Raub Brock Capital Management, LP (sometimes “Raub Brock,” the “Firm” or “Advisor”), a California limited partnership, provides investment management and comprehensive financial planning services to its clients. Raub Brock and its predecessor firms have been providing investment management and planning services since 1989. Our current formation as a limited partnership was registered with the U.S. Securities and Exchange Commission (“SEC”) in 2010. Raub Brock’s principal owner is Richard H. Alpert. ASSETS UNDER MANAGEMENT AS OF DECEMBER 31, 2023 Discretionary Assets – $ 510,449,260 Non-discretionary Assets – $ 2,549,009,378 Total Assets Under Management - $ 3,059,458,638 ADVISORY SERVICES We are a disciplined, bottom up, concentrated U.S. equity investment manager. Our primary investment focus is on high quality, dividend growth large cap equity securities. We manage accounts of all types (individual, trust, retirement accounts, etc.) for individual private clients and family offices and separately managed, unified managed and wrap accounts for various types of institutional clients, banks, pension and profit-sharing plans and third-party asset managers. Investment Management Services – Individually Managed Private Client Accounts Through conversations with clients and its financial planning process, Raub Brock and its clients agree upon investment objectives, guidelines and an asset allocation strategy based upon the client’s financial condition and investment objectives, investment experience, time horizon, risk tolerance level, income requirement and other factors. The Firm generally accepts new client relationships of $1 million or above; multiple investment accounts may be aggregated to meet this minimum. Raub Brock’s investment advisory services generally include:
• Gathering information to determine client investment profile, such as: goals (financial and lifestyle), personal financial information (age, income, expenses, net worth, etc.) investment objectives (income, growth, liquidity, tax deferral, etc.) investment horizon and risk tolerance.
• The determination of an appropriate asset allocation for the client’s investment portfolio, in accordance with the client’s specific financial objectives and risk tolerance and in consideration of other factors, including the client’s financial assets, real property, cash flow, liquidity needs, insurance and time horizon (education funding, home purchase, retirement, legacy planning). Clients may identify any investment restrictions to be placed on their account. Each client’s financial objectives, risk tolerance, and liquidity needs, along with a recommended asset allocation and permitted investments, are incorporated into an investment plan that is customized to the client. In the process, Raub Brock may adjust its investment policy with consideration to the client’s securities that are not under Raub Brock’s management.
• Monitoring each client’s securities transactions, portfolio holdings and asset allocation on a continuous basis. We offer a number of different investment strategy models to our private individual clients, based upon their individual investment goals and risk tolerance. Individual private client portfolios are most often a blend of our dominant investment model, the Dividend Growth Portfolio equity strategy and a client-tailored selection of mutual funds, exchange-traded funds, fixed income funds, real estate investment trusts and publicly traded limited partnerships to achieve portfolio exposure in specific asset classes, such as stocks traded on foreign exchanges, small capitalization stocks, emerging market stocks, real estate, natural resources, commodities, alternatives and bonds. A client retains the authority to make additions to and withdrawals from their portfolio account at any time, subject to the Firm’s right to terminate an account if the amount of assets drops below our account size minimum. Clients can withdraw account assets with notice to the Firm, subject to the usual and customary securities settlement procedures. However, we design client portfolios as long-term investments and caution our clients that asset withdrawals will impair the achievement of the client’s investment objectives. Additions to an account may be in cash or securities provided that we may decline to accept particular securities into a client’s account or may recommend that the security be liquidated if it is inconsistent with the Firm’s investment strategy or the client’s investment objectives. Clients are advised that when transferred securities are liquidated, they are subject to transaction fees, fees assessed at the mutual fund level (i.e. contingent deferred sales charge) and/or tax ramifications. Investment Management Services – Sub-advisory Services to Institutional Clients In addition to providing investment management services to individual private clients and family offices, Raub Brock provides sub-advisory investment management services to a number of large institutional clients through separately managed account programs (SMA), unified managed account programs (UMA) and wrap fee programs. Such institutional clients are interested exclusively in the Firm’s Dividend Growth Portfolio equity strategy, (for institutional clients, referred to herein as the “Model Portfolio”). The securities recommendations comprising the Model Portfolio are the same securities recommendations that the Firm by and large follows for its individually managed private client accounts. The fees paid to Raub Brock under these sub-advisory arrangements are generally lower than the traditional management fees charged by Raub Brock. These sub- advisory relationships with its institutional clients fall into three categories:
• Model Portfolio Services – With Trade Executions. A number of institutional SMA advisor clients retain the Firm so that their underlying retail clients can access the Model Portfolio for their own investment accounts. Raub Brock’s services to some of these SMA programs includes development of the Model Portfolio, research, updates and monitoring of the Model Portfolio, and trade executions on behalf of the underlying SMA client accounts in response to model updates. Raub Brock does not enter into a direct relationship with the underlying clients of the SMA programs and does not provide account-specific performance reporting services to those underlying program participant clients.
