Pemberwick Fund
Schedule of Investments
June 30, 2026 (Unaudited)
CORPORATE BONDS - 73.5%									Par						Value
Communications - 1.9%
Alphabet, Inc., 2.00%, 08/15/2026									$        1,200,000						$        1,197,122
Netflix, Inc., 4.38%, 11/15/2026									1,235,000						1,236,021
TWDC Enterprises 18 Corp., 1.85%, 07/30/2026									1,000,000						998,200
															3,431,343
Consumer Discretionary - 1.5%
American Honda Finance Corp., 1.30%, 09/09/2026									780,000						775,643
Home Depot, Inc., 2.13%, 09/15/2026									620,000						617,673
NIKE, Inc., 2.38%, 11/01/2026									930,000						924,573
TJX Cos., Inc., 2.25%, 09/15/2026									400,000						398,558
															2,716,447
Consumer Staples - 0.3%
Bunge Ltd. Finance Corp., 3.25%, 08/15/2026									620,000						619,035
Energy - 0.3%
Exxon Mobil Corp., 2.28%, 08/16/2026									500,000						498,891
Financials - 61.2% (a)
American Express Co.
4.30% (SOFR + 0.65%), 11/04/2026									2,383,000						2,385,191
3.30%, 05/03/2027									2,261,000						2,243,069
4.58% (SOFR + 0.93%), 07/26/2028									2,806,000						2,817,805
Bank of America Corp.
4.61% (SOFR + 0.97%), 07/22/2027									1,200,000						1,200,484
5.04% (SOFR + 1.35%), 09/15/2027									4,879,000						4,889,688
Bank of America NA, 4.68% (SOFR + 1.02%), 08/18/2026									3,400,000						3,401,145
Bank of Montreal
4.44% (SOFR + 0.75%), 09/22/2028									5,650,000						5,664,978
4.51% (SOFR + 0.86%), 01/27/2029									2,000,000						2,006,592
Bank of New York Mellon Corp., 4.36% (SOFR + 0.68%), 06/09/2028									3,000,000						3,004,732
Canadian Imperial Bank of Commerce
4.92% (SOFR + 1.22%), 10/02/2026									6,000,000						6,014,869
4.48% (SOFR + 0.80%), 09/08/2028									3,000,000						3,007,984
Capital One Financial Corp.
7.15% to 10/29/2026 then SOFR + 2.44%, 10/29/2027									2,400,000						2,419,314
1.88% to 11/02/2026 then SOFR + 0.86%, 11/02/2027									4,648,000						4,605,423
Citibank NA
4.36% (SOFR + 0.71%), 08/06/2026									4,000,000						4,000,248
4.37% (SOFR + 0.71%), 11/19/2027									3,000,000						3,003,329
Goldman Sachs Bank USA/New York NY, 4.40% (SOFR + 0.72%), 06/03/2029									3,000,000						3,005,735
Goldman Sachs Group, Inc., 4.56% (SOFR + 0.92%), 10/21/2027									400,000						400,561
HSBC Holdings PLC, 5.22% (SOFR + 1.57%), 08/14/2027									975,000						976,438
HSBC USA, Inc.
4.64% (SOFR + 0.96%), 03/04/2027									2,500,000						2,510,140
4.65%, 06/03/2028									2,000,000						2,006,226
Morgan Stanley
4.35%, 09/08/2026									3,400,000						3,399,869
4.66% (SOFR + 1.02%), 04/13/2028									2,000,000						2,006,295
Morgan Stanley Bank NA
4.81% (SOFR + 1.17%), 10/30/2026									2,500,000						2,504,999
4.33% (SOFR + 0.69%), 10/15/2027									1,000,000						1,000,656

