| Pemberwick Fund | |
| Schedule of Investments | |
| December 31, 2024 (Unaudited) | |
| | |
| CORPORATE BONDS AND NOTES - 74.1% | Par | | Value | |
| COMMUNICATIONS - 0.5% | |
| Comcast Corp., 3.95%, 10/15/2025 | | $ | 125,000 | | | $ | 124,400 | |
| TWDC Enterprises 18 Corp., 3.15%, 09/17/2025 | | | 300,000 | | | | 297,102 | |
| Walt Disney Co. | |
| 3.70%, 10/15/2025 | | | 250,000 | | | | 248,621 | |
| 1.75%, 01/13/2026 | | | 300,000 | | | | 292,126 | |
| | | | | | | | 962,249 | |
| | | | | | | | | |
| CONSUMER, CYCLICAL - 0.4% | |
| Target Corp., 2.25%, 04/15/2025 | | | 250,000 | | | | 248,179 | |
| Toyota Motor Credit Corp. | |
| 3.65%, 08/18/2025 | | | 600,000 | | | | 600,018 | |
| 3.65%, 08/18/2025 | | | 300,000 | | | | 298,512 | |
| 0.80%, 10/16/2025 | | | 300,000 | | | | 291,482 | |
| | | | | | | | 1,438,191 | |
| | | | | | | | | |
| CONSUMER, NON-CYCLICAL - 1.8% | |
| Bristol-Myers Squibb Co. | |
| 0.75%, 11/13/2025 | | | 300,000 | | | | 290,734 | |
| 3.20%, 06/15/2026 | | | 300,000 | | | | 294,864 | |
| Brown-Forman Corp., 3.50%, 04/15/2025 | | | 300,000 | | | | 298,923 | |
| Gilead Sciences, Inc., 3.50%, 02/01/2025 | | | 300,000 | | | | 299,604 | |
| PepsiCo, Inc., 2.75%, 04/30/2025 | | | 300,000 | | | | 298,400 | |
| Philip Morris International, Inc., 1.50%, 05/01/2025 | | | 1,000,000 | | | | 989,412 | |
| UnitedHealth Group, Inc. | |
| 5.15%, 10/15/2025 | | | 300,000 | | | | 301,598 | |
| 3.70%, 12/15/2025 | | | 400,000 | | | | 397,002 | |
| 3.10%, 03/15/2026 | | | 350,000 | | | | 345,033 | |
| | | | | | | | 3,515,570 | |
| | | | | | | | | |
| ENERGY - 0.9% | |
| BP Capital Markets America, Inc. | |
| 3.80%, 09/21/2025 | | | 250,000 | | | | 248,951 | |
| 3.12%, 05/04/2026 | | | 300,000 | | | | 294,793 | |
| Chevron Corp., 1.55%, 05/11/2025 | | | 300,000 | | | | 296,788 | |
| Columbia Pipeline Group, Inc., 4.50%, 06/01/2025 | | | 300,000 | | | | 299,269 | |
| Exxon Mobil Corp., 2.99%, 03/19/2025 | | | 300,000 | | | | 299,096 | |
| Phillips 66, 3.85%, 04/09/2025 | | | 300,000 | | | | 299,190 | |
| | | | | | | | 1,738,087 | |
| | | | | | | | | |
FINANCIALS - 66.8%(a) | |
| Aflac, Inc., 1.13%, 03/15/2026 | | | 300,000 | | | | 287,859 | |
| American Express Co. | |
| 5.30% (SOFR + 0.76%), 02/13/2026 | | | 4,231,000 | | | | 4,245,813 | |
| 5.93% (SOFR + 1.35%), 10/30/2026 | | | 4,600,000 | | | | 4,634,854 | |
| 5.22% (SOFR + 0.65%), 11/04/2026 | | | 2,383,000 | | | | 2,384,886 | |
| Ameriprise Financial, Inc., 3.00%, 04/02/2025 | | | 300,000 | | | | 298,760 | |
| AvalonBay Communities, Inc., 3.50%, 11/15/2025 | | | 300,000 | | | | 297,080 | |
