Zevenbergen Growth Fund | |||||||
Schedule of Investments | |||||||
As of September 30, 2022 (Unaudited) | |||||||
Number of | |||||||
Shares | Value | ||||||
COMMON STOCKS ― 98.4% | |||||||
CONSUMER DISCRETIONARY ― 39.7% | |||||||
28,900 | Airbnb, Inc. (a) | $ | 3,035,656 | ||||
38,035 | Amazon.com, Inc. (a) | 4,297,955 | |||||
6,015 | MercadoLibre, Inc. (a) | 4,979,097 | |||||
4,000 | Netflix, Inc. (a) | 941,760 | |||||
49,400 | On Holding AG ― ADR (a) | 792,870 | |||||
31,500 | Tesla, Inc. (a) | 8,355,375 | |||||
90,800 | The Trade Desk, Inc. (a) | 5,425,300 | |||||
109,560 | Uber Technologies, Inc. (a) | 2,903,340 | |||||
6,740 | Wingstop, Inc. | 845,331 | |||||
31,576,684 | |||||||
CONSUMER STAPLES ― 0.3% | |||||||
2,400 | Celsius Holdings, Inc. (a) | 217,632 | |||||
ENERGY ― 4.9% | |||||||
11,200 | Enphase Energy, Inc. (a) | 3,107,664 | |||||
6,000 | First Solar, Inc. (a) | 793,620 | |||||
3,901,284 | |||||||
FINANCE AND INSURANCE ― 3.6% | |||||||
10,000 | Coinbase Global, Inc. (a) | 644,900 | |||||
29,550 | Silvergate Capital Corporation (a) | 2,226,592 | |||||
2,871,492 | |||||||
HEALTH CARE ― 7.5% | |||||||
55,500 | Exact Sciences Corporation (a) | 1,803,195 | |||||
4,250 | Repligen Corp. (a) | 795,217 | |||||
12,100 | Seagen Inc. (a) | 1,655,643 | |||||
10,360 | Veeva Systems Inc. (a) | 1,708,157 | |||||
5,962,212 | |||||||
INDUSTRIALS ― 11.2% | |||||||
19,915 | Axon Enterprise, Inc. (a) | 2,305,161 | |||||
21,050 | Bill.com Holdings, Inc. (a) | 2,786,389 | |||||
10,145 | Paylocity Holding Corporation (a) | 2,450,829 | |||||
25,000 | Block, Inc. (a) | 1,374,750 | |||||
8,917,129 | |||||||
REAL ESTATE ― 1.7% | |||||||
48,000 | Zillow Group, Inc. Class C (a) | 1,373,280 | |||||
TECHNOLOGY ― 29.5% | |||||||
14,500 | Cloudflare, Inc. (a) | 801,995 | |||||
10,250 | CrowdStrike Holdings, Inc. (a) | 1,689,303 | |||||
90,650 | DoubleVerify Holdings, Inc. (a) | 2,479,277 | |||||
54,165 | Global-E Online Ltd. ― ADR (a) | 1,449,455 | |||||
5,275 | MongoDB, Inc. (a) | 1,047,404 | |||||
20,560 | NVIDIA Corporation | 2,495,778 | |||||
6,450 | Palo Alto Networks, Inc. (a) | 1,056,445 | |||||
5,350 | ServiceNow, Inc. (a) | 2,020,214 | |||||
119,100 | Shopify Inc. ― ADR (a) | 3,208,554 | |||||
15,910 | Snowflake Inc. (a) | 2,704,064 | |||||
46,700 | Sprout Social, Inc. (a) | 2,833,756 | |||||
27,650 | Unity Software Inc. (a) | 880,929 | |||||
14,000 | Xometry, Inc. (a) | 795,060 | |||||
23,462,234 | |||||||
TOTAL COMMON STOCKS | |||||||
(Cost $76,713,921) | $ | 78,281,947 | |||||
SHORT-TERM INVESTMENT ― 2.8% | |||||||
2,204,334 | First American U.S. Treasury Money Market Fund, Class Z, 2.69% (b) | 2,204,334 | |||||
TOTAL SHORT-TERM INVESTMENT (Cost $2,204,334) | $ | 2,204,334 | |||||
TOTAL INVESTMENTS ― 101.2% (Cost $78,918,255) | 80,486,281 | ||||||
Liabilities in Excess of Other Assets ― (1.2)% | (971,790 | ) | |||||
TOTAL NET ASSETS ― 100.0% | $ | 79,514,491 | |||||
ADR: | American Depositary Receipt. | ||||||
(a): | Non Income Producing. | ||||||
(b): | Variable rate security. The rate disclosed is the annualized seven-day effective yield as of September 30, 2022. |
Valuation of Investments (Unaudited)
The Zevenbergen Growth Fund (“The Fund”) follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). The inputs or methodology used in determining the value of the Fund’s investments are not necessarily an indication of the risk associated with investing in those securities.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad categories as defined below:
Level 1 - Quoted prices in active markets for identical securities. An active market for a security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.
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 - Significant unobservable inputs, including the Fund’s own assumptions in determining fair value of investments.
Equity Securities that are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.
Short-term investments classified as money market instruments are valued at NAV. These investments are categorized as Level 1 of the fair value hierarchy.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the fair values of the Fund’s consolidated investments in each category investment type as of September 30, 2022:
Zevenbergen Growth Fund
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 78,281,947 | $ | - | $ | - | $ | 78,281,947 | ||||||||
Short-Term Investment | 2,204,334 | - | - | 2,204,334 | ||||||||||||
Total | $ | 80,486,281 | $ | - | $ | - | $ | 80,486,281 |
Please refer to the Schedule of Investments for further classification.