BAYWOOD
VALUE
PLUS
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
June
30,
2024
1
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's instruments
as
of
June
30,
2024.
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
-
95.9%
Basic
Materials
-
3.5%
200
Air
Products
and
Chemicals,
Inc.
$
51,610
400
Packaging
Corp.
of
America
73,024
600
Rio
Tinto
PLC,
ADR
39,558
164,192
Capital
Goods
/
Industrials
-
7.5%
400
3M
Co.
40,876
300
L3Harris
Technologies,
Inc.
67,374
110
Parker-Hannifin
Corp.
55,639
1,800
RTX
Corp.
180,702
344,591
Communication
Services
-
5.4%
7,600
AT&T,
Inc.
145,236
2,300
Comcast
Corp.,
Class A
90,068
300
Verizon
Communications,
Inc.
12,372
247,676
Consumer
Discretionary
-
10.3%
700
Darden
Restaurants,
Inc.
105,924
400
Genuine
Parts
Co.
55,328
800
Hasbro,
Inc.
46,800
2,300
Kontoor
Brands,
Inc.
152,145
600
Lear
Corp.
68,526
200
Lowe's
Cos.,
Inc.
44,092
472,815
Consumer
Staples
-
8.0%
800
Ingredion,
Inc.
91,760
3,500
Kenvue,
Inc.
63,630
1,310
Molson
Coors
Beverage
Co.,
Class B
66,587
300
PepsiCo.,
Inc.
49,479
400
Target
Corp.
59,216
200
The
Hershey
Co.
36,766
367,438
Energy
-
9.8%
400
Chevron
Corp.
62,568
1,100
ConocoPhillips
125,818
1,400
Equinor
ASA,
ADR
39,984
6,200
Kinder
Morgan,
Inc.
123,194
700
Phillips
66
98,819
450,383
Financials
-
18.1%
1,500
Air
Lease
Corp.
71,295
1,100
American
International
Group,
Inc.
81,664
1,100
Brookfield
Asset
Management,
Ltd.,
Class
A
41,855
1,200
Citigroup,
Inc.
76,152
500
CME
Group,
Inc.
98,300
4,700
Corebridge
Financial,
Inc.
136,864
1,200
MetLife,
Inc.
84,228
3,000
Radian
Group,
Inc.
93,300
900
The
Charles
Schwab
Corp.
66,321
1,400
Wells
Fargo
&
Co.
83,146
833,125
Health
Care
-
12.9%
140
Amgen,
Inc.
43,743
700
Cardinal
Health,
Inc.
68,824
4,336
Koninklijke
Philips
NV,
ADR
109,267
1,550
Medtronic
PLC
122,001
1,300
Merck
&
Co.,
Inc.
160,940
3,200
Pfizer,
Inc.
89,536
594,311
Real
Estate
-
5.6%
4,200
Healthcare
Realty
Trust,
Inc.
REIT
69,216
1,104
Realty
Income
Corp.
REIT
58,313
2,600
VICI
Properties,
Inc.
REIT
74,464
Shares
Security
Description
Value
Real
Estate
-
5.6%
(continued)
2,000
Weyerhaeuser
Co.
REIT
$
56,780
258,773
Technology
-
10.2%
1,200
Cisco
Systems,
Inc.
57,012
750
International
Business
Machines
Corp.
129,713
900
NetApp,
Inc.
115,920
400
NXP
Semiconductors
NV
107,636
300
Texas
Instruments,
Inc.
58,359
468,640
Transportation
-
2.6%
250
FedEx
Corp.
74,960
200
Union
Pacific
Corp.
45,252
120,212
Utilities
-
2.0%
1,200
Pinnacle
West
Capital
Corp.
91,656
Total
Common
Stock
(Cost
$3,362,630)
4,413,812
Shares
Security
Description
Value
Money
Market
Fund
-
3.9%
177,882
First
American
Government
Obligations
Fund,
Class X,
5.24%
(a)
(Cost
$177,882)
177,882
Investments,
at
value
-
99.8%
(Cost
$3,540,512)
$
4,591,694
Other
Assets
&
Liabilities,
Net
-
0.2%
9,057
Net
Assets
-
100.0%
$
4,600,751
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,
2024.
BAYWOOD
VALUE
PLUS
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
June
30,
2024
2
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
$
4,591,694
Level
2
-
Other
Significant
Observable
Inputs
–
Level
3
-
Significant
Unobservable
Inputs
–
Total
$
4,591,694
BAYWOOD
SOCIALLY
RESPONSIBLE
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
June
30,
2024
3
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's instruments
as
of
June
30,
2024.