| Bank of America Corp. | |
| 5.59% (3 mo. Term SOFR + 1.03%), 02/05/2026 | | | 5,178,000 | | | | 5,182,538 | |
| 6.04% (SOFR + 1.33%), 04/02/2026 | | | 3,669,000 | | | | 3,679,301 | |
| Bank of America NA, 5.55% (SOFR + 1.02%), 08/18/2026 | | | 3,400,000 | | | | 3,429,395 | |
| Bank of Montreal | |
| 5.13% (SOFR + 0.47%), 01/10/2025 | | | 1,971,000 | | | | 1,971,098 | |
| 5.56% (SOFR + 1.06%), 06/07/2025 | | | 2,000,000 | | | | 2,006,462 | |
| 5.43% (SOFR + 0.95%), 09/25/2025 | | | 1,680,000 | | | | 1,688,883 | |
| Bank of New York Mellon, 4.94% (SOFR + 0.45%), 03/13/2026 | | | 4,000,000 | | | | 4,002,098 | |
| Bank of New York Mellon Corp., 5.22% (SOFR + 0.62%), 04/25/2025 | | | 4,452,000 | | | | 4,455,336 | |
| Bank of Nova Scotia, 5.12% (SOFR + 0.46%), 01/10/2025 | | | 1,850,000 | | | | 1,850,093 | |
| Berkshire Hathaway, Inc., 3.13%, 03/15/2026 | | | 300,000 | | | | 295,550 | |
| Canadian Imperial Bank of Commerce | |
| 5.62% (SOFR + 0.94%), 04/07/2025 | | | 3,834,000 | | | | 3,841,382 | |
| 5.92% (SOFR + 1.22%), 10/02/2026 | | | 2,500,000 | | | | 2,523,791 | |
| Citibank NA, 5.17% (SOFR + 0.59%), 04/30/2026 | | | 400,000 | | | | 400,952 | |
| Citigroup, Inc. | |
| 5.30% (SOFR + 0.69%), 01/25/2026 | | | 2,585,000 | | | | 2,586,740 | |
| 6.01% (SOFR + 1.53%), 03/17/2026 | | | 9,300,000 | | | | 9,324,575 | |
| ERP Operating LP, 3.38%, 06/01/2025 | | | 300,000 | | | | 298,369 | |
| Goldman Sachs Bank USA/New York NY, 5.27% (SOFR + 0.75%), 05/21/2027 | | | 1,330,000 | | | | 1,333,460 | |
| Goldman Sachs Group, Inc. | |
| 5.60% (SOFR + 1.07%), 08/10/2026 | | | 2,700,000 | | | | 2,709,813 | |
| 5.29% (SOFR + 0.79%), 12/09/2026 | | | 2,000,000 | | | | 2,004,939 | |
| HSBC Holdings PLC | |
| 5.93% (SOFR + 1.43%), 03/10/2026 | | | 4,347,000 | | | | 4,349,915 | |
| 6.03% (3 mo. Term SOFR + 1.64%), 09/12/2026 | | | 7,000,000 | | | | 7,048,477 | |
| Loews Corp., 3.75%, 04/01/2026 | | | 400,000 | | | | 395,814 | |
| Marsh & McLennan Cos., Inc. | |
| 3.50%, 03/10/2025 | | | 300,000 | | | | 299,439 | |
| 3.75%, 03/14/2026 | | | 300,000 | | | | 297,349 | |
| MetLife, Inc. | |
| 3.00%, 03/01/2025 | | | 550,000 | | | | 548,471 | |
| 3.60%, 11/13/2025 | | | 125,000 | | | | 124,007 | |
| Mid-America Apartments LP, 4.00%, 11/15/2025 | | | 300,000 | | | | 298,685 | |
| Mitsubishi UFJ Financial Group, Inc., 5.47% (SOFR + 0.94%), 02/20/2026 | | | 4,850,000 | | | | 4,854,192 | |
| Mizuho Financial Group, Inc., 5.49% (SOFR + 0.96%), 05/22/2026 | | | 7,700,000 | | | | 7,718,841 | |
