P/E Global Enhanced International Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
SHORT-TERM INVESTMENTS - 55.6%
        
Value
 
U.S. Treasury Bills - 55.6%
  
Par
        
4.22%, 06/10/2025 (a)
    
8,500,000
    
$
8,492,062
  
4.24%, 07/15/2025 (a)
    
8,500,000
      
8,457,282
  
TOTAL SHORT-TERM INVESTMENTS (Cost $16,947,307)
      
16,949,344
  
                 
TOTAL INVESTMENTS - 55.6% (Cost $16,947,307)
      
16,949,344
  
Other Assets in Excess of Liabilities - 44.4%
      
13,558,150
  
TOTAL NET ASSETS - 100.0%
          
$
30,507,494
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

(a)
The rate shown is the annualized effective yield as of May 31, 2025.


P/E Global Enhanced International Fund
  
Schedule of Futures Contracts
  
May 31, 2025 (Unaudited)
  
   
Description
  
Contracts Purchased
  
Expiration Date
  
Notional Value
    
Value / Unrealized Appreciation (Depreciation)
  
   MSCI EAFE Index
    
234
  
06/20/2025
  
$
30,472,650
    
$
1,378,696
  
   US Dollar/Norwegian Krone Cross Currency Rate
    
2
  
06/16/2025
    
199,884
      
(8,948
)
   US Dollar/Swedish Krona Cross Currency Rate
    
7
  
06/16/2025
    
699,051
      
(20,240
)
                     
$
1,349,508
  
                       
–
  
Description
  
Contracts Sold
  
Expiration Date
  
Notional Value
    
Value / Unrealized Appreciation (Depreciation)
  
   Australian Dollar/US Dollar Cross Currency Rate
    
(180)
06/16/2025
  
$
11,598,300
    
$
(256,132
)
   British Pound/US Dollar Cross Currency Rate
    
(63)
06/16/2025
    
5,303,812
      
(115,220
)
   Canadian Dollar/US Dollar Cross Currency Rate
    
(7)
06/17/2025
    
510,685
      
(7,146
)
   Euro/US Dollar Cross Currency Rate
    
(257)
06/16/2025
    
36,526,125
      
(967,131
)
   Japanese Yen/US Dollar Cross Currency Rate
    
(102)
06/16/2025
    
8,875,913
      
30,702
  
   Mexican Peso/US Dollar Cross Currency Rate
    
(6)
06/16/2025
    
154,500
      
(10,917
)
   New Zealand Dollar/US Dollar Cross Currency Rate
    
(12)
06/16/2025
    
717,240
      
(23,996
)
   Swiss Franc/US Dollar Cross Currency Rate
    
(17)
06/16/2025
    
2,588,887
      
20,615
  
                     
$
(1,329,225
)
Net Unrealized Appreciation (Depreciation)
    
$
20,283
  


Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
P/E Global Enhanced International 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 May 31, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Short-Term Investments
    
–
      
16,949,344
      
–
      
16,949,344
  
Total Investments
    
–
      
16,949,344
      
–
      
16,949,344
  
   
Other Financial Instruments:
                                
  Futures Contracts*
    
1,430,013
      
–
      
–
      
1,430,013
  
Total Other Financial Instruments
    
1,430,013
      
–
      
–
      
1,430,013
  
                                 
Liabilities:
                                
Other Financial Instruments:
                                
  Futures Contracts*
    
(1,409,730
)
    
–
      
–
      
(1,409,730
)
Total Other Financial Instruments
    
(1,409,730
)
    
–
      
–
      
(1,409,730
)
   
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of May 31, 2025.
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.