5,450	–	-0.07%	–
BLCM	Exit	Bellicum Pharmaceutica	$0	–	-35,900	–	-0.08%	–
DWDP	Exit	Dow Dupont Inc Com	$0	–	-6,185	–	-0.08%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-2,402	–	-0.08%	–
MDT	Exit	Medtronic PLC	$0	–	-6,257	–	-0.09%	–
T	Exit	A T & T Inc New	$0	–	-12,743	–	-0.09%	–
IBM	Exit	International Business Machine	$0	–	-3,472	–	-0.10%	–
MMP	Exit	Magellan Midstream Prt Unit Rp	$0	–	-8,000	–	-0.11%	–
SBR	Exit	Sabine Royalty Trust UBI	$0	–	-14,000	–	-0.11%	–
PFE	Exit	Pfizer, Inc.	$0	–	-16,257	–	-0.11%	–
AMZN	Exit	Amazon.Com Inc	$0	–	-608	–	-0.11%	–
ABT	Exit	Abbott Labs	$0	–	-14,273	–	-0.14%	–
LMNX	Exit	Luminex Corp	$0	–	-38,776	–	-0.15%	–
D	Exit	Dominion Energy Inc	$0	–	-11,680	–	-0.17%	–
DMLP	Exit	Dorchester Minerals LP	$0	–	-73,023	–	-0.21%	–
BSM	Exit	Black Stone Minerals L Com Uni	$0	–	-70,998	–	-0.23%	–
ABBV	Exit	Abbvie Inc. Com	$0	–	-18,650	–	-0.31%	–
CVX	Exit	Chevron Corp	$0	–	-23,538	–	-0.52%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-51,389	–	-0.80%	–
SJT	Exit	San Juan Basin Royalty Trust	$0	–	-647,452	–	-0.96%	–
AAPL	Exit	Apple Computer	$0	–	-53,021	–	-1.55%	–
MKC	Exit	McCormick	$0	–	-110,549	–	-2.15%	–
CVS	Exit	CVS Health	$0	–	-139,831	–	-2.15%	–
SLB	Exit	Schlumberger Ltd	$0	–	-193,228	–	-2.55%	–
BDX	Exit	Becton Dickinson	$0	–	-71,800	–	-2.66%	–
NVS	Exit	Novartis AG	$0	–	-196,115	–	-3.18%	–
EMR	Exit	Emerson Electric	$0	–	-275,975	–	-3.28%	–
HON	Exit	Honeywell International	$0	–	-126,738	–	-3.40%	–
KO	Exit	Coca-Cola	$0	–	-402,112	–	-3.42%	–
PCAR	Exit	Paccar	$0	–	-255,297	–	-3.49%	–
UPS	Exit	United Parcel Svc Cl B	$0	–	-154,736	–	-3.52%	–
PG	Exit	Procter & Gamble	$0	–	-214,685	–	-3.69%	–
PEP	Exit	PepsiCo	$0	–	-176,396	–	-3.72%	–
DOV	Exit	Dover	$0	–	-220,411	–	-3.81%	–
NATI	Exit	National Instr	$0	–	-483,209	–	-3.85%	–
INTC	Exit	Intel	$0	–	-554,385	–	-3.99%	–
ECL	Exit	Ecolab	$0	–	-176,255	–	-4.29%	–
JNJ	Exit	Johnson & Johnson	$0	–	-180,803	–	-4.45%	–
ADP	Exit	Auto Data Processing	$0	–	-216,465	–	-4.48%	–
MMM	Exit	3M Company	$0	–	-115,090	–	-4.57%	–
DCI	Exit	Donaldson	$0	–	-534,895	–	-4.65%	–
FDX	Exit	FedEx	$0	–	-112,838	–	-4.82%	–
ITW	Exit	Illinois Tool Works	$0	–	-199,918	–	-5.60%	–
MSFT	Exit	Microsoft	$0	–	-397,704	–	-5.60%	–
NDSN	Exit	Nordson	$0	–	-266,118	–	-5.96%	–

Q3 2017

			Value		Shares		↓ Weighting
NDSN	Sell	Nordson	$31,535,000	-3.4%	266,118	-1.1%	5.96%	-5.8%
MSFT	Sell	Microsoft	$29,625,000	+7.4%	397,704	-0.6%	5.60%	+4.7%
ITW	Sell	Illinois Tool Works	$29,580,000	+2.3%	199,918	-0.9%	5.60%	-0.2%
FDX	Sell	FedEx	$25,454,000	+3.2%	112,838	-0.6%	4.82%	+0.6%
DCI	Sell	Donaldson	$24,573,000	-1.0%	534,895	-1.9%	4.65%	-3.5%
MMM	Sell	3M Company	$24,157,000	+0.2%	115,090	-0.6%	4.57%	-2.3%
ADP	Sell	Auto Data Processing	$23,664,000	+6.1%	216,465	-0.5%	4.48%	+3.5%
JNJ	Sell	Johnson & Johnson	$23,506,000	-2.3%	180,803	-0.6%	4.45%	-4.7%
ECL	Sell	Ecolab	$22,668,000	-3.5%	176,255	-0.4%	4.29%	-5.9%
INTC	Sell	Intel	$21,111,000	+9.9%	554,385	-2.6%	3.99%	+7.2%
NATI	Sell	National Instr	$20,377,000	+1.0%	483,209	-3.7%	3.85%	-1.5%
DOV	Sell	Dover	$20,143,000	+12.6%	220,411	-1.2%	3.81%	+9.8%
PEP	Sell	PepsiCo	$19,656,000	-4.9%	176,396	-1.5%	3.72%	-7.3%
PG	Sell	Procter & Gamble	$19,532,000	+2.6%	214,685	-1.7%	3.69%	+0.1%
UPS	Sell	United Parcel Svc Cl B	$18,582,000	+5.5%	154,736	-2.8%	3.52%	+2.9%
PCAR	Sell	Paccar	$18,468,000	+6.3%	255,297	-2.9%	3.49%	+3.7%
KO	Sell	Coca-Cola	$18,099,000	-1.6%	402,112	-2.0%	3.42%	-4.1%
HON	Sell	Honeywell International	$17,964,000	+3.3%	126,738	-2.9%	3.40%	+0.7%
EMR	Sell	Emerson Electric	$17,342,000	+2.7%	275,975	-2.6%	3.28%	+0.2%
NVS	Sell	Novartis AG	$16,836,000	+0.0%	196,115	-2.8%	3.18%	-2.5%
BDX	Buy	Becton Dickinson	$14,069,000	+19.9%	71,800	+19.4%	2.66%	+16.9%
SLB	Sell	Schlumberger Ltd	$13,480,000	+4.5%	193,228	-1.4%	2.55%	+1.9%
CVS	Buy	CVS Health	$11,371,000	+48.6%	139,831	+47.0%	2.15%	+44.9%
MKC	Buy	McCormick	$11,347,000	+9.2%	110,549	+3.7%	2.15%	+6.4%
XOM	Sell	Exxon Mobil Corp	$4,213,000	-4.4%	51,389	-5.8%	0.80%	-6.7%
CVX	Sell	Chevron Corp	$2,766,000	+12.0%	23,538	-0.5%	0.52%	+9.2%
ABBV	Buy	Abbvie Inc. Com	$1,657,000	+22.6%	18,650	+0.1%	0.31%	+19.5%
ABT	Buy	Abbott Labs	$762,000	+10.0%	14,273	+0.1%	0.14%	+7.5%
AMZN	Buy	Amazon.Com Inc	$585,000	+2.1%	608	+2.7%	0.11%	0.0%
IBM	Buy	International Business Machine	$504,000	-4.0%	3,472	+1.7%	0.10%	-6.9%
T	Buy	A T & T Inc New	$499,000	+8.5%	12,743	+4.6%	0.09%	+5.6%
BRKB	Buy	Berkshire Hathaway Cl B	$440,000	+15.5%	2,402	+6.7%	0.08%	+12.2%
DWDP	New	Dow Dupont Inc Com	$428,000	–	6,185	–	0.08%	–
BLCM	Sell	Bellicum Pharmaceutica	$415,000	-47.9%	35,900	-47.4%	0.08%	-49.7%
GOOGL	Sell	Alphabet Inc Cap Stk Cl A	$320,000	-8.3%	329	-12.3%	0.06%	-10.3%
CL	Sell	Colgate Palmolive	$311,000	-3.1%	4,268	-1.5%	0.06%	-4.8%
HD	Buy	Home Depot Inc	$276,000	+7.4%	1,686	+0.5%	0.05%	+4.0%
SYY	Buy	Sysco Corp	$231,000	+6.9%	4,287	+0.1%	0.04%	+4.8%
KMB	Exit	Kimberly Clark Corp.	$0	–	-1,575	–	-0.04%	–
GE	Exit	General Electric	$0	–	-8,273	–	-0.04%	–
DD	Exit	Dupont de Nemours	$0	–	-4,825	–	-0.08%	–
GWW	Exit	W.W. Grainger	$0	–	-25,656	–	-0.90%	–