| Morgan Stanley, 5.48% (SOFR + 0.95%), 02/18/2026 | | | 1,100,000 | | | | 1,101,241 | |
| Morgan Stanley Bank NA, 5.43% (SOFR + 0.78%), 07/16/2025 | | | 6,065,000 | | | | 6,078,945 | |
New York Life Global Funding, 4.98% (SOFR + 0.48%), 06/09/2026 (b) | | | 4,000,000 | | | | 4,008,088 | |
| Principal Financial Group, Inc., 3.40%, 05/15/2025 | | | 1,000,000 | | | | 995,139 | |
| Prologis LP | |
| 3.25%, 06/30/2026 | | | 300,000 | | | | 294,562 | |
| 2.13%, 04/15/2027 | | | 300,000 | | | | 284,325 | |
| Prudential Financial, Inc., 1.50%, 03/10/2026 | | | 400,000 | | | | 386,089 | |
| Public Storage Operating Co., 0.88%, 02/15/2026 | | | 300,000 | | | | 288,057 | |
| Realty Income Corp. | |
| 3.88%, 04/15/2025 | | | 150,000 | | | | 149,655 | |
| 0.75%, 03/15/2026 | | | 400,000 | | | | 381,601 | |
| 4.13%, 10/15/2026 | | | 300,000 | | | | 297,437 | |
| Royal Bank of Canada | |
| 5.07% (SOFR + 0.44%), 01/21/2025 | | | 1,000,000 | | | | 1,000,117 | |
| 5.49% (SOFR + 0.84%), 04/14/2025 | | | 1,000,000 | | | | 1,001,622 | |
| 5.16% (SOFR + 0.59%), 11/02/2026 | | | 2,200,000 | | | | 2,203,118 | |
| Simon Property Group LP | |
| 3.50%, 09/01/2025 | | | 100,000 | | | | 99,323 | |
| 3.30%, 01/15/2026 | | | 400,000 | | | | 395,005 | |
Societe Generale SA, 5.68% (SOFR + 1.05%), 01/21/2026 (b) | | | 2,000,000 | | | | 2,000,707 | |
| Sumitomo Mitsui Financial Group, Inc., 6.10% (SOFR + 1.43%), 01/13/2026 | | | 7,100,000 | | | | 7,186,077 | |
| Wells Fargo & Co., 5.92% (SOFR + 1.32%), 04/25/2026 | | | 3,000,000 | | | | 3,010,688 | |
| Wells Fargo Bank NA | |
| 5.37% (SOFR + 0.80%), 08/01/2025 | | | 4,000,000 | | | | 4,008,028 | |
| 5.36% (SOFR + 0.71%), 01/15/2026 | | | 4,900,000 | | | | 4,916,792 | |
| | | | | | | | 131,755,833 | |
| | | | | | | | | |
| INDUSTRIALS - 1.3% | |
| Boeing Co., 2.50%, 03/01/2025 | | | 100,000 | | | | 99,488 | |
| Burlington Northern Santa Fe LLC | |
| 3.00%, 04/01/2025 | | | 100,000 | | | | 99,612 | |
| 7.00%, 12/15/2025 | | | 215,000 | | | | 220,269 | |
| Caterpillar Financial Services Corp. | |
| 3.40%, 05/13/2025 | | | 1,000,000 | | | | 996,149 | |
| 0.80%, 11/13/2025 | | | 300,000 | | | | 290,463 | |
| John Deere Capital Corp. | |
| 4.05%, 09/08/2025 | | | 300,000 | | | | 299,073 | |
| 0.70%, 01/15/2026 | | | 300,000 | | | | 288,693 | |
| 5.05%, 03/03/2026 | | | 300,000 | | | | 302,207 | |
| | | | | | | | 2,595,954 | |
| | | | | | | | | |
| TECHNOLOGY - 0.4% | |
| Apple, Inc., 3.20%, 05/13/2025 | | | 150,000 | | | | 149,350 | |
| International Business Machines Corp., 7.00%, 10/30/2025 | | | 150,000 | | | | 152,979 | |
