Pemberwick Fund
Schedule of Investments
June 30, 2024 (Unaudited)
CORPORATE BONDS - 63.5%	Par		Value
COMMUNICATIONS - 0.4%
Comcast Corp., 3.95%, 10/15/2025	$	125,000	$	123,070
TWDC Enterprises 18 Corp., 3.15%, 09/17/2025		300,000		292,474
Walt Disney Co.
3.70%, 10/15/2025		250,000		245,338
1.75%, 01/13/2026		300,000		284,748
				945,630
CONSUMER, CYCLICAL - 0.5%
PACCAR Financial Corp., 2.15%, 08/15/2024		300,000		298,726
Target Corp.
3.50%, 07/01/2024		250,000		250,000
2.25%, 04/15/2025		250,000		243,977
Toyota Motor Credit Corp.
3.65%, 08/18/2025		300,000		294,628
0.80%, 10/16/2025		300,000		283,717
				1,371,048
CONSUMER, NON-CYCLICAL - 1.2%
Bristol-Myers Squibb Co.
0.75%, 11/13/2025		300,000		282,417
3.20%, 06/15/2026		300,000		289,332
Brown-Forman Corp., 3.50%, 04/15/2025		300,000		295,607
Gilead Sciences, Inc., 3.50%, 02/01/2025		300,000		296,629
PepsiCo, Inc., 2.75%, 04/30/2025		300,000		293,725
Philip Morris International, Inc., 1.50%, 05/01/2025		300,000		290,447
Thermo Fisher Scientific, Inc., 1.22%, 10/18/2024		300,000		296,166
UnitedHealth Group, Inc.
5.15%, 10/15/2025		300,000		299,672
3.70%, 12/15/2025		400,000		391,715
3.10%, 03/15/2026		350,000		338,684
				3,074,394
ENERGY - 0.7%
BP Capital Markets America, Inc.
3.80%, 09/21/2025		250,000		245,743
3.12%, 05/04/2026		300,000		288,841
Chevron Corp., 1.55%, 05/11/2025		300,000		290,473
Columbia Pipeline Group, Inc., 4.50%, 06/01/2025		300,000		296,380
Exxon Mobil Corp., 2.99%, 03/19/2025		300,000		295,066
Phillips 66, 3.85%, 04/09/2025		300,000		296,104
				1,712,607
FINANCIALS - 58.1%(a)
Aflac, Inc., 1.13%, 03/15/2026		300,000		280,206
Ameriprise Financial, Inc., 3.00%, 04/02/2025		300,000		294,230
AvalonBay Communities, Inc.
3.50%, 11/15/2024		300,000		297,647
3.50%, 11/15/2025		300,000		293,073
Bank of America Corp.
6.36% (3 mo. Term SOFR + 1.03%), 02/05/2026		5,178,000		5,193,797
6.68% (SOFR + 1.33%), 04/02/2026		3,669,000		3,693,298
Bank of America NA, 6.39% (SOFR + 1.02%), 08/18/2026		3,400,000		3,434,417
Bank of Montreal
5.67% (SOFR + 0.32%), 07/09/2024		2,600,000		2,600,065

6.08% (SOFR + 0.71%), 12/12/2024	4,000,000	4,006,998
5.82% (SOFR + 0.47%), 01/10/2025	1,971,000	1,972,821
6.43% (SOFR + 1.06%), 06/07/2025	2,000,000	2,010,584
6.33% (SOFR + 0.95%), 09/25/2025	1,680,000	1,691,088
Bank of New York Mellon, 5.82% (SOFR + 0.45%), 03/13/2026	4,000,000	4,002,737
Bank of New York Mellon Corp.
5.56% (SOFR + 0.20%), 10/25/2024	3,735,000	3,732,716
5.98% (SOFR + 0.62%), 04/25/2025	4,452,000	4,466,500
Bank of Nova Scotia, 5.81% (SOFR + 0.46%), 01/10/2025	1,850,000	1,851,670
Berkshire Hathaway, Inc., 3.13%, 03/15/2026	300,000	290,551
Canadian Imperial Bank of Commerce
5.78% (SOFR + 0.42%), 10/18/2024	6,010,000	6,012,792
6.29% (SOFR + 0.94%), 04/07/2025	3,834,000	3,850,234
6.57% (SOFR + 1.22%), 10/02/2026	2,500,000	2,528,887
Citibank NA, 5.95% (SOFR + 0.59%), 04/30/2026	400,000	400,527
Citigroup, Inc.
