JLB & ASSOCIATES INC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AON	AON PLC	64,912	$22,906	3.1%	$349.16	0.0%	SHS CL A	G0403H108
ACN	ACCENTURE PLC	52,350	$14,046	1.9%	$254.06	0.0%	SHS CL A	G1151C101
MLI	MUELLER INDUSTRIES INC	46,534	$5,342	0.7%	$107.37	0.0%	COM	624756102
SCI	SERVICE CORP INTL	54,135	$4,221	0.6%	$79.99	0.0%	COM	817565104
STX	SEAGATE TECHNOLOGY	3,971	$1,094	0.1%	$258.92	0.0%	COM	G7997R103
GPC	GENUINE PARTS	5,047	$621	0.1%	$128.69	0.0%	COM	372460105
HUBB	HUBBELL INC CL B	565	$251	0.0%	$437.22	0.0%	COM	443510607

Increased Positions (10)

WSM WILLIAMS SONOMA INC 0.4%

Value ($000) $3,157 (+555.0%) Shares 17,676 (+616.8%) Est. Cost $187.67 Unrealized -0.2%

META META PLATFORMS 1.0%

Value ($000) $7,118 (+43.1%) Shares 10,783 (+59.2%) Est. Cost $638.21 Unrealized +4.6%

AXP AMERICAN EXPRESS 1.1%

Value ($000) $7,878 (+21.7%) Shares 21,294 (+9.2%) Est. Cost $210.43 Unrealized +69.6%

NVDA NVIDIA CORP 0.1%

Value ($000) $1,043 (+191.5%) Shares 5,591 (+191.7%) Est. Cost $162.80 Unrealized +14.3%

CSCO CISCO SYSTEMS 0.4%

Value ($000) $2,826 (+17.8%) Shares 36,683 (+4.7%) Est. Cost $47.97 Unrealized +53.8%

V VISA 0.8%

Value ($000) $6,150 (+6.4%) Shares 17,536 (+3.5%) Est. Cost $229.68 Unrealized +48.2%

ALLE ALLEGION 0.8%

Value ($000) $5,720 (-5.8%) Shares 35,923 (+4.9%) Est. Cost $122.17 Unrealized +36.4%

CASY CASEY'S GENERAL STORES 3.8%

Value ($000) $28,256 (+1.1%) Shares 51,123 (+3.4%) Est. Cost $325.64 Unrealized +68.8%

NEU NEWMARKET 0.1%

Value ($000) $491 (+33.3%) Shares 715 (+60.7%) Est. Cost $674.85 Unrealized +12.8%

LOW LOWES 0.5%

Value ($000) $3,873 (-3.0%) Shares 16,060 (+1.1%) Est. Cost $108.12 Unrealized +121.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WSM	WILLIAMS SONOMA INC	17,676 (+616.8%)	$3,157 (+555.0%)	0.4%	$187.67	-0.2%	COM	969904101
META	META PLATFORMS	10,783 (+59.2%)	$7,118 (+43.1%)	1.0%	$638.21	+4.6%	COM	30303M102
AXP	AMERICAN EXPRESS	21,294 (+9.2%)	$7,878 (+21.7%)	1.1%	$210.43	+69.6%	COM	025816109
NVDA	NVIDIA CORP	5,591 (+191.7%)	$1,043 (+191.5%)	0.1%	$162.80	+14.3%	COM	67066G104
CSCO	CISCO SYSTEMS	36,683 (+4.7%)	$2,826 (+17.8%)	0.4%	$47.97	+53.8%	COM	17275R102
V	VISA	17,536 (+3.5%)	$6,150 (+6.4%)	0.8%	$229.68	+48.2%	COM	92826C839
ALLE	ALLEGION	35,923 (+4.9%)	$5,720 (-5.8%)	0.8%	$122.17	+36.4%	COM	G0176J109
CASY	CASEY'S GENERAL STORES	51,123 (+3.4%)	$28,256 (+1.1%)	3.8%	$325.64	+68.8%	COM	147528103
NEU	NEWMARKET	715 (+60.7%)	$491 (+33.3%)	0.1%	$674.85	+12.8%	COM	651587107
LOW	LOWES	16,060 (+1.1%)	$3,873 (-3.0%)	0.5%	$108.12	+121.8%	COM	548661107