| Intuit, Inc., 0.95%, 07/15/2025 | | | 300,000 | | | | 294,363 | |
| Lam Research Corp., 3.75%, 03/15/2026 | | | 300,000 | | | | 297,061 | |
| | | | | | | | 893,753 | |
| | | | | | | | | |
| UTILITIES - 1.7% | |
| Arizona Public Service Co., 3.15%, 05/15/2025 | | | 300,000 | | | | 298,064 | |
| Berkshire Hathaway Energy Co., 3.50%, 02/01/2025 | | | 200,000 | | | | 199,687 | |
| Duke Energy Progress LLC, 3.25%, 08/15/2025 | | | 100,000 | | | | 99,201 | |
| Georgia Power Co., 3.25%, 04/01/2026 | | | 300,000 | | | | 295,064 | |
| Louisville Gas and Electric Co., 3.30%, 10/01/2025 | | | 150,000 | | | | 148,550 | |
| National Rural Utilities Cooperative Finance Corp. | |
| 1.88%, 02/07/2025 | | | 300,000 | | | | 299,111 | |
| 4.45%, 03/13/2026 | | | 300,000 | | | | 299,508 | |
| PECO Energy Co., 3.15%, 10/15/2025 | | | 428,000 | | | | 423,534 | |
| Public Service Electric and Gas Co. | |
| 3.00%, 05/15/2025 | | | 675,000 | | | | 670,959 | |
| 0.95%, 03/15/2026 | | | 300,000 | | | | 287,518 | |
| Virginia Electric and Power Co., 3.15%, 01/15/2026 | | | 300,000 | | | | 295,667 | |
| | | | | | | | 3,316,863 | |
TOTAL CORPORATE BONDS AND NOTES (Cost $146,084,337) | | | | 146,216,500 | |
| | | | | | | | | |
| U.S. TREASURY OBLIGATIONS - 11.0% | Par | | Value | |
| United States Treasury Note/Bond | |
| 1.38%, 01/31/2025 | | | 1,800,000 | | | | 1,795,796 | |
| 2.00%, 02/15/2025 | | | 2,000,000 | | | | 1,994,355 | |
| 0.50%, 03/31/2025 | | | 1,800,000 | | | | 1,784,006 | |
| 0.38%, 04/30/2025 | | | 2,000,000 | | | | 1,974,770 | |
| 2.13%, 05/15/2025 | | | 2,000,000 | | | | 1,984,510 | |
| 0.25%, 05/31/2025 | | | 2,000,000 | | | | 1,967,746 | |
| 0.25%, 06/30/2025 | | | 1,000,000 | | | | 980,917 | |
| 2.75%, 06/30/2025 | | | 500,000 | | | | 496,438 | |
| 2.88%, 07/31/2025 | | | 500,000 | | | | 496,136 | |
| 2.00%, 08/15/2025 | | | 800,000 | | | | 788,941 | |
| 2.75%, 08/31/2025 | | | 500,000 | | | | 495,126 | |
| 2.25%, 11/15/2025 | | | 820,000 | | | | 806,051 | |
| 4.50%, 11/15/2025 | | | 400,000 | | | | 400,777 | |
| 0.38%, 01/31/2026 | | | 1,700,000 | | | | 1,631,401 | |
| 2.63%, 01/31/2026 | | | 200,000 | | | | 196,641 | |
| 6.00%, 02/15/2026 | | | 1,900,000 | | | | 1,939,154 | |
| 0.75%, 04/30/2026 | | | 1,000,000 | | | | 955,304 | |
| 0.75%, 05/31/2026 | | | 1,000,000 | | | | 952,575 | |
TOTAL U.S. TREASURY OBLIGATIONS (Cost $21,753,425) | | | | 21,640,644 | |
| | | | | | | | | |
| COLLATERALIZED MORTGAGE OBLIGATIONS - 1.3% | Par | | Value | |
| Federal Home Loan Mortgage Corp. | |