Q2 2017

			Value		Shares		↓ Weighting
NDSN	New	Nordson	$32,630,000	–	268,961	–	6.33%	–
ITW	New	Illinois Tool Works	$28,906,000	–	201,789	–	5.61%	–
MSFT	New	Microsoft	$27,581,000	–	400,135	–	5.35%	–
DCI	New	Donaldson	$24,822,000	–	545,063	–	4.82%	–
FDX	New	FedEx	$24,663,000	–	113,483	–	4.78%	–
MMM	New	3M Company	$24,103,000	–	115,774	–	4.68%	–
JNJ	New	Johnson & Johnson	$24,051,000	–	181,806	–	4.66%	–
ECL	New	Ecolab	$23,495,000	–	176,984	–	4.56%	–
ADP	New	Auto Data Processing	$22,301,000	–	217,660	–	4.33%	–
PEP	New	PepsiCo	$20,672,000	–	178,996	–	4.01%	–
NATI	New	National Instr	$20,171,000	–	501,517	–	3.91%	–
INTC	New	Intel	$19,202,000	–	569,115	–	3.72%	–
PG	New	Procter & Gamble	$19,028,000	–	218,337	–	3.69%	–
KO	New	Coca-Cola	$18,400,000	–	410,261	–	3.57%	–
DOV	New	Dover	$17,892,000	–	223,034	–	3.47%	–
UPS	New	United Parcel Svc Cl B	$17,611,000	–	159,247	–	3.42%	–
HON	New	Honeywell International	$17,391,000	–	130,478	–	3.37%	–
PCAR	New	Paccar	$17,370,000	–	263,019	–	3.37%	–
EMR	New	Emerson Electric	$16,886,000	–	283,221	–	3.28%	–
NVS	New	Novartis AG	$16,833,000	–	201,665	–	3.26%	–
SLB	New	Schlumberger Ltd	$12,903,000	–	195,970	–	2.50%	–
BDX	New	Becton Dickinson	$11,737,000	–	60,157	–	2.28%	–
MKC	New	McCormick	$10,392,000	–	106,573	–	2.02%	–
CVS	New	CVS Health	$7,652,000	–	95,106	–	1.48%	–
AAPL	New	Apple Computer	$7,636,000	–	53,021	–	1.48%	–
GWW	New	W.W. Grainger	$4,632,000	–	25,656	–	0.90%	–
SJT	New	San Juan Basin Royalty Trust	$4,409,000	–	647,452	–	0.86%	–
XOM	New	Exxon Mobil Corp	$4,405,000	–	54,567	–	0.85%	–
CVX	New	Chevron Corp	$2,469,000	–	23,668	–	0.48%	–
ABBV	New	Abbvie Inc. Com	$1,351,000	–	18,634	–	0.26%	–
BSM	New	Black Stone Minerals L Com Uni	$1,119,000	–	70,998	–	0.22%	–
DMLP	New	Dorchester Minerals LP	$1,055,000	–	73,023	–	0.20%	–
D	New	Dominion Energy Inc	$895,000	–	11,680	–	0.17%	–
LMNX	New	Luminex Corp	$819,000	–	38,776	–	0.16%	–
BLCM	New	Bellicum Pharmaceutica	$797,000	–	68,271	–	0.16%	–
ABT	New	Abbott Labs	$693,000	–	14,263	–	0.13%	–
AMZN	New	Amazon.Com Inc	$573,000	–	592	–	0.11%	–
MMP	New	Magellan Midstream Prt Unit Rp	$570,000	–	8,000	–	0.11%	–
MDT	New	Medtronic PLC	$555,000	–	6,257	–	0.11%	–
PFE	New	Pfizer, Inc.	$546,000	–	16,257	–	0.11%	–
SBR	New	Sabine Royalty Trust UBI	$542,000	–	14,000	–	0.10%	–
IBM	New	International Business Machine	$525,000	–	3,414	–	0.10%	–
T	New	A T & T Inc New	$460,000	–	12,180	–	0.09%	–
DD	New	Dupont de Nemours	$389,000	–	4,825	–	0.08%	–
BRKB	New	Berkshire Hathaway Cl B	$381,000	–	2,252	–	0.07%	–
GOOGL	New	Alphabet Inc Cap Stk Cl A	$349,000	–	375	–	0.07%	–
CL	New	Colgate Palmolive	$321,000	–	4,331	–	0.06%	–
ISRG	New	Intuitive Surgical Inc Com New	$304,000	–	325	–	0.06%	–
BMY	New	Bristol Myers Squibb	$304,000	–	5,450	–	0.06%	–
TEF	New	Telefonica de Espana	$293,000	–	28,192	–	0.06%	–
WM	New	Waste Management Inc Del	$257,000	–	3,500	–	0.05%	–
HD	New	Home Depot Inc	$257,000	–	1,678	–	0.05%	–
COP	New	ConocoPhillips	$254,000	–	5,786	–	0.05%	–
PSX	New	Phillips 66 COM	$235,000	–	2,843	–	0.05%	–
CLX	New	Clorox Co Del	$228,000	–	1,710	–	0.04%	–
GE	New	General Electric	$223,000	–	8,273	–	0.04%	–
SYY	New	Sysco Corp	$216,000	–	4,283	–	0.04%	–
VZ	New	Verizon Communications	$218,000	–	4,884	–	0.04%	–
MRK	New	Merck & Co Inc New	$218,000	–	3,408	–	0.04%	–
KMB	New	Kimberly Clark Corp.	$203,000	–	1,575	–	0.04%	–
NOK	New	Nokia	$94,000	–	15,250	–	0.02%	–
MDR	New	McDermott Intl Inc	$78,000	–	10,850	–	0.02%	–

Q4 2016

			Value		Shares		↓ Weighting
MDR	Exit	McDermott Intl Inc	$0	–	-10,850	–	-0.01%	–
NOK	Exit	Nokia	$0	–	-15,100	–	-0.02%	–
SYY	Exit	Sysco Corp	$0	–	-4,273	–	-0.04%	–
SPH	Exit	Suburban Propane Partn Unit Lt	$0	–	-6,600	–	-0.05%	–
WM	Exit	Waste Management Inc Del	$0	–	-3,500	–	-0.05%	–
CLX	Exit	Clorox Co Del	$0	–	-1,820	–	-0.05%	–
PSX	Exit	Phillips 66 COM	$0	–	-2,843	–	-0.05%	–
ISRG	Exit	Intuitive Surgical Inc Com New	$0	–	-325	–	-0.05%	–
VZ	Exit	Verizon Communications	$0	–	-4,671	–	-0.05%	–
KMB	Exit	Kimberly Clark Corp.	$0	–	-2,029	–	-0.06%	–
COP	Exit	ConocoPhillips	$0	–	-5,911	–	-0.06%	–
GOOGL	Exit	Alphabet Inc Cap Stk Cl A	$0	–	-318	–	-0.06%	–
BMY	Exit	Bristol Myers Squibb	$0	–	-5,450	–	-0.06%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-2,140	–	-0.07%	–
CSCO	Exit	Cisco Systems	$0	–	-9,670	–	-0.07%	–
MRK	Exit	Merck & Co Inc New	$0	–	-5,058	–	-0.07%	–
CL	Exit	Colgate Palmolive	$0	–	-4,446	–	-0.07%	–
GE	Exit	General Electric	$0	–	-11,422	–	-0.07%	–
DD	Exit	Dupont de Nemours	$0	–	-5,172	–	-0.07%	–
BDX	Exit	Becton Dickinson	$0	–	-2,051	–	-0.08%	–
TEF	Exit	Telefonica de Espana	$0	–	-41,976	–	-0.09%	–
AMZN	Exit	Amazon.Com Inc	$0	–	-542	–	-0.10%	–
SBR	Exit	Sabine Royalty Trust UBI	$0	–	-14,000	–	-0.11%	–
IBM	Exit	International Business Machine	$0	–	-3,304	–	-0.11%	–
MDT	Exit	Medtronic PLC	$0	–	-6,297	–	-0.12%	–
PFE	Exit	Pfizer, Inc.	$0	–	-16,257	–	-0.12%	–
MMP	Exit	Magellan Midstream Prt Unit Rp	$0	–	-8,200	–	-0.12%	–
T	Exit	A T & T Inc New	$0	–	-14,440	–	-0.12%	–
ABT	Exit	Abbott Labs	$0	–	-14,261	–	-0.13%	–
DMLP	Exit	Dorchester Minerals LP	$0	–	-53,023	–	-0.18%	–
LMNX	Exit	Luminex Corp	$0	–	-39,175	–	-0.19%	–
D	Exit	Dominion Res Inc	$0	–	-12,750	–	-0.20%	–
ABBV	Exit	Abbvie Inc. Com	$0	–	-18,837	–	-0.25%	–
BSM	Exit	Black Stone Minerals L Com Uni	$0	–	-70,998	–	-0.27%	–
BLCM	Exit	Bellicum Pharmaceutica	$0	–	-79,612	–	-0.34%	–
CVX	Exit	Chevron Corp	$0	–	-23,795	–	-0.52%	–
SJT	Exit	San Juan Basin Royalty Trust	$0	–	-647,452	–	-0.82%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-57,110	–	-1.07%	–
AAPL	Exit	Apple Computer	$0	–	-55,807	–	-1.35%	–
CVS	Exit	CVS Health	$0	–	-143,114	–	-2.73%	–
NATI	Exit	National Instr	$0	–	-501,690	–	-3.05%	–
HON	Exit	Honeywell International	$0	–	-126,470	–	-3.16%	–
SLB	Exit	Schlumberger Ltd	$0	–	-191,032	–	-3.22%	–
EMR	Exit	Emerson Electric	$0	–	-280,018	–	-3.27%	–
NVS	Exit	Novartis AG	$0	–	-193,652	–	-3.27%	–
PCAR	Exit	Paccar	$0	–	-262,486	–	-3.30%	–
DOV	Exit	Dover	$0	–	-220,382	–	-3.47%	–
KO	Exit	Coca-Cola	$0	–	-403,785	–	-3.66%	–
UPS	Exit	United Parcel Svc Cl B	$0	–	-156,689	–	-3.67%	–
ADP	Exit	Auto Data Processing	$0	–	-216,952	–	-4.10%	–
PEP	Exit	PepsiCo	$0	–	-177,706	–	-4.14%	–
PG	Exit	Procter & Gamble	$0	–	-217,707	–	-4.18%	–
FDX	Exit	FedEx	$0	–	-114,122	–	-4.27%	–
GWW	Exit	W.W. Grainger	$0	–	-88,798	–	-4.27%	–
MMM	Exit	3M Company	$0	–	-116,500	–	-4.40%	–
DCI	Exit	Donaldson	$0	–	-552,380	–	-4.41%	–
ECL	Exit	Ecolab	$0	–	-175,889	–	-4.58%	–
JNJ	Exit	Johnson & Johnson	$0	–	-181,909	–	-4.60%	–
INTC	Exit	Intel	$0	–	-573,373	–	-4.63%	–
MSFT	Exit	Microsoft	$0	–	-407,601	–	-5.03%	–
ITW	Exit	Illinois Tool Works	$0	–	-206,006	–	-5.28%	–
NDSN	Exit	Nordson	$0	–	-281,571	–	-6.00%	–