Exited Positions (10)

— AON PLC 3.2%

Value ($000) $23,592 Shares 66,161 Est. Cost $139.42 Unrealized —

— ACCENTURE PLC 1.8%

Value ($000) $12,996 Shares 52,699 Est. Cost $83.56 Unrealized —

— SERVICE CORP INTL 0.6%

Value ($000) $4,490 Shares 53,955 Est. Cost $61.28 Unrealized —

— GENUINE PARTS 0.6%

Value ($000) $4,119 Shares 29,722 Est. Cost $142.81 Unrealized —

TNET TRINET GROUP 0.2%

Value ($000) $1,809 Shares 27,038 Est. Cost $84.97 Unrealized -30.4%

— SEAGATE TECHNOLOGY 0.2%

Value ($000) $1,282 Shares 5,432 Est. Cost $85.09 Unrealized —

UFPI UFP INDUSTRIES 0.1%

Value ($000) $506 Shares 5,410 Est. Cost $107.48 Unrealized -14.8%

UPS UNITED PARCEL SERVICE 0.0%

Value ($000) $326 Shares 3,905 Est. Cost $106.50 Unrealized -12.9%

GNTX GENTEX 0.0%

Value ($000) $293 Shares 10,355 Est. Cost $33.47 Unrealized -28.0%

CP CANADIAN PACIFIC RAILWAY 0.0%

Value ($000) $254 Shares 3,406 Est. Cost $76.34 Unrealized -3.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	AON PLC	66,161	$23,592	3.2%	$139.42	—	—	G0408V102
—	ACCENTURE PLC	52,699	$12,996	1.8%	$83.56	—	—	G1150G111
—	SERVICE CORP INTL	53,955	$4,490	0.6%	$61.28	—	—	783890106
—	GENUINE PARTS	29,722	$4,119	0.6%	$142.81	—	—	13645T100
TNET	TRINET GROUP	27,038	$1,809	0.2%	$84.97	-30.4%	—	896288107
—	SEAGATE TECHNOLOGY	5,432	$1,282	0.2%	$85.09	—	—	G7945J104
UFPI	UFP INDUSTRIES	5,410	$506	0.1%	$107.48	-14.8%	—	90278Q108
UPS	UNITED PARCEL SERVICE	3,905	$326	0.0%	$106.50	-12.9%	—	911312106
GNTX	GENTEX	10,355	$293	0.0%	$33.47	-28.0%	—	371901109
CP	CANADIAN PACIFIC RAILWAY	3,406	$254	0.0%	$76.34	-3.6%	—	13646K108

Decreased Positions (43)

ORCL ORACLE 4.2%

Value ($000) $31,205 (-32.7%) Shares 160,099 (-2.9%) Est. Cost $31.58 Unrealized +653.8%

ORLY O'REILLY AUTOMOTIVE 2.8%

Value ($000) $20,554 (-16.9%) Shares 225,353 (-1.8%) Est. Cost $86.50 Unrealized +12.9%

ROST ROSS STORES 3.2%

Value ($000) $23,358 (+15.5%) Shares 129,668 (-2.3%) Est. Cost $56.61 Unrealized +194.3%

LLY LILLY (ELI) & CO 1.6%

Value ($000) $11,579 (+34.4%) Shares 10,774 (-4.6%) Est. Cost $106.70 Unrealized +795.6%

MSFT MICROSOFT 3.8%

Value ($000) $28,384 (-8.7%) Shares 58,691 (-2.2%) Est. Cost $35.52 Unrealized +1309.2%

EXPD EXPEDITORS INTL 2.2%

Value ($000) $16,533 (+19.3%) Shares 110,952 (-1.8%) Est. Cost $55.51 Unrealized +144.3%

AMGN AMGEN 2.9%

Value ($000) $21,587 (+14.0%) Shares 65,952 (-1.7%) Est. Cost $139.55 Unrealized +126.4%

