NPORT-EX 2 davidson4.htm NPORT-EX

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.