| Series 2091, Class PG, 6.00%, 11/15/2028 | | | 65,376 | | | | 66,202 | |
| Series 2097, Class PZ, 6.00%, 11/15/2028 | | | 45,090 | | | | 45,592 | |
| Series 2526, Class FI, 5.71% (30 day avg SOFR US + 1.11%), 02/15/2032 | | | 14,008 | | | | 14,098 | |
| Series 2682, Class LD, 4.50%, 10/15/2033 | | | 16,399 | | | | 16,211 | |
| Series 2759, Class TC, 4.50%, 03/15/2034 | | | 88,433 | | | | 86,519 | |
| Series 2933, Class HD, 5.50%, 02/15/2035 | | | 1,675 | | | | 1,704 | |
| Series 2989, Class TG, 5.00%, 06/15/2025 | | | 66 | | | | 66 | |
| Series 3002, Class YD, 4.50%, 07/15/2025 | | | 1,357 | | | | 1,354 | |
| Series 3775, Class EM, 3.50%, 11/15/2025 | | | 1,910 | | | | 1,897 | |
| Series 3786, Class NA, 4.50%, 07/15/2040 | | | 7,155 | | | | 7,123 | |
| Series 3970, Class HB, 3.00%, 12/15/2026 | | | 39,845 | | | | 39,275 | |
| Series 4002, Class LB, 2.00%, 09/15/2041 | | | 38,502 | | | | 36,513 | |
| Series 4020, Class PA, 2.75%, 03/15/2027 | | | 4,526 | | | | 4,467 | |
| Series 4045, Class HC, 2.00%, 07/15/2041 | | | 186 | | | | 185 | |
| Series 4171, Class NG, 2.00%, 06/15/2042 | | | 62,628 | | | | 56,364 | |
| Series 4203, Class DM, 3.00%, 04/15/2033 | | | 28,216 | | | | 27,482 | |
| Series 4266, Class BG, 2.50%, 04/15/2026 | | | 6,837 | | | | 6,733 | |
| Series 4309, Class JD, 2.00%, 10/15/2043 | | | 9,504 | | | | 8,746 | |
| Series 4311, Class TD, 2.50%, 02/15/2029 | | | 28,252 | | | | 27,726 | |
| Series 4363, Class EJ, 4.00%, 05/15/2033 | | | 47,782 | | | | 47,394 | |
| Series 4417, Class EG, 2.50%, 01/15/2040 | | | 476 | | | | 475 | |
| Series 4453, Class DA, 3.50%, 11/15/2033 | | | 18,306 | | | | 18,143 | |
| Series 4472, Class MA, 3.00%, 05/15/2045 | | | 242,377 | | | | 222,543 | |
| Series 4716, Class PA, 3.00%, 07/15/2044 | | | 47,685 | | | | 46,653 | |
| Series 4949, Class PM, 2.50%, 02/25/2050 | | | 139,228 | | | | 113,810 | |
| Federal National Mortgage Association | |
| Series 2002-56, Class PE, 6.00%, 09/25/2032 | | | 38,363 | | | | 39,378 | |
| Series 2003-127, Class EG, 6.00%, 12/25/2033 | | | 48,096 | | | | 49,358 | |
| Series 2005-40, Class YG, 5.00%, 05/25/2025 | | | 140 | | | | 139 | |
| Series 2005-48, Class AU, 5.50%, 06/25/2035 | | | 18,663 | | | | 18,954 | |
| Series 2005-64, Class PL, 5.50%, 07/25/2035 | | | 4,722 | | | | 4,799 | |
| Series 2005-68, Class PG, 5.50%, 08/25/2035 | | | 5,310 | | | | 5,374 | |
| Series 2005-83, Class LA, 5.50%, 10/25/2035 | | | 2,276 | | | | 2,312 | |
| Series 2007-27, Class MQ, 5.50%, 04/25/2027 | | | 661 | | | | 662 | |
| Series 2010-123, Class BP, 4.50%, 11/25/2040 | | | 50,157 | | | | 49,403 | |