CPRT COPART 2.1%

Value ($000) $15,429 (-14.4%) Shares 394,101 (-1.6%) Est. Cost $30.06 Unrealized +37.9%

HSIC HENRY SCHEIN 0.3%

Value ($000) $2,507 (-44.0%) Shares 33,169 (-50.8%) Est. Cost $65.74 Unrealized +7.0%

CNI CANADIAN NATL RAILWAY 0.7%

Value ($000) $5,356 (-26.4%) Shares 54,183 (-29.8%) Est. Cost $52.12 Unrealized +84.5%

AAPL APPLE 5.3%

Value ($000) $39,301 (+5.1%) Shares 144,564 (-1.5%) Est. Cost $84.35 Unrealized +218.1%

PGR PROGRESSIVE 2.5%

Value ($000) $18,333 (-9.1%) Shares 80,505 (-1.4%) Est. Cost $99.03 Unrealized +114.4%

KLAC KLA CORP 3.3%

Value ($000) $24,221 (+7.9%) Shares 19,934 (-4.2%) Est. Cost $344.96 Unrealized +239.7%

UNH UNITEDHEALTH GROUP 1.5%

Value ($000) $10,862 (-13.5%) Shares 32,904 (-9.5%) Est. Cost $265.22 Unrealized +27.1%

GOOGL ALPHABET INC CL C 1.2%

Value ($000) $8,918 (+19.5%) Shares 28,418 (-7.3%) Est. Cost $142.21 Unrealized +100.8%

NVO NOVO-NORDISK ADR 1.5%

Value ($000) $10,752 (-11.8%) Shares 211,322 (-3.8%) Est. Cost $72.96 Unrealized —

HSY HERSHEY CO 1.2%

Value ($000) $9,085 (-12.9%) Shares 49,922 (-10.5%) Est. Cost $181.47 Unrealized +0.3%

SEIC S E I INVESTMENTS 2.9%

Value ($000) $21,341 (-5.6%) Shares 260,197 (-2.4%) Est. Cost $36.15 Unrealized +126.0%

PKG PACKAGING CORP 2.2%

Value ($000) $16,072 (-7.2%) Shares 77,934 (-1.9%) Est. Cost $61.37 Unrealized +229.7%

MRSH MARSH & MC LENNAN 1.4%

Value ($000) $10,397 (-10.3%) Shares 56,041 (-2.6%) Est. Cost $78.59 Unrealized +137.2%

GGG GRACO 2.2%

Value ($000) $16,576 (-6.5%) Shares 202,226 (-3.1%) Est. Cost $33.35 Unrealized +145.7%

APH AMPHENOL 5.4%

Value ($000) $39,747 (+2.9%) Shares 294,117 (-5.8%) Est. Cost $40.65 Unrealized +228.5%

TROW T ROWE PRICE 0.2%

Value ($000) $1,852 (-37.2%) Shares 18,085 (-37.0%) Est. Cost $108.91 Unrealized -6.2%

SHW SHERWIN WILLIAMS 1.8%

Value ($000) $13,203 (-7.4%) Shares 40,746 (-1.1%) Est. Cost $262.34 Unrealized +27.4%

SLGN SILGAN HOLDINGS 0.2%

Value ($000) $1,169 (-40.8%) Shares 28,964 (-36.9%) Est. Cost $27.41 Unrealized +48.1%

AME AMETEK 1.7%

Value ($000) $12,267 (+6.8%) Shares 59,749 (-2.2%) Est. Cost $44.09 Unrealized +340.8%

NKE NIKE 0.2%

Value ($000) $1,588 (-30.8%) Shares 24,933 (-24.3%) Est. Cost $43.54 Unrealized +49.1%

CTSH COGNIZANT TECH 0.6%

Value ($000) $4,203 (+19.0%) Shares 50,635 (-3.8%) Est. Cost $42.07 Unrealized +77.4%

KMB KIMBERLY-CLARK 0.2%

Value ($000) $1,370 (-28.0%) Shares 13,578 (-11.3%) Est. Cost $68.22 Unrealized +58.9%

