Pemberwick Fund
Schedule of Investments
June 30, 2025 (Unaudited)
CORPORATE BONDS - 62.8%	Par			Value
COMMUNICATIONS - 0.5%
Comcast Corp., 3.95%, 10/15/2025		$	125,000		$	124,815
TWDC Enterprises 18 Corp., 3.15%, 09/17/2025			300,000			299,231
Walt Disney Co.
3.70%, 10/15/2025			250,000			249,489
1.75%, 01/13/2026			300,000			295,936
						969,471
CONSUMER DISCRETIONARY - 0.5%
American Honda Finance Corp., 5.80%, 10/03/2025			1,000,000			1,002,786
CONSUMER, CYCLICAL - 0.9%
Toyota Motor Credit Corp.
3.65%, 08/18/2025			900,000			899,106
0.80%, 10/16/2025			1,000,000			989,729
						1,888,835
CONSUMER, NON-CYCLICAL - 1.3%
Bristol-Myers Squibb Co.
0.75%, 11/13/2025			1,300,000			1,283,317
3.20%, 06/15/2026			300,000			297,278
UnitedHealth Group, Inc.
5.15%, 10/15/2025			300,000			300,526
3.70%, 12/15/2025			400,000			398,474
3.10%, 03/15/2026			350,000			346,998
						2,626,593
ENERGY - 0.3%
BP Capital Markets America, Inc.
3.80%, 09/21/2025			250,000			249,591
3.12%, 05/04/2026			300,000			297,039
						546,630
FINANCIALS - 55.1%(a)
Aflac, Inc., 1.13%, 03/15/2026			300,000			293,101
American Express Co.
5.15% (SOFR + 0.76%), 02/13/2026(f)			4,231,000			4,238,321
5.73% (SOFR + 1.35%), 10/30/2026(f)			4,600,000			4,614,593
5.03% (SOFR + 0.65%), 11/04/2026(f)			2,383,000			2,387,918
AvalonBay Communities, Inc., 3.50%, 11/15/2025			300,000			299,033
Bank of America Corp.
5.34% (SOFR + 0.97%), 07/22/2027(f)			1,200,000			1,204,830
5.81% (SOFR + 1.35%), 09/15/2027(f)			4,879,000			4,924,883
Bank of America NA, 5.42% (SOFR + 1.02%), 08/18/2026(f)			3,400,000			3,421,958
Bank of Montreal, 5.42% (SOFR + 0.95%), 09/25/2025(f)			1,680,000			1,682,734
Bank of New York Mellon, 5.07% (SOFR + 0.71%), 04/20/2027(f)			2,000,000			2,004,552
Bank of New York Mellon Corp., 5.12% (SOFR + 0.68%), 06/09/2028(f)			3,000,000			3,004,117
Berkshire Hathaway, Inc., 3.13%, 03/15/2026			300,000			297,717
Canadian Imperial Bank of Commerce, 5.69% (SOFR + 1.22%), 10/02/2026(f)			6,000,000			6,056,248
Citibank NA
4.97% (SOFR + 0.59%), 04/30/2026(f)			400,000			400,570
5.09% (SOFR + 0.71%), 08/06/2026(f)			4,000,000			4,010,171
5.11% (SOFR + 0.71%), 11/19/2027(f)			3,000,000			3,002,695
Citigroup, Inc., 5.21% (SOFR + 0.77%), 06/09/2027(f)			3,199,000			3,202,369
Goldman Sachs Bank USA/New York NY
5.23% (SOFR + 0.77%), 03/18/2027(f)			1,000,000			1,002,670
5.16% (SOFR + 0.75%), 05/21/2027(f)			1,330,000			1,334,107
Goldman Sachs Group, Inc.
5.45% (SOFR + 1.07%), 08/10/2026(f)			2,700,000			2,702,648
5.23% (SOFR + 0.79%), 12/09/2026(f)			2,000,000			2,003,253
5.25% (SOFR + 0.81%), 03/09/2027(f)			3,000,000			3,004,926
5.28% (SOFR + 0.92%), 10/21/2027(f)			400,000			400,942
HSBC Holdings PLC
5.97% (3 mo. Term SOFR + 1.64%), 09/12/2026(f)			7,000,000			7,019,497
5.96% (SOFR + 1.57%), 08/14/2027(f)			975,000			983,946
HSBC USA, Inc., 5.39% (SOFR + 0.96%), 03/04/2027(f)			2,500,000			2,514,266
Loews Corp., 3.75%, 04/01/2026			400,000			398,010
Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026			300,000			298,548
MetLife, Inc., 3.60%, 11/13/2025			125,000			124,661
Mid-America Apartments LP, 4.00%, 11/15/2025			300,000			299,343
Morgan Stanley, 5.38% (SOFR + 1.02%), 04/13/2028(f)			2,000,000			2,011,924
Morgan Stanley Bank NA
5.54% (SOFR + 1.17%), 10/30/2026(f)			2,500,000			2,517,029
5.04% (SOFR + 0.69%), 10/15/2027(f)			1,000,000			1,000,858
5.44% (SOFR + 1.08%), 01/14/2028(f)			900,000			905,562
New York Life Global Funding, 4.92% (SOFR + 0.48%), 06/09/2026(b)(f)			4,000,000			4,006,855
Prologis LP
3.25%, 06/30/2026			300,000			296,962
2.13%, 04/15/2027			300,000			290,068
Prudential Financial, Inc., 1.50%, 03/10/2026			400,000			392,471
Public Storage Operating Co., 0.88%, 02/15/2026			300,000			293,597
Realty Income Corp.