Q3 2016

			Value		Shares		↓ Weighting
NDSN	Buy	Nordson	$28,053,000	+19.8%	281,571	+0.5%	6.00%	+14.1%
ITW	Buy	Illinois Tool Works	$24,688,000	+15.4%	206,006	+0.3%	5.28%	+10.0%
MSFT	Buy	Microsoft	$23,478,000	+12.8%	407,601	+0.3%	5.03%	+7.5%
INTC	Sell	Intel	$21,645,000	+14.8%	573,373	-0.3%	4.63%	+9.4%
JNJ	Buy	Johnson & Johnson	$21,489,000	-1.9%	181,909	+0.7%	4.60%	-6.5%
ECL	Buy	Ecolab	$21,409,000	+3.5%	175,889	+0.9%	4.58%	-1.4%
DCI	Buy	Donaldson	$20,620,000	+9.8%	552,380	+1.1%	4.41%	+4.6%
MMM	Buy	3M Company	$20,531,000	+1.1%	116,500	+0.4%	4.40%	-3.7%
GWW	Buy	W.W. Grainger	$19,965,000	+0.2%	88,798	+1.3%	4.27%	-4.5%
FDX	Buy	FedEx	$19,935,000	+16.4%	114,122	+1.1%	4.27%	+10.9%
PG	Buy	Procter & Gamble	$19,539,000	+6.6%	217,707	+0.6%	4.18%	+1.6%
PEP	Buy	PepsiCo	$19,329,000	+3.5%	177,706	+0.8%	4.14%	-1.4%
ADP	Buy	Auto Data Processing	$19,135,000	-3.0%	216,952	+1.0%	4.10%	-7.6%
UPS	Buy	United Parcel Svc Cl B	$17,136,000	+2.9%	156,689	+1.3%	3.67%	-2.0%
KO	Buy	Coca-Cola	$17,088,000	-5.7%	403,785	+1.0%	3.66%	-10.1%
DOV	Buy	Dover	$16,229,000	+7.7%	220,382	+1.4%	3.47%	+2.6%
PCAR	Buy	Paccar	$15,429,000	+15.4%	262,486	+1.8%	3.30%	+10.0%
NVS	Buy	Novartis AG	$15,291,000	-3.5%	193,652	+0.8%	3.27%	-8.1%
EMR	Buy	Emerson Electric	$15,264,000	+6.3%	280,018	+1.7%	3.27%	+1.3%
SLB	Buy	Schlumberger Ltd	$15,023,000	+1.2%	191,032	+1.8%	3.22%	-3.5%
HON	Buy	Honeywell International	$14,745,000	+2.9%	126,470	+2.6%	3.16%	-2.0%
NATI	Buy	National Instr	$14,248,000	+6.1%	501,690	+2.3%	3.05%	+1.1%
CVS	Buy	CVS Health	$12,736,000	-4.0%	143,114	+3.3%	2.73%	-8.5%
AAPL	Buy	Apple Computer	$6,309,000	+18.9%	55,807	+0.5%	1.35%	+13.3%
XOM	Sell	Exxon Mobil Corp	$4,985,000	-7.5%	57,110	-0.7%	1.07%	-11.9%
CVX	Buy	Chevron Corp	$2,449,000	+5.0%	23,795	+6.9%	0.52%	0.0%
BLCM	Sell	Bellicum Pharmaceutica	$1,584,000	+44.4%	79,612	-5.9%	0.34%	+37.8%
ABBV	Sell	Abbvie Inc. Com	$1,188,000	-3.6%	18,837	-5.4%	0.25%	-8.3%
ABT	Sell	Abbott Labs	$603,000	-4.4%	14,261	-11.2%	0.13%	-9.2%
T	Sell	A T & T Inc New	$586,000	-10.8%	14,440	-5.0%	0.12%	-15.5%
MMP	Buy	Magellan Midstream Prt Unit Rp	$580,000	-4.6%	8,200	+2.5%	0.12%	-9.5%
PFE	Sell	Pfizer, Inc.	$551,000	-16.9%	16,257	-13.6%	0.12%	-20.8%
MDT	Sell	Medtronic PLC	$544,000	-32.6%	6,297	-32.3%	0.12%	-35.9%
IBM	Sell	International Business Machine	$525,000	-13.4%	3,304	-17.3%	0.11%	-17.6%
DD	Buy	Dupont de Nemours	$346,000	+7.5%	5,172	+4.1%	0.07%	+2.8%
GE	Sell	General Electric	$338,000	-38.7%	11,422	-34.8%	0.07%	-41.9%
MRK	Sell	Merck & Co Inc New	$316,000	-27.7%	5,058	-33.4%	0.07%	-30.6%
BRKB	Buy	Berkshire Hathaway Cl B	$309,000	+6.2%	2,140	+6.5%	0.07%	+1.5%
BMY	Sell	Bristol Myers Squibb	$294,000	-52.2%	5,450	-34.8%	0.06%	-54.3%
COP	Sell	ConocoPhillips	$257,000	-19.9%	5,911	-19.7%	0.06%	-23.6%
KMB	Sell	Kimberly Clark Corp.	$256,000	-27.3%	2,029	-20.7%	0.06%	-30.4%
GOOGL	Sell	Alphabet Inc Cap Stk Cl A	$256,000	+13.3%	318	-0.9%	0.06%	+7.8%
VZ	Sell	Verizon Communications	$243,000	-39.9%	4,671	-35.4%	0.05%	-42.9%
WM	Sell	Waste Management Inc Del	$223,000	-7.9%	3,500	-4.0%	0.05%	-11.1%
SPH	Buy	Suburban Propane Partn Unit Lt	$220,000	+10.0%	6,600	+10.0%	0.05%	+4.4%
SYY	Buy	Sysco Corp	$209,000	-3.7%	4,273	+0.1%	0.04%	-8.2%
HK	Exit	Halcon Res Corp Com New	$0	–	-52,445	–	-0.01%	–
JPM	Exit	J.P. Morgan Chase & Co.	$0	–	-4,710	–	-0.07%	–
COST	Exit	Costco Wholesale Corp New Com	$0	–	-1,955	–	-0.07%	–
INTU	Exit	Intuit	$0	–	-3,480	–	-0.09%	–