TSM TAIWAN SEMICONDUCTOR ADR 1.4%

Value ($000) $10,677 (+4.6%) Shares 35,133 (-3.8%) Est. Cost $53.89 Unrealized —

DEO DIAGEO PLC ADR 0.0%

Value ($000) $243 (-64.4%) Shares 2,817 (-60.6%) Est. Cost $149.34 Unrealized —

ABBV ABBVIE 1.3%

Value ($000) $9,289 (-4.3%) Shares 40,653 (-3.0%) Est. Cost $31.60 Unrealized +620.1%

PCAR PACCAR INC 0.7%

Value ($000) $5,148 (+8.1%) Shares 47,005 (-2.9%) Est. Cost $97.91 Unrealized +3.4%

TTC TORO 1.7%

Value ($000) $12,886 (-2.4%) Shares 163,696 (-5.6%) Est. Cost $45.76 Unrealized +61.5%

MA MASTERCARD 4.3%

Value ($000) $32,101 (-0.9%) Shares 56,231 (-1.2%) Est. Cost $79.19 Unrealized +605.8%

FDS FACTSET RESEARCH SYSTEMS 0.4%

Value ($000) $2,795 (-8.7%) Shares 9,630 (-9.9%) Est. Cost $151.10 Unrealized +85.3%

EVTC EVERTEC 0.0%

Value ($000) $318 (-32.3%) Shares 10,915 (-21.4%) Est. Cost $40.54 Unrealized -26.7%

ROL ROLLINS 2.8%

Value ($000) $20,601 (+0.7%) Shares 343,229 (-1.5%) Est. Cost $20.65 Unrealized +184.0%

A AGILENT TECHNOLOGIES 0.5%

Value ($000) $3,807 (+2.0%) Shares 27,981 (-3.8%) Est. Cost $126.20 Unrealized +13.9%

PEP PEPSICO 1.4%

Value ($000) $10,028 (+0.6%) Shares 69,871 (-1.6%) Est. Cost $71.86 Unrealized +103.0%

MMS MAXIMUS 0.1%

Value ($000) $536 (-9.1%) Shares 6,207 (-3.8%) Est. Cost $83.20 Unrealized +2.7%

AVGO BROADCOM INC 0.4%

Value ($000) $2,679 (-1.6%) Shares 7,741 (-6.2%) Est. Cost $164.67 Unrealized +116.8%