6.05% (SOFR + 0.69%), 01/25/2026	2,585,000	2,587,804
6.90% (SOFR + 1.53%), 03/17/2026	9,300,000	9,375,079
ERP Operating LP, 3.38%, 06/01/2025	300,000	294,146
Goldman Sachs Group, Inc.
5.87% (SOFR + 0.50%), 09/10/2024	1,200,000	1,200,267
5.88% (SOFR + 0.51%), 09/10/2024	2,500,000	2,500,046
5.84% (SOFR + 0.49%), 10/21/2024	600,000	600,090
5.85% (SOFR + 0.49%), 10/21/2024	6,050,000	6,051,456
6.16% (SOFR + 0.79%), 12/09/2026	2,000,000	2,002,594
HSBC Holdings PLC
6.80% (SOFR + 1.43%), 03/10/2026	4,347,000	4,374,820
6.98% (3 mo. Term SOFR + 1.64%), 09/12/2026	4,000,000	4,044,677
Loews Corp., 3.75%, 04/01/2026	400,000	390,135
Marsh & McLennan Cos., Inc.
3.50%, 03/10/2025	300,000	295,801
3.75%, 03/14/2026	300,000	293,024
MetLife, Inc.
3.00%, 03/01/2025	100,000	98,315
3.60%, 11/13/2025	125,000	122,269
Mid-America Apartments LP, 4.00%, 11/15/2025	300,000	294,422
Mitsubishi UFJ Financial Group, Inc.
7.01% (SOFR + 1.65%), 07/18/2025	5,240,000	5,243,304
6.76% (SOFR + 1.39%), 09/12/2025	3,820,000	3,828,628
Mizuho Financial Group, Inc., 6.33% (SOFR + 0.96%), 05/22/2026	4,500,000	4,519,633
Morgan Stanley
5.87% (SOFR + 0.51%), 01/22/2025	4,995,000	4,997,868
6.32% (SOFR + 0.95%), 02/18/2026	1,100,000	1,104,212
Morgan Stanley Bank NA, 6.14% (SOFR + 0.78%), 07/16/2025	6,065,000	6,094,248
Principal Financial Group, Inc., 3.40%, 05/15/2025	300,000	294,429
Prologis LP
3.25%, 06/30/2026	300,000	289,299
2.13%, 04/15/2027	300,000	277,138
Prudential Financial, Inc., 1.50%, 03/10/2026	400,000	376,349
Public Storage Operating Co., 0.88%, 02/15/2026	300,000	279,992
Realty Income Corp.
3.88%, 07/15/2024	296,000	295,789
3.88%, 04/15/2025	150,000	147,992
0.75%, 03/15/2026	400,000	369,719
4.13%, 10/15/2026	300,000	292,465
Royal Bank of Canada
5.72% (SOFR + 0.36%), 07/29/2024	3,200,000	3,200,486
5.69% (SOFR + 0.34%), 10/07/2024	7,461,000	7,463,289
5.80% (SOFR + 0.44%), 01/21/2025	1,000,000	999,595
6.20% (SOFR + 0.84%), 04/14/2025	1,000,000	1,004,001
Simon Property Group LP

2.00%, 09/13/2024		350,000		347,388
3.38%, 10/01/2024		500,000		496,870
3.50%, 09/01/2025		100,000		97,892
3.30%, 01/15/2026		400,000		387,814
Societe Generale SA, 6.41% (SOFR + 1.05%), 01/21/2026 (b)		2,000,000		2,001,909
Sumitomo Mitsui Financial Group, Inc., 6.78% (SOFR + 1.43%), 01/13/2026		1,400,000		1,421,700
Wells Fargo & Co., 6.68% (SOFR + 1.32%), 04/25/2026		3,000,000		3,023,315
Wells Fargo Bank NA
6.16% (SOFR + 0.80%), 08/01/2025		4,000,000		4,019,027
6.07% (SOFR + 0.71%), 01/15/2026		4,900,000		4,920,295
				145,224,429
INDUSTRIALS - 0.8%
Boeing Co.
2.85%, 10/30/2024		100,000		98,893
2.50%, 03/01/2025		100,000		97,610
Burlington Northern Santa Fe LLC
3.00%, 04/01/2025		100,000		98,290
7.00%, 12/15/2025		215,000		220,616
Caterpillar Financial Services Corp.
2.15%, 11/08/2024		300,000		296,455
0.80%, 11/13/2025		300,000		282,952
John Deere Capital Corp.