Q2 2016

			Value		Shares		↓ Weighting
NDSN	New	Nordson Corp	$23,418,000	–	280,091	–	5.26%	–
JNJ	New	Johnson & Johnson	$21,903,000	–	180,568	–	4.92%	–
ITW	New	Illinois Tool Works	$21,385,000	–	205,309	–	4.80%	–
MSFT	New	Microsoft Corp	$20,805,000	–	406,581	–	4.67%	–
ECL	New	Ecolab Inc	$20,681,000	–	174,373	–	4.65%	–
MMM	New	3M Company	$20,315,000	–	116,008	–	4.56%	–
GWW	New	W.W. Grainger	$19,923,000	–	87,668	–	4.48%	–
ADP	New	Auto Data Processing	$19,728,000	–	214,734	–	4.43%	–
INTC	New	Intel Corp	$18,855,000	–	574,837	–	4.24%	–
DCI	New	Donaldson Inc	$18,775,000	–	546,431	–	4.22%	–
PEP	New	PepsiCo Inc	$18,677,000	–	176,299	–	4.20%	–
PG	New	Procter & Gamble	$18,325,000	–	216,427	–	4.12%	–
KO	New	Coca-Cola Co	$18,123,000	–	399,795	–	4.07%	–
FDX	New	FedEx Corp	$17,129,000	–	112,851	–	3.85%	–
UPS	New	United Parcel Svc Cl B	$16,659,000	–	154,648	–	3.74%	–
NVS	New	Novartis AG	$15,851,000	–	192,115	–	3.56%	–
DOV	New	Dover Corp	$15,070,000	–	217,400	–	3.38%	–
SLB	New	Schlumberger Ltd	$14,839,000	–	187,640	–	3.33%	–
EMR	New	Emerson Electric Co	$14,355,000	–	275,219	–	3.22%	–
HON	New	Honeywell International	$14,332,000	–	123,211	–	3.22%	–
NATI	New	National Instr Corp	$13,433,000	–	490,265	–	3.02%	–
PCAR	New	Paccar	$13,373,000	–	257,820	–	3.00%	–
CVS	New	CVS Health	$13,267,000	–	138,568	–	2.98%	–
XOM	New	Exxon Mobil Corp Com	$5,391,000	–	57,506	–	1.21%	–
AAPL	New	Apple Computer	$5,306,000	–	55,507	–	1.19%	–
SJT	New	San Juan Basin Royalty Trust	$4,707,000	–	647,452	–	1.06%	–
CVX	New	Chevron Corp	$2,333,000	–	22,255	–	0.52%	–
ABBV	New	Abbvie Inc. Com	$1,233,000	–	19,914	–	0.28%	–
BSM	New	Black Stone Minerals L Com Uni	$1,100,000	–	70,998	–	0.25%	–
BLCM	New	Bellicum Pharmaceutica Com	$1,097,000	–	84,612	–	0.25%	–
D	New	Dominion Res Inc Va New Com	$994,000	–	12,750	–	0.22%	–
MDT	New	Medtronic PLC	$807,000	–	9,297	–	0.18%	–
LMNX	New	Luminex Corp Com	$793,000	–	39,175	–	0.18%	–
DMLP	New	Dorchester Minerals LP Com Uni	$765,000	–	53,023	–	0.17%	–
PFE	New	Pfizer, Inc.	$663,000	–	18,817	–	0.15%	–
T	New	A T & T Inc New	$657,000	–	15,197	–	0.15%	–
ABT	New	Abbott Labs	$631,000	–	16,051	–	0.14%	–
BMY	New	Bristol Myers Squibb	$615,000	–	8,360	–	0.14%	–
MMP	New	Magellan Midstream Prt Com Uni	$608,000	–	8,000	–	0.14%	–
IBM	New	International Business Machine	$606,000	–	3,995	–	0.14%	–
GE	New	General Electric	$551,000	–	17,514	–	0.12%	–
SBR	New	Sabine Royalty Trust UBI	$468,000	–	14,000	–	0.10%	–
MRK	New	Merck & Co Inc New	$437,000	–	7,590	–	0.10%	–
VZ	New	Verizon Communications	$404,000	–	7,232	–	0.09%	–
TEF	New	Telefonica de Espana	$398,000	–	41,976	–	0.09%	–
INTU	New	Intuit	$388,000	–	3,480	–	0.09%	–
AMZN	New	Amazon Com Inc Com	$388,000	–	542	–	0.09%	–
KMB	New	Kimberly Clark Corp.	$352,000	–	2,560	–	0.08%	–
BDX	New	Becton Dickinson	$348,000	–	2,051	–	0.08%	–
CL	New	Colgate Palmolive	$325,000	–	4,446	–	0.07%	–
DD	New	Dupont de Nemours	$322,000	–	4,970	–	0.07%	–
COP	New	ConocoPhillips	$321,000	–	7,362	–	0.07%	–
COST	New	Costco Wholesale Corp New Com	$307,000	–	1,955	–	0.07%	–
JPM	New	J.P. Morgan Chase & Co.	$293,000	–	4,710	–	0.07%	–
BRKB	New	Berkshire Hathaway Cl B	$291,000	–	2,010	–	0.06%	–
CSCO	New	Cisco Systems	$277,000	–	9,670	–	0.06%	–
CLX	New	Clorox Co Del	$252,000	–	1,820	–	0.06%	–
WM	New	Waste Management Inc Del	$242,000	–	3,645	–	0.05%	–
GOOGL	New	Alphabet Inc Cap Stk Cl A	$226,000	–	321	–	0.05%	–
PSX	New	Phillips 66 COM	$226,000	–	2,843	–	0.05%	–
SYY	New	Sysco Corp	$217,000	–	4,269	–	0.05%	–
ISRG	New	Intuitive Surgical Inc Com New	$215,000	–	325	–	0.05%	–
SPH	New	Suburban Propane Partn Unit Lt	$200,000	–	6,000	–	0.04%	–
NOK	New	Nokia	$86,000	–	15,100	–	0.02%	–
MDR	New	McDermott Intl Inc	$54,000	–	10,850	–	0.01%	–
HK	New	Halcon Res Corp Com New	$24,000	–	52,445	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
ELON	Exit	Echelon	$0	–	-54,162	–	-0.01%	–
NOK	Exit	Nokia	$0	–	-15,100	–	-0.03%	–
HK	Exit	Halcon Res Corp Com New	$0	–	-262,222	–	-0.04%	–
PSX	Exit	Phillips 66 COM	$0	–	-2,843	–	-0.06%	–
SRCL	Exit	Stericycle Inc Com	$0	–	-1,740	–	-0.07%	–
BLCM	Exit	Bellicum Pharmaceutica Com	$0	–	-16,770	–	-0.07%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-2,045	–	-0.07%	–
COP	Exit	ConocoPhillips	$0	–	-5,676	–	-0.08%	–
BDX	Exit	Becton Dickinson	$0	–	-2,051	–	-0.08%	–
BBT	Exit	BB&T Corp.	$0	–	-11,390	–	-0.11%	–
SBR	Exit	Sabine Royalty Trust UBI	$0	–	-14,000	–	-0.12%	–
TEF	Exit	Telefonica de Espana	$0	–	-40,779	–	-0.14%	–
IBM	Exit	International Business Machine	$0	–	-3,911	–	-0.16%	–
ABT	Exit	Abbott Labs	$0	–	-14,388	–	-0.16%	–
MDT	Exit	Medtronic PLC	$0	–	-9,069	–	-0.17%	–
LMNX	Exit	Luminex Corp Com	$0	–	-39,175	–	-0.18%	–
DMLP	Exit	Dorchester Minerals LP Com Uni	$0	–	-53,023	–	-0.21%	–
ABBV	Exit	Abbvie Inc. Com	$0	–	-14,214	–	-0.22%	–
BSM	Exit	Black Stone Minerals L Com Uni	$0	–	-70,998	–	-0.27%	–
CVX	Exit	Chevron Corp	$0	–	-22,176	–	-0.49%	–
XOM	Exit	Exxon Mobil Corp Com	$0	–	-36,756	–	-0.76%	–
AAPL	Exit	Apple Computer	$0	–	-53,155	–	-1.63%	–
SJT	Exit	San Juan Basin Royalty Trust	$0	–	-647,452	–	-1.71%	–
EMR	Exit	Emerson Electric Co	$0	–	-254,629	–	-3.13%	–
DOV	Exit	Dover Corp	$0	–	-201,581	–	-3.21%	–
SLB	Exit	Schlumberger Ltd	$0	–	-170,655	–	-3.28%	–
CVS	Exit	CVS Health	$0	–	-123,766	–	-3.33%	–
NATI	Exit	National Instr Corp	$0	–	-439,641	–	-3.40%	–
PCAR	Exit	Paccar	$0	–	-242,919	–	-3.53%	–
DCI	Exit	Donaldson Inc	$0	–	-513,275	–	-4.02%	–
UPS	Exit	United Parcel Svc Cl B	$0	–	-149,697	–	-4.12%	–
PG	Exit	Procter & Gamble	$0	–	-207,898	–	-4.17%	–
KO	Exit	Coca-Cola Co	$0	–	-388,842	–	-4.35%	–
FDX	Exit	FedEx Corp	$0	–	-109,832	–	-4.40%	–
MMM	Exit	3M Company	$0	–	-113,464	–	-4.48%	–
PEP	Exit	PepsiCo Inc	$0	–	-170,965	–	-4.49%	–
JNJ	Exit	Johnson & Johnson	$0	–	-176,247	–	-4.58%	–
NVS	Exit	Novartis AG	$0	–	-181,095	–	-4.64%	–
ITW	Exit	Illinois Tool Works	$0	–	-202,422	–	-4.64%	–
INTC	Exit	Intel Corp	$0	–	-554,730	–	-4.66%	–
ADP	Exit	Auto Data Processing	$0	–	-210,318	–	-4.71%	–
MSFT	Exit	Microsoft Corp	$0	–	-388,389	–	-4.79%	–
NDSN	Exit	Nordson Corp	$0	–	-278,924	–	-4.89%	–
GWW	Exit	W.W. Grainger	$0	–	-84,538	–	-5.06%	–
ECL	Exit	Ecolab Inc	$0	–	-173,412	–	-5.30%	–

