# EDGAR Filing Document

**Accession Number:** 0000809339
**File Stem:** 0002085853-25-000051
**Filing Date:** 2025-10
**Character Count:** 21593
**Document Hash:** b2172f1b87729765465ec6edfe1de1d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002085853-25-000051.hdr.sgml**: 20251009

**ACCESSION NUMBER**: 0002085853-25-000051

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251009

**DATE AS OF CHANGE**: 20251009

**EFFECTIVENESS DATE**: 20251009

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** L. Roy Papp & Associates, LLP
- **CENTRAL INDEX KEY:** 0000809339

**ORGANIZATION NAME:**
- **EIN:** 860641993
- **STATE OF INCORPORATION:** AZ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-01889
- **FILM NUMBER:** 251385300

**BUSINESS ADDRESS:**
- **STREET 1:** 2201 E. CAMELBACK ROAD
- **STREET 2:** SUITE 227B
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85016
- **BUSINESS PHONE:** 602-956-0980

**MAIL ADDRESS:**
- **STREET 1:** 2201 E. CAMELBACK ROAD
- **STREET 2:** SUITE 227B
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAPP L ROY & ASSOCIATES
- **DATE OF NAME CHANGE:** 19990326

### 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:** L. Roy Papp  Associates LLP<br>**Address:** 2201 E. Camelback Road<br>Suite 227b<br>Phoenix, AZ 85016

**Form 13F File Number:** 028-01889

**CRD Number (if applicable):** 000105130

**SEC File Number (if applicable):** 801-35594

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:** Harry Papp<br>**Title:** Managing Partner<br>**Phone:** 602-956-0980

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

/s/ Harry Papp  Phoenix, AZ  10-09-2025<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:** 182

