# EDGAR Filing Document

**Accession Number:** 0001729359
**File Stem:** 0001729359-25-000007
**Filing Date:** 2025-10
**Character Count:** 14473
**Document Hash:** b267126eab1b73181be24747ed96e165
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001729359-25-000007.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001729359-25-000007

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**EFFECTIVENESS DATE**: 20251021

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Townsend & Associates, Inc
- **CENTRAL INDEX KEY:** 0001729359

**ORGANIZATION NAME:**
- **EIN:** 841170723
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18219
- **FILM NUMBER:** 251406222

**BUSINESS ADDRESS:**
- **STREET 1:** 2761 W. 120TH AVE. SUITE 200
- **CITY:** WESTMINSTER
- **STATE:** CO
- **ZIP:** 80234
- **BUSINESS PHONE:** 3034525986

**MAIL ADDRESS:**
- **STREET 1:** 2761 W. 120TH AVE. SUITE 200
- **CITY:** WESTMINSTER
- **STATE:** CO
- **ZIP:** 80234

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Townsend  Associates Inc<br>**Address:** 2761 W. 120TH AVE. SUITE 200<br>WESTMINSTER, CO 80234

**Form 13F File Number:** 028-18219

**CRD Number (if applicable):** 000113681

**SEC File Number (if applicable):** 801-66559

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Shawn Kelly<br>**Title:** Chief Operating and Financial Officer<br>**Phone:** 303-452-5986

**Signature, Place, and Date of Signing:**

Shawn Kelly  Westminster, CO  10-21-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 112

**Form 13F Information Table Value Total:** $1054263398

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBVIE INC | COM | 00287Y109 |  | 2666055 | 11613 | SH |  | SOLE |  | 0 | 0 | 11613 |
| AERCAP HOLDINGS NV | SHS | N00985106 |  | 17189146 | 142731 | SH |  | SOLE |  | 0 | 0 | 142731 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 2669617 | 10519 | SH |  | SOLE |  | 0 | 0 | 10519 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1646450 | 6500 | SH |  | SOLE |  | 0 | 0 | 6500 |
| AMAZON COM INC | COM | 023135106 |  | 818116 | 3840 | SH |  | SOLE |  | 0 | 0 | 3840 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 30511437 | 394408 | SH |  | SOLE |  | 0 | 0 | 394408 |
| AON PLC | SHS CL A | G0403H108 |  | 642943 | 1855 | SH |  | SOLE |  | 0 | 0 | 1855 |
| APPLE INC | COM | 037833100 |  | 3264097 | 12938 | SH |  | SOLE |  | 0 | 0 | 12938 |
| APTARGROUP INC | COM | 038336103 |  | 698436 | 5400 | SH |  | SOLE |  | 0 | 0 | 5400 |
| AUTOZONE INC | COM | 053332102 |  | 14251431 | 3536 | SH |  | SOLE |  | 0 | 0 | 3536 |
| BALL CORP | COM | 058498106 |  | 920610 | 19048 | SH |  | SOLE |  | 0 | 0 | 19048 |
| BANK AMERICA CORP | COM | 060505104 |  | 450136 | 8778 | SH |  | SOLE |  | 0 | 0 | 8778 |
| BANK MONTREAL QUE | COM | 063671101 |  | 277947 | 2225 | SH |  | SOLE |  | 0 | 0 | 2225 |
| BERKLEY W R CORP | COM | 084423102 |  | 14960398 | 202031 | SH |  | SOLE |  | 0 | 0 | 202031 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 4429200 | 6 | SH |  | SOLE |  | 0 | 0 | 6 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 29689356 | 60293 | SH |  | SOLE |  | 0 | 0 | 60293 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 34341995 | 617773 | SH |  | SOLE |  | 0 | 0 | 617773 |
| BOEING CO | COM | 097023105 |  | 389893 | 1831 | SH |  | SOLE |  | 0 | 0 | 1831 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 13416652 | 2646 | SH |  | SOLE |  | 0 | 0 | 2646 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 2101747 | 48172 | SH |  | SOLE |  | 0 | 0 | 48172 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 2335626 | 45247 | SH |  | SOLE |  | 0 | 0 | 45247 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 225045 | 4004 | SH |  | SOLE |  | 0 | 0 | 4004 |
| CATERPILLAR INC | COM | 149123101 |  | 368808 | 700 | SH |  | SOLE |  | 0 | 0 | 700 |
| CLOROX CO DEL | COM | 189054109 |  | 1662464 | 13886 | SH |  | SOLE |  | 0 | 0 | 13886 |
| CME GROUP INC | COM | 12572Q105 |  | 16559495 | 61804 | SH |  | SOLE |  | 0 | 0 | 61804 |
| COCA COLA CO | COM | 191216100 |  | 931094 | 13605 | SH |  | SOLE |  | 0 | 0 | 13605 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 511042 | 17300 | SH |  | SOLE |  | 0 | 0 | 17300 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 328633 | 351 | SH |  | SOLE |  | 0 | 0 | 351 |
| CUMMINS INC | COM | 231021106 |  | 337701 | 820 | SH |  | SOLE |  | 0 | 0 | 820 |
| D R HORTON INC | COM | 23331A109 |  | 14358655 | 93426 | SH |  | SOLE |  | 0 | 0 | 93426 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 14504525 | 148566 | SH |  | SOLE |  | 0 | 0 | 148566 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 1982728 | 14255 | SH |  | SOLE |  | 0 | 0 | 14255 |
| DISNEY WALT CO | COM | 254687106 |  | 17651170 | 159494 | SH |  | SOLE |  | 0 | 0 | 159494 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 4213399 | 32781 | SH |  | SOLE |  | 0 | 0 | 32781 |
| EATON CORP PLC | SHS | G29183103 |  | 547258 | 1466 | SH |  | SOLE |  | 0 | 0 | 1466 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 14206521 | 190334 | SH |  | SOLE |  | 0 | 0 | 190334 |
| EMERSON ELEC CO | COM | 291011104 |  | 394304 | 3050 | SH |  | SOLE |  | 0 | 0 | 3050 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 875976 | 7804 | SH |  | SOLE |  | 0 | 0 | 7804 |