Q3 2015

			Value		Shares		↓ Weighting
ECL	Buy	Ecolab Inc	$19,027,000	-2.1%	173,412	+0.9%	5.30%	+8.3%
GWW	Buy	W.W. Grainger	$18,176,000	-8.1%	84,538	+1.2%	5.06%	+1.6%
NDSN	Buy	Nordson Corp	$17,555,000	-18.4%	278,924	+1.0%	4.89%	-9.7%
MSFT	Buy	Microsoft Corp	$17,190,000	+1.5%	388,389	+1.3%	4.79%	+12.3%
ADP	Buy	Auto Data Processing	$16,901,000	+0.2%	210,318	+0.1%	4.71%	+10.9%
INTC	Buy	Intel Corp	$16,720,000	+0.5%	554,730	+1.4%	4.66%	+11.2%
ITW	Buy	Illinois Tool Works	$16,661,000	-9.2%	202,422	+1.3%	4.64%	+0.4%
NVS	Buy	Novartis AG	$16,646,000	-5.4%	181,095	+1.3%	4.64%	+4.7%
JNJ	Sell	Johnson & Johnson	$16,453,000	-4.3%	176,247	-0.1%	4.58%	+5.8%
PEP	Buy	PepsiCo Inc	$16,122,000	+2.1%	170,965	+1.1%	4.49%	+13.0%
MMM	Buy	3M Company	$16,086,000	-6.8%	113,464	+1.4%	4.48%	+3.1%
FDX	Buy	FedEx Corp	$15,814,000	-14.4%	109,832	+1.3%	4.40%	-5.4%
KO	Buy	Coca-Cola Co	$15,600,000	+2.7%	388,842	+0.4%	4.35%	+13.6%
PG	Buy	Procter & Gamble	$14,956,000	-6.3%	207,898	+1.9%	4.17%	+3.6%
UPS	Buy	United Parcel Svc Cl B	$14,774,000	+3.8%	149,697	+1.9%	4.12%	+14.8%
DCI	Buy	Donaldson Inc	$14,413,000	-20.1%	513,275	+1.9%	4.02%	-11.6%
PCAR	Buy	Paccar	$12,673,000	-16.7%	242,919	+1.9%	3.53%	-7.9%
NATI	Buy	National Instr Corp	$12,218,000	-2.9%	439,641	+2.9%	3.40%	+7.3%
CVS	Buy	CVS Health	$11,941,000	+38.7%	123,766	+50.7%	3.33%	+53.3%
SLB	Buy	Schlumberger Ltd	$11,770,000	-18.1%	170,655	+2.3%	3.28%	-9.5%
DOV	Buy	Dover Corp	$11,526,000	-15.9%	201,581	+3.2%	3.21%	-7.0%
EMR	Buy	Emerson Electric Co	$11,247,000	-16.0%	254,629	+5.5%	3.13%	-7.0%
AAPL	Sell	Apple Computer	$5,863,000	-12.2%	53,155	-0.2%	1.63%	-2.9%
XOM	Buy	Exxon Mobil Corp Com	$2,733,000	+2.2%	36,756	+14.3%	0.76%	+13.1%
CVX	Buy	Chevron Corp	$1,749,000	-14.3%	22,176	+4.9%	0.49%	-5.3%
BSM	Sell	Black Stone Minerals L Com Uni	$980,000	-37.9%	70,998	-22.5%	0.27%	-31.2%
ABBV	Buy	Abbvie Inc. Com	$773,000	-8.2%	14,214	+13.4%	0.22%	+1.4%
LMNX	Sell	Luminex Corp Com	$662,000	-17.2%	39,175	-15.5%	0.18%	-8.5%
ABT	Buy	Abbott Labs	$579,000	-3.2%	14,388	+18.1%	0.16%	+6.6%
IBM	Sell	International Business Machine	$567,000	-41.5%	3,911	-34.4%	0.16%	-35.2%
BBT	New	BB&T Corp.	$405,000	–	11,390	–	0.11%	–
BDX	Buy	Becton Dickinson	$272,000	-6.2%	2,051	+0.0%	0.08%	+4.1%
COP	Sell	ConocoPhillips	$272,000	-28.6%	5,676	-8.4%	0.08%	-20.8%
BRKB	Buy	Berkshire Hathaway Cl B	$267,000	-2.2%	2,045	+2.0%	0.07%	+7.2%
BLCM	New	Bellicum Pharmaceutica Com	$244,000	–	16,770	–	0.07%	–
PSX	Sell	Phillips 66 COM	$218,000	-6.8%	2,843	-2.1%	0.06%	+3.4%
NOK	New	Nokia	$102,000	–	15,100	–	0.03%	–
APA	Exit	Apache Corp	$0	–	-3,599	–	-0.05%	–
VOD	Exit	Vodafone	$0	–	-6,000	–	-0.06%	–
DE	Exit	Deere & Co.	$0	–	-3,925	–	-0.10%	–
	Exit	Aggreko PLC	$0	–	-499,957	–	-2.85%	–