| Series 2011-110, Class CY, 3.50%, 11/25/2026 | | | 39,951 | | | | 39,313 | |
| Series 2011-146, Class LX, 3.50%, 10/25/2040 | | | 60,435 | | | | 59,884 | |
| Series 2012-101, Class AB, 1.50%, 06/25/2027 | | | 3,212 | | | | 3,189 | |
| Series 2012-102, Class HA, 2.00%, 02/25/2042 | | | 39,289 | | | | 36,521 | |
| Series 2012-134, Class VP, 3.00%, 10/25/2042 | | | 19,645 | | | | 19,432 | |
| Series 2012-139, Class JA, 3.50%, 12/25/2042 | | | 144,750 | | | | 134,029 | |
| Series 2012-148, Class BQ, 1.25%, 01/25/2028 | | | 21,744 | | | | 21,100 | |
| Series 2012-38, Class PA, 2.00%, 09/25/2041 | | | 16,432 | | | | 15,166 | |
| Series 2012-66, Class HE, 1.50%, 06/25/2027 | | | 3,262 | | | | 3,191 | |
| Series 2012-90, Class DA, 1.50%, 03/25/2042 | | | 20,185 | | | | 18,241 | |
| Series 2013-124, Class BD, 2.50%, 12/25/2028 | | | 3,061 | | | | 3,019 | |
| Series 2013-14, Class QD, 1.50%, 03/25/2043 | | | 24,301 | | | | 20,047 | |
| Series 2013-18, Class PA, 2.00%, 11/25/2041 | | | 55,071 | | | | 52,129 | |
| Series 2013-6, Class LD, 2.00%, 02/25/2043 | | | 28,892 | | | | 24,506 | |
| Series 2013-72, Class HG, 3.00%, 04/25/2033 | | | 74,261 | | | | 71,503 | |
| Series 2014-19, Class HA, 2.00%, 06/25/2040 | | | 8,691 | | | | 8,445 | |
| Series 2014-8, Class DA, 4.00%, 03/25/2029 | | | 6,985 | | | | 6,936 | |
| Series 2016-105, Class PA, 3.50%, 04/25/2045 | | | 125,625 | | | | 122,022 | |
| Series 2016-60, Class Q, 1.75%, 09/25/2046 | | | 54,082 | | | | 48,886 | |
| Series 2016-8, Class PC, 2.50%, 10/25/2044 | | | 135,758 | | | | 128,915 | |
| Series 2017-77, Class BA, 2.00%, 10/25/2047 | | | 48,620 | | | | 43,298 | |
| Series 2019-33, Class N, 3.00%, 03/25/2048 | | | 297,666 | | | | 274,309 | |
| Government National Mortgage Association | |
| Series 2007-11, Class PE, 5.50%, 03/20/2037 | | | 19,680 | | | | 19,940 | |
| Series 2010-112, Class NG, 2.25%, 09/16/2040 | | | 48,247 | | | | 44,518 | |
| Series 2012-106, Class MA, 2.00%, 11/20/2041 | | | 60,820 | | | | 56,344 | |
| Series 2012-48, Class MA, 2.50%, 04/16/2042 | | | 37,281 | | | | 33,670 | |
| Series 2013-56, Class AP, 2.00%, 11/16/2041 | | | 52,786 | | | | 47,717 | |
| Series 2013-64, Class LP, 1.50%, 08/20/2041 | | | 82,028 | | | | 75,339 | |
Series 2013-88, Class WA, 4.51%, 06/20/2030 (c) | | | 661 | | | | 659 | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,651,733) | | | | 2,499,922 | |
| | | | | | | | | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.9% | Par | | Value | |
| Federal Home Loan Mortgage Corp. | |