CHDN CHURCHILL DOWNS 0.0%

Value ($000) $232 (+0.1%) Shares 2,041 (-14.6%) Est. Cost $98.90 Unrealized +4.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	ORACLE	160,099 (-2.9%)	$31,205 (-32.7%)	4.2%	$31.58	+653.8%	COM	68389X105
ORLY	O'REILLY AUTOMOTIVE	225,353 (-1.8%)	$20,554 (-16.9%)	2.8%	$86.50	+12.9%	COM	67103H107
ROST	ROSS STORES	129,668 (-2.3%)	$23,358 (+15.5%)	3.2%	$56.61	+194.3%	COM	778296103
LLY	LILLY (ELI) & CO	10,774 (-4.6%)	$11,579 (+34.4%)	1.6%	$106.70	+795.6%	COM	532457108
MSFT	MICROSOFT	58,691 (-2.2%)	$28,384 (-8.7%)	3.8%	$35.52	+1309.2%	COM	594918104
EXPD	EXPEDITORS INTL	110,952 (-1.8%)	$16,533 (+19.3%)	2.2%	$55.51	+144.3%	COM	302130109
AMGN	AMGEN	65,952 (-1.7%)	$21,587 (+14.0%)	2.9%	$139.55	+126.4%	COM	031162100
CPRT	COPART	394,101 (-1.6%)	$15,429 (-14.4%)	2.1%	$30.06	+37.9%	COM	217204106
HSIC	HENRY SCHEIN	33,169 (-50.8%)	$2,507 (-44.0%)	0.3%	$65.74	+7.0%	COM	806407102
CNI	CANADIAN NATL RAILWAY	54,183 (-29.8%)	$5,356 (-26.4%)	0.7%	$52.12	+84.5%	COM	136375102
AAPL	APPLE	144,564 (-1.5%)	$39,301 (+5.1%)	5.3%	$84.35	+218.1%	COM	037833100
PGR	PROGRESSIVE	80,505 (-1.4%)	$18,333 (-9.1%)	2.5%	$99.03	+114.4%	COM	743315103
KLAC	KLA CORP	19,934 (-4.2%)	$24,221 (+7.9%)	3.3%	$344.96	+239.7%	COM	482480100
UNH	UNITEDHEALTH GROUP	32,904 (-9.5%)	$10,862 (-13.5%)	1.5%	$265.22	+27.1%	COM	91324P102
GOOGL	ALPHABET INC CL C	28,418 (-7.3%)	$8,918 (+19.5%)	1.2%	$142.21	+100.8%	COM	02079K305
NVO	NOVO-NORDISK ADR	211,322 (-3.8%)	$10,752 (-11.8%)	1.5%	$72.96	—	ADR	670100205
HSY	HERSHEY CO	49,922 (-10.5%)	$9,085 (-12.9%)	1.2%	$181.47	+0.3%	COM	427866108
SEIC	S E I INVESTMENTS	260,197 (-2.4%)	$21,341 (-5.6%)	2.9%	$36.15	+126.0%	COM	784117103
PKG	PACKAGING CORP	77,934 (-1.9%)	$16,072 (-7.2%)	2.2%	$61.37	+229.7%	COM	695156109
MRSH	MARSH & MC LENNAN	56,041 (-2.6%)	$10,397 (-10.3%)	1.4%	$78.59	+137.2%	COM	571748102
GGG	GRACO	202,226 (-3.1%)	$16,576 (-6.5%)	2.2%	$33.35	+145.7%	COM	384109104
APH	AMPHENOL	294,117 (-5.8%)	$39,747 (+2.9%)	5.4%	$40.65	+228.5%	COM	032095101
TROW	T ROWE PRICE	18,085 (-37.0%)	$1,852 (-37.2%)	0.2%	$108.91	-6.2%	COM	74144T108
SHW	SHERWIN WILLIAMS	40,746 (-1.1%)	$13,203 (-7.4%)	1.8%	$262.34	+27.4%	COM	824348106
SLGN	SILGAN HOLDINGS	28,964 (-36.9%)	$1,169 (-40.8%)	0.2%	$27.41	+48.1%	COM	827048109
AME	AMETEK	59,749 (-2.2%)	$12,267 (+6.8%)	1.7%	$44.09	+340.8%	COM	031100100
NKE	NIKE	24,933 (-24.3%)	$1,588 (-30.8%)	0.2%	$43.54	+49.1%	COM	654106103
CTSH	COGNIZANT TECH	50,635 (-3.8%)	$4,203 (+19.0%)	0.6%	$42.07	+77.4%	COM	192446102
KMB	KIMBERLY-CLARK	13,578 (-11.3%)	$1,370 (-28.0%)	0.2%	$68.22	+58.9%	COM	494368103
TSM	TAIWAN SEMICONDUCTOR ADR	35,133 (-3.8%)	$10,677 (+4.6%)	1.4%	$53.89	—	ADR	874039100
DEO	DIAGEO PLC ADR	2,817 (-60.6%)	$243 (-64.4%)	0.0%	$149.34	—	SPON ADR	25243Q205
ABBV	ABBVIE	40,653 (-3.0%)	$9,289 (-4.3%)	1.3%	$31.60	+620.1%	COM	00287Y109
PCAR	PACCAR INC	47,005 (-2.9%)	$5,148 (+8.1%)	0.7%	$97.91	+3.4%	COM	693718108
TTC	TORO	163,696 (-5.6%)	$12,886 (-2.4%)	1.7%	$45.76	+61.5%	COM	891092108
MA	MASTERCARD	56,231 (-1.2%)	$32,101 (-0.9%)	4.3%	$79.19	+605.8%	COM	57636Q104
FDS	FACTSET RESEARCH SYSTEMS	9,630 (-9.9%)	$2,795 (-8.7%)	0.4%	$151.10	+85.3%	COM	303075105
EVTC	EVERTEC	10,915 (-21.4%)	$318 (-32.3%)	0.0%	$40.54	-26.7%	COM	30040P103
ROL	ROLLINS	343,229 (-1.5%)	$20,601 (+0.7%)	2.8%	$20.65	+184.0%	COM	775711104
A	AGILENT TECHNOLOGIES	27,981 (-3.8%)	$3,807 (+2.0%)	0.5%	$126.20	+13.9%	COM	00846U101
PEP	PEPSICO	69,871 (-1.6%)	$10,028 (+0.6%)	1.4%	$71.86	+103.0%	COM	713448108
MMS	MAXIMUS	6,207 (-3.8%)	$536 (-9.1%)	0.1%	$83.20	+2.7%	COM	577933104
AVGO	BROADCOM INC	7,741 (-6.2%)	$2,679 (-1.6%)	0.4%	$164.67	+116.8%	COM	11135F101
CHDN	CHURCHILL DOWNS	2,041 (-14.6%)	$232 (+0.1%)	0.0%	$98.90	+4.6%	COM	171484108