0.75%, 03/15/2026			400,000			389,663
4.13%, 10/15/2026			300,000			299,347
Royal Bank of Canada
4.84% (SOFR + 0.46%), 08/03/2026(f)			2,000,000			2,001,577
4.97% (SOFR + 0.59%), 11/02/2026(f)			2,200,000			2,204,195
5.31% (SOFR + 0.95%), 01/19/2027(f)			3,000,000			3,020,008
5.07% (SOFR + 0.71%), 01/21/2027(f)			1,123,000			1,126,571
5.08% (SOFR + 0.72%), 10/18/2027(f)			1,140,000			1,141,456
Simon Property Group LP
3.50%, 09/01/2025			700,000			698,433
3.30%, 01/15/2026			400,000			397,598
Sumitomo Mitsui Financial Group, Inc.
5.78% (SOFR + 1.43%), 01/13/2026(f)			7,100,000			7,142,650
5.65% (SOFR + 1.30%), 07/13/2026(f)			1,400,000			1,413,786
5.23% (SOFR + 0.88%), 01/14/2027(f)			1,731,000			1,739,926
Wells Fargo & Co., 5.15% (SOFR + 0.78%), 01/24/2028(f)			1,600,000			1,601,475
Wells Fargo Bank NA
5.33% (SOFR + 0.80%), 08/01/2025(f)			4,000,000			4,001,224
5.06% (SOFR + 0.71%), 01/15/2026(f)			4,900,000			4,910,333
						110,936,195
HEALTH CARE - 0.5%
Elevance Health, Inc., 5.35%, 10/15/2025			1,000,000			1,001,112
INDUSTRIALS - 1.6%
Burlington Northern Santa Fe LLC, 7.00%, 12/15/2025			215,000			217,497
Caterpillar Financial Services Corp., 0.80%, 11/13/2025			1,800,000			1,777,357
John Deere Capital Corp.
4.05%, 09/08/2025			700,000			699,391
0.70%, 01/15/2026			300,000			294,254
5.05%, 03/03/2026			300,000			301,399
						3,289,898
TECHNOLOGY - 0.5%
International Business Machines Corp., 7.00%, 10/30/2025			150,000			151,226
Intuit, Inc., 0.95%, 07/15/2025			500,000			499,266
Lam Research Corp., 3.75%, 03/15/2026			300,000			298,684
						949,176
UTILITIES - 1.6%
Duke Energy Progress LLC, 3.25%, 08/15/2025			100,000			99,839
Georgia Power Co., 3.25%, 04/01/2026			300,000			297,531
Louisville Gas and Electric Co., 3.30%, 10/01/2025			150,000			149,335
National Rural Utilities Cooperative Finance Corp.
5.45%, 10/30/2025			1,000,000			1,003,046
4.45%, 03/13/2026			300,000			300,167
NextEra Energy Capital Holdings, Inc., 5.75%, 09/01/2025			400,000			400,604
PECO Energy Co., 3.15%, 10/15/2025			428,000			426,342
Public Service Electric and Gas Co., 0.95%, 03/15/2026			300,000			293,052
Virginia Electric and Power Co., 3.15%, 01/15/2026			300,000			297,987
						3,267,903
TOTAL CORPORATE BONDS (Cost $126,394,926)						126,478,599
U.S. TREASURY OBLIGATIONS - 7.6%	Par			Value
United States Treasury Note/Bond
2.88%, 07/31/2025			2,000,000			1,997,529
2.00%, 08/15/2025			2,000,000			1,993,864
2.75%, 08/31/2025			2,000,000			1,994,171
3.00%, 09/30/2025			2,000,000			1,993,613
2.25%, 11/15/2025			1,220,000			1,210,802
4.50%, 11/15/2025			400,000			400,236
0.38%, 01/31/2026			1,700,000			1,662,659
2.63%, 01/31/2026			200,000			198,168
6.00%, 02/15/2026			1,900,000			1,919,859
0.75%, 04/30/2026			1,000,000			972,980
0.75%, 05/31/2026			1,000,000			970,634
TOTAL U.S. TREASURY OBLIGATIONS (Cost $15,349,588)						15,314,515
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.1%	Par			Value
Federal Home Loan Mortgage Corp.