| Pool C91251, 4.50%, 06/01/2029 | | | 1,969 | | | | 1,959 | |
| Pool C91281, 4.50%, 12/01/2029 | | | 4,502 | | | | 4,477 | |
| Pool C91295, 4.50%, 04/01/2030 | | | 2,509 | | | | 2,494 | |
| Pool J14494, 4.00%, 02/01/2026 | | | 1,202 | | | | 1,197 | |
| Pool J15974, 4.00%, 06/01/2026 | | | 573 | | | | 570 | |
| Pool J17508, 3.00%, 12/01/2026 | | | 8,303 | | | | 8,188 | |
| Pool ZT1361, 3.00%, 05/01/2047 | | | 190,608 | | | | 165,898 | |
| Series 292, Class 150, Pool S2-0326, 1.50%, 11/15/2027 | | | 16,465 | | | | 15,902 | |
| Federal National Mortgage Association | |
| Pool 256045, 5.00%, 12/01/2025 | | | 786 | | | | 785 | |
| Pool 257204, 5.50%, 05/01/2028 | | | 2,440 | | | | 2,462 | |
| Pool AC3237, 5.00%, 10/01/2039 | | | 16,116 | | | | 16,065 | |
| Pool AD0249, 5.50%, 04/01/2037 | | | 6,584 | | | | 6,645 | |
| Pool BL5531, 2.33%, 01/01/2027 | | | 600,000 | | | | 576,112 | |
| Pool BP3785, 2.00%, 03/01/2036 | | | 280,537 | | | | 248,859 | |
| Pool BP6567, 3.00%, 08/01/2040 | | | 129,309 | | | | 115,107 | |
| Pool FM2014, 3.00%, 11/01/2049 | | | 188,523 | | | | 163,298 | |
| Pool FM5719, 3.00%, 06/01/2046 | | | 274,993 | | | | 242,785 | |
| Pool MA0142, 4.00%, 08/01/2029 | | | 3,080 | | | | 3,033 | |
| Pool MA0919, 3.50%, 12/01/2031 | | | 149,632 | | | | 144,596 | |
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $1,899,385) | | | | 1,720,432 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS - 12.4% | Shares | | Value | |
| Money Market Funds - 8.7% | | | | | | | | |
First American Government Obligations Fund - Class X, 4.32% (d) | | | 17,228,035 | | | | 17,228,035 | |
| | | | | | | | | |
| U.S. Treasury Bills - 3.7% | Par | | | | | |
4.93%, 01/23/2025 (e) | | | 1,500,000 | | | | 1,496,290 | |
4.47%, 02/20/2025 (e) | | | 1,800,000 | | | | 1,789,809 | |
4.56%, 03/06/2025 (e) | | | 2,000,000 | | | | 1,985,371 | |
4.37%, 04/10/2025 (e) | | | 2,000,000 | | | | 1,977,406 | |
| | | | | | | | 7,248,876 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $24,473,174) | | | | 24,476,911 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 99.7% (Cost $196,862,054) | | | | 196,554,409 | |
| Other Assets in Excess of Liabilities - 0.3% | | | | 653,038 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 197,207,447 | |
| two | | | | – | % |
| Percentages are stated as a percent of net assets. | | | | – | % |
Pemberwick Fund has adopted authoritative 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. The inputs or 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 would be based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2024:
