Payson
Total
Return
Fund
SCHEDULE
OF
INVESTMENTS
(UNAUDITED)
June
30,
2026
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's investments
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
Shares
Security
Description
Value
Common
Stock
-
95.9%
Consumer
Discretionary
-
9.9%
75,280
Amazon.com,
Inc.(a)
$
17,942,235
1,775
AutoZone,
Inc.(a)
5,672,793
51,051
The
TJX
Cos.,
Inc.
7,734,227
31,349,255
Energy
-
3.6%
37,441
Chevron
Corp.
6,206,220
20,680
Marathon
Petroleum
Corp.
5,287,256
11,493,476
Financials
-
8.3%
35,500
JPMorgan
Chase
&
Co.
11,620,215
15,853
Mastercard,
Inc.,
Class A
8,142,101
19,000
Visa,
Inc.,
Class A
6,518,710
26,281,026
Health
Care
-
9.4%
43,035
AbbVie,
Inc.
10,829,327
13,948
Amgen,
Inc.
5,050,850
34,500
Johnson
&
Johnson
8,761,965
10,325
Thermo
Fisher
Scientific,
Inc.
5,176,542
29,818,684
Industrials
-
10.3%
27,842
AMETEK,
Inc.
6,736,093
17,859
Honeywell
Aerospace,
Inc.(a)
3,948,268
17,859
Honeywell
International,
Inc.(a)
3,998,630
12,363
Hubbell,
Inc.
6,468,322
12,012
L3Harris
Technologies,
Inc.
3,490,567
47,249
nVent
Electric
PLC
8,013,903
32,655,783
Information
Technology
-
54.4%
84,155
Alphabet,
Inc.,
Class A
30,074,472
86,226
Apple,
Inc.
24,950,356
7,393
ASML
Holding
NV
14,707,930
55,579
Broadcom,
Inc.
20,994,967
38,824
Lam
Research
Corp.
16,823,604
22,592
Meta
Platforms,
Inc.,
Class A
12,725,848
63,316
Microsoft
Corp.
23,618,134
Shares
Security
Description
Value
Information
Technology
-
54.4%
(continued)
144,125
NVIDIA
Corp.
$
28,837,971
172,733,282
Total
Common
Stock
(Cost
$134,109,346)
304,331,506
Shares
Security
Description
Value
Exchange
Traded
Funds
-
3.8%
50,000
Invesco
S&P
500
Equal
Weight
ETF
10,638,500
17,984
iShares
Core
Dividend
Growth
ETF
1,363,007
Total
Exchange
Traded
Funds
(Cost
$11,534,079)
12,001,507
Investments,
at
value
-
99.7%
(Cost
$145,643,425)
$
316,333,013
Other
Assets
&
Liabilities,
Net
-
0.3%
796,901
Net
Assets
-
100.0%
$
317,129,914
ETF
Exchange
Traded
Fund
PLC
Public
Limited
Company
(a)
Non-income
producing
security.
Payson
Total
Return
Fund
SCHEDULE
OF
INVESTMENTS
(UNAUDITED)
June
30,
2026
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.
The
Level
1
value
displayed
in
this
table
is
Common
Stock
and
Exchange
Traded
Funds.
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
$
316,333,013
Level
2
-
Other
Significant
Observable
Inputs
–
Level
3
-
Significant
Unobservable
Inputs
–
Total
$
316,333,013