4.05%, 09/08/2025		300,000		295,976
0.70%, 01/15/2026		300,000		280,574
5.05%, 03/03/2026		300,000		300,138
				1,971,504
TECHNOLOGY - 0.3%
Apple, Inc., 3.20%, 05/13/2025		150,000		147,470
International Business Machines Corp., 7.00%, 10/30/2025		150,000		153,361
Intuit, Inc., 0.95%, 07/15/2025		300,000		286,761
Lam Research Corp., 3.75%, 03/15/2026		300,000		293,003
				880,595
UTILITIES - 1.5%
Arizona Public Service Co., 3.15%, 05/15/2025		300,000		293,875
Berkshire Hathaway Energy Co., 3.50%, 02/01/2025		200,000		197,567
Commonwealth Edison Co., 3.10%, 11/01/2024		300,000		298,476
Duke Energy Progress LLC, 3.25%, 08/15/2025		100,000		97,842
Georgia Power Co., 3.25%, 04/01/2026		300,000		290,147
Louisville Gas and Electric Co., 3.30%, 10/01/2025		150,000		146,217
MidAmerican Energy Co., 3.50%, 10/15/2024		300,000		298,079
National Rural Utilities Cooperative Finance Corp.
1.88%, 02/07/2025		300,000		293,438
4.45%, 03/13/2026		300,000		295,988
PECO Energy Co., 3.15%, 10/15/2025		428,000		417,073
Public Service Electric and Gas Co.
3.00%, 05/15/2025		175,000		171,561
0.95%, 03/15/2026		300,000		279,976
Virginia Electric and Power Co., 3.15%, 01/15/2026		300,000		290,595
Wisconsin Electric Power Co., 2.05%, 12/15/2024		350,000		344,310
				3,715,144
TOTAL CORPORATE BONDS (Cost $158,845,572)				158,895,351
U.S. TREASURY OBLIGATIONS - 8.6%	Par		Value
United States Treasury Note/Bond
0.38%, 07/15/2024		1,500,000		1,497,125
1.25%, 08/31/2024		1,500,000		1,489,539
0.38%, 09/15/2024		1,500,000		1,484,781

1.50%, 10/31/2024		1,500,000		1,480,766
1.50%, 11/30/2024		1,300,000		1,279,637
1.75%, 12/31/2024		400,000		392,978
2.25%, 12/31/2024		500,000		492,502
1.38%, 01/31/2025		575,000		562,135
2.00%, 02/15/2025		500,000		489,795
0.50%, 03/31/2025		600,000		579,449
0.38%, 04/30/2025		400,000		384,488
2.13%, 05/15/2025		800,000		779,314
0.25%, 05/31/2025		600,000		573,758
0.25%, 06/30/2025		1,000,000		953,142
2.75%, 06/30/2025		500,000		488,585
2.88%, 07/31/2025		500,000		488,535
2.00%, 08/15/2025		800,000		773,609
2.75%, 08/31/2025		500,000		487,119
2.25%, 11/15/2025		820,000		790,820
4.50%, 11/15/2025		400,000		397,625
0.38%, 01/31/2026		1,700,000		1,584,553
2.63%, 01/31/2026		200,000		193,188
6.00%, 02/15/2026		1,900,000		1,938,223
0.75%, 04/30/2026		1,000,000		930,234
0.75%, 05/31/2026		1,000,000		927,500
TOTAL U.S. TREASURY SECURITIES (Cost $21,817,386)				21,439,400
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.2%	Par		Value
Federal Home Loan Mortgage Corporation REMICS
Series 2091, Class PG, 6.00%, 11/15/2028		81,755		81,859
Series 2097, Class PZ, 6.00%, 11/15/2028		53,031		53,010
Series 2526, Class FI, 6.45% (30 day avg SOFR US + 1.11%), 02/15/2032		15,643		15,772
Series 2682, Class LD, 4.50%, 10/15/2033		18,338		18,000
Series 2759, Class TC, 4.50%, 03/15/2034		94,884		92,090
Series 2933, Class HD, 5.50%, 02/15/2035		1,993		2,008
Series 2989, Class TG, 5.00%, 06/15/2025		444		442
Series 3002, Class YD, 4.50%, 07/15/2025		4,139		4,107
Series 3775, Class EM, 3.50%, 11/15/2025		3,493		3,433
Series 3786, Class NA, 4.50%, 07/15/2040		8,720		8,574
Series 3970, Class HB, 3.00%, 12/15/2026		55,782		54,305
Series 4002, Class LB, 2.00%, 09/15/2041		43,637		40,306
Series 4020, Class PA, 2.75%, 03/15/2027		6,993		6,826
Series 4045, Class HC, 2.00%, 07/15/2041		731		725