Q2 2015

			Value		Shares		↓ Weighting
NDSN	New	Nordson Corp	$21,507,000	–	276,115	–	5.42%	–
GWW	New	W.W. Grainger	$19,778,000	–	83,574	–	4.98%	–
ECL	New	Ecolab Inc	$19,437,000	–	171,903	–	4.90%	–
FDX	New	FedEx Corp	$18,482,000	–	108,461	–	4.66%	–
ITW	New	Illinois Tool Works	$18,346,000	–	199,866	–	4.62%	–
DCI	New	Donaldson Inc	$18,034,000	–	503,743	–	4.54%	–
NVS	New	Novartis AG	$17,588,000	–	178,845	–	4.43%	–
MMM	New	3M Company	$17,264,000	–	111,886	–	4.35%	–
JNJ	New	Johnson & Johnson	$17,197,000	–	176,453	–	4.33%	–
MSFT	New	Microsoft Corp	$16,932,000	–	383,502	–	4.26%	–
ADP	New	Auto Data Processing	$16,861,000	–	210,157	–	4.25%	–
INTC	New	Intel Corp	$16,634,000	–	546,900	–	4.19%	–
PG	New	Procter & Gamble	$15,967,000	–	204,078	–	4.02%	–
PEP	New	PepsiCo Inc	$15,784,000	–	169,100	–	3.98%	–
PCAR	New	Paccar	$15,219,000	–	238,498	–	3.83%	–
KO	New	Coca-Cola Co	$15,188,000	–	387,164	–	3.82%	–
SLB	New	Schlumberger Ltd	$14,379,000	–	166,830	–	3.62%	–
UPS	New	United Parcel Svc Cl B	$14,238,000	–	146,918	–	3.59%	–
DOV	New	Dover Corp	$13,702,000	–	195,244	–	3.45%	–
EMR	New	Emerson Electric Co	$13,382,000	–	241,418	–	3.37%	–
NATI	New	National Instr Corp	$12,589,000	–	427,311	–	3.17%	–
	New	Aggreko PLC	$11,307,000	–	499,957	–	2.85%	–
CVS	New	CVS Health	$8,611,000	–	82,101	–	2.17%	–
SJT	New	San Juan Basin Royalty Trust	$6,954,000	–	647,452	–	1.75%	–
AAPL	New	Apple Computer	$6,680,000	–	53,255	–	1.68%	–
XOM	New	Exxon Mobil Corp Com	$2,674,000	–	32,145	–	0.67%	–
CVX	New	Chevron Corp	$2,040,000	–	21,149	–	0.51%	–
BSM	New	Black Stone Minerals L Com Uni	$1,578,000	–	91,641	–	0.40%	–
DMLP	New	Dorchester Minerals LP Com Uni	$1,134,000	–	53,023	–	0.29%	–
IBM	New	International Business Machine	$969,000	–	5,959	–	0.24%	–
ABBV	New	Abbvie Inc. Com	$842,000	–	12,530	–	0.21%	–
LMNX	New	Luminex Corp Com	$800,000	–	46,338	–	0.20%	–
MDT	New	Medtronic PLC	$672,000	–	9,069	–	0.17%	–
ABT	New	Abbott Labs	$598,000	–	12,180	–	0.15%	–
TEF	New	Telefonica de Espana	$579,000	–	40,779	–	0.15%	–
SBR	New	Sabine Royalty Trust UBI	$528,000	–	14,000	–	0.13%	–
DE	New	Deere & Co.	$381,000	–	3,925	–	0.10%	–
COP	New	ConocoPhillips	$381,000	–	6,197	–	0.10%	–
HK	New	Halcon Res Corp Com New	$304,000	–	262,222	–	0.08%	–
BDX	New	Becton Dickinson	$290,000	–	2,050	–	0.07%	–
BRKB	New	Berkshire Hathaway Cl B	$273,000	–	2,005	–	0.07%	–
SRCL	New	Stericycle Inc Com	$233,000	–	1,740	–	0.06%	–
PSX	New	Phillips 66 COM	$234,000	–	2,903	–	0.06%	–
VOD	New	Vodafone	$219,000	–	6,000	–	0.06%	–
APA	New	Apache Corp	$207,000	–	3,599	–	0.05%	–
ELON	New	Echelon	$43,000	–	54,162	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
ELON	Exit	Echelon	$0	–	-59,662	–	-0.03%	–
SRCL	Exit	Stericycle Inc Com	$0	–	-1,740	–	-0.05%	–
PSX	Exit	Phillips 66 COM	$0	–	-2,843	–	-0.06%	–
BDX	Exit	Becton Dickinson	$0	–	-2,000	–	-0.06%	–
DRI	Exit	Darden Restaurants	$0	–	-4,900	–	-0.06%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-2,070	–	-0.07%	–
TJX	Exit	TJX Cos Inc New	$0	–	-5,045	–	-0.07%	–
ABC	Exit	Amerisourcebergen Corp Com	$0	–	-4,079	–	-0.08%	–
DE	Exit	Deere & Co.	$0	–	-3,925	–	-0.08%	–
APA	Exit	Apache Corp	$0	–	-3,946	–	-0.09%	–
WMT	Exit	Wal-Mart Stores	$0	–	-4,980	–	-0.09%	–
HD	Exit	Home Depot Inc	$0	–	-4,386	–	-0.10%	–
COP	Exit	ConocoPhillips	$0	–	-5,276	–	-0.10%	–
ABT	Exit	Abbott Labs	$0	–	-12,180	–	-0.12%	–
MDT	Exit	Medtronic Inc.	$0	–	-8,982	–	-0.13%	–
TEF	Exit	Telefonica de Espana	$0	–	-40,779	–	-0.15%	–
ABBV	Exit	Abbvie Inc. Com	$0	–	-12,030	–	-0.17%	–
SBR	Exit	Sabine Royalty Trust UBI	$0	–	-14,000	–	-0.18%	–
IBM	Exit	International Business Machine	$0	–	-4,317	–	-0.20%	–
LMNX	Exit	Luminex Corp Com	$0	–	-46,338	–	-0.22%	–
HK	Exit	Halcon Res Corp Com New	$0	–	-262,222	–	-0.25%	–
DMLP	Exit	Dorchester Minerals LP Com Uni	$0	–	-53,023	–	-0.38%	–
CVX	Exit	Chevron Corp	$0	–	-21,049	–	-0.60%	–
XOM	Exit	Exxon Mobil Corp Com	$0	–	-39,575	–	-0.89%	–
AAPL	Exit	Apple Computer	$0	–	-53,430	–	-1.29%	–
	Exit	Aggreko PLC	$0	–	-475,828	–	-2.85%	–
NATI	Exit	National Instr Corp	$0	–	-397,747	–	-2.94%	–
SJT	Exit	San Juan Basin Royalty Trust	$0	–	-647,452	–	-2.94%	–
PCAR	Exit	Paccar	$0	–	-227,453	–	-3.09%	–
UPS	Exit	United Parcel Svc Cl B	$0	–	-137,835	–	-3.24%	–
EMR	Exit	Emerson Electric Co	$0	–	-217,792	–	-3.26%	–
DOV	Exit	Dover Corp	$0	–	-180,159	–	-3.46%	–
PEP	Exit	PepsiCo Inc	$0	–	-161,901	–	-3.60%	–
MMM	Exit	3M Company	$0	–	-107,769	–	-3.65%	–
KO	Exit	Coca-Cola Co	$0	–	-366,004	–	-3.73%	–
SLB	Exit	Schlumberger Ltd	$0	–	-158,787	–	-3.86%	–
PG	Exit	Procter & Gamble	$0	–	-193,046	–	-3.86%	–
NVS	Exit	Novartis AG	$0	–	-172,690	–	-3.89%	–
ITW	Exit	Illinois Tool Works	$0	–	-194,373	–	-3.92%	–
ADP	Exit	Auto Data Processing	$0	–	-202,625	–	-4.02%	–
FDX	Exit	FedEx Corp	$0	–	-105,436	–	-4.07%	–
MSFT	Exit	Microsoft Corp	$0	–	-368,215	–	-4.08%	–
JNJ	Exit	Johnson & Johnson	$0	–	-168,052	–	-4.28%	–
INTC	Exit	Intel Corp	$0	–	-525,880	–	-4.38%	–
ECL	Exit	Ecolab Inc	$0	–	-166,342	–	-4.57%	–
DCI	Exit	Donaldson Inc	$0	–	-494,491	–	-4.80%	–
NDSN	Exit	Nordson Corp	$0	–	-270,914	–	-4.93%	–
GWW	Exit	W.W. Grainger	$0	–	-83,702	–	-5.04%	–
SIAL	Exit	Sigma Aldrich	$0	–	-185,755	–	-6.04%	–

Q3 2014

			Value		Shares		↓ Weighting
SIAL	Sell	Sigma Aldrich	$25,265,000	+32.5%	185,755	-1.2%	6.04%	+33.0%
GWW	Sell	W.W. Grainger	$21,064,000	-1.8%	83,702	-0.8%	5.04%	-1.4%
NDSN	Sell	Nordson Corp	$20,608,000	-6.1%	270,914	-1.0%	4.93%	-5.7%
DCI	Sell	Donaldson Inc	$20,091,000	-4.6%	494,491	-0.6%	4.80%	-4.2%
ECL	Sell	Ecolab Inc	$19,101,000	+2.0%	166,342	-1.1%	4.57%	+2.4%
INTC	Sell	Intel Corp	$18,311,000	+11.1%	525,880	-1.4%	4.38%	+11.6%
JNJ	Sell	Johnson & Johnson	$17,913,000	+0.7%	168,052	-1.2%	4.28%	+1.1%
MSFT	Sell	Microsoft Corp	$17,070,000	+10.0%	368,215	-1.0%	4.08%	+10.5%
FDX	Sell	FedEx Corp	$17,023,000	+5.3%	105,436	-1.3%	4.07%	+5.7%
ADP	Sell	Auto Data Processing	$16,834,000	+3.7%	202,625	-1.1%	4.02%	+4.1%
ITW	Sell	Illinois Tool Works	$16,409,000	-4.6%	194,373	-1.1%	3.92%	-4.2%
NVS	Sell	Novartis AG	$16,255,000	+2.6%	172,690	-1.4%	3.89%	+3.0%
PG	Sell	Procter & Gamble	$16,166,000	+6.0%	193,046	-0.5%	3.86%	+6.4%
SLB	Sell	Schlumberger Ltd	$16,147,000	-14.7%	158,787	-1.1%	3.86%	-14.4%
KO	Sell	Coca-Cola Co	$15,614,000	-0.3%	366,004	-1.0%	3.73%	+0.1%
MMM	Sell	3M Company	$15,269,000	-2.4%	107,769	-1.3%	3.65%	-2.0%
PEP	Sell	PepsiCo Inc	$15,071,000	+3.1%	161,901	-1.1%	3.60%	+3.5%
DOV	Sell	Dover Corp	$14,472,000	-12.3%	180,159	-0.7%	3.46%	-11.9%
EMR	Sell	Emerson Electric Co	$13,629,000	-6.3%	217,792	-0.7%	3.26%	-5.9%
UPS	Sell	United Parcel Svc Cl B	$13,548,000	-5.2%	137,835	-1.0%	3.24%	-4.8%
PCAR	Sell	Paccar	$12,936,000	-10.4%	227,453	-1.1%	3.09%	-10.1%
NATI	Sell	National Instr Corp	$12,302,000	-5.9%	397,747	-1.4%	2.94%	-5.5%
	Sell	Aggreko PLC	$11,933,000	-12.3%	475,828	-1.5%	2.85%	-12.0%
AAPL	Sell	Apple Computer	$5,383,000	+7.9%	53,430	-0.5%	1.29%	+8.3%
XOM	Sell	Exxon Mobil Corp Com	$3,722,000	-6.8%	39,575	-0.3%	0.89%	-6.4%
CVX	Sell	Chevron Corp	$2,512,000	-9.0%	21,049	-0.4%	0.60%	-8.5%
HK	New	Halcon Res Corp Com New	$1,038,000	–	262,222	–	0.25%	–
ABBV	Sell	Abbvie Inc. Com	$695,000	+0.7%	12,030	-1.6%	0.17%	+1.2%
MDT	Buy	Medtronic Inc.	$556,000	+1.6%	8,982	+4.7%	0.13%	+2.3%
ABT	Sell	Abbott Labs	$507,000	-0.6%	12,180	-2.4%	0.12%	0.0%
HD	Sell	Home Depot Inc	$402,000	+7.5%	4,386	-5.1%	0.10%	+7.9%
APA	Buy	Apache Corp	$370,000	-3.1%	3,946	+4.0%	0.09%	-3.3%
BRKB	Sell	Berkshire Hathaway Cl B	$286,000	+1.4%	2,070	-7.0%	0.07%	+1.5%
DRI	New	Darden Restaurants	$252,000	–	4,900	–	0.06%	–
KN	Exit	Knowles Corp Com	$0	–	-52,897	–	-0.39%	–

