| Plumb Balanced Fund | ||||||||
| Schedule of Investments | ||||||||
| as of June 30, 2024 (Unaudited) | ||||||||
| COMMON STOCKS - 67.3% | Shares | Value | ||||||
| Biotechnology - 0.8% | ||||||||
Vertex Pharmaceuticals, Inc.(a) | 1,250 | $ | 585,900 | |||||
| Broadline Retail - 5.7% | ||||||||
Amazon.com, Inc.(a) | 10,000 | 1,932,500 | ||||||
MercadoLibre, Inc.(a) | 1,400 | 2,300,760 | ||||||
4,233,260 | ||||||||
| Commercial Services & Supplies - 6.8% | ||||||||
Copart, Inc.(a) | 38,000 | 2,058,080 | ||||||
Montrose Environmental Group, Inc.(a) | 20,000 | 891,200 | ||||||
| VSE Corp. | 23,500 | 2,074,580 | ||||||
5,023,860 | ||||||||
| Consumer Finance - 2.5% | ||||||||
| American Express Co. | 8,000 | 1,852,400 | ||||||
| Energy Equipment & Services - 1.9% | ||||||||
| Schlumberger NV | 30,500 | 1,438,990 | ||||||
| Financial Services - 12.5% | ||||||||
Corpay, Inc.(a) | 3,200 | 852,512 | ||||||
Fiserv, Inc.(a) | 6,000 | 894,240 | ||||||
| Mastercard, Inc. - Class A | 4,750 | 2,095,510 | ||||||
Toast, Inc. - Class A(a) | 56,932 | 1,467,138 | ||||||
| Visa, Inc. - Class A | 8,500 | 2,230,995 | ||||||
WEX, Inc.(a) | 9,500 | 1,682,830 | ||||||
9,223,225 | ||||||||
| Health Care Equipment & Supplies - 2.1% | ||||||||
Intuitive Surgical, Inc.(a) | 3,500 | 1,556,975 | ||||||
| Interactive Media & Services - 3.7% | ||||||||
| Alphabet, Inc. - Class A | 15,000 | 2,732,250 | ||||||
| Oil, Gas & Consumable Fuels - 3.9% | ||||||||
| Exxon Mobil Corp. | 13,000 | 1,496,560 | ||||||
| Phillips 66 | 10,000 | 1,411,700 | ||||||
2,908,260 | ||||||||
| Personal Care Products - 2.3% | ||||||||
elf Beauty, Inc.(a) | 8,000 | 1,685,760 | ||||||
| Pharmaceuticals - 6.4% | ||||||||
| Eli Lilly & Co. | 2,300 | 2,082,374 | ||||||
| Novo Nordisk AS - ADR | 18,500 | 2,640,690 | ||||||
4,723,064 | ||||||||
| Semiconductors & Semiconductor Equipment - 9.8% | ||||||||
Advanced Micro Devices, Inc.(a) | 10,000 | 1,622,100 | ||||||
| Microchip Technology, Inc. | 14,500 | 1,326,750 | ||||||
| NVIDIA Corp. | 35,000 | 4,323,900 | ||||||
7,272,750 | ||||||||
| Software - 6.6% | ||||||||
Adobe, Inc.(a) | 3,050 | 1,694,397 | ||||||
Autodesk, Inc.(a) | 3,000 | 742,350 | ||||||
| Microsoft Corp. | 5,500 | 2,458,225 | ||||||
4,894,972 | ||||||||
| Technology Hardware, Storage & Peripherals - 2.3% | ||||||||
| Apple, Inc. | 8,000 | 1,684,960 | ||||||
TOTAL COMMON STOCKS (Cost $23,942,919) | 49,816,626 | |||||||
| CORPORATE BONDS - 29.4% | Par | Value | ||||||
| Aerospace & Defense - 1.9% | ||||||||
| Boeing Co. | ||||||||
| 2.95%, 02/01/2030 | 1,000,000 | 857,193 | ||||||
| 5.15%, 05/01/2030 | 575,000 | 552,807 | ||||||
1,410,000 | ||||||||
| Banks - 11.4% | ||||||||
| Amalgamated Financial Corp., 3.25% to 11/15/2026 then 3 mo. Term SOFR + 2.30%, 11/15/2031 | 1,000,000 | 839,690 | ||||||
| Banc of California, Inc., 4.38% to 10/30/2025 then 3 mo. Term SOFR + 4.20%, 10/30/2030 | 1,700,000 | 1,568,663 | ||||||
| Bank of America NA, 6.15% (SOFR + 0.78%), 08/18/2025 | 700,000 | 703,462 | ||||||
| Citigroup, Inc., 4.70% to 01/30/2025 then SOFR + 3.23%, Perpetual | 1,000,000 | 979,820 | ||||||
| Flagstar Bancorp, Inc., 4.13% to 11/01/2025 then 3 mo. Term SOFR + 3.91%, 11/01/2030 | 500,000 | 429,118 | ||||||
Pinnacle Financial Partners, Inc., 4.13% to 09/15/2024 then 3 mo. LIBOR US + 2.78%, 09/15/2029 (b) | 1,575,000 | 1,525,544 | ||||||
TriState Capital Holdings, Inc., 5.75% to 05/15/2025 then 3 mo. LIBOR US + 5.36%, 05/15/2030 (b) | 500,000 | 490,541 | ||||||
Wells Fargo & Co., 4.05%, 08/15/2026 (c) | 500,000 | 493,017 | ||||||
| Western Alliance Bank, 5.25% to 06/01/2025 then 3 mo. Term SOFR + 5.12%, 06/01/2030 | 1,500,000 | 1,441,875 | ||||||
