NPORT-EX 2 davidson.htm NPORT-EX

Davidson Multi Cap Equity Fund
  
Schedule of Investments
  
March 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 94.3%
  
Shares
    
Value
 
Aerospace & Defense - 2.4%
        
RTX Corp.
    
24,671
    
$
3,267,921
  
                 
Air Freight & Logistics - 2.0%
          
FedEx Corp.
    
11,280
      
2,749,838
  
                 
Automobile Components - 1.2%
          
Aptiv PLC (a)
    
27,866
      
1,658,027
  
                 
Banks - 3.4%
          
Citigroup, Inc.
    
51,084
      
3,626,453
  
WaFd, Inc.
    
34,582
      
988,354
  
             
4,614,807
  
                 
Beverages - 1.5%
          
Constellation Brands, Inc. - Class A
    
10,773
      
1,977,061
  
                 
Biotechnology - 2.6%
          
Vertex Pharmaceuticals, Inc. (a)
    
7,369
      
3,572,639
  
                 
Broadline Retail - 4.2%
          
Amazon.com, Inc. (a)
    
29,698
      
5,650,341
  
                 
Capital Markets - 2.4%
          
Goldman Sachs Group, Inc.
    
6,063
      
3,312,156
  
                 
Chemicals - 2.3%
          
Corteva, Inc.
    
28,585
      
1,798,854
  
HB Fuller Co.
    
23,563
      
1,322,356
  
             
3,121,210
  
                 
Communications Equipment - 1.9%
          
Arista Networks, Inc. (a)
    
34,192
      
2,649,196
  
                 
Consumer Staples Distribution & Retail - 3.0%
          
Walmart, Inc.
    
45,655
      
4,008,052
  
                 
Electric Utilities - 1.5%
          
Exelon Corp.
    
43,883
      
2,022,129
  
                 
Electrical Equipment - 1.9%
          
Eaton Corp. PLC
    
9,431
      
2,563,629
  
                 
Entertainment - 2.5%
          
Netflix, Inc. (a)
    
3,710
      
3,459,686
  
                 
Financial Services - 4.2%
          
PayPal Holdings, Inc. (a)
    
31,475
      
2,053,744
  
Visa, Inc. - Class A
    
10,242
      
3,589,411
  
             
5,643,155
  
                 
Health Care Equipment & Supplies - 3.9%
          
Becton, Dickinson & Co.
    
12,989
      
2,975,260
  
Medtronic PLC
    
25,975
      
2,334,114
  
             
5,309,374
  
                 
Health Care Providers & Services - 3.7%
          
Cigna Group
    
7,640
      
2,513,560
  
Labcorp Holdings, Inc.
    
11,021
      
2,565,027
  
             
5,078,587
  
                 
Industrial Conglomerates - 2.1%
          
Honeywell International, Inc.
    
13,381
      
2,833,427
  
                 
Insurance - 2.1%
          
Progressive Corp.
    
9,882
      
2,796,705
  
                 
Interactive Media & Services - 5.3%
          
Alphabet, Inc. - Class C
    
33,005
      
5,156,371
  
Meta Platforms, Inc. - Class A
    
3,528
      
2,033,398
  
             
7,189,769
  
                 
Machinery - 1.5%
          
Otis Worldwide Corp.
    
20,316
      
2,096,611
  
                 
Multi-Utilities - 1.3%
          
Sempra
    
23,845
      
1,701,579
  
                 
Oil, Gas & Consumable Fuels - 3.8%
          
Chevron Corp.
    
15,596
      
2,609,055
  
EOG Resources, Inc.
    
19,976
      
2,561,722
  
             
5,170,777
  
                 
Pharmaceuticals - 3.0%
          
AstraZeneca PLC - ADR
    
26,061
      
1,915,483
  
Bristol-Myers Squibb Co.
    
34,849
      
2,125,441
  
             
4,040,924
  
                 
Semiconductors & Semiconductor Equipment - 7.8%
          
Broadcom, Inc.
    
16,274
      
2,724,756
  
Micron Technology, Inc.
    
18,528
      
1,609,898
  
NVIDIA Corp.
    
24,890
      
2,697,578
  
Silicon Laboratories, Inc. (a)
    
16,523
      
1,859,994
  
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
    
9,962
      
1,653,692
  
             
10,545,918
  
                 
Software - 12.4%
          
Dynatrace, Inc. (a)
    
51,726
      
2,438,881
  
Fortinet, Inc. (a)
    
31,552
      
3,037,195
  
Intuit, Inc.
    
4,910
      
3,014,691
  
Microsoft Corp.
    
15,168
      
5,693,916
  
Salesforce, Inc.
    
9,802
      
2,630,465
  
             
16,815,148
  
                 
Specialty Retail - 2.1%
          
Home Depot, Inc.
    
7,705
      
2,823,805
  
                 
Technology Hardware, Storage & Peripherals - 4.4%
          
Apple, Inc.
    
26,802
      
5,953,528
  
                 
Textiles, Apparel & Luxury Goods - 1.7%
          
Gildan Activewear, Inc.
    
52,591
      
2,325,574
  
                 
Wireless Telecommunication Services - 2.2%
          
T-Mobile US, Inc.
    
11,429
      
3,048,229
  
TOTAL COMMON STOCKS (Cost $72,733,869)
      
127,999,802
  
                 
REAL ESTATE INVESTMENT TRUSTS - COMMON - 4.8%
                
Mortgage Real Estate Investment Trusts (REITs) - 1.9%
          
AGNC Investment Corp.
    
262,712
      
2,516,781
  
                 
Residential REITs - 1.7%
          
Camden Property Trust
    
18,537
      
2,267,075
  
                 
Specialized REITs - 1.2%
          
CubeSmart
    
39,580
      
1,690,462
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,065,944)
      
6,474,318
  
                 
SHORT-TERM INVESTMENT - 1.0%
                
Money Market Fund - 1.0%
                
First American Government Obligations Fund - Class X, 4.27% (b)
    
1,374,963
      
1,374,963
  
TOTAL SHORT-TERM INVESTMENT (Cost $1,374,963)
      
1,374,963
  
                 
TOTAL INVESTMENTS - 100.1% (Cost $79,174,776)
      
135,849,083
  
Liabilities in Excess of Other Assets - (0.1)%
      
(89,523
)
TOTAL NET ASSETS - 100.0%
          
$
135,759,560
  
two
      
–
%
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
REIT - Real Estate Investment Trust

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized effective yield as of March 31, 2025.
Summary of Fair Value Disclosure as of March 31, 2025 (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 March 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
127,999,802
    
$
–
    
$
–
    
$
127,999,802
  
  Real Estate Investment Trusts
    
6,474,318
      
–
      
–
      
6,474,318
  
  Money Market Fund
    
1,374,963
      
–
      
–
      
1,374,963
  
Total Investments
  
$
135,849,083
    
$
–
    
$
–
    
$
135,849,083
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.