**Form 13F Information Table Value Total:** $889592459

      (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 |
| ABBOTT LABS | COM | 002824100 |  | 1061743 | 7927 | SH |  | SOLE |  | 1097 | 0 | 6830 |
| ABBVIE INC | COM | 00287Y109 |  | 1671488 | 7219 | SH |  | SOLE |  | 797 | 0 | 6422 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 27892433 | 113108 | SH |  | SOLE |  | 7092 | 0 | 106016 |
| ADOBE INC | COM | 00724F101 |  | 2793075 | 7918 | SH |  | SOLE |  | 40 | 0 | 7878 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 26930375 | 110779 | SH |  | SOLE |  | 5840 | 0 | 104939 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 42337629 | 173835 | SH |  | SOLE |  | 17962 | 0 | 155873 |
| AMAZON COM INC | COM | 023135106 |  | 2795566 | 12732 | SH |  | SOLE |  | 160 | 0 | 12572 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 1494602 | 4500 | SH |  | SOLE |  | 200 | 0 | 4300 |
| AMETEK INC | COM | 031100100 |  | 8213344 | 43688 | SH |  | SOLE |  | 21575 | 0 | 22113 |
| AMGEN INC | COM | 031162100 |  | 1822166 | 6457 | SH |  | SOLE |  | 0 | 0 | 6457 |
| ANALOG DEVICES INC | COM | 032654105 |  | 9506871 | 38693 | SH |  | SOLE |  | 5243 | 0 | 33450 |
| APPLE INC | COM | 037833100 |  | 60639746 | 238148 | SH |  | SOLE |  | 31743 | 0 | 206405 |
| APPLIED MATLS INC | COM | 038222105 |  | 436506 | 2132 | SH |  | SOLE |  | 0 | 0 | 2132 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 466272 | 3200 | SH |  | SOLE |  | 0 | 0 | 3200 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 2818187 | 9602 | SH |  | SOLE |  | 0 | 0 | 9602 |
| AUTOZONE INC | COM | 053332102 |  | 321768 | 75 | SH |  | SOLE |  | 0 | 0 | 75 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 217920 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| BARRETT BUSINESS SVCS INC | COM | 068463108 |  | 278330 | 6280 | SH |  | SOLE |  | 0 | 0 | 6280 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 910208 | 4863 | SH |  | SOLE |  | 85 | 0 | 4778 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 5622142 | 11183 | SH |  | SOLE |  | 0 | 0 | 11183 |
| BIO-TECHNE CORP | COM | 09073M104 |  | 1703947 | 30630 | SH |  | SOLE |  | 8983 | 0 | 21647 |
| BLACKROCK INC | COM | 09290D101 |  | 42938151 | 36829 | SH |  | SOLE |  | 2742 | 0 | 34087 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 368740 | 8176 | SH |  | SOLE |  | 0 | 0 | 8176 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 12691760 | 134589 | SH |  | SOLE |  | 11312 | 0 | 123277 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 202377 | 952 | SH |  | SOLE |  | 0 | 0 | 952 |
| CATERPILLAR INC | COM | 149123101 |  | 2377162 | 4982 | SH |  | SOLE |  | 0 | 0 | 4982 |
| CHEVRON CORP NEW | COM | 166764100 |  | 5701992 | 36718 | SH |  | SOLE |  | 131 | 0 | 36587 |
| CHURCH  DWIGHT CO INC | COM | 171340102 |  | 1815694 | 20720 | SH |  | SOLE |  | 18284 | 0 | 2436 |
| CINCINNATI FINL CORP | COM | 172062101 |  | 266873 | 1688 | SH |  | SOLE |  | 0 | 0 | 1688 |
| CISCO SYS INC | COM | 17275R102 |  | 2134362 | 31195 | SH |  | SOLE |  | 0 | 0 | 31195 |
| CLOROX CO DEL | COM | 189054109 |  | 1740524 | 14116 | SH |  | SOLE |  | 4222 | 0 | 9894 |
| COCA COLA CO | COM | 191216100 |  | 1919891 | 28949 | SH |  | SOLE |  | 0 | 0 | 28949 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 1521499 | 19033 | SH |  | SOLE |  | 0 | 0 | 19033 |
| COSTAR GROUP INC | COM | 22160N109 |  | 2801759 | 33208 | SH |  | SOLE |  | 28269 | 0 | 4939 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 24182753 | 26126 | SH |  | SOLE |  | 3926 | 0 | 22200 |
| CRH PLC | ORD | G25508105 |  | 333442 | 2781 | SH |  | SOLE |  | 0 | 0 | 2781 |