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4.72% (SOFR + 1.08%), 01/14/2028									900,000						903,037
National Bank of Canada, 5.60%, 12/18/2028									2,000,000						2,047,822
New York Life Global Funding, 5.45%, 09/18/2026 (b)									2,275,000						2,281,596
PNC Financial Services Group, Inc., 3.15%, 05/19/2027									4,000,000						3,963,236
Prologis LP, 2.13%, 04/15/2027									300,000						295,321
Realty Income Corp., 4.13%, 10/15/2026									300,000						299,982
Royal Bank of Canada
4.11% (SOFR + 0.46%), 08/03/2026									2,000,000						2,000,442
4.24% (SOFR + 0.59%), 11/02/2026									2,200,000						2,202,440
4.59% (SOFR + 0.95%), 01/19/2027									3,000,000						3,009,791
4.35% (SOFR + 0.71%), 01/21/2027									1,123,000						1,125,691
4.36% (SOFR + 0.72%), 10/18/2027									1,140,000						1,141,215
State Street Bank & Trust Co., 4.13% (SOFR + 0.46%), 11/25/2026									3,161,000						3,163,625
Sumitomo Mitsui Financial Group, Inc.
4.94% (SOFR + 1.30%), 07/13/2026									1,400,000						1,400,538
4.52% (SOFR + 0.88%), 01/14/2027									1,731,000						1,736,885
5.72%, 09/14/2028									2,000,000						2,044,138
4.11%, 01/15/2029									1,000,000						987,856
4.40% (SOFR + 0.76%), 01/15/2029									1,117,000						1,116,741
Toronto-Dominion Bank
4.22% (SOFR + 0.58%), 01/13/2028									3,000,000						3,006,912
4.59% (SOFR + 0.91%), 06/02/2028									1,325,000						1,335,280
4.39% (SOFR + 0.75%), 10/13/2028									2,000,000						2,007,130
Truist Bank, 4.41% (SOFR + 0.77%), 07/24/2028									3,000,000						3,002,663
US Bank NA/Cincinnati OH, 4.32% (SOFR + 0.66%), 05/20/2029									3,000,000						3,000,853
Wells Fargo & Co., 4.42% (SOFR + 0.78%), 01/24/2028									1,600,000						1,602,954
															112,151,918
Health Care - 1.1%
Abbott Laboratories, 3.75%, 11/30/2026									950,000						949,141
McKesson Corp., 1.30%, 08/15/2026									1,000,000						996,546
															1,945,687
Industrials - 2.3%
CSX Corp., 2.60%, 11/01/2026									1,200,000						1,193,805
General Dynamics Corp., 2.13%, 08/15/2026									900,000						897,886
Honeywell International, Inc., 2.50%, 11/01/2026									1,240,000						1,232,885
Republic Services, Inc., 2.90%, 07/01/2026									920,000						920,000
															4,244,576
Materials - 0.7%
Ecolab, Inc., 2.70%, 11/01/2026									1,235,000						1,229,014
Technology - 2.9%
Analog Devices, Inc., 3.50%, 12/05/2026									1,270,000						1,266,645
Apple, Inc., 2.45%, 08/04/2026									1,240,000						1,238,097
Microsoft Corp., 2.40%, 08/08/2026									700,000						698,631
NVIDIA Corp., 3.20%, 09/16/2026									925,000						923,364
VMware LLC, 1.40%, 08/15/2026									1,200,000						1,195,473
															5,322,210
Utilities - 1.3%
Duke Energy Carolinas LLC, 2.95%, 12/01/2026									925,000						920,364
Public Service Electric and Gas Co., 2.25%, 09/15/2026									620,000						617,789
Southern California Edison Co., 4.40%, 09/06/2026									900,000						899,777
															2,437,930
TOTAL CORPORATE BONDS (Cost $134,575,319)															134,597,051

