NPORT-EX 2 davidson2.htm NPORT-EX

Davidson Multi-Cap Equity Fund
  
Schedule of Investments
  
September 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 93.9%
  
Shares
    
Value
  
Aerospace & Defense - 2.4%
        
RTX Corp.
    
28,141
    
$
3,409,564
  
                 
Air Freight & Logistics - 2.2%
          
FedEx Corp.
    
11,308
      
3,094,773
  
                 
Automobile Components - 1.4%
          
Aptiv PLC (a)
    
27,935
      
2,011,599
  
                 
Banks - 3.1%
          
Citigroup, Inc.
    
51,211
      
3,205,808
  
WaFd, Inc.
    
34,668
      
1,208,180
  
             
4,413,988
  
                 
Beverages - 2.0%
          
Constellation Brands, Inc. - Class A
    
10,800
      
2,783,052
  
                 
Biotechnology - 1.9%
          
Vertex Pharmaceuticals, Inc. (a)
    
5,784
      
2,690,023
  
                 
Broadline Retail - 4.3%
          
Amazon.com, Inc. (a)
    
32,594
      
6,073,240
  
                 
Capital Markets - 2.1%
          
Goldman Sachs Group, Inc.
    
6,078
      
3,009,279
  
                 
Chemicals - 3.0%
          
Corteva, Inc.
    
40,039
      
2,353,893
  
HB Fuller Co.
    
23,622
      
1,875,114
  
             
4,229,007
  
                 
Communications Equipment - 2.3%
          
Arista Networks, Inc. (a)
    
8,664
      
3,325,416
  
                 
Consumer Staples Distribution & Retail - 2.8%
          
Walmart, Inc.
    
49,578
      
4,003,423
  
                 
Electric Utilities - 1.3%
          
Exelon Corp.
    
43,992
      
1,783,876
  
                 
Electrical Equipment - 1.4%
          
Eaton Corp. PLC
    
6,184
      
2,049,625
  
                 
Entertainment - 2.3%
          
Netflix, Inc. (a)
    
4,696
      
3,330,732
  
                 
Financial Services - 4.2%
          
PayPal Holdings, Inc. (a)
    
40,696
      
3,175,509
  
Visa, Inc. - Class A
    
10,267
      
2,822,912
  
             
5,998,421
  
                 
Health Care Equipment & Supplies - 5.4%
          
Align Technology, Inc. (a)
    
8,480
      
2,156,634
  
Becton, Dickinson & Co.
    
13,021
      
3,139,363
  
Medtronic PLC
    
26,040
      
2,344,381
  
             
7,640,378
  
                 
Health Care Providers & Services - 3.3%
          
Cigna Group
    
6,240
      
2,161,786
  
Labcorp Holdings, Inc.
    
11,048
      
2,469,007
  
             
4,630,793
  
                 
Industrial Conglomerates - 1.9%
          
Honeywell International, Inc.
    
13,414
      
2,772,808
  
                 
Insurance - 2.2%
          
Progressive Corp.
    
12,276
      
3,115,158
  
                 
Interactive Media & Services - 4.5%
          
Alphabet, Inc. - Class C
    
37,929
      
6,341,349
  
                 
Machinery - 1.5%
          
Otis Worldwide Corp.
    
20,367
      
2,116,946
  
                 
Multi-Utilities - 1.4%
          
Sempra
    
23,904
      
1,999,091
  
                 
Oil, Gas & Consumable Fuels - 3.4%
          
Chevron Corp.
    
15,635
      
2,302,567
  
EOG Resources, Inc.
    
20,026
      
2,461,796
  
             
4,764,363
  
                 
Pharmaceuticals - 2.7%
          
AstraZeneca PLC - ADR
    
26,126
      
2,035,477
  
Bristol-Myers Squibb Co.
    
34,936
      
1,807,588
  
             
3,843,065
  
                 
Semiconductors & Semiconductor Equipment - 7.6%
          
Advanced Micro Devices, Inc. (a)
    
15,419
      
2,529,950
  
Broadcom, Inc.
    
12,405
      
2,139,862
  
Microchip Technology, Inc.
    
28,419
      
2,281,762
  
Micron Technology, Inc.
    
18,574
      
1,926,310
  
Silicon Laboratories, Inc. (a)
    
16,564
      
1,914,301
  
             
10,792,185
  
                 
Software - 12.9%
          
Dynatrace, Inc. (a)
    
47,073
      
2,516,993
  
Fortinet, Inc. (a)
    
44,282
      
3,434,069
  
Intuit, Inc.
    
4,922
      
3,056,562
  
Microsoft Corp.
    
15,206
      
6,543,142
  
Salesforce, Inc.
    
9,826
      
2,689,475
  
             
18,240,241
  
                 
Specialty Retail - 2.2%
          
Home Depot, Inc.
    
7,724
      
3,129,765
  
                 
Technology Hardware, Storage & Peripherals - 4.4%
          
Apple, Inc.
    
26,869
      
6,260,477
  
                 
Textiles, Apparel & Luxury Goods - 1.7%
          
Gildan Activewear, Inc.
    
52,722
      
2,483,733
  
                 
Wireless Telecommunication Services - 2.1%
          
T-Mobile US, Inc.
    
14,132
      
2,916,279
  
TOTAL COMMON STOCKS (Cost $72,281,008)
      
133,252,649
  
                 
REAL ESTATE INVESTMENT TRUSTS - 5.1%
                
Mortgage Real Estate Investment Trust – 2.0%
          
AGNC Investment Corp.
    
263,365
      
2,754,798
  
Residential Real Estate Investment Trust – 1.6%
          
Camden Property Trust
    
18,583
      
2,295,558
  
Specialized Real Estate Investment Trust - 1.5%
          
CubeSmart
    
39,678
      
2,135,867
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,149,366)
      
7,186,223
  
                 
SHORT-TERM INVESTMENT - 1.0%
                
Money Market Fund - 1.0%
                
First American Government Obligations Fund - Class X, 4.82% (b)
    
1,433,350
      
1,433,350
  
TOTAL SHORT-TERM INVESTMENT (Cost $1,433,350)
      
1,433,350
  
                 
TOTAL INVESTMENTS - 100.0% (Cost $78,863,724)
      
141,872,222
  
Liabilities in Excess of Other Assets - (0.0)% (c)
      
(953
)
TOTAL NET ASSETS - 100.0%
          
$
141,871,269
  
                 
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. ("MSCI") 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. Bank Global Fund Services.
  

ADR - American Depositary Receipt
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized effective yield as of September 30, 2024.
(c)
Represents less than 0.05% of net assets.
Summary of Fair Value Disclosure as of September 30, 2024 (Unaudited)
 
Davidson Multi-Cap Equity Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2024:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
133,252,649
    
$
–
    
$
–
    
$
133,252,649
  
  Real Estate Investment Trusts
    
7,186,223
      
–
      
–
      
7,186,223
  
  Money Market Fund
    
1,433,350
      
–
      
–
      
1,433,350
  
Total Investments
  
$
141,872,222
    
$
–
    
$
–
    
$
141,872,222
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.