Series 4171, Class NG, 2.00%, 06/15/2042		66,961		59,538
Series 4203, Class DM, 3.00%, 04/15/2033		34,092		32,800
Series 4266, Class BG, 2.50%, 04/15/2026		10,519		10,236
Series 4309, Class JD, 2.00%, 10/15/2043		10,594		9,553
Series 4311, Class TD, 2.50%, 02/15/2029		38,778		37,531
Series 4363, Class EJ, 4.00%, 05/15/2033		62,557		61,375
Series 4417, Class EG, 2.50%, 01/15/2040		22,553		22,378
Series 4453, Class DA, 3.50%, 11/15/2033		25,710		25,255
Series 4472, Class MA, 3.00%, 05/15/2045		255,409		232,887
Series 4716, Class PA, 3.00%, 07/15/2044		55,976		54,172
Series 4949, Class PM, 2.50%, 02/25/2050		146,769		120,507
				1,047,689
Federal National Mortgage Association REMICS
Series 2002-56, Class PE, 6.00%, 09/25/2032		44,330		45,267
Series 2003-127, Class EG, 6.00%, 12/25/2033		55,280		56,408
Series 2005-40, Class YG, 5.00%, 05/25/2025		722		717
Series 2005-48, Class AU, 5.50%, 06/25/2035		22,176		22,323
Series 2005-64, Class PL, 5.50%, 07/25/2035		5,552		5,596
Series 2005-68, Class PG, 5.50%, 08/25/2035		5,932		5,981
Series 2005-83, Class LA, 5.50%, 10/25/2035		2,664		2,682
Series 2007-27, Class MQ, 5.50%, 04/25/2027		891		885

Series 2010-123, Class BP, 4.50%, 11/25/2040		54,302		53,166
Series 2011-110, Class CY, 3.50%, 11/25/2026		66,275		64,900
Series 2011-146, Class LX, 3.50%, 10/25/2040		81,626		79,704
Series 2011-9, Class LH, 3.50%, 01/25/2039		2,258		2,249
Series 2012-101, Class AB, 1.50%, 06/25/2027		9,514		9,319
Series 2012-102, Class HA, 2.00%, 02/25/2042		43,088		39,525
Series 2012-134, Class VP, 3.00%, 10/25/2042		40,400		39,566
Series 2012-139, Class JA, 3.50%, 12/25/2042		153,737		142,050
Series 2012-148, Class BQ, 1.25%, 01/25/2028		31,917		30,482
Series 2012-38, Class PA, 2.00%, 09/25/2041		18,277		16,765
Series 2012-66, Class HE, 1.50%, 06/25/2027		5,243		5,055
Series 2012-90, Class DA, 1.50%, 03/25/2042		22,846		20,298
Series 2013-124, Class BD, 2.50%, 12/25/2028		7,316		7,157
Series 2013-14, Class QD, 1.50%, 03/25/2043		25,402		20,899
Series 2013-18, Class PA, 2.00%, 11/25/2041		60,242		56,087
Series 2013-6, Class LD, 2.00%, 02/25/2043		31,095		26,481
Series 2013-72, Class HG, 3.00%, 04/25/2033		84,948		81,094
Series 2014-19, Class HA, 2.00%, 06/25/2040		14,123		13,403
Series 2014-8, Class DA, 4.00%, 03/25/2029		11,216		11,037
Series 2016-105, Class PA, 3.50%, 04/25/2045		139,407		133,465
Series 2016-60, Class Q, 1.75%, 09/25/2046		60,139		52,988
Series 2016-8, Class PC, 2.50%, 10/25/2044		150,037		140,526
Series 2017-77, Class BA, 2.00%, 10/25/2047		52,490		46,320
Series 2019-33, Class N, 3.00%, 03/25/2048		323,766		296,045
				1,528,440
Government National Mortgage Association REMICS
Series 2007-11, Class PE, 5.50%, 03/20/2037		21,028		21,094
Series 2009-10, Class DE, 5.00%, 04/16/2038		15,768		15,711
Series 2010-112, Class NG, 2.25%, 09/16/2040		54,719		49,265
Series 2012-106, Class MA, 2.00%, 11/20/2041		66,258		59,958
Series 2012-48, Class MA, 2.50%, 04/16/2042		39,999		35,600
Series 2013-56, Class AP, 2.00%, 11/16/2041		57,311		50,898
Series 2013-64, Class LP, 1.50%, 08/20/2041		91,948		82,696
Series 2013-88, Class WA, 4.49%, 06/20/2030 (c)		1,122		1,113
				316,335
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,089,526)				2,892,464
U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.7%	Par		Value
Federal Home Loan Mortgage Corp.