Q2 2014

			Value		Shares		↓ Weighting
NDSN	New	Nordson Corp	$21,937,000	–	273,569	–	5.22%	–
GWW	New	W.W. Grainger	$21,448,000	–	84,350	–	5.11%	–
DCI	New	Donaldson Inc	$21,063,000	–	497,719	–	5.02%	–
SIAL	New	Sigma Aldrich	$19,072,000	–	187,940	–	4.54%	–
SLB	New	Schlumberger Ltd	$18,935,000	–	160,531	–	4.51%	–
ECL	New	Ecolab Inc	$18,726,000	–	168,192	–	4.46%	–
JNJ	New	Johnson & Johnson	$17,787,000	–	170,017	–	4.24%	–
ITW	New	Illinois Tool Works	$17,208,000	–	196,533	–	4.10%	–
DOV	New	Dover Corp	$16,498,000	–	181,399	–	3.93%	–
INTC	New	Intel Corp	$16,482,000	–	533,382	–	3.92%	–
ADP	New	Auto Data Processing	$16,239,000	–	204,830	–	3.87%	–
FDX	New	FedEx Corp	$16,173,000	–	106,838	–	3.85%	–
NVS	New	Novartis AG	$15,849,000	–	175,065	–	3.77%	–
KO	New	Coca-Cola Co	$15,668,000	–	369,881	–	3.73%	–
MMM	New	3M Company	$15,648,000	–	109,240	–	3.72%	–
MSFT	New	Microsoft Corp	$15,517,000	–	372,100	–	3.69%	–
PG	New	Procter & Gamble	$15,253,000	–	194,083	–	3.63%	–
PEP	New	PepsiCo Inc	$14,622,000	–	163,667	–	3.48%	–
EMR	New	Emerson Electric Co	$14,549,000	–	219,243	–	3.46%	–
PCAR	New	Paccar	$14,445,000	–	229,903	–	3.44%	–
UPS	New	United Parcel Svc Cl B	$14,286,000	–	139,160	–	3.40%	–
	New	Aggreko PLC	$13,614,000	–	482,837	–	3.24%	–
NATI	New	National Instr Corp	$13,069,000	–	403,493	–	3.11%	–
SJT	New	San Juan Basin Royalty Trust	$12,489,000	–	647,452	–	2.97%	–
AAPL	New	Apple Computer	$4,989,000	–	53,685	–	1.19%	–
XOM	New	Exxon Mobil Corp Com	$3,995,000	–	39,681	–	0.95%	–
CVX	New	Chevron Corp	$2,760,000	–	21,138	–	0.66%	–
KN	New	Knowles Corp Com	$1,626,000	–	52,897	–	0.39%	–
DMLP	New	Dorchester Minerals LP Com Uni	$1,619,000	–	53,023	–	0.38%	–
SBR	New	Sabine Royalty Trust UBI	$848,000	–	14,000	–	0.20%	–
LMNX	New	Luminex Corp Com	$795,000	–	46,338	–	0.19%	–
IBM	New	International Business Machine	$783,000	–	4,317	–	0.19%	–
TEF	New	Telefonica de Espana	$700,000	–	40,779	–	0.17%	–
ABBV	New	Abbvie Inc. Com	$690,000	–	12,230	–	0.16%	–
MDT	New	Medtronic Inc.	$547,000	–	8,580	–	0.13%	–
ABT	New	Abbott Labs	$510,000	–	12,480	–	0.12%	–
COP	New	ConocoPhillips	$452,000	–	5,276	–	0.11%	–
APA	New	Apache Corp	$382,000	–	3,796	–	0.09%	–
HD	New	Home Depot Inc	$374,000	–	4,620	–	0.09%	–
WMT	New	Wal-Mart Stores	$374,000	–	4,980	–	0.09%	–
DE	New	Deere & Co.	$355,000	–	3,925	–	0.08%	–
ABC	New	Amerisourcebergen Corp Com	$296,000	–	4,079	–	0.07%	–
BRKB	New	Berkshire Hathaway Cl B	$282,000	–	2,227	–	0.07%	–
TJX	New	TJX Cos Inc New	$268,000	–	5,045	–	0.06%	–
BDX	New	Becton Dickinson	$237,000	–	2,000	–	0.06%	–
PSX	New	Phillips 66 COM	$229,000	–	2,843	–	0.06%	–
SRCL	New	Stericycle Inc Com	$206,000	–	1,740	–	0.05%	–
ELON	New	Echelon	$145,000	–	59,662	–	0.04%	–

Q4 2013

			Value		Shares		↓ Weighting
ELON	Exit	Echelon	$0	–	-69,000	–	-0.04%	–
BDX	Exit	Becton Dickinson	$0	–	-2,000	–	-0.06%	–
SRCL	Exit	Stericycle Inc Com	$0	–	-1,740	–	-0.06%	–
BRKB	Exit	Berkshire Hathaway Cl B	$0	–	-1,800	–	-0.06%	–
COP	Exit	ConocoPhillips	$0	–	-5,276	–	-0.10%	–
ABT	Exit	Abbott Labs	$0	–	-12,480	–	-0.11%	–
ABC	Exit	Amerisourcebergen Corp Com	$0	–	-7,079	–	-0.12%	–
MDT	Exit	Medtronic Inc.	$0	–	-8,600	–	-0.13%	–
APA	Exit	Apache Corp	$0	–	-5,739	–	-0.13%	–
TJX	Exit	TJX Cos Inc New	$0	–	-9,045	–	-0.14%	–
DE	Exit	Deere & Co.	$0	–	-6,425	–	-0.14%	–
ABBV	Exit	Abbvie Inc. Com	$0	–	-12,230	–	-0.15%	–
ATVI	Exit	Activision Blizzard Inc	$0	–	-36,432	–	-0.17%	–
WMT	Exit	Wal-Mart Stores	$0	–	-8,420	–	-0.17%	–
TEF	Exit	Telefonica de Espana	$0	–	-40,779	–	-0.17%	–
HD	Exit	Home Depot Inc	$0	–	-8,453	–	-0.18%	–
DIS	Exit	Walt Disney	$0	–	-10,718	–	-0.19%	–
SBR	Exit	Sabine Royalty Trust UBI	$0	–	-14,000	–	-0.20%	–
LMNX	Exit	Luminex Corp Com	$0	–	-46,338	–	-0.25%	–
IBM	Exit	International Business Machine	$0	–	-5,253	–	-0.27%	–
DMLP	Exit	Dorchester Minerals LP Com Uni	$0	–	-53,023	–	-0.35%	–
CVX	Exit	Chevron Corp	$0	–	-21,066	–	-0.70%	–
XOM	Exit	Exxon Mobil Corp Com	$0	–	-39,551	–	-0.93%	–
AAPL	Exit	Apple Computer	$0	–	-7,620	–	-1.00%	–
CAJ	Exit	Canon Inc. ADR	$0	–	-233,412	–	-2.05%	–
	Exit	Aggreko PLC	$0	–	-316,385	–	-2.25%	–
INTC	Exit	Intel Corp	$0	–	-377,352	–	-2.37%	–
NATI	Exit	National Instr Corp	$0	–	-326,052	–	-2.77%	–
SJT	Exit	San Juan Basin Royalty Trust	$0	–	-647,452	–	-2.84%	–
MSFT	Exit	Microsoft Corp	$0	–	-323,672	–	-2.96%	–
PCAR	Exit	Paccar	$0	–	-201,740	–	-3.08%	–
PEP	Exit	PepsiCo Inc	$0	–	-141,945	–	-3.10%	–
FDX	Exit	FedEx Corp	$0	–	-102,880	–	-3.22%	–
UPS	Exit	United Parcel Svc Cl B	$0	–	-129,173	–	-3.24%	–
MMM	Exit	3M Company	$0	–	-103,084	–	-3.38%	–
NVS	Exit	Novartis AG	$0	–	-162,054	–	-3.41%	–
KO	Exit	Coca-Cola Co	$0	–	-328,907	–	-3.42%	–
EMR	Exit	Emerson Electric Co	$0	–	-203,434	–	-3.61%	–
SLB	Exit	Schlumberger Ltd	$0	–	-150,472	–	-3.65%	–
PG	Exit	Procter & Gamble	$0	–	-181,476	–	-3.76%	–
JNJ	Exit	Johnson & Johnson	$0	–	-163,555	–	-3.89%	–
ADP	Exit	Auto Data Processing	$0	–	-196,321	–	-3.90%	–
MOLX	Exit	Molex Inc.	$0	–	-377,391	–	-3.99%	–
ITW	Exit	Illinois Tool Works	$0	–	-191,453	–	-4.00%	–
SIAL	Exit	Sigma Aldrich	$0	–	-178,487	–	-4.18%	–
DOV	Exit	Dover Corp	$0	–	-175,864	–	-4.33%	–
ECL	Exit	Ecolab Inc	$0	–	-165,762	–	-4.49%	–
DCI	Exit	Donaldson Inc	$0	–	-476,892	–	-4.99%	–
NDSN	Exit	Nordson Corp	$0	–	-267,879	–	-5.41%	–
GWW	Exit	W.W. Grainger	$0	–	-82,483	–	-5.92%	–