| FORD MTR CO | COM | 345370860 |  | 230739 | 19357 | SH |  | SOLE |  | 0 | 0 | 19357 |
| FS CREDIT OPPORTUNITIES CORP | COMMON STOCK | 30290Y101 |  | 96145 | 14999 | SH |  | SOLE |  | 0 | 0 | 14999 |
| GE AEROSPACE | COM NEW | 369604301 |  | 506336 | 1687 | SH |  | SOLE |  | 0 | 0 | 1687 |
| GE VERNOVA INC | COM | 36828A101 |  | 252600 | 421 | SH |  | SOLE |  | 0 | 0 | 421 |
| GENCO SHIPPING  TRADING LTD | SHS | Y2685T131 |  | 20564088 | 1267823 | SH |  | SOLE |  | 0 | 0 | 1267823 |
| GENERAC HLDGS INC | COM | 368736104 |  | 23011373 | 120801 | SH |  | SOLE |  | 0 | 0 | 120801 |
| GRAINGER W W INC | COM | 384802104 |  | 13551097 | 14190 | SH |  | SOLE |  | 0 | 0 | 14190 |
| HALLIBURTON CO | COM | 406216101 |  | 2196556 | 98633 | SH |  | SOLE |  | 0 | 0 | 98633 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 17794365 | 41755 | SH |  | SOLE |  | 0 | 0 | 41755 |
| HERSHEY CO | COM | 427866108 |  | 356706 | 1900 | SH |  | SOLE |  | 0 | 0 | 1900 |
| HOME DEPOT INC | COM | 437076102 |  | 629908 | 1607 | SH |  | SOLE |  | 0 | 0 | 1607 |
| HUBBELL INC | COM | 443510607 |  | 839815 | 1973 | SH |  | SOLE |  | 0 | 0 | 1973 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 331290 | 1329 | SH |  | SOLE |  | 0 | 0 | 1329 |
| INTEL CORP | COM | 458140100 |  | 273874 | 7400 | SH |  | SOLE |  | 0 | 0 | 7400 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 217501 | 1157 | SH |  | SOLE |  | 0 | 0 | 1157 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 272867 | 452 | SH |  | SOLE |  | 0 | 0 | 452 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 12955267 | 162693 | SH |  | SOLE |  | 0 | 0 | 162693 |
| ISHARES INC | MSCI EMRG CHN | 46434G764 |  | 11983359 | 170412 | SH |  | SOLE |  | 0 | 0 | 170412 |
| ISHARES TR | GLOBAL ENERG ETF | 464287341 |  | 202326 | 4992 | SH |  | SOLE |  | 0 | 0 | 4992 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 45771661 | 501882 | SH |  | SOLE |  | 0 | 0 | 501882 |
| ISHARES TR | CORE S US VLU | 464287663 |  | 36073370 | 361964 | SH |  | SOLE |  | 0 | 0 | 361964 |
| ISHARES TR | INTL SEL DIV ETF | 464288448 |  | 231598 | 6290 | SH |  | SOLE |  | 0 | 0 | 6290 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 294700 | 5552 | SH |  | SOLE |  | 0 | 0 | 5552 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 67835146 | 614671 | SH |  | SOLE |  | 0 | 0 | 614671 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 32579053 | 1037219 | SH |  | SOLE |  | 0 | 0 | 1037219 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 34857326 | 511855 | SH |  | SOLE |  | 0 | 0 | 511855 |
| ISHARES TR | CORE HIGH DV ETF | 46429B663 |  | 36922260 | 302295 | SH |  | SOLE |  | 0 | 0 | 302295 |
| ISHARES TR | CORE 1 5 YR USD | 46432F859 |  | 56223935 | 1149069 | SH |  | SOLE |  | 0 | 0 | 1149069 |
| JANUS DETROIT STR TR | HENDERSON INCOME | 47103U712 |  | 44741847 | 875746 | SH |  | SOLE |  | 0 | 0 | 875746 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1816621 | 9402 | SH |  | SOLE |  | 0 | 0 | 9402 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 488891 | 1643 | SH |  | SOLE |  | 0 | 0 | 1643 |
| KROGER CO | COM | 501044101 |  | 13877119 | 201147 | SH |  | SOLE |  | 0 | 0 | 201147 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 554603 | 3919 | SH |  | SOLE |  | 0 | 0 | 3919 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 4217602 | 8518 | SH |  | SOLE |  | 0 | 0 | 8518 |
| LYONDELLBASELL INDUSTRIES N | SHS - A - | N53745100 |  | 1568942 | 33967 | SH |  | SOLE |  | 0 | 0 | 33967 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 641750 | 1144 | SH |  | SOLE |  | 0 | 0 | 1144 |
