Plumb Equity Fund
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Schedule of Investments
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June 30, 2023 (Unaudited)
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Shares
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Value
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|||||||
COMMON STOCKS - 99.03%
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||||||||
Automobile Components - 1.59%
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||||||||
Mobileye Global, Inc. (a)
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9,000
|
$
|
345,780
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|||||
Beverages - 3.28%
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Constellation Brands, Inc. - Class A
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2,900
|
713,777
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Broadline Retail - 3.86%
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Amazon.com, Inc. (a)
|
1,000
|
130,360
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||||||
MercadoLibre, Inc. (a)
|
600
|
710,760
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||||||
841,120
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Capital Markets - 2.48%
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Charles Schwab Corp.
|
9,537
|
540,557
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||||||
Commercial Services & Supplies - 6.86%
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||||||||
Copart, Inc. (a)
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11,000
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1,003,310
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VSE Corp.
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9,000
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492,210
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1,495,520
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Consumer Finance - 5.48%
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American Express Co.
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3,500
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609,700
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Discover Financial Services
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5,000
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584,250
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||||||
1,193,950
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Energy Equipment & Services - 3.61%
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Schlumberger NV - ADR (b)
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16,000
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785,920
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Financial Services - 18.80%
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Fiserv, Inc. (a)
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6,000
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756,900
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Mastercard, Inc.
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2,300
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904,590
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Toast, Inc. (a)
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31,518
|
711,361
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Visa, Inc.
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4,000
|
949,920
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WEX, Inc. (a)
|
4,250
|
773,798
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||||||
4,096,569
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||||||||
Health Care Equipment & Supplies - 5.55%
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||||||||
Intuitive Surgical, Inc. (a)
|
2,700
|
923,238
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||||||
Shockwave Medical, Inc. (a)
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1,000
|
285,410
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||||||
1,208,648
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Interactive Media & Services - 4.81%
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Alphabet, Inc. (a)
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8,750
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1,047,375
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Oil, Gas & Consumable Fuels - 2.01%
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Phillips 66
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4,600
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438,748
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Personal Care Products - 4.19%
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elf Beauty, Inc. (a)
|
8,000
|
913,840
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Pharmaceuticals - 3.34%
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Novo Nordisk A S - ADR (b)
|
4,500
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728,235
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||||||
Semiconductors & Semiconductor Equipment - 12.72%
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Advanced Micro Devices, Inc. (a)
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6,500
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740,415
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Microchip Technology, Inc.
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8,500
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761,515
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||||||
NVIDIA Corp.
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3,000
|
1,269,060
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||||||
2,770,990
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Software - 16.00%
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||||||||
Adobe, Inc. (a)
|
2,000
|
977,980
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||||||
Autodesk, Inc. (a)
|
4,300
|
879,823
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||||||
Microsoft Corp.
|
2,750
|
936,485
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||||||
Mitek Systems, Inc. (a)
|
40,000
|
433,600
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||||||
Olo, Inc. (a)
|
40,000
|
258,400
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||||||
3,486,288
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||||||||
Technology Hardware, Storage, & Peripherals - 4.45%
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||||||||
Apple, Inc.
|
5,000
|
969,850
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TOTAL COMMON STOCKS (Cost $12,301,459)
|
21,577,167
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|||||||
SHORT TERM INVESTMENT - 0.88%
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||||||||
Money Market Fund - 0.88%
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||||||||
First American Government Obligations Fund - Class X - 5.01% (c)
|
190,754
|
190,754
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||||||
TOTAL SHORT TERM INVESTMENT (Cost $190,754)
|
190,754
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|||||||
Total Investments (Cost $12,492,213) - 99.91%
|
21,767,921
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|||||||
Other Assets in Excess of Liabilities - 0.09%
|
24,513
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|||||||
TOTAL NET ASSETS - 100.00%
|
$
|
21,792,434
|
Percentages are stated as a percent of net assets.
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||||
ADR - American Depositary Receipt
|
||||
(a)
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Non-income producing security.
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|||
(b)
|
Foreign issued security. Foreign concentration is as follows: Curacao 3.61%, Denmark 3.34%
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(c)
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Rate shown is the 7-day effective yield.
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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 Global Fund Services, LLC.
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The accompanying notes are an integral part of the Schedule of Investments.
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Notes to the Schedule of Investments (Unaudited)
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Security Valuation
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The Funds have adopted authoritative fair valuation 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 and a discussion in changes in valuation
techniques and related inputs during the year. These inputs are summarized in the three broad levels listed below.
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Level 1 -
|
quoted prices in active markets for identical securities
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Level 2 -
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other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk,
etc.)
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Level 3 -
|
significant unobservable inputs (including the Funds' own assumptions in determining fair value of investments)
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Equity securities, including common stocks, are valued at the last sale price reported by the exchange on which the securities are
primarily traded on the day of valuation. Nasdaq-listed securities are valued at their Nasdaq Office Closing Price. Equity securities not traded on a listed exchange or not traded using Nasdaq are valued as of the last sale price at the
close of the U.S. market. If there are no sales on a given day for securities traded on an exchange, the latest bid quotation will be used. These securities will generally be classified as Level 1 securities.
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Investments in mutual funds, including money market funds, are generally priced at the ending net asset value (NAV) provided by the
service agent of the funds and will be classified as Level 1 securities.
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Debt securities, such as corporate bonds and preferred securities, are valued using a market approach based on information supplied
by independent pricing services. The market inputs used by the independent pricing service include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and
reference data including market research publications. Debt securities with remaining maturities of 60 days or less may be valued on an amortized cost basis, which involves valuing an instrument at its cost and thereafter assuming a
constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating rates on the fair value of the instrument. To the extent the inputs are observable and timely, these debt securities and preferred
securities will generally be classified as Level 2 securities.
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Any securities or other assets for which market quotations are not readily available are valued at fair value as determined in good
faith by the Advisor pursuant to procedures established under the general supervision and responsibility of the Funds’ Board of Directors and will be classified as Level 3 securities.
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The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those
securities. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its
entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
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The following is a summary of the inputs used in valuing the Funds' assets carried at fair value as of June 30, 2023.
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Description
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Level 1
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Level 2
|
Level 3
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Total
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||||||||||||
Plumb Equity Fund
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||||||||||||||||
Common Stocks*
|
$
|
21,577,167
|
$
|
-
|
$
|
-
|
$
|
21,577,167
|
||||||||
Money Market Fund
|
190,754
|
-
|
-
|
190,754
|
||||||||||||
Total
|
$
|
21,767,921
|
$
|
-
|
$
|
-
|
$
|
21,767,921
|
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*For detailed industry descriptions, refer to the Schedules of Investments.
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The Funds did not hold any investments during the period with significant unobservable inputs which would be classified as Level 3.
As of and during the period ended June 30, 2023, no securities were transferred into or out of Level 1 or Level 2. It is the Funds' policy to consider transfers into or out of any level as of the end of the reporting period.
|