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U.S. TREASURY SECURITIES - 0.9%									Par						Value
United States Treasury Note/Bond, 1.38%, 08/31/2026									1,700,000						1,693,230
TOTAL U.S. TREASURY SECURITIES (Cost $1,693,599)															1,693,230
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.9%									Par						Value
Federal Home Loan Mortgage Corp.
Series 2091, Class PG, 6.00%, 11/15/2028									30,373						30,754
Series 2097, Class PZ, 6.00%, 11/15/2028									19,722						19,956
Series 2526, Class FI, 4.71% (30 day avg SOFR US + 1.11%), 02/15/2032									9,082						9,184
Series 2682, Class LD, 4.50%, 10/15/2033									10,982						10,941
Series 2759, Class TC, 4.50%, 03/15/2034									67,685						66,422
Series 2933, Class HD, 5.50%, 02/15/2035									979						995
Series 3786, Class NA, 4.50%, 07/15/2040									4,712						4,707
Series 3970, Class HB, 3.00%, 12/15/2026									6,057						6,039
Series 4002, Class LB, 2.00%, 09/15/2041									24,577						23,748
Series 4020, Class PA, 2.75%, 03/15/2027									164						164
Series 4171, Class NG, 2.00%, 06/15/2042									47,541						43,796
Series 4203, Class DM, 3.00%, 04/15/2033									14,735						14,451
Series 4309, Class JD, 2.00%, 10/15/2043									6,940						6,487
Series 4311, Class TD, 2.50%, 02/15/2029									5,340						5,309
Series 4363, Class EJ, 4.00%, 05/15/2033									7,404						7,391
Series 4472, Class MA, 3.00%, 05/15/2045									204,144						192,307
Series 4716, Class PA, 3.00%, 07/15/2044									16,488						16,330
Series 4949, Class PM, 2.50%, 02/25/2050									122,082						104,866
Federal National Mortgage Association
Series 2002-56, Class PE, 6.00%, 09/25/2032									28,516						29,181
Series 2003-127, Class EG, 6.00%, 12/25/2033									34,037						34,805
Series 2005-48, Class AU, 5.50%, 06/25/2035									10,952						11,041
Series 2005-64, Class PL, 5.50%, 07/25/2035									2,861						2,905
Series 2005-68, Class PG, 5.50%, 08/25/2035									3,156						3,202
Series 2005-83, Class LA, 5.50%, 10/25/2035									1,382						1,407
Series 2007-27, Class MQ, 5.50%, 04/25/2027									114						114
Series 2010-123, Class BP, 4.50%, 11/25/2040									37,840						37,641
Series 2011-110, Class CY, 3.50%, 11/25/2026									2,723						2,712
Series 2011-146, Class LX, 3.50%, 10/25/2040									7,009						6,990
Series 2012-102, Class HA, 2.00%, 02/25/2042									29,660						28,008
Series 2012-139, Class JA, 3.50%, 12/25/2042									118,271						111,635
Series 2012-148, Class BQ, 1.25%, 01/25/2028									2,914						2,884
Series 2012-38, Class PA, 2.00%, 09/25/2041									11,038						10,497
Series 2012-66, Class HE, 1.50%, 06/25/2027									55						54
Series 2012-90, Class DA, 1.50%, 03/25/2042									15,023						13,892
Series 2013-14, Class QD, 1.50%, 03/25/2043									20,877						17,945
Series 2013-18, Class PA, 2.00%, 11/25/2041									37,287						35,793
Series 2013-6, Class LD, 2.00%, 02/25/2043									22,721						20,059
Series 2013-72, Class HG, 3.00%, 04/25/2033									43,547						42,590
Series 2016-105, Class PA, 3.50%, 04/25/2045									90,681						88,458
Series 2016-60, Class Q, 1.75%, 09/25/2046									38,639						35,518
Series 2016-8, Class PC, 2.50%, 10/25/2044									94,486						90,487
Series 2017-77, Class BA, 2.00%, 10/25/2047									38,913						35,506
Series 2019-33, Class N, 3.00%, 03/25/2048									230,615						217,314
Government National Mortgage Association
Series 2007-11, Class PE, 5.50%, 03/20/2037									16,327						16,356
Series 2010-112, Class NG, 2.25%, 09/16/2040									32,702						30,203
Series 2012-106, Class MA, 2.00%, 11/20/2041									42,244						39,543
Series 2012-48, Class MA, 2.50%, 04/16/2042									29,080						26,864
Series 2013-56, Class AP, 2.00%, 11/16/2041									41,259						38,342
Series 2013-64, Class LP, 1.50%, 08/20/2041									55,465						51,886
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,734,302)															1,647,679