| MCDONALDS CORP | COM | 580135101 |  | 1372541 | 4455 | SH |  | SOLE |  | 0 | 0 | 4455 |
| MCKESSON CORP | COM | 58155Q103 |  | 16187749 | 20595 | SH |  | SOLE |  | 0 | 0 | 20595 |
| MERCK  CO INC | COM | 58933Y105 |  | 620154 | 7314 | SH |  | SOLE |  | 0 | 0 | 7314 |
| MICROSOFT CORP | COM | 594918104 |  | 3762740 | 7326 | SH |  | SOLE |  | 0 | 0 | 7326 |
| MOHAWK INDS INC | COM | 608190104 |  | 16969966 | 133244 | SH |  | SOLE |  | 0 | 0 | 133244 |
| MYR GROUP INC DEL | COM | 55405W104 |  | 23881047 | 114802 | SH |  | SOLE |  | 0 | 0 | 114802 |
| NETFLIX INC | COM | 64110L106 |  | 207489 | 173 | SH |  | SOLE |  | 0 | 0 | 173 |
| NOMAD FOODS LTD | USD ORD SHS | G6564A105 |  | 9346734 | 764872 | SH |  | SOLE |  | 0 | 0 | 764872 |
| NUTRIEN LTD | COM | 67077M108 |  | 34698992 | 604302 | SH |  | SOLE |  | 0 | 0 | 604302 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1285021 | 7014 | SH |  | SOLE |  | 0 | 0 | 7014 |
| NVR INC | COM | 62944T105 |  | 3361186 | 440 | SH |  | SOLE |  | 0 | 0 | 440 |
| PEPSICO INC | COM | 713448108 |  | 2715514 | 17666 | SH |  | SOLE |  | 0 | 0 | 17666 |
| PFIZER INC | COM | 717081103 |  | 215297 | 8784 | SH |  | SOLE |  | 0 | 0 | 8784 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 328123 | 1829 | SH |  | SOLE |  | 0 | 0 | 1829 |
| PPG INDS INC | COM | 693506107 |  | 540556 | 5322 | SH |  | SOLE |  | 0 | 0 | 5322 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 811877 | 5362 | SH |  | SOLE |  | 0 | 0 | 5362 |
| RTX CORPORATION | COM | 75513E101 |  | 21575923 | 136600 | SH |  | SOLE |  | 0 | 0 | 136600 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 1754087 | 16658 | SH |  | SOLE |  | 0 | 0 | 16658 |
| SNAP ON INC | COM | 833034101 |  | 17866213 | 52586 | SH |  | SOLE |  | 0 | 0 | 52586 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 40920519 | 105197 | SH |  | SOLE |  | 0 | 0 | 105197 |
| TCW ETF TRUST | DURABLE GROWTH | 29287L601 |  | 15011924 | 472723 | SH |  | SOLE |  | 0 | 0 | 472723 |
| TJX COS INC NEW | COM | 872540109 |  | 16455123 | 114399 | SH |  | SOLE |  | 0 | 0 | 114399 |
| TOTALENERGIES SE | SPONSORED ADS | 89151E109 |  | 19232463 | 312266 | SH |  | SOLE |  | 0 | 0 | 312266 |
| TRANSOCEAN LTD | REGISTERED SHS | H8817H100 |  | 81500 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 1903384 | 30155 | SH |  | SOLE |  | 0 | 0 | 30155 |
| UNION PAC CORP | COM | 907818108 |  | 506220 | 2240 | SH |  | SOLE |  | 0 | 0 | 2240 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 12811579 | 148265 | SH |  | SOLE |  | 0 | 0 | 148265 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 1304443 | 3658 | SH |  | SOLE |  | 0 | 0 | 3658 |
| US BANCORP DEL | COM NEW | 902973304 |  | 229923 | 5032 | SH |  | SOLE |  | 0 | 0 | 5032 |
| VANGUARD INDEX FDS | MCAP VL IDXVIP | 922908512 |  | 323805 | 1885 | SH |  | SOLE |  | 0 | 0 | 1885 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 226435 | 692 | SH |  | SOLE |  | 0 | 0 | 692 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 453634 | 603 | SH |  | SOLE |  | 0 | 0 | 603 |
| VENTAS INC | COM | 92276F100 |  | 2015533 | 28541 | SH |  | SOLE |  | 0 | 0 | 28541 |
| VISA INC | COM CL A | 92826C839 |  | 204326 | 598 | SH |  | SOLE |  | 0 | 0 | 598 |
| WALMART INC | COM | 931142103 |  | 16120261 | 149636 | SH |  | SOLE |  | 0 | 0 | 149636 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 15632608 | 72548 | SH |  | SOLE |  | 0 | 0 | 72548 |
| WILLIAMS COS INC | COM | 969457100 |  | 347028 | 5556 | SH |  | SOLE |  | 0 | 0 | 5556 |
| XCEL ENERGY INC | COM | 98389B100 |  | 688739 | 8486 | SH |  | SOLE |  | 0 | 0 | 8486 |

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