Series 2091, Class PG, 6.00%, 11/15/2028			51,577			52,390
Series 2097, Class PZ, 6.00%, 11/15/2028			32,781			33,271
Series 2526, Class FI, 5.42% (30 day avg SOFR US + 1.11%), 02/15/2032 (f)			12,578			12,666
Series 2682, Class LD, 4.50%, 10/15/2033			14,521			14,521
Series 2759, Class TC, 4.50%, 03/15/2034			81,816			81,400
Series 2933, Class HD, 5.50%, 02/15/2035			1,405			1,443
Series 3002, Class YD, 4.50%, 07/15/2025			37			37
Series 3775, Class EM, 3.50%, 11/15/2025			630			627
Series 3786, Class NA, 4.50%, 07/15/2040			6,160			6,166
Series 3970, Class HB, 3.00%, 12/15/2026			26,661			26,361
Series 4002, Class LB, 2.00%, 09/15/2041			32,618			31,351
Series 4020, Class PA, 2.75%, 03/15/2027			2,463			2,439
Series 4171, Class NG, 2.00%, 06/15/2042			55,995			51,681
Series 4203, Class DM, 3.00%, 04/15/2033			23,089			22,662
Series 4266, Class BG, 2.50%, 04/15/2026			4,009			3,970
Series 4309, Class JD, 2.00%, 10/15/2043			8,725			8,166
Series 4311, Class TD, 2.50%, 02/15/2029			18,961			18,665
Series 4363, Class EJ, 4.00%, 05/15/2033			34,493			34,265
Series 4453, Class DA, 3.50%, 11/15/2033			10,743			10,678
Series 4472, Class MA, 3.00%, 05/15/2045			229,973			215,884
Series 4716, Class PA, 3.00%, 07/15/2044			35,545			34,950
Series 4949, Class PM, 2.50%, 02/25/2050			131,093			110,394
Federal National Mortgage Association
Series 2002-56, Class PE, 6.00%, 09/25/2032			35,015			36,433
Series 2003-127, Class EG, 6.00%, 12/25/2033			43,914			45,668
Series 2005-48, Class AU, 5.50%, 06/25/2035			15,669			16,104
Series 2005-64, Class PL, 5.50%, 07/25/2035			4,006			4,125
Series 2005-68, Class PG, 5.50%, 08/25/2035			4,529			4,556
Series 2005-83, Class LA, 5.50%, 10/25/2035			1,937			1,990
Series 2007-27, Class MQ, 5.50%, 04/25/2027			439			439
Series 2010-123, Class BP, 4.50%, 11/25/2040			46,016			46,129
Series 2011-110, Class CY, 3.50%, 11/25/2026			26,246			25,896
Series 2011-146, Class LX, 3.50%, 10/25/2040			41,908			41,612
Series 2012-102, Class HA, 2.00%, 02/25/2042			36,227			34,256
Series 2012-134, Class VP, 3.00%, 10/25/2042			9,794			9,728
Series 2012-139, Class JA, 3.50%, 12/25/2042			135,976			129,576
Series 2012-148, Class BQ, 1.25%, 01/25/2028			13,778			13,445
Series 2012-38, Class PA, 2.00%, 09/25/2041			14,667			13,780
Series 2012-66, Class HE, 1.50%, 06/25/2027			1,720			1,691
Series 2012-90, Class DA, 1.50%, 03/25/2042			18,657			17,188
Series 2013-124, Class BD, 2.50%, 12/25/2028			1,115			1,101
Series 2013-14, Class QD, 1.50%, 03/25/2043			23,571			20,054
Series 2013-18, Class PA, 2.00%, 11/25/2041			49,030			46,993
Series 2013-6, Class LD, 2.00%, 02/25/2043			26,940			23,812
Series 2013-72, Class HG, 3.00%, 04/25/2033			63,562			61,939
Series 2014-19, Class HA, 2.00%, 06/25/2040			1,369			1,358
Series 2014-8, Class DA, 4.00%, 03/25/2029			2,928			2,912
Series 2016-105, Class PA, 3.50%, 04/25/2045			112,885			110,820
Series 2016-60, Class Q, 1.75%, 09/25/2046			48,429			44,695
Series 2016-8, Class PC, 2.50%, 10/25/2044			120,916			116,887
Series 2017-77, Class BA, 2.00%, 10/25/2047			45,778			42,048
Series 2019-33, Class N, 3.00%, 03/25/2048			273,792			258,114
Government National Mortgage Association
Series 2007-11, Class PE, 5.50%, 03/20/2037			18,598			18,747
Series 2010-112, Class NG, 2.25%, 09/16/2040			42,467			39,434
Series 2012-106, Class MA, 2.00%, 11/20/2041			54,150			50,907
Series 2012-48, Class MA, 2.50%, 04/16/2042			33,986			31,656
Series 2013-56, Class AP, 2.00%, 11/16/2041			48,165			44,807
Series 2013-64, Class LP, 1.50%, 08/20/2041			72,959			68,112
Series 2013-88, Class WA, 4.51%, 06/20/2030 (c)			349			348
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,301,569)						2,201,347
U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.8%	Par			Value
Federal Home Loan Mortgage Corp.