| CSX CORP | COM | 126408103 |  | 330243 | 9300 | SH |  | SOLE |  | 0 | 0 | 9300 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 356708 | 10174 | SH |  | SOLE |  | 0 | 0 | 10174 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 454200 | 3174 | SH |  | SOLE |  | 1084 | 0 | 2090 |
| DISNEY WALT CO | COM | 254687106 |  | 528879 | 4619 | SH |  | SOLE |  | 0 | 0 | 4619 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 308138 | 2490 | SH |  | SOLE |  | 0 | 0 | 2490 |
| DYNATRACE INC | COM NEW | 268150109 |  | 1126221 | 23245 | SH |  | SOLE |  | 20435 | 0 | 2810 |
| EASTGROUP PPTYS INC | COM | 277276101 |  | 1079541 | 6378 | SH |  | SOLE |  | 0 | 0 | 6378 |
| EATON CORP PLC | SHS | G29183103 |  | 218937 | 585 | SH |  | SOLE |  | 0 | 0 | 585 |
| ECOLAB INC | COM | 278865100 |  | 9995460 | 36498 | SH |  | SOLE |  | 13811 | 0 | 22687 |
| ELI LILLY  CO | COM | 532457108 |  | 1536682 | 2014 | SH |  | SOLE |  | 0 | 0 | 2014 |
| EMERSON ELEC CO | COM | 291011104 |  | 7185647 | 54777 | SH |  | SOLE |  | 1275 | 0 | 53502 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 1721598 | 55056 | SH |  | SOLE |  | 0 | 0 | 55056 |
| EOG RES INC | COM | 26875P101 |  | 20870064 | 186140 | SH |  | SOLE |  | 11562 | 0 | 174578 |
| EXPEDITORS INTL WASH INC | COM | 302130109 |  | 20161264 | 164461 | SH |  | SOLE |  | 36845 | 0 | 127616 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 10217293 | 90619 | SH |  | SOLE |  | 9656 | 0 | 80963 |
| FACTSET RESH SYS INC | COM | 303075105 |  | 5129031 | 17903 | SH |  | SOLE |  | 6055 | 0 | 11848 |
| FIRST HORIZON CORPORATION | COM | 320517105 |  | 527741 | 23341 | SH |  | SOLE |  | 0 | 0 | 23341 |
| FIRST SOLAR INC | COM | 336433107 |  | 559485 | 2537 | SH |  | SOLE |  | 0 | 0 | 2537 |
| FIRST TR EXCHANGE TRADED FD | TECH ALPHADEX | 33734X176 |  | 309606 | 1843 | SH |  | SOLE |  | 0 | 0 | 1843 |
| FIRST TR EXCHANGE TRADED FD | CLOUD COMPUTING | 33734X192 |  | 269378 | 2004 | SH |  | SOLE |  | 0 | 0 | 2004 |
| FIRST TR EXCHANGE-TRADED ALP | COM SHS | 33733F101 |  | 416781 | 2596 | SH |  | SOLE |  | 0 | 0 | 2596 |
| FIRST TR EXCHANGE-TRADED FD | CAP STRENGTH ETF | 33733E104 |  | 305267 | 3260 | SH |  | SOLE |  | 0 | 0 | 3260 |
| FISERV INC | COM | 337738108 |  | 10876793 | 84362 | SH |  | SOLE |  | 6870 | 0 | 77492 |
| FULLER H B CO | COM | 359694106 |  | 221708 | 3740 | SH |  | SOLE |  | 3740 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 533054 | 1772 | SH |  | SOLE |  | 0 | 0 | 1772 |
| GE VERNOVA INC | COM | 36828A101 |  | 249650 | 406 | SH |  | SOLE |  | 0 | 0 | 406 |
| GRAINGER W W INC | COM | 384802104 |  | 474575 | 498 | SH |  | SOLE |  | 0 | 0 | 498 |
| HOME DEPOT INC | COM | 437076102 |  | 24721499 | 61012 | SH |  | SOLE |  | 5230 | 0 | 55782 |
| HONEYWELL INTL INC | COM | 438516106 |  | 614239 | 2918 | SH |  | SOLE |  | 0 | 0 | 2918 |
| ICON PLC | SHS | G4705A100 |  | 668500 | 3820 | SH |  | SOLE |  | 0 | 0 | 3820 |
| IDEX CORP | COM | 45167R104 |  | 2182449 | 13409 | SH |  | SOLE |  | 11833 | 0 | 1576 |
| IDEXX LABS INC | COM | 45168D104 |  | 364168 | 570 | SH |  | SOLE |  | 0 | 0 | 570 |
| INFORMATICA INC | COM CL A | 45674M101 |  | 1304175 | 52503 | SH |  | SOLE |  | 41730 | 0 | 10773 |
| INTEL CORP | COM | 458140100 |  | 484999 | 14456 | SH |  | SOLE |  | 0 | 0 | 14456 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1494884 | 5298 | SH |  | SOLE |  | 0 | 0 | 5298 |
