BAYWOOD
VALUE
PLUS
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
June
30,
2026
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's instruments
as
of
June
30,
2026.
The
Fund
has
a
three-tier
fair
value
hierarchy.
The
basis
of
the
tiers
is
dependent
upon
the
various
“inputs”
used
to
determine
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
–
quoted
prices
in
active
markets
for
identical
assets
Level
2
–
Prices
determined
using
significant
other
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Short-term
securities
with
maturities
of
sixty
days
or
less
are
valued
at
amortized
cost,
which
approximates
market
value,
and
are
categorized
as
Level
2
in
the
hierarchy.
Municipal
securities,
long-term
U.S.
government
obligations
and
corporate
debt
securities
are
valued
in
accordance
with
the
evaluated
price
supplied
by
the
pricing
service
and
generally
categorized
as
Level
2
in
the
hierarchy.
Other
securities
that
are
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
warrants
that
do
not
trade
on
an
exchange,
securities
valued
at
the
mean
between
the
last
reported
bid
and
ask
quotation
and
international
equity
securities
valued
by
an
independent
third
party
with
adjustments
for
changes
in
value
between
the
time
of
the
securities
respective
local
market
closes
and
the
close
of
the
U.S.
market.
Level
3
–
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Shares
Security
Description
Value
Common
Stock
-
94.0%
Basic
Materials
-
4.4%
400
Air
Products
and
Chemicals,
Inc.
$
117,272
5,600
Graphic
Packaging
Holding
Co.
59,192
350
Packaging
Corp.
of
America
83,398
259,862
Capital
Goods
/
Industrials
-
9.6%
950
3M
Co.
153,815
250
Automatic
Data
Processing,
Inc.
55,987
400
L3Harris
Technologies,
Inc.
116,236
60
Parker-Hannifin
Corp.
58,687
950
RTX
Corp.
180,244
564,969
Communication
Services
-
4.1%
6,900
AT&T,
Inc.
142,830
2,350
Verizon
Communications,
Inc.
99,499
242,329
Consumer
Discretionary
-
8.6%
350
Darden
Restaurants,
Inc.
72,103
1,000
Hasbro,
Inc.
82,590
2,600
Kontoor
Brands,
Inc.
216,684
3,300
NIKE,
Inc.,
Class B
135,465
506,842
Consumer
Staples
-
7.4%
1,470
Diageo
PLC,
ADR
118,159
650
Ingredion,
Inc.
61,561
3,200
Kenvue,
Inc.
61,152
400
PepsiCo.,
Inc.
54,160
800
The
Hershey
Co.
140,360
435,392
Energy
-
8.7%
710
Chevron
Corp.
117,690
1,250
ConocoPhillips
129,950
5,400
Kinder
Morgan,
Inc.
172,638
550
Phillips
66
92,977
513,255
Financials
-
16.2%
1,100
American
International
Group,
Inc.
81,983
1,000
Brookfield
Asset
Management,
Ltd.,
Class A
44,850
1,100
Citigroup,
Inc.
153,956
610
CME
Group,
Inc.
134,706
1,000
Corebridge
Financial,
Inc.
28,630
1,100
MetLife,
Inc.
93,071
3,000
Radian
Group,
Inc.
113,010
2,100
Truist
Financial
Corp.
104,622
1,500
U.S.
Bancorp
90,600
1,300
Wells
Fargo
&
Co.
107,432
952,860
Health
Care
-
12.3%
290
Amgen,
Inc.
105,015
950
Becton
Dickinson
&
Co.
143,763
230
Cardinal
Health,
Inc.
54,639
2,550
Medtronic
PLC
199,487
1,100
Merck
&
Co.,
Inc.
141,350
3,400
Pfizer,
Inc.
81,872
726,126
Real
Estate
-
6.6%
8,500
Healthcare
Realty
Trust,
Inc.
REIT
171,445
1,104
Realty
Income
Corp.
REIT
68,404
2,600
VICI
Properties,
Inc.
REIT
69,030
3,500
Weyerhaeuser
Co.
REIT
83,790
392,669
Shares
Security
Description
Value
Technology
-
10.4%
1,050
Cisco
Systems,
Inc.
$
123,333
480
International
Business
Machines
Corp.
134,981
650
NetApp,
Inc.
100,594
480
NXP
Semiconductors
NV
134,894
400
Texas
Instruments,
Inc.
119,228
613,030
Transportation
-
1.7%
360
Union
Pacific
Corp.