Pool C91251, 4.50%, 06/01/2029		2,356		2,324
Pool C91281, 4.50%, 12/01/2029		5,162		5,088
Pool C91295, 4.50%, 04/01/2030		2,862		2,820
Pool J14494, 4.00%, 02/01/2026		2,123		2,097
Pool J15974, 4.00%, 06/01/2026		886		873
Pool J17508, 3.00%, 12/01/2026		11,624		11,325
Pool ZT1361, 3.00%, 05/01/2047		200,674		175,738
Series 292, Class 150, Pool S2-0326, 1.50%, 11/15/2027		20,983		20,171
				220,436
Federal National Mortgage Association
Pool 256045, 5.00%, 12/01/2025		1,483		1,474
Pool 257204, 5.50%, 05/01/2028		3,181		3,182
Pool AC3237, 5.00%, 10/01/2039		16,932		16,750
Pool AD0249, 5.50%, 04/01/2037		7,238		7,263
Pool BL5531, 2.33%, 01/01/2027		600,000		563,587
Pool BP3785, 2.00%, 03/01/2036		297,427		263,114
Pool BP6567, 3.00%, 08/01/2040		133,852		118,689
Pool FM2014, 3.00%, 11/01/2049		198,254		171,972
Pool FM5719, 3.00%, 06/01/2046		286,343		252,701
Pool MA0142, 4.00%, 08/01/2029		3,714		3,623

Pool MA0919, 3.50%, 12/01/2031		167,805		160,770
				1,563,125
TOTAL MORTGAGE-BACKED SECURITIES (Cost $1,981,586)				1,783,561
SHORT-TERM INVESTMENTS - 25.4%
Money Market Funds - 22.4%	Shares
First American Government Obligations Fund - Class X, 5.23% (d)		56,149,993		56,149,993
U.S. Treasury Bills - 3.0%	Par
5.22%, 08/22/2024 (e)		1,500,000		1,488,692
5.25%, 09/05/2024 (e)		1,500,000		1,485,682
5.25%, 10/03/2024 (e)		1,500,000		1,479,751
5.29%, 11/07/2024 (e)		1,500,000		1,472,238
5.30%, 11/14/2024 (e)		1,500,000		1,470,801
				7,397,164
TOTAL SHORT-TERM INVESTMENTS (Cost $63,547,663)				63,547,157
TOTAL INVESTMENTS - 99.4% (Cost $249,281,733)				248,557,933
Other Assets in Excess of Liabilities - 0.6%				1,564,742
			$	250,122,675
Percentages are stated as a percent of net assets.
PLC - Public Limited Company REMICS - Real Estate Mortgage Investment Conduits
SA - Sociedad Anónima
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, 2024, the value of these securities total $2,001,909 or 0.8% 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, 2024.
(d)	The rate shown represents the 7-day annualized effective yield as of June 30, 2024.
(e)	The rate shown is the effective yield as of June 30, 2024.

Summary of Fair Value Measurements at June 30, 2024 (Unaudited)

The Fund has adopted fair value accounting standards which establish an authoritative 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:

Level 1 -	Unadjusted, quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the date of measurement.
Level 2 -	Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments
	model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
Level 3 -	Significant unobservable inputs for the asset or liability, to the extent relevant observable inputs, are not available, are representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the fair valuation hierarchy of the Fund's securities as of June 30, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Corporate Bonds	$	–	$	158,895,351	$	–	$	158,895,351
U.S. Treasury Obligations		–		21,439,400		–		21,439,400
Collateralized Mortgage Obligations		–		2,892,464		–		2,892,464
U.S. Government Agency Obligations		–		1,783,561		–		1,783,561
Money Market Funds		56,149,993		–		–		56,149,993
U.S. Treasury Bills		–		7,397,164		–		7,397,164
Total Investments	$	56,149,993	$	192,407,940	$	–	$	248,557,933
Refer to the Schedule of Investments for further disaggregation of investment categories.