Q3 2013

			Value		Shares		↓ Weighting
GWW	Sell	W.W. Grainger	$21,587,000	+3.7%	82,483	-0.1%	5.92%	-4.1%
NDSN	Buy	Nordson Corp	$19,724,000	+6.5%	267,879	+0.2%	5.41%	-1.5%
DCI	Buy	Donaldson Inc	$18,184,000	+7.5%	476,892	+0.6%	4.99%	-0.6%
ECL	Buy	Ecolab Inc	$16,371,000	+16.6%	165,762	+0.5%	4.49%	+7.8%
DOV	Buy	Dover Corp	$15,798,000	+16.1%	175,864	+0.4%	4.33%	+7.4%
SIAL	Buy	Sigma Aldrich	$15,225,000	+6.8%	178,487	+0.7%	4.18%	-1.2%
ITW	Buy	Illinois Tool Works	$14,602,000	+10.9%	191,453	+0.5%	4.00%	+2.5%
MOLX	Sell	Molex Inc.	$14,537,000	+29.4%	377,391	-1.4%	3.99%	+19.7%
ADP	Buy	Auto Data Processing	$14,210,000	+5.9%	196,321	+0.8%	3.90%	-2.0%
JNJ	Buy	Johnson & Johnson	$14,179,000	+1.8%	163,555	+0.8%	3.89%	-5.9%
PG	Buy	Procter & Gamble	$13,718,000	-0.6%	181,476	+1.3%	3.76%	-8.0%
SLB	Buy	Schlumberger Ltd	$13,296,000	+25.0%	150,472	+1.4%	3.65%	+15.6%
EMR	Buy	Emerson Electric Co	$13,162,000	+20.0%	203,434	+1.2%	3.61%	+11.0%
KO	Buy	Coca-Cola Co	$12,459,000	-3.7%	328,907	+1.9%	3.42%	-11.0%
NVS	Buy	Novartis AG	$12,431,000	+10.2%	162,054	+1.6%	3.41%	+1.9%
MMM	Buy	3M Company	$12,309,000	+10.4%	103,084	+1.1%	3.38%	+2.1%
UPS	Buy	United Parcel Svc Cl B	$11,803,000	+7.2%	129,173	+1.5%	3.24%	-0.8%
FDX	Buy	FedEx Corp	$11,740,000	+17.5%	102,880	+1.5%	3.22%	+8.7%
PEP	Buy	PepsiCo Inc	$11,285,000	-1.4%	141,945	+1.5%	3.10%	-8.8%
PCAR	Buy	Paccar	$11,229,000	+5.1%	201,740	+1.3%	3.08%	-2.8%
MSFT	Buy	Microsoft Corp	$10,772,000	-1.5%	323,672	+2.2%	2.96%	-8.9%
NATI	Buy	National Instr Corp	$10,085,000	+13.3%	326,052	+2.3%	2.77%	+4.8%
INTC	Buy	Intel Corp	$8,649,000	-0.2%	377,352	+5.5%	2.37%	-7.7%
	Buy	Aggreko PLC	$8,213,000	+16.6%	316,385	+11.8%	2.25%	+7.8%
CAJ	Buy	Canon Inc. ADR	$7,469,000	-0.3%	233,412	+2.4%	2.05%	-7.8%
XOM	Sell	Exxon Mobil Corp Com	$3,403,000	-5.5%	39,551	-0.8%	0.93%	-12.6%
CVX	Buy	Chevron Corp	$2,560,000	+3.5%	21,066	+0.8%	0.70%	-4.4%
IBM	Buy	International Business Machine	$973,000	-0.3%	5,253	+2.8%	0.27%	-7.6%
DIS	Buy	Walt Disney	$691,000	+5.8%	10,718	+3.6%	0.19%	-2.1%
ABBV	Sell	Abbvie Inc. Com	$547,000	+6.8%	12,230	-1.2%	0.15%	-1.3%
SRCL	New	Stericycle Inc Com	$201,000	–	1,740	–	0.06%	–
BDX	New	Becton Dickinson	$200,000	–	2,000	–	0.06%	–
ELON	Sell	Echelon	$165,000	+2.5%	69,000	-9.8%	0.04%	-6.2%

Q2 2013

			Value		Shares		↓ Weighting
GWW	New	W.W. Grainger	$20,812,000	–	82,528	–	6.17%	–
NDSN	New	Nordson Corp	$18,522,000	–	267,234	–	5.49%	–
DCI	New	Donaldson Inc	$16,912,000	–	474,254	–	5.02%	–
SIAL	New	Sigma Aldrich	$14,250,000	–	177,197	–	4.23%	–
ECL	New	Ecolab Inc	$14,044,000	–	164,857	–	4.16%	–
JNJ	New	Johnson & Johnson	$13,930,000	–	162,242	–	4.13%	–
PG	New	Procter & Gamble	$13,798,000	–	179,215	–	4.09%	–
DOV	New	Dover Corp	$13,606,000	–	175,204	–	4.04%	–
ADP	New	Auto Data Processing	$13,414,000	–	194,796	–	3.98%	–
ITW	New	Illinois Tool Works	$13,171,000	–	190,408	–	3.91%	–
KO	New	Coca-Cola Co	$12,944,000	–	322,706	–	3.84%	–
PEP	New	PepsiCo Inc	$11,441,000	–	139,880	–	3.39%	–
NVS	New	Novartis AG	$11,281,000	–	159,539	–	3.35%	–
MOLX	New	Molex Inc.	$11,230,000	–	382,744	–	3.33%	–
MMM	New	3M Company	$11,152,000	–	101,987	–	3.31%	–
UPS	New	United Parcel Svc Cl B	$11,007,000	–	127,273	–	3.26%	–
EMR	New	Emerson Electric Co	$10,964,000	–	201,024	–	3.25%	–
MSFT	New	Microsoft Corp	$10,939,000	–	316,656	–	3.24%	–
PCAR	New	Paccar	$10,686,000	–	199,135	–	3.17%	–
SLB	New	Schlumberger Ltd	$10,636,000	–	148,417	–	3.15%	–
SJT	New	San Juan Basin Royalty Trust	$10,392,000	–	647,452	–	3.08%	–
FDX	New	FedEx Corp	$9,991,000	–	101,345	–	2.96%	–
NATI	New	National Instr Corp	$8,903,000	–	318,654	–	2.64%	–
INTC	New	Intel Corp	$8,666,000	–	357,675	–	2.57%	–
CAJ	New	Canon Inc. ADR	$7,491,000	–	227,911	–	2.22%	–
	New	Aggreko PLC	$7,046,000	–	283,085	–	2.09%	–
XOM	New	Exxon Mobil Corp Com	$3,601,000	–	39,856	–	1.07%	–
AAPL	New	Apple Computer	$3,022,000	–	7,620	–	0.90%	–
CVX	New	Chevron Corp	$2,474,000	–	20,908	–	0.73%	–
DMLP	New	Dorchester Minerals LP Com Uni	$1,299,000	–	53,023	–	0.38%	–
IBM	New	International Business Machine	$976,000	–	5,108	–	0.29%	–
LMNX	New	Luminex Corp Com	$955,000	–	46,338	–	0.28%	–
SBR	New	Sabine Royalty Trust UBI	$723,000	–	14,000	–	0.21%	–
DIS	New	Walt Disney	$653,000	–	10,348	–	0.19%	–
HD	New	Home Depot Inc	$655,000	–	8,453	–	0.19%	–
WMT	New	Wal-Mart Stores	$627,000	–	8,420	–	0.19%	–
DE	New	Deere & Co.	$522,000	–	6,425	–	0.16%	–
TEF	New	Telefonica de Espana	$522,000	–	40,779	–	0.16%	–
ATVI	New	Activision Blizzard Inc	$520,000	–	36,432	–	0.15%	–
ABBV	New	Abbvie Inc. Com	$512,000	–	12,380	–	0.15%	–
APA	New	Apache Corp	$481,000	–	5,739	–	0.14%	–
TJX	New	TJX Cos Inc New	$453,000	–	9,045	–	0.13%	–
MDT	New	Medtronic Inc.	$443,000	–	8,600	–	0.13%	–
ABT	New	Abbott Labs	$435,000	–	12,480	–	0.13%	–
ABC	New	Amerisourcebergen Corp Com	$395,000	–	7,079	–	0.12%	–
COP	New	ConocoPhillips	$319,000	–	5,276	–	0.10%	–
BRKB	New	Berkshire Hathaway Cl B	$201,000	–	1,800	–	0.06%	–
ELON	New	Echelon	$161,000	–	76,500	–	0.05%	–

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