97,920
Utilities
-
4.0%
800
American
Electric
Power
Co.,
Inc.
109,448
1,200
Pinnacle
West
Capital
Corp.
128,400
237,848
Total
Common
Stock
(Cost
$4,102,406)
5,543,102
Shares
Security
Description
Value
Money
Market
Fund
-
5.8%
340,983
First
American
Government
Obligations
Fund,
Class X,
3.56%
(a)
(Cost
$340,983)
340,983
Investments,
at
value
-
99.8%
(Cost
$4,443,389)
$
5,884,085
Other
Assets
&
Liabilities,
Net
-
0.2%
11,278
Net
Assets
-
100.0%
$
5,895,363
ADR
American
Depositary
Receipt
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
(a)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2026.
BAYWOOD
VALUE
PLUS
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
June
30,
2026
The
Level
1
value
displayed
in
this
table
is
Common
Stock
and
a
Money
Market
Fund.
Refer
to
this
Schedule
of
Investments
for
a
further
breakout
of
each
security
by
industry.
THE
PORTFOLIO
OF
INVESTMENTS
SHOULD
BE
READ
IN
CONJUNCTION
WITH
THE
FINANCIAL
STATEMENTS
AND
NOTES
TO
FINANCIAL
STATEMENTS
WHICH
ARE
INCLUDED
IN
THE
FUND’S
AUDITED
ANNUAL
REPORT
OR
SEMI-ANNUAL
REPORT.
THESE
REPORTS
INCLUDE
ADDITIONAL
INFORMATION
ABOUT
THE
FUND’S
SECURITY
VALUATION
POLICIES
AND
ABOUT
CERTAIN
SECURITY
TYPES
INVESTED
BY
THE
FUND.
Valuation
Inputs
Investments
in
Securities
Level
1
-
Quoted
Prices
$
5,884,085
Level
2
-
Other
Significant
Observable
Inputs
–
Level
3
-
Significant
Unobservable
Inputs
–
Total
$
5,884,085
BAYWOOD
SOCIALLY
RESPONSIBLE
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
June
30,
2026
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's instruments
as
of
June
30,
2026.
The
Fund
has
a
three-tier
fair
value
hierarchy.
The
basis
of
the
tiers
is
dependent
upon
the
various
“inputs”
used
to
determine
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
–
quoted
prices
in
active
markets
for
identical
assets
Level
2
–
Prices
determined
using
significant
other
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Short-term
securities
with
maturities
of
sixty
days
or
less
are
valued
at
amortized
cost,
which
approximates
market
value,
and
are
categorized
as
Level
2
in
the
hierarchy.
Municipal
securities,
long-term
U.S.
government
obligations
and
corporate
debt
securities
are
valued
in
accordance
with
the
evaluated
price
supplied
by
the
pricing
service
and
generally
categorized
as
Level
2
in
the
hierarchy.
Other
securities
that
are
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
warrants
that
do
not
trade
on
an
exchange,
securities
valued
at
the
mean
between
the
last
reported
bid
and
ask
quotation
and
international
equity
securities
valued
by
an
independent
third
party
with
adjustments
for
changes
in
value
between
the
time
of
the
securities
respective
local
market
closes
and
the
close
of
the
U.S.
market.
Level
3
–
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Shares
Security
Description
Value
Common
Stock
-
93.2%
Basic
Materials
-
4.7%
2,600
Air
Products
and
Chemicals,
Inc.
$
762,268
25,800
Graphic
Packaging
Holding
Co.
272,706
1,300
Packaging
Corp.
of
America
309,764
1,344,738
Capital
Goods
/
Industrials
-
8.4%
4,700
3M
Co.
760,977
2,000
Automatic
Data
Processing,
Inc.
447,900
79,000
Clarivate
PLC
(a)
170,640
700
Cummins,
Inc.
499,247
3,200
nVent
Electric
PLC
542,752
2,421,516
Communication
Services
-
4.1%
900
Alphabet,
Inc.,
Class A
321,633
28,700
AT&T,
Inc.
594,090
6,300
Verizon
Communications,
Inc.
266,742
1,182,465
Consumer
Discretionary
-
7.5%
3,300
Hasbro,
Inc.
272,547
15,600
Kontoor
Brands,
Inc.
1,300,104
14,700
NIKE,
Inc.,
Class B
603,435
2,176,086
Consumer
Staples
-
5.7%
30,600
Kenvue,
Inc.