8,471,730 | ||||||||
| Building Products - 2.2% | ||||||||
| Carlisle Cos., Inc., 3.50%, 12/01/2024 | 500,000 | 495,052 | ||||||
| Masco Corp., 7.75%, 08/01/2029 | 1,000,000 | 1,101,871 | ||||||
1,596,923 | ||||||||
| Capital Markets - 3.4% | ||||||||
| Charles Schwab Corp., 5.38% to 06/01/2025 then 5 yr. CMT Rate + 4.97%, Perpetual | 1,500,000 | 1,486,691 | ||||||
| Goldman Sachs Group, Inc., 7.27% (3 mo. Term SOFR + 1.96%), 04/05/2026 | 1,000,000 | 1,006,904 | ||||||
2,493,595 | ||||||||
| Electric Utilities - 0.7% | ||||||||
| Appalachian Power Co., 6.38%, 04/01/2036 | 500,000 | 519,570 | ||||||
| Financial Services - 3.0% | ||||||||
| Morgan Stanley Finance LLC | ||||||||
| 5.00%, 06/28/2032 | 1,000,000 | 997,191 | ||||||
| 5.85%, 05/08/2034 | 1,250,000 | 1,251,954 | ||||||
2,249,145 | ||||||||
| Health Care Equipment & Services - 0.8% | ||||||||
| CVS Health Corp., 6.94%, 01/10/2030 | 135,163 | 136,679 | ||||||
| HCA, Inc., 3.50%, 09/01/2030 | 500,000 | 451,711 | ||||||
588,390 | ||||||||
| Hotels, Restaurants & Leisure - 1.7% | ||||||||
| Expedia Group, Inc., 5.00%, 02/15/2026 | 1,300,000 | 1,290,600 | ||||||
| Insurance - 0.7% | ||||||||
| Old Republic International Corp., 4.88%, 10/01/2024 | 500,000 | 498,512 | ||||||
| IT Services - 0.5% | ||||||||
| VeriSign, Inc., 4.75%, 07/15/2027 | 350,000 | 344,069 | ||||||
| Oil & Gas - 1.7% | ||||||||
| Murphy Oil USA, Inc., 5.63%, 05/01/2027 | 250,000 | 248,233 | ||||||
| National Grid USA, 5.88%, 04/01/2033 | 1,000,000 | 994,032 | ||||||
1,242,265 | ||||||||
| Oil, Gas & Consumable Fuels - 1.4% | ||||||||
| El Paso Natural Gas Co. LLC, 7.50%, 11/15/2026 | 1,000,000 | 1,038,967 | ||||||
TOTAL CORPORATE BONDS (Cost $22,520,912) | 21,743,766 | |||||||
| U.S. GOVERNMENT AGENCY ISSUES - 2.0% | Par | Value | ||||||
| Federal Farm Credit Banks Funding Corp., 5.47%, 03/20/2026 | 1,000,000 | 999,571 | ||||||
| Federal Home Loan Mortgage Corp., 5.50%, 02/26/2029 | 500,000 | 499,338 | ||||||
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $1,500,000) | 1,498,909 | |||||||
| U.S. TREASURY OBLIGATIONS - 0.7% | Par | Value | ||||||
| United States Treasury Note/Bond, 6.13%, 11/15/2027 | 500,000 | 526,543 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $527,554) | 526,543 | |||||||
| SHORT-TERM INVESTMENTS - 0.3% | ||||||||
| Money Market Funds - 0.3% | Shares | |||||||
First American Government Obligations Fund - Class X, 5.23%(d) | 194,671 | 194,671 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $194,671) | 194,671 | |||||||
TOTAL INVESTMENTS - 99.7% (Cost $48,686,056) | $ | 73,780,515 | ||||||
| Other Assets in Excess of Liabilities - 0.3% | 200,637 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 73,981,152 | ||||||
| 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 |
| CMT - Constant Maturity Treasury Rate |
| LIBOR - London Interbank Offered Rate |
| NV - Naamloze Vennootschap |
| SOFR - Secured Overnight Financing Rate |
| (a) | Non-income producing security. |
| (b) | Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
| (c) | Step coupon bond. The rate disclosed is as of June 30, 2024. |
| (d) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
| Common Stocks | 49,816,626 | – | – | 49,816,626 | ||||||||||||
| Corporate Bonds | – | 21,743,766 | – | 21,743,766 | ||||||||||||
| U.S. Government Agency Issues | – | 1,498,909 | – | 1,498,909 | ||||||||||||
| U.S. Treasury Obligations | – | 526,543 | – | 526,543 | ||||||||||||
| Money Market Funds | 194,671 | – | – | 194,671 | ||||||||||||
| Total Investments | 50,011,297 | 23,769,218 | – | 73,780,515 | ||||||||||||
| Refer to the Schedule of Investments for additional information. | ||||||||||||||||