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
-
96.9%
Basic
Materials
-
3.5%
200
Air
Products
and
Chemicals,
Inc.
$
51,610
5,900
Graphic
Packaging
Holding
Co.
154,639
500
Packaging
Corp.
of
America
91,280
297,529
Capital
Goods
/
Industrials
-
5.7%
600
3M
Co.
61,314
300
Cummins,
Inc.
83,079
4,400
nVent
Electric
PLC
337,084
481,477
Communication
Services
-
6.0%
600
Alphabet,
Inc.,
Class A
109,290
9,200
AT&T,
Inc.
175,812
3,800
Comcast
Corp.,
Class A
148,808
7,000
Paramount
Global,
Class B
72,730
506,640
Consumer
Discretionary
-
6.4%
1,200
Aptiv
PLC
(a)
84,504
1,000
Genuine
Parts
Co.
138,320
4,700
Kontoor
Brands,
Inc.
310,905
533,729
Consumer
Staples
-
3.9%
7,900
Kenvue,
Inc.
143,622
1,600
Mondelez
International,
Inc.,
Class A
104,704
500
PepsiCo.,
Inc.
82,465
330,791
Energy
-
9.7%
2,600
Devon
Energy
Corp.
123,240
11,000
Kinder
Morgan,
Inc.
218,570
3,100
Schlumberger
NV
146,258
450
Texas
Pacific
Land
Corp.
330,422
818,490
Financials
-
22.9%
2,600
Air
Lease
Corp.
123,578
1,500
American
Express
Co.
347,325
3,100
American
International
Group,
Inc.
230,144
500
Berkshire
Hathaway,
Inc.,
Class B
(a)
203,400
3,075
Brookfield
Corp.
127,735
400
Cboe
Global
Markets,
Inc.
68,024
1,100
CME
Group,
Inc.
216,260
7,000
Corebridge
Financial,
Inc.
203,840
700
Interactive
Brokers
Group,
Inc.
85,820
1,500
The
Charles
Schwab
Corp.
110,535
2,700
W
R
Berkley
Corp.
212,166
1,928,827
Health
Care
-
20.1%
1,500
AstraZeneca
PLC,
ADR
116,985
3,700
Avantor,
Inc.
(a)
78,440
800
Becton
Dickinson
&
Co.
186,968
1,400
Cardinal
Health,
Inc.
137,648
6,300
Fortrea
Holdings,
Inc.
(a)
147,042
10,708
Koninklijke
Philips
NV,
ADR
269,842
650
Labcorp
Holdings,
Inc.
132,281
2,400
Medtronic
PLC
188,904
1,800
Merck
&
Co.,
Inc.
222,840
200
Regeneron
Pharmaceuticals,
Inc.
(a)
210,206
1,691,156
Real
Estate
-
3.9%
10,000
Healthcare
Realty
Trust,
Inc.
REIT
164,800
2,071
Realty
Income
Corp.
REIT
109,390
2,000
Weyerhaeuser
Co.
REIT
56,780
330,970
Shares
Security
Description
Value
Technology
-
13.4%
2,300
Cisco
Systems,
Inc.
$
109,273
1,500
Coherent
Corp.
(a)
108,690
3,200
Corning,
Inc.
124,320
3,400
Intel
Corp.
105,298
1,300
International
Business
Machines
Corp.
224,835
1,200
NetApp,
Inc.
154,560
1,100
NXP
Semiconductors
NV
295,999
1,122,975
Transportation
-
1.4%
500
Union
Pacific
Corp.
113,130
Total
Common
Stock
(Cost
$5,335,408)
8,155,714
Shares
Security
Description
Value
Money
Market
Fund
-
4.2%
352,933
First
American
Government
Obligations
Fund,
Class X,
5.24%
(b)
(Cost
$352,933)
352,933
Investments,
at
value
-
101.1%
(Cost
$5,688,341)
$
8,508,647
Other
Assets
&
Liabilities,
Net
-
(1.1)%
(95,359)
Net
Assets
-
100.0%
$
8,413,288
ADR
American
Depositary
Receipt
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,
2024.
Valuation
Inputs
Investments
in
Securities
Level
1
-
Quoted
Prices
$
8,508,647
Level
2
-
Other
Significant
Observable
Inputs
–
Level
3
-
Significant
Unobservable
Inputs
–
Total
$
8,508,647
BAYWOOD
SOCIALLY
RESPONSIBLE
FUND
SCHEDULE
OF
INVESTMENTS
(Unaudited)
June
30,
2024
4
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.