# EDGAR Filing Document

**Accession Number:** 0001558372
**File Stem:** 0000894189-25-011683
**Filing Date:** 2025-10
**Character Count:** 35267
**Document Hash:** 729c9819cee285021f5ef0ec4013edbc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-011683.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0000894189-25-011683

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** YCG Funds
- **CENTRAL INDEX KEY:** 0001558372

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22748
- **FILM NUMBER:** 251412434

**BUSINESS ADDRESS:**
- **STREET 1:** 3207 RANCH ROAD 620 SOUTH, SUITE 200
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78738
- **BUSINESS PHONE:** 512-505-2347

**MAIL ADDRESS:**
- **STREET 1:** 3207 RANCH ROAD 620 SOUTH, SUITE 200
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78738

## Series and Classes Contracts Data

### YCG Enhanced Fund (Series ID: S000039146)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000120427 | Class R Shares | YCGEX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **YCG Enhanced Fund** | **YCG Enhanced Fund** | **YCG Enhanced Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 95.3%** | **Shares** | **Value**  |
| **Automobiles - 1.9%** | **Automobiles - 1.9%** | |
| Ferrari NV | 22928 | $10941471 |
| **Broadline Retail - 4.9%** | **Broadline Retail - 4.9%** |  |
| Amazon.com, Inc. <sup>(a)</sup> | 126630 | 28998270 |
| **Capital Markets - 15.8%** | **Capital Markets - 15.8%** |  |
| CME Group, Inc. | 45467 | 12117410 |
| Moody's Corp. | 74848 | 38154517 |
| MSCI, Inc.<sup>(c)</sup> | 41877 | 23774410 |
| S&P Global, Inc. | 34240 | 18778586 |
|  |  | 92824923 |
| **Commercial Services & Supplies - 11.4%** | **Commercial Services & Supplies - 11.4%** |  |
| Copart, Inc. <sup>(a)(c)</sup> | 482780 | 23564492 |
| Republic Services, Inc. | 92256 | 21585136 |
| Waste Management, Inc. | 96947 | 21947832 |
|  |  | 67097460 |
| **Construction Materials - 1.9%** | **Construction Materials - 1.9%** |  |
| CRH PLC<sup>(c)</sup> | 35193 | 3975050 |
| Martin Marietta Materials, Inc.<sup>(c)</sup> | 6038 | 3721823 |
| Vulcan Materials Co.<sup>(c)</sup> | 12275 | 3573989 |
|  |  | 11270862 |
| **Financial Services - 8.6%** | **Financial Services - 8.6%** |  |
| MasterCard, Inc. - Class A | 68896 | 41013100 |
| Visa, Inc. - Class A | 27652 | 9727420 |
|  |  | 50740520 |
| **Ground Transportation - 3.9%** | **Ground Transportation - 3.9%** |  |
| Canadian National Railway Co. | 115269 | 11155734 |
| Canadian Pacific Kansas City Ltd. | 151484 | 11541566 |
|  |  | 22697300 |
| **Household Products - 2.3%** | **Household Products - 2.3%** |  |
| Colgate-Palmolive Co. | 82613 | 6945275 |
| The Procter & Gamble Co.<sup>(d)</sup> | 42509 | 6675613 |
|  |  | 13620888 |
| **Insurance - 8.3%** | **Insurance - 8.3%** |  |
| Aon PLC - Class A<sup>(d)</sup> | 61134 | 22436178 |
| Marsh & McLennan Cos, Inc. | 98033 | 20176172 |
| The Progressive Corp. | 26092 | 6446289 |
|  |  | 49058639 |
| **Interactive Media & Services - 3.1%** | **Interactive Media & Services - 3.1%** |  |
| Alphabet, Inc. - Class C | 85230 | 18199162 |
| **Professional Services - 2.5%** | **Professional Services - 2.5%** |  |
| Verisk Analytics, Inc. | 55009 | 14749013 |
| **Real Estate Management & Development - 4.8%** | **Real Estate Management & Development - 4.8%** |  |
| CBRE Group, Inc. - Class A <sup>(a)</sup> | 86934 | 14093740 |
| CoStar Group, Inc. <sup>(a)</sup> | 156574 | 14011807 |
|  |  | 28105547 |
| **Software - 16.8%** | **Software - 16.8%** |  |
| Adobe, Inc. <sup>(a)</sup> | 15675 | 5591272 |
| Fair Isaac Corp. <sup>(a)(c)</sup> | 17483 | 26602832 |
| Intuit, Inc. | 26583 | 17730861 |
| Microsoft Corp. | 96885 | 49090661 |
|  |  | 99015626 |
| **Technology Hardware, Storage & Peripherals - 3.2%** | **Technology Hardware, Storage & Peripherals - 3.2%** |  |
| Apple, Inc.<sup>(c)</sup> | 81107 | 18828179 |
| **Textiles, Apparel & Luxury Goods - 5.9%** | **Textiles, Apparel & Luxury Goods - 5.9%** |  |
| Hermes International | 11359 | 27787205 |
| LVMH Moet Hennessy Louis Vuitton SE | 11939 | 7041017 |
|  |  | 34828222 |
| **TOTAL COMMON STOCKS** (Cost $277,437,191) | **TOTAL COMMON STOCKS** (Cost $277,437,191) | 560976082 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 3.8%** | **Par** | **Value**  |
| 4.02%, 10/02/2025 <sup>(b)</sup> | 3668000 | 3655555 |
| 4.08%, 10/09/2025 <sup>(b)</sup> | 87000 | 86633 |
| 4.08%, 10/16/2025 <sup>(b)</sup> | 3000 | 2985 |
| 4.09%, 10/23/2025 <sup>(b)</sup> | 3000 | 2983 |
| 4.10%, 10/30/2025 <sup>(b)</sup> | 215000 | 213563 |
| 4.14%, 11/06/2025 <sup>(b)</sup> | 19000 | 18860 |
| 4.15%, 11/13/2025 <sup>(b)</sup> | 85000 | 84309 |
| 4.19%, 11/20/2025 <sup>(b)</sup> | 1295000 | 1283490 |
| 4.20%, 11/28/2025 <sup>(b)</sup> | 33000 | 32677 |
| 4.17%, 12/04/2025 <sup>(b)</sup> | 1000 | 990 |
| 4.13%, 12/26/2025 <sup>(b)</sup> | 59000 | 58245 |
| 4.17%, 01/02/2026 <sup>(b)</sup> | 9071000 | 8949129 |
| 4.15%, 01/15/2026 <sup>(b)</sup> | 1232000 | 1213959 |
| 4.13%, 01/22/2026 <sup>(b)</sup> | 783000 | 770944 |
| 4.01%, 01/29/2026 <sup>(b)</sup> | 79000 | 77725 |
| 3.97%, 02/05/2026 <sup>(b)</sup> | 3239000 | 3184682 |
| 3.97%, 02/12/2026 <sup>(b)</sup> | 2419000 | 2376681 |
| 3.90%, 02/19/2026 <sup>(b)</sup> | 21000 | 20617 |
| 3.87%, 02/26/2026 <sup>(b)</sup> | 70000 | 68675 |
| **TOTAL U.S. TREASURY BILLS** (Cost $22,094,889) | **TOTAL U.S. TREASURY BILLS** (Cost $22,094,889) | 22102702 |
| **TOTAL INVESTMENTS - 99.1% (**Cost $299,532,080**)** | **TOTAL INVESTMENTS - 99.1% (**Cost $299,532,080**)** | 583078784 |
| Other Assets in Excess of Liabilities - 0.9% | Other Assets in Excess of Liabilities - 0.9% | 5301696 |
| **TOTAL NET ASSETS - 100.0%** |  | $588380480 |
| two | two | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

PLC - Public Limited Company<br>

(a) Non-income producing security.

(b) The rate shown is the annualized yield as of August 31, 2025.

(c) Held in connection with written option contracts. See Schedule of Written Options for further information.

(d) All or a portion of security has been pledged as collateral for written options. The total value of assets committed as collateral as of August 31, 2025 is $13,314,088.

---

| | | | |
|:---|:---|:---|:---|
| **YCG Enhanced Fund** | **YCG Enhanced Fund** | **YCG Enhanced Fund** | **YCG Enhanced Fund** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** | **August 31, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (0.1)%** | **Notional Amount** | **Contracts** | **Value** |
| **Put Options - (0.1)%** <sup>(a)(b)</sup> | **Put Options - (0.1)%** <sup>(a)(b)</sup> | **Put Options - (0.1)%** <sup>(a)(b)</sup> | **Put Options - (0.1)%** <sup>(a)(b)</sup> |
| Apple, Inc., Expiration: 11/21/2025; Exercise Price: $230.00 | $(4689228) | (202) | $(180790) |
| Copart, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 09/19/2025; Exercise Price: $47.50 | (4153731) | (851) | (98716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $45.00 | (717507) | (147) | (21315) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $47.50 | (732150) | (150) | (33750) |
| CRH PLC, Expiration: 09/19/2025; Exercise Price: $87.50 | (3557925) | (315) | (21263) |
| Fair Isaac Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 10/17/2025; Exercise Price: $1,340.00 | (4412756) | (29) | (56550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 10/17/2025; Exercise Price: $1,520.00 | (2130296) | (14) | (122248) |
| Martin Marietta Materials, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 10/17/2025; Exercise Price: $550.00 | (801320) | (13) | (4127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 10/17/2025; Exercise Price: $560.00 | (1910840) | (31) | (12323) |
| MSCI, Inc., Expiration: 09/19/2025; Exercise Price: $540.00 | (3349548) | (59) | (16667) |
| Vulcan Materials Co., Expiration: 11/21/2025; Exercise Price: $290.00 | (1164640) | (40) | (45400) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $1,304,866) |  |  | $(613149) |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |

---

(a) 100 shares per contract.

(b) Exchange-traded.

------

#### <br>

#### Summary of Fair Value Disclosure as of August 31, 2025 (Unaudited)
YCG Enhanced 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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $560976082 | $– | $– | $560976082 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 22102702 | – | 22102702 |
| Total Investments | $560976082 | $22102702 | $– | $583078784 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $(513369) | $(99780) | $– | $(613149) |
| Total Investments | $(513369) | $(99780) | $– | $(613149) |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** YCG Funds

- **b. Investment Company Act file number:** 811-22748

- **c. CIK number of Registrant:** 0001558372

- **d. LEI of Registrant:** 5493006GVNOA6YR3T597

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 3207 Ranch Road 620 South

  - **City:** Austin

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 78738

  - **Telephone number:** 512-505-2347

**Item A.2. Information about the Series.**

- **a. Name of Series:** YCG Enhanced Fund

- **b. EDGAR series identifier (if any):** S000039146

- **c. LEI of Series:** 549300VU3NBG7VENCY30

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $589585602.43

**Total Liabilities:** $1249890.59

**Net Assets:** $588335711.84

**Cash Not Reported:** $68884.54

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000120427 | 0.62%                | -1.41%               | 1.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1478.40                | $2842722.36                                |
| Month 2  | $414368.01               | $-8027408.99                               |
| Month 3  | $308309.77               | $5283170.93                                |

**Designated Index Information**

- **Index Name:** S&P Global BMI (US Dollar) Total Return Index

- **Index Identifier:** STBMGLU

### Schedule of Portfolio Investments

| Name                           | Title                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Procter & Gamble Co/The        | Procter & Gamble Co/The             | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     42509 | NS      | $6675613.36   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     26092 | NS      | $6446289.52   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc          | Republic Services Inc               | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     92256 | NS      | $21585136.32  | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Copart Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -851 | NC      | $-98716.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Copart Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -147 | NC      | $-21315.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Copart Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -150 | NC      | $-33750.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CRH PLC                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -315 | NC      | $-21262.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Fair Isaac Corp                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -29 | NC      | $-56550.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Fair Isaac Corp                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -14 | NC      | $-122248.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Martin Marietta Materials Inc       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -13 | NC      | $-4127.50     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Martin Marietta Materials Inc       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -31 | NC      | $-12322.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MSCI Inc                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -59 | NC      | $-16667.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Vulcan Materials Co                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -40 | NC      | $-45400.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    215000 | PA      | $213563.09    | 0.04%             | 2025-10-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     33000 | PA      | $32677.01     | 0.01%             | 2025-11-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797NU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     59000 | PA      | $58245.17     | 0.01%             | 2025-12-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    783000 | PA      | $770943.66    | 0.13%             | 2026-01-22      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                      | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     34240 | NS      | $18778585.60  | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3668000 | PA      | $3655555.29   | 0.62%             | 2025-10-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797PM3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     21000 | PA      | $20617.40     | 0.00%             | 2026-02-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797QE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     87000 | PA      | $86632.82     | 0.01%             | 2025-10-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797QF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      3000 | PA      | $2985.00      | 0.00%             | 2025-10-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797QG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      3000 | PA      | $2982.62      | 0.00%             | 2025-10-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     19000 | PA      | $18860.03     | 0.00%             | 2025-11-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     85000 | PA      | $84308.95     | 0.01%             | 2025-11-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797QR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1295000 | PA      | $1283489.98   | 0.22%             | 2025-11-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      1000 | PA      | $989.62       | 0.00%             | 2025-12-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797RA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9071000 | PA      | $8949128.85   | 1.52%             | 2026-01-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797RJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1232000 | PA      | $1213959.48   | 0.21%             | 2026-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797RK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     79000 | PA      | $77724.81     | 0.01%             | 2026-01-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797RL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3239000 | PA      | $3184681.97   | 0.54%             | 2026-02-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797RT6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2419000 | PA      | $2376681.53   | 0.40%             | 2026-02-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Verisk Analytics Inc           | Verisk Analytics Inc                | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     55009 | NS      | $14749013.08  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                            | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     27652 | NS      | $9727420.56   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co            | Vulcan Materials Co                 | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     12275 | NS      | $3573989.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc           | Waste Management Inc                | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     96947 | NS      | $21947831.33  | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                     | Copart Inc                          | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |    482780 | NS      | $23564491.80  | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc               | CoStar Group Inc                    | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    156574 | NS      | $14011807.26  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                | Fair Isaac Corp                     | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |     17483 | NS      | $26602832.12  | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt | LVMH Moet Hennessy Louis Vuitton SE | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |     11939 | NS      | $7041016.76   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                          | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     26583 | NS      | $17730861.00  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hermes International SCA       | Hermes International SCA            | CUSIP: N/A<br>LEI: 969500Y4IJGHJE2MTJ13       | Long             | EC               | CORP              | FR        |     11359 | NS      | $27787204.75  | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc            | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     98033 | NS      | $20176171.73  | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc  | Martin Marietta Materials Inc       | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      6038 | NS      | $3721823.20   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                      | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     68896 | NS      | $41013099.84  | 6.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                        | CRH PLC                             | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | US        |     35193 | NS      | $3975049.35   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari NV                     | Ferrari NV                          | CUSIP: N/A<br>LEI: 549300RIVY5EX8RCON76       | Long             | EC               | CORP              | IT        |     22928 | NS      | $10941470.88  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                       | MSCI Inc                            | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     41877 | NS      | $23774410.44  | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     96885 | NS      | $49090660.65  | 8.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                   | Moody's Corp                        | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |     74848 | NS      | $38154516.48  | 6.49%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Apple Inc                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -202 | NC      | $-180790.00   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                           | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     15675 | NS      | $5591272.50   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                        | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     85230 | NS      | $18199161.90  | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    126630 