Unchanged Positions (11)

TJX TJX COMPANIES 4.7%

Value ($000) $34,830 Shares 226,744 Est. Cost $45.23 Unrealized +226.5%

NOC NORTHROP GRUMMAN 2.3%

Value ($000) $17,006 Shares 29,824 Est. Cost $309.98 Unrealized +86.7%

SYK STRYKER 1.3%

Value ($000) $9,412 Shares 26,779 Est. Cost $91.07 Unrealized +299.1%

PRI PRIMERICA INC 0.7%

Value ($000) $4,826 Shares 18,679 Est. Cost $233.56 Unrealized +11.7%

MTD METTLER-TOLEDO 0.3%

Value ($000) $2,111 Shares 1,514 Est. Cost $411.11 Unrealized +239.7%

G GENPACT LTD 0.2%

Value ($000) $1,756 Shares 37,545 Est. Cost $36.74 Unrealized +17.7%

EXP EAGLE MATERIALS INC 0.2%

Value ($000) $1,248 Shares 6,038 Est. Cost $229.69 Unrealized -4.0%

CDNS CADENCE DESIGN SYSTEM 0.1%

Value ($000) $655 Shares 2,097 Est. Cost $46.31 Unrealized +604.7%

CBRE CBRE GROUP 0.5%

Value ($000) $3,945 Shares 24,535 Est. Cost $56.25 Unrealized +179.5%

BKE BUCKLE 0.0%

Value ($000) $267 Shares 5,000 Est. Cost $36.58 Unrealized +43.0%

MKC MC CORMICK 0.2%

Value ($000) $1,120 Shares 16,449 Est. Cost $58.91 Unrealized +11.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TJX	TJX COMPANIES	226,744	$34,830	4.7%	$45.23	+226.5%	COM	872540109
NOC	NORTHROP GRUMMAN	29,824	$17,006	2.3%	$309.98	+86.7%	COM	666807102
SYK	STRYKER	26,779	$9,412	1.3%	$91.07	+299.1%	COM	863667101
PRI	PRIMERICA INC	18,679	$4,826	0.7%	$233.56	+11.7%	COM	74164M108
MTD	METTLER-TOLEDO	1,514	$2,111	0.3%	$411.11	+239.7%	COM	592688105
G	GENPACT LTD	37,545	$1,756	0.2%	$36.74	+17.7%	COM	G3922B107
EXP	EAGLE MATERIALS INC	6,038	$1,248	0.2%	$229.69	-4.0%	COM	26969P108
CDNS	CADENCE DESIGN SYSTEM	2,097	$655	0.1%	$46.31	+604.7%	COM	127387108
CBRE	CBRE GROUP	24,535	$3,945	0.5%	$56.25	+179.5%	COM	12504L109
BKE	BUCKLE	5,000	$267	0.0%	$36.58	+43.0%	COM	118440106
MKC	MC CORMICK	16,449	$1,120	0.2%	$58.91	+11.9%	COM	579780206