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U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.8%									Par						Value
Federal Home Loan Mortgage Corp.
Pool C91251, 4.50%, 06/01/2029									986						984
Pool C91281, 4.50%, 12/01/2029									2,547						2,545
Pool C91295, 4.50%, 04/01/2030									1,463						1,460
Pool J17508, 3.00%, 12/01/2026									1,262						1,258
Pool ZT1361, 3.00%, 05/01/2047									161,442						145,213
Series 292, Class 150, Pool S2-0326, 1.50%, 11/15/2027									4,645						4,578
Federal National Mortgage Association
Pool 257204, 5.50%, 05/01/2028									897						900
Pool AC3237, 5.00%, 10/01/2039									13,083						13,201
Pool AD0249, 5.50%, 04/01/2037									4,762						4,815
Pool BL5531, 2.33%, 01/01/2027									583,631						576,944
Pool BP3785, 2.00%, 03/01/2036									221,561						202,192
Pool BP6567, 3.00%, 08/01/2040									109,907						101,677
Pool FM2014, 3.00%, 11/01/2049									169,758						151,330
Pool FM5719, 3.00%, 06/01/2046									236,956						212,496
Pool MA0142, 4.00%, 08/01/2029									1,465						1,452
Pool MA0919, 3.50%, 12/01/2031									99,912						97,426
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $1,637,050)															1,518,471
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS - 18.6%									Par						Value
3.54%, 07/09/2026 (c)									1,900,000						1,898,467
3.57%, 07/16/2026 (c)									2,700,000						2,695,957
3.59%, 07/23/2026 (c)									2,800,000						2,793,868
3.59%, 07/30/2026 (c)									4,000,000						3,988,435
3.56%, 08/06/2026 (c)									3,400,000						3,387,726
3.58%, 09/03/2026 (c)									2,400,000						2,384,427
3.62%, 09/10/2026 (c)									1,400,000						1,389,964
3.68%, 09/17/2026 (c)									1,400,000						1,388,957
3.66%, 10/01/2026 (c)									3,320,000						3,288,353
3.65%, 10/08/2026 (c)									375,000						371,175
3.65%, 10/29/2026 (c)									1,580,000						1,560,217
3.68%, 11/12/2026 (c)									5,780,000						5,699,299
3.69%, 11/19/2026 (c)									850,000						837,474
3.71%, 11/27/2026 (c)									950,000						935,196
3.86%, 12/17/2026 (c)									1,425,000						1,399,580
TOTAL U.S. TREASURY BILLS (Cost $34,026,832)															34,019,095
MONEY MARKET FUNDS - 4.8%									Shares						Value
First American Government Obligations Fund - Class X, 3.57% (d)									8,794,362						8,794,362
TOTAL MONEY MARKET FUNDS (Cost $8,794,362)															8,794,362
TOTAL INVESTMENTS - 99.5% (Cost $182,461,464)															182,269,888
Other Assets in Excess of Liabilities - 0.5%												0.00458			838,555
TOTAL NET ASSETS - 100.0%															$        183,108,443
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.

SOFR - Secured Overnight Financing Rate

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(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 that industry or sector.
(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, 2026, the value of these securities total $2,281,596 or 1.2% of the Fund’s net assets.
(c)						The rate shown is the annualized yield as of June 30, 2026.
(d)						The rate shown represents the 7-day annualized yield as of June 30, 2026.

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Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)

 

Pemberwick 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, 2026:

Level 1

Level 2

Level 3

Total

Investments:

Corporate Bonds

$        –

$        134,597,051

$        –

$        134,597,051

U.S. Treasury Securities

–

1,693,230

–

1,693,230

Collateralized Mortgage Obligations

–

1,647,679

–

1,647,679

U.S. Government Agency Obligations

–

1,518,471

–

1,518,471

U.S. Treasury Bills

–

34,019,095

–

34,019,095

Money Market Funds

8,794,362

–

–

8,794,362

Total Investments

$        8,794,362

$        173,475,526

$        –

$        182,269,888

						Refer to the Schedule of Investments for further disaggregation of investment categories.