| INTUIT | COM | 461202103 |  | 5465459 | 8003 | SH |  | SOLE |  | 1340 | 0 | 6663 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 11810603 | 62259 | SH |  | SOLE |  | 570 | 0 | 61689 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 369228 | 615 | SH |  | SOLE |  | 0 | 0 | 615 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 543989 | 2864 | SH |  | SOLE |  | 0 | 0 | 2864 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 |  | 288917 | 3602 | SH |  | SOLE |  | 0 | 0 | 3602 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 805030 | 19000 | SH |  | SOLE |  | 0 | 0 | 19000 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 221878 | 917 | SH |  | SOLE |  | 0 | 0 | 917 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 725098 | 5092 | SH |  | SOLE |  | 0 | 0 | 5092 |
| ISHARES TR | CORE S ETF | 464287200 |  | 941036 | 1406 | SH |  | SOLE |  | 0 | 0 | 1406 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 436659 | 2998 | SH |  | SOLE |  | 0 | 0 | 2998 |
| ISHARES TR | EUROPE ETF | 464287861 |  | 294660 | 4500 | SH |  | SOLE |  | 0 | 0 | 4500 |
| ISHARES TR | 0-5 YR TIPS ETF | 46429B747 |  | 971584 | 9400 | SH |  | SOLE |  | 0 | 0 | 9400 |
| ISHARES TR | MSCI USA MIN VOL | 46429B697 |  | 7168647 | 75348 | SH |  | SOLE |  | 1580 | 0 | 73768 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 478665 | 2461 | SH |  | SOLE |  | 0 | 0 | 2461 |
| ISHARES TR | SHRT NAT MUN ETF | 464288158 |  | 464493 | 4350 | SH |  | SOLE |  | 4350 | 0 | 0 |
| ISHARES TR | MSCI USA MMENTM | 46432F396 |  | 473151 | 1845 | SH |  | SOLE |  | 0 | 0 | 1845 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 21994783 | 118621 | SH |  | SOLE |  | 7290 | 0 | 111331 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 8112545 | 25719 | SH |  | SOLE |  | 0 | 0 | 25719 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 238858 | 1921 | SH |  | SOLE |  | 775 | 0 | 1146 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 758348 | 26787 | SH |  | SOLE |  | 0 | 0 | 26787 |
| KROGER CO | COM | 501044101 |  | 661630 | 9815 | SH |  | SOLE |  | 0 | 0 | 9815 |
| LINDE PLC | SHS | G54950103 |  | 1111500 | 2340 | SH |  | SOLE |  | 0 | 0 | 2340 |
| LOWES COS INC | COM | 548661107 |  | 318913 | 1269 | SH |  | SOLE |  | 0 | 0 | 1269 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 10263187 | 122079 | SH |  | SOLE |  | 16808 | 0 | 105271 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 14394306 | 25306 | SH |  | SOLE |  | 1480 | 0 | 23826 |
| MCCORMICK  CO INC | COM NON VTG | 579780206 |  | 2545391 | 38042 | SH |  | SOLE |  | 18791 | 0 | 19251 |
| MCDONALDS CORP | COM | 580135101 |  | 2514994 | 8276 | SH |  | SOLE |  | 1135 | 0 | 7141 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 641347 | 6734 | SH |  | SOLE |  | 0 | 0 | 6734 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 233694 | 100 | SH |  | SOLE |  | 0 | 0 | 100 |
| MERCK  CO INC | COM | 58933Y105 |  | 700447 | 8346 | SH |  | SOLE |  | 0 | 0 | 8346 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1205130 | 1641 | SH |  | SOLE |  | 0 | 0 | 1641 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 |  | 13195580 | 10749 | SH |  | SOLE |  | 4510 | 0 | 6239 |
| MICROCHIP TECHNOLOGY INC. | COM | 595017104 |  | 1906415 | 29686 | SH |  | SOLE |  | 0 | 0 | 29686 |
| MICROSOFT CORP | COM | 594918104 |  | 61679406 | 119084 | SH |  | SOLE |  | 9787 | 0 | 109297 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 277200 | 3672 | SH |  | SOLE |  | 0 | 0 | 3672 |
| NIKE INC | CL B | 654106103 |  | 2148442 | 30811 | SH |  | SOLE |  | 0 | 0 | 30811 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 749223 | 2494 | SH |  | SOLE |  | 0 | 0 | 2494 |
| NORTHERN TR CORP | COM | 665859104 |  | 232051 | 1724 | SH |  | SOLE |  | 0 | 0 | 1724 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 262949 | 432 | SH |  | SOLE |  | 0 | 0 | 432 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 6743002 | 36140 | SH |  | SOLE |  | 0 | 0 | 36140 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 4668010 | 20498 | SH |  | SOLE |  | 4893 | 0 | 15605 |
| ODYSSEY MARINE EXPL INC | COM NEW | 676118201 |  | 297299 | 152461 | SH |  | SOLE |  | 0 | 0 | 152461 |
| ORACLE CORP | COM | 68389X105 |  | 2691660 | 9571 | SH |  | SOLE |  | 600 | 0 | 8971 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 37711076 | 349792 | SH |  | SOLE |  | 66010 | 0 | 283782 |
| PEGASYSTEMS INC | COM | 705573103 |  | 2555473 | 44443 | SH |  | SOLE |  | 36849 | 0 | 7594 |
| PEPSICO INC | COM | 713448108 |  | 6917988 | 49259 | SH |  | SOLE |  | 3584 | 0 | 45675 |
| PERMIAN RESOURCES CORP | CLASS A COM | 71424F105 |  | 1114125 | 87041 | SH |  | SOLE |  | 43025 | 0 | 44016 |
| PFIZER INC | COM | 717081103 |  | 390736 | 15335 | SH |  | SOLE |  | 0 | 0 | 15335 |
| POOL CORP | COM | 73278L105 |  | 658589 | 2124 | SH |  | SOLE |  | 1615 | 0 | 509 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 9321971 | 90822 | SH |  | SOLE |  | 14652 | 0 | 76170 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 10186716 | 66298 | SH |  | SOLE |  | 1765 | 0 | 64533 |
| RBC BEARINGS INC | COM | 75524B104 |  | 4746317 | 12161 | SH |  | SOLE |  | 10107 | 0 | 2054 |
| RESMED INC | COM | 761152107 |  | 3736962 | 13652 | SH |  | SOLE |  | 5885 | 0 | 7767 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 7770751 | 22232 | SH |  | SOLE |  | 796 | 0 | 21436 |
| ROSS STORES INC | COM | 778296103 |  | 609560 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| RTX CORPORATION | COM | 75513E101 |  | 2301792 | 13756 | SH |  | SOLE |  | 80 | 0 | 13676 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 240613 | 2520 | SH |  | SOLE |  | 0 | 0 | 2520 |
| SCHWAB STRATEGIC TR | SHT TM US TRES | 808524862 |  | 325740 | 13350 | SH |  | SOLE |  | 0 | 0 | 13350 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 756512 | 28721 | SH |  | SOLE |  | 4680 | 0 | 24041 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 234644 | 8595 | SH |  | SOLE |  | 0 | 0 | 8595 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 3718290 | 144624 | SH |  | SOLE |  | 6225 | 0 | 138399 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 673429 | 21104 | SH |  | SOLE |  | 4000 | 0 | 17104 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 1246204 | 13949 | SH |  | SOLE |  | 0 | 0 | 13949 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 8724541 | 30953 | SH |  | SOLE |  | 0 | 0 | 30953 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 2583100 | 7460 | SH |  | SOLE |  | 0 | 0 | 7460 |
| SILICON LABORATORIES INC | COM | 826919102 |  | 1134275 | 8650 | SH |  | SOLE |  | 7636 | 0 | 1014 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 724448 | 2038 | SH |  | SOLE |  | 0 | 0 | 2038 |
| SPDR INDEX SHS FDS | ASIA PACIF ETF | 78463X301 |  | 715938 | 5150 | SH |  | SOLE |  | 0 | 0 | 5150 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1417813 | 2128 | SH |  | SOLE |  | 0 | 0 | 2128 |
| SPDR SERIES TRUST | AEROSPACE DEF | 78464A631 |  | 216869 | 923 | SH |  | SOLE |  | 0 | 0 | 923 |
| SPDR SERIES TRUST | S BIOTECH | 78464A870 |  | 13886446 | 138587 | SH |  | SOLE |  | 15971 | 0 | 122616 |
| STARBUCKS CORP | COM | 855244109 |  | 308367 | 3645 | SH |  | SOLE |  | 0 | 0 | 3645 |
| STATE STR CORP | COM | 857477103 |  | 1279127 | 11026 | SH |  | SOLE |  | 0 | 0 | 11026 |
| STRYKER CORPORATION | COM | 863667101 |  | 23658056 | 63998 | SH |  | SOLE |  | 7883 | 0 | 56115 |
| SYNOPSYS INC | COM | 871607107 |  | 1436752 | 2912 | SH |  | SOLE |  | 2493 | 0 | 419 |
| SYSCO CORP | COM | 871829107 |  | 2019327 | 24524 | SH |  | SOLE |  | 0 | 0 | 24524 |
| TESLA INC | COM | 88160R101 |  | 1093122 | 2458 | SH |  | SOLE |  | 0 | 0 | 2458 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 25013067 | 51571 | SH |  | SOLE |  | 4386 | 0 | 47185 |
| TJX COS INC NEW | COM | 872540109 |  | 304257 | 2105 | SH |  | SOLE |  | 0 | 0 | 2105 |
| TRIMBLE INC | COM | 896239100 |  | 6324854 | 77463 | SH |  | SOLE |  | 27501 | 0 | 49962 |
| UMB FINL CORP | COM | 902788108 |  | 476951 | 4030 | SH |  | SOLE |  | 0 | 0 | 4030 |
| UNION PAC CORP | COM | 907818108 |  | 224552 | 950 | SH |  | SOLE |  | 0 | 0 | 950 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 352915 | 4225 | SH |  | SOLE |  | 0 | 0 | 4225 |
| VALMONT INDS INC | COM | 920253101 |  | 5430159 | 14005 | SH |  | SOLE |  | 2688 | 0 | 11317 |
| VALVOLINE INC | COM | 92047W101 |  | 1042647 | 29035 | SH |  | SOLE |  | 25545 | 0 | 3490 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 320344 | 1260 | SH |  | SOLE |  | 0 | 0 | 1260 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 253378 | 1214 | SH |  | SOLE |  | 0 | 0 | 1214 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 3401548 | 7092 | SH |  | SOLE |  | 1486 | 0 | 5606 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 2617649 | 7977 | SH |  | SOLE |  | 402 | 0 | 7575 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 343662 | 561 | SH |  | SOLE |  | 0 | 0 | 561 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 669256 | 3589 | SH |  | SOLE |  | 0 | 0 | 3589 |
| VANGUARD INDEX FDS | MCAP GR IDXVIP | 922908538 |  | 646480 | 2200 | SH |  | SOLE |  | 240 | 0 | 1960 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 581198 | 2776 | SH |  | SOLE |  | 0 | 0 | 2776 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 817473 | 2783 | SH |  | SOLE |  | 160 | 0 | 2623 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 518884 | 3765 | SH |  | SOLE |  | 0 | 0 | 3765 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 1756710 | 34697 | SH |  | SOLE |  | 8300 | 0 | 26397 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 972509 | 12167 | SH |  | SOLE |  | 0 | 0 | 12167 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 3511488 | 16273 | SH |  | SOLE |  | 530 | 0 | 15743 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 276713 | 3767 | SH |  | SOLE |  | 0 | 0 | 3767 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 449840 | 3191 | SH |  | SOLE |  | 0 | 0 | 3191 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 3265760 | 4374 | SH |  | SOLE |  | 0 | 0 | 4374 |
| VISA INC | COM CL A | 92826C839 |  | 35000322 | 102526 | SH |  | SOLE |  | 3534 | 0 | 98992 |
| WABTEC | COM | 929740108 |  | 676880 | 3376 | SH |  | SOLE |  | 0 | 0 | 3376 |
| WALMART INC | COM | 931142103 |  | 1774797 | 17221 | SH |  | SOLE |  | 0 | 0 | 17221 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 4777893 | 27178 | SH |  | SOLE |  | 0 | 0 | 27178 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 2958460 | 13397 | SH |  | SOLE |  | 0 | 0 | 13397 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 612725 | 7310 | SH |  | SOLE |  | 0 | 0 | 7310 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 6765687 | 272920 | SH |  | SOLE |  | 0 | 0 | 272920 |
| YETI HLDGS INC | COM | 98585X104 |  | 1753729 | 52855 | SH |  | SOLE |  | 25579 | 0 | 27276 |
| ZEBRA TECHNOLOGIES CORPORATI | CL A | 989207105 |  | 223465 | 752 | SH |  | SOLE |  | 0 | 0 | 752 |
| ZOETIS INC | CL A | 98978V103 |  | 324977 | 2221 | SH |  | SOLE |  | 0 | 0 | 2221 |

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