• Model Portfolio Services – With Notice of Model Updates Only. Different institutional SMA advisor and its UMA advisor clients also retain Raub Brock in order that their underlying retail clients can access the Model Portfolio for their investment accounts. However, Raub Brock’s services to these

other SMA and UMA programs includes only development of the Model Portfolio, research, updates and monitoring of the Model Portfolio, and notice only of model updates. For these program clients, the Firm does not provide trade execution services in response to model updates and does not provide account-specific performance reporting services. Raub Brock does not enter into a direct relationship with the underlying clients of the UMA and SMA programs.
• Portfolio Management Services – Wrap Fee Programs. Raub Brock also provides portfolio management services to “wrap fee” programs sponsored by institutional client firms that want to make the Model Portfolio and the Firm’s management services available to underlying wrap program participants. Wrap fee program sponsors typically offer comprehensive brokerage, custodial and advisory services for a single “wrap fee” based on a percentage of assets under management. The wrap sponsor’s services generally include, in addition to the selection of investment advisors such as Raub Brock, consultation on investment objectives and suitability, custodial services, the execution of portfolio transactions, trade confirmations, reporting and the evaluation of investment performance. The program sponsor pays Raub Brock a portion of the wrap fee in connection with the advisory services the Firm provides. When Raub Brock provides its services to wrap fee programs, it contracts with the wrap program sponsor for its services rather than the underlying client participants of the wrap program. The wrap sponsor serves as a master investment advisor and is responsible for client record-keeping and reporting. Each wrap program sponsor is primarily responsible for initially (and routinely thereafter), evaluating whether a given wrap program is suitable for their wrap program participants. Each wrap sponsor is responsible for uploading to the wrap program’s online platform, sufficient initial and updated client financial condition information to allow Raub Brock to verify initial (and monitor ongoing) individual participant suitability regarding the Model Portfolio. The single wrap fee paid by each wrap program participant is distributed amongst the wrap sponsor advisor, the wrap program broker-dealer and Raub Brock as the Model advisor. Consequently, each wrap fee program participant is advised to consider the level of the single fee being charged under the program relative to the services provided, including the amount of portfolio activity in the account and the value of custodial and portfolio monitoring services. The single fee may be higher or lower than the total cost of all services the underlying client is receiving were they to pay for each service separately. Fiduciary Status When we provide investment advice to you regarding your investment accounts, including your retirement plan account or individual retirement account, we are fiduciaries within the meaning of certain state and federal laws such as the Employee Retirement Income Security Act and/or the Internal Revenue Code and the regulations of the U.S. Securities and Exchange Commission, as applicable. These regulations require us to act in your best interest and not put our interests ahead of yours. Financial Planning and Financial Consulting Services The Firm provides financial planning and financial consulting services that may include, among other services: 1. accumulation and retirement planning; 2. employment compensation and benefit planning; 3. analysis of current investment holdings, investment strategy or asset allocation; 4. education funding; 5. insurance planning; and 6. estate planning. When requested and appropriate, routine financial planning analyses and recommendations are provided to clients as a part of the Firm’s investment management services, without separate fees. In cases where the client’s family circumstances, financial condition, estate plan, current assets and investment and retirement goals involve greater complexity and/or require consultations with outside professionals, financial planning and financial consulting services are charged an additional, separate fee and provided pursuant to a separate written agreement setting forth the terms and conditions of the engagement and describing the scope of the services to be provided. Client Obligations In performing its services, Raub Brock relies upon the information received from its client or from their other professional legal and accounting advisors and is not required to independently verify such information. Each client is advised that it remains his/her/its responsibility to promptly notify Raub Brock if there is ever any change in his/her/its financial situation or investment objectives for the purpose of reviewing/evaluating/revising Raub Brock’s previous recommendations and/or services. Advisor Does Not Provide Comprehensive Tax or Accounting Advice In providing investment management services, Raub Brock’s decisions and recommendations may include the consideration of the possible alternative tax consequences incidental to such decisions and recommendations. However, the Firm does not undertake to provide comprehensive tax or accounting advice or counseling. Although we prepare reports to assist our clients with the preparation of their tax returns, such reports do not represent the advice or approval of tax professionals. We advise clients to consult a tax professional in order to determine the tax and accounting consequences of investments in their accounts. TERMINATION OF AGREEMENT Raub Brock and its clients may terminate their respective investment management agreement at any time, upon written notice. The Firm does not assess any fees related to termination but is entitled to all management fees earned up to the date of termination. Any earned fees owed to Raub Brock are paid from the client’s account on a pro rata basis determined on the amount of time expired in the calendar quarter. If a copy of this Form ADV Part 2A disclosure statement was not delivered to the client prior to or simultaneous with a client entering into a written advisory contract with Advisor, then the client has the right to terminate the contract without penalty within five (5) business days after entering into the contract. For purposes of this provision, a contract is considered entered into when all parties to the contract have signed the contract. If the client terminates the contract on this basis, all fees paid by the client are refunded. Any transaction costs of the executing broker/custodian for establishing the custodial account or for trades occurring during those five days are non-refundable.