Plumb Equity Fund
  
Schedule of Investments
  
June 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.5%
  
Shares
    
Value
 
Aerospace & Defense - 1.5%
        
AAR Corp. (a)
    
6,000
    
$
412,740
  
                 
Banks - 5.7%
          
JPMorgan Chase & Co.
    
3,000
      
869,730
  
NU Holdings Ltd./Cayman Islands - Class A (a)
    
52,000
      
713,440
  
             
1,583,170
  
                 
Broadline Retail - 8.5%
          
Amazon.com, Inc. (a)
    
4,200
      
921,438
  
MercadoLibre, Inc. (a)
    
550
      
1,437,497
  
             
2,358,935
  
                 
Capital Markets - 1.5%
          
BGC Group, Inc. - Class A
    
40,000
      
409,200
  
                 
Commercial Services & Supplies - 7.4%
          
Copart, Inc. (a)
    
17,500
      
858,725
  
VSE Corp.
    
9,250
      
1,211,565
  
             
2,070,290
  
                 
Consumer Finance - 4.0%
          
American Express Co.
    
3,500
      
1,116,430
  
                 
Financial Services - 16.9%
          
Fiserv, Inc. (a)
    
4,950
      
853,430
  
Mastercard, Inc. - Class A
    
2,200
      
1,236,268
  
Toast, Inc. - Class A (a)
    
27,000
      
1,195,830
  
Visa, Inc. - Class A
    
4,000
      
1,420,200
  
             
4,705,728
  
                 
GICS~Health Care Equipment & Supplies - 2.1%
          
Stryker Corp.
    
1,500
      
593,445
  
                 
Health Care Equipment & Supplies - 4.1%
          
Butterfly Network, Inc. (a)
    
3,500
      
7,000
  
Intuitive Surgical, Inc. (a)
    
2,100
      
1,141,161
  
             
1,148,161
  
                 
Interactive Media & Services - 4.7%
          
Alphabet, Inc. - Class A
    
7,500
      
1,321,725
  
                 
IT Services - 2.0%
          
CoreWeave, Inc. - Class A (a)
    
3,500
      
570,710
  
                 
Oil, Gas & Consumable Fuels - 2.0%
          
Phillips 66
    
4,600
      
548,780
  
                 
Personal Care Products - 2.7%
          
elf Beauty, Inc. (a)
    
6,000
      
746,640
  
                 
Pharmaceuticals - 3.4%
          
Eli Lilly & Co.
    
1,200
      
935,436
  
                 
Semiconductors & Semiconductor Equipment - 16.0%
          
Advanced Micro Devices, Inc. (a)
    
8,000
      
1,135,200
  
NVIDIA Corp.
    
21,000
      
3,317,790
  
             
4,452,990
  
                 
Software - 13.5%
          
Autodesk, Inc. (a)
    
4,000
      
1,238,280
  
Cadence Design Systems, Inc. (a)
    
2,000
      
616,300
  
Microsoft Corp.
    
2,750
      
1,367,877
  
Synopsys, Inc. (a)
    
1,038
      
532,162
  
             
3,754,619
  
                 
Technology Hardware, Storage & Peripherals - 3.5%
          
Apple, Inc.
    
4,750
      
974,557
  
TOTAL COMMON STOCKS (Cost $12,179,107)
      
27,703,556
  
                 
SHORT-TERM INVESTMENTS - 0.6%
          
Value
 
Money Market Funds - 0.6%
  
Shares
          
First American Government Obligations Fund - Class X, 4.25% (b)
    
175,054
      
175,054
  
TOTAL SHORT-TERM INVESTMENTS (Cost $175,054)
      
175,054
  
                 
TOTAL INVESTMENTS - 100.1% (Cost $12,354,161)
      
27,878,610
  
Liabilities in Excess of Other Assets - (0.1)%
      
(26,916
)
TOTAL NET ASSETS - 100.0%
          
$
27,851,694
  
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.
  

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized effective yield as of June 30, 2025.


Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
 
Plumb Equity Fund (the "Fund") has adopted fair value accounting standards which establish a 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 valuation 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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
    
27,703,556
      
–
      
–
      
27,703,556
  
  Money Market Funds
    
175,054
      
–
      
–
      
175,054
  
Total Investments
    
27,878,610
      
–
      
–
      
27,878,610
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.