584,766
5,100
Mondelez
International,
Inc.,
Class A
294,984
1,200
PepsiCo.,
Inc.
162,480
3,400
The
Hershey
Co.
596,530
1,638,760
Energy
-
6.7%
5,800
Devon
Energy
Corp.
239,656
24,400
Kinder
Morgan,
Inc.
780,068
2,100
Texas
Pacific
Land
Corp.
919,044
1,938,768
Financials
-
19.6%
2,800
American
Express
Co.
947,100
6,100
American
International
Group,
Inc.
454,633
2,100
Berkshire
Hathaway,
Inc.,
Class B
(a)
1,050,819
8,162
Brookfield
Corp.
347,620
1,000
Cboe
Global
Markets,
Inc.
242,670
2,900
CME
Group,
Inc.
640,407
2,800
Interactive
Brokers
Group,
Inc.
243,712
5,900
Truist
Financial
Corp.
293,938
6,900
U.S.
Bancorp
416,760
14,350
W
R
Berkley
Corp.
1,012,105
5,649,764
Health
Care
-
16.0%
3,150
AstraZeneca
PLC
597,303
4,900
Becton
Dickinson
&
Co.
741,517
37,000
DENTSPLY
SIRONA,
Inc.
392,570
2,150
Labcorp
Holdings,
Inc.
602,000
9,200
Medtronic
PLC
719,716
3,500
Merck
&
Co.,
Inc.
449,750
600
Regeneron
Pharmaceuticals,
Inc.
374,124
9,500
Solventum
Corp.
(a)
732,925
4,609,905
Real
Estate
-
4.8%
47,700
Healthcare
Realty
Trust,
Inc.
REIT
962,109
17,800
Weyerhaeuser
Co.
REIT
426,132
1,388,241
Technology
-
12.7%
1,200
Adobe,
Inc.
(a)
246,024
5,300
Cisco
Systems,
Inc.
622,538
1,000
Coherent
Corp.
(a)
394,470
3,400
Intel
Corp.
(a)
474,742
Shares
Security
Description
Value
Technology
-
12.7%
(continued)
2,100
International
Business
Machines
Corp.
$
590,541
2,500
NetApp,
Inc.
386,900
3,400
NXP
Semiconductors
NV
955,502
3,670,717
Transportation
-
1.6%
1,700
Union
Pacific
Corp.
462,400
Utilities
-
1.4%
3,400
WEC
Energy
Group,
Inc.
397,018
Total
Common
Stock
(Cost
$22,396,179)
26,880,378
Shares
Security
Description
Value
Money
Market
Fund
-
6.7%
1,942,962
First
American
Government
Obligations
Fund,
Class X,
3.56%
(b)
(Cost
$1,942,962)
1,942,962
Investments,
at
value
-
99.9%
(Cost
$24,339,141)
$
28,823,340
Other
Assets
&
Liabilities,
Net
-
0.1%
32,937
Net
Assets
-
100.0%
$
28,856,277
PLC
Public
Limited
Company
REIT
Real
Estate
Investment
Trust
(a)
Non-income
producing
security.
(b)
Dividend
yield
changes
daily
to
reflect
current
market
conditions.
Rate
was
the
quoted
yield
as
of
June
30,
2026.
Valuation
Inputs
Investments
in
Securities
Level
1
-
Quoted
Prices
$
28,823,340
Level
2
-
Other
Significant
Observable
Inputs
–
Level
3
-
Significant
Unobservable
Inputs
–
Total
$
28,823,340
BAYWOOD
SOCIALLY
RESPONSIBLE
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
June
30,
2026
The
Level
1
value
displayed
in
this
table
is
Common
Stock
and
a
Money
Market
Fund.
Refer
to
this
Schedule
of
Investments
for
a
further
breakout
of
each
security
by
industry.
THE
PORTFOLIO
OF
INVESTMENTS
SHOULD
BE
READ
IN
CONJUNCTION
WITH
THE
FINANCIAL
STATEMENTS
AND
NOTES
TO
FINANCIAL
STATEMENTS
WHICH
ARE
INCLUDED
IN
THE
FUND’S
AUDITED
ANNUAL
REPORT
OR
SEMI-ANNUAL
REPORT.
THESE
REPORTS
INCLUDE
ADDITIONAL
INFORMATION
ABOUT
THE
FUND’S
SECURITY
VALUATION
POLICIES
AND
ABOUT
CERTAIN
SECURITY
TYPES
INVESTED
BY
THE
FUND.