Pool C91251, 4.50%, 06/01/2029			1,599			1,602
Pool C91281, 4.50%, 12/01/2029			3,817			3,838
Pool C91295, 4.50%, 04/01/2030			2,092			2,100
Pool J14494, 4.00%, 02/01/2026			583			581
Pool J15974, 4.00%, 06/01/2026			315			314
Pool J17508, 3.00%, 12/01/2026			5,555			5,498
Pool ZT1361, 3.00%, 05/01/2047			180,016			160,528
Series 292, Class 150, Pool S2-0326, 1.50%, 11/15/2027			11,799			11,505
Federal National Mortgage Association
Pool 256045, 5.00%, 12/01/2025			235			235
Pool 257204, 5.50%, 05/01/2028			1,795			1,813
Pool AC3237, 5.00%, 10/01/2039			15,067			15,264
Pool AD0249, 5.50%, 04/01/2037			5,959			6,103
Pool BL5531, 2.33%, 01/01/2027			595,225			579,312
Pool BP3785, 2.00%, 03/01/2036			263,910			241,966
Pool BP6567, 3.00%, 08/01/2040			121,604			113,474
Pool FM2014, 3.00%, 11/01/2049			183,757			163,085
Pool FM5719, 3.00%, 06/01/2046			263,904			238,557
Pool MA0142, 4.00%, 08/01/2029			2,519			2,500
Pool MA0919, 3.50%, 12/01/2031			132,023			129,632
U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $1,814,827)						1,677,907
SHORT-TERM INVESTMENTS - 26.9%	Shares			Value
Money Market Funds - 19.2%
First American Government Obligations Fund - Class X, 4.23%(d)			38,770,270			38,770,270
U.S. Treasury Bills - 7.7%	Par
4.25%, 07/17/2025 (e)		$	2,000,000			1,996,325
4.24%, 07/24/2025 (e)			2,000,000			1,994,685
4.31%, 08/14/2025 (e)			2,000,000			1,989,492
4.17%, 09/04/2025 (e)			2,000,000			1,984,657
4.30%, 09/11/2025 (e)			1,600,000			1,586,453
4.11%, 10/02/2025 (e)			2,000,000			1,978,193
4.19%, 10/30/2025 (e)			2,000,000			1,971,913
4.24%, 11/28/2025 (e)			2,000,000			1,965,658
						15,467,376
TOTAL SHORT-TERM INVESTMENTS (Cost $54,239,474)						54,237,646
TOTAL INVESTMENTS - 99.2% (Cost $200,100,384)						199,910,014
Other Assets in Excess of Liabilities - 0.8%						1,554,436
TOTAL NET ASSETS - 100.0%					$	201,464,450
two						–	%
Percentages are stated as a percent of net assets.						–	%

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

(a)	To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(b)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $4,006,855 or 2.0% of the Fund’s net assets.
(c)	Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2025.
(d)	The rate shown represents the 7-day annualized effective yield as of June 30, 2025.
(e)	The rate shown is the annualized effective yield as of June 30, 2025.
(f)	Variable or Floating Rate Security. The rate shown represents the rate as of June 30, 2025.

Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)

Pemberwick 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:
Corporate Bonds	$	–	$	126,478,599	$	–	$	126,478,599
U.S. Treasury Obligations		–		15,314,515		–		15,314,515
Collateralized Mortgage Obligations		–		2,201,347		–		2,201,347
U.S. Government Agency Obligations		–		1,677,907		–		1,677,907
Short-Term Investments		38,770,270		15,467,376		–		54,237,646
Total Investments	$	38,770,270	$	161,139,744	$	–	$	199,910,014
Refer to the Schedule of Investments for further disaggregation of investment categories.