Davidson Multi Cap Equity Fund
Schedule of Investments - September 30, 2023 (Unaudited)
Shares			Value
		Common Stocks —91.82%
		Aerospace & Defense — 1.80%
	27,697	RTX Corp.	$	1,993,353
		Air Freight & Logistics — 2.26%
	9,448	Fedex Corp.		2,502,964
		Automobile Components — 1.97%
	22,076	Aptiv PLC (a)		2,176,473
		Banks — 1.93%
	51,954	Citigroup, Inc.		2,136,868
		Beverages — 2.39%
	10,517	Constellation Brands, Inc.		2,643,238
		Biotechnology — 2.31%
	7,348	Vertex Pharmaceuticals, Inc. (a)		2,555,194
		Broadline Retail — 4.04%
	35,142	Amazon.com, Inc. (a)		4,467,251
		Capital Markets — 2.35%
	8,014	Goldman Sachs Group, Inc.		2,593,090
		Chemicals — 3.34%
	39,449	Corteva, Inc.		2,018,211
	24,350	HB Fuller Co.		1,670,653
				3,688,864
		Communications Equipment — 2.17%
	13,034	Arista Networks, Inc. (a)		2,397,344
		Consumer Staples Distribution & Retail — 2.32%
	16,011	Walmart, Inc.		2,560,639
		Electric Utilities — 1.55%
	45,350	Exelon Corp.		1,713,776
		Electrical Equipment — 2.14%
	11,080	Eaton Corp. PLC		2,363,142
		Entertainment — 3.05%
	14,120	Electronic Arts, Inc.		1,700,048
	4,431	Netflix, Inc. (a)		1,673,146
				3,373,194
		Financial Services — 3.05%
	24,526	PayPal Holdings, Inc. (a)		1,433,790
	8,411	Visa, Inc. - Class A		1,934,614
				3,368,404
		Health Care Equipment & Supplies — 5.44%
	4,837	Align Technology, Inc. (a)		1,476,833
	9,845	Becton, Dickinson & Co.		2,545,228
	25,358	Medtronic PLC		1,987,053
				6,009,114
		Health Care Providers & Services — 4.02%
	8,038	Cigna Group		2,299,431
	10,672	Laboratory Corp. of America Holdings		2,145,605
				4,445,036
		Hotels, Restaurants & Leisure — 1.68%
	20,399	Starbucks Corp.		1,861,817
		Industrial Conglomerates — 1.44%
	8,641	Honeywell International, Inc.		1,596,338
		Insurance — 2.53%
	20,112	Progressive Corp.		2,801,602
		Interactive Media & Services — 4.27%
	35,773	Alphabet, Inc. - Class C (a)		4,716,670
		Machinery — 1.98%
	27,259	Otis Worldwide Corp.		2,189,170
		Multi-Utilities — 1.52%
	24,642	Sempra		1,676,395
		Oil, Gas & Consumable Fuels — 4.72%
	16,118	Chevron Corp.		2,717,817
	19,696	EOG Resources, Inc.		2,496,665
				5,214,482
		Personal Care Products — 1.29%
	9,895	Estee Lauder Cos., Inc.		1,430,322
		Pharmaceuticals — 1.78%
	33,804	Bristol-Myers Squibb Co.		1,961,984
		Semiconductors & Semiconductor Equipment — 3.70%
	15,895	Advanced Micro Devices, Inc. (a)		1,634,324
	17,805	Micron Technology, Inc.		1,211,274
	10,695	Silicon Laboratories, Inc. (a)		1,239,444
				4,085,042
		Software — 13.21%
	33,148	Fortinet, Inc. (a)		1,945,125
	4,900	Intuit, Inc.		2,503,606
	14,240	Microsoft Corp.		4,496,280
	13,308	Salesforce, Inc. (a)		2,698,596
	20,242	Splunk, Inc. (a)		2,960,392
				14,603,999
		Technology Hardware, Storage & Peripherals — 3.91%
	25,212	Apple, Inc.		4,316,547
		Textiles, Apparel & Luxury Goods — 1.81%
	71,394	Gildan Activewear, Inc.		1,999,746
		Wireless Telecommunication Services — 1.85%
	14,568	T-Mobile US, Inc. (a)		2,040,248
		Total Common Stocks (Cost $64,029,331)		101,482,306
		REITs —4.38%
	165,781	AGNC Investment Corp.		1,564,973
	18,070	Camden Property Trust		1,709,061
	40,902	CubeSmart		1,559,593
		Total REITs (Cost $4,347,054)		4,833,627
		Money Market Fund — 3.70%
	4,090,739	First American Government Obligations Fund, Class X, 5.265% (b)		4,090,739
		Total Money Market Fund (Cost $4,090,739)		4,090,739
		Total Investments (Cost $72,467,124) — 99.90%		110,406,672
		Other Assets in Excess of Liabilities — 0.10%		115,475
		Total Net Assets — 100.00%	$	110,522,147
		Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI,
Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has
been licensed for use by U.S. Bancorp Fund Services, LLC.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

(a)	Non-income producing security.
(b)	Rate shown represents the 7-day annualized yield as of September 30, 2023.

Davidson Multi Cap Equity Fund

Summary of Fair Value Disclosure at September 30, 2023 (Unaudited)

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establish a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The following is a summary of the inputs used to value the Fund's investments as of September 30, 2023:

	Level 1		Level 2		Level 3		Total
Common Stocks
Communication Services	$	10,130,112	$	–	$	–	$	10,130,112
Consumer Discretionary		10,505,287		–		–		10,505,287
Consumer Staples		6,634,199		–		–		6,634,199
Energy		5,214,482		–		–		5,214,482
Financials		10,899,964		–		–		10,899,964
Health Care		14,971,327		–		–		14,971,327
Industrials		10,644,968		–		–		10,644,968
Information Technology		25,402,931		–		–		25,402,931
Materials		3,688,864		–		–		3,688,864
Utilities		3,390,172		–		–		3,390,172
Total Common Stocks		101,482,306		–		–		101,482,306
REITs		4,833,627		–		–		4,833,627
Money Market Fund		4,090,739		–		–		4,090,739
Total Investments	$	110,406,672	$	–	$	–	$	110,406,672
Refer to the Fund's schedule of investments for a detailed break-out of securities by industry classification.