Copley
Fund
Schedule
of
Investments
July
31,
2025
(Unaudited)
COMMON
STOCKS
—
108.08%
Shares
Fair
Value
Communications
—
22.30%
Alphabet,
Inc.,
Class
A
20,756
$
3,983,076
Booking
Holdings,
Inc.
358
1,970,453
Comcast
Corp.,
Class
A
83,793
2,784,441
Meta
Platforms,
Inc.,
Class
A
9,874
7,636,947
Verizon
Communications,
Inc.
45,160
1,931,042
Walt
Disney
Co.
(The)
47,400
5,645,814
23,951,773
Consumer
Discretionary
—
4.40%
McDonald's
Corp.
6,018
1,805,821
RH
(a)
14,219
2,923,711
4,729,532
Consumer
Staples
—
3.87%
PepsiCo,
Inc.
7,020
968,198
Philip
Morris
International,
Inc.
14,773
2,423,511
Procter
&
Gamble
Co.
(The)
5,053
760,325
4,152,034
Energy
—
5.20%
ConocoPhillips
9,747
929,279
Marathon
Petroleum
Corp.
19,486
3,316,322
Phillips
66
10,794
1,333,923
5,579,524
Financials
—
36.28%
American
Express
Co.
15,739
4,710,840
American
International
Group,
Inc.
56,607
4,394,401
Bank
of
America
Corp.
99,174
4,687,955
Berkshire
Hathaway,
Inc.,
Class
B
(a)
7,834
3,696,708
Goldman
Sachs
Group,
Inc.
(The)
8,549
6,185,971
JPMorgan
Chase
&
Co.
14,827
4,392,350
Morgan
Stanley
35,010
4,987,525
U.S.
Bancorp
24,342
1,094,416
Wells
Fargo
&
Co.
59,871
4,827,400
38,977,566
Health
Care
—
5.15%
AbbVie,
Inc.
15,202
2,873,482
CVS
Health
Corp.
42,870
2,662,227
5,535,709
Industrials
—
6.59%
Boeing
Co.
(The)
(a)
7,105
1,576,173
CSX
Corp.
58,324
2,072,835
RTX
Corp.
21,740
3,425,572
7,074,580
Technology
—
24.29%
Apple,
Inc.
29,672
6,159,017
Dell
Technologies,
Inc.,
Class
C
29,458
3,908,782
Microsoft
Corp.
16,410
8,754,736
Copley
Fund
Schedule
of
Investments
(continued)
July
31,
2025
(Unaudited)
COMMON
STOCKS
—
108.08%
-
continued
Shares
Fair
Value
Technology
—
24.29%
-
continued
Oracle
Corp.
28,616
$
7,261,882
26,084,417
Total
Common
Stocks
(Cost $72,887,324)
116,085,135
MONEY
MARKET
FUNDS
-
0.50%
Federated
Hermes
Treasury
Obligations
Fund,
Institutional
Shares,
4.17
%
(b)
533,251
533,251
Total
Money
Market
Funds
(Cost
$533,251)
533,251
Total
Investments
—
108.58%
(Cost
$73,420,575)
116,618,386
Liabilities
in
Excess
of
Other
Assets — (8.58)%
(9,218,338)
NET
ASSETS
—
100.00%
$
107,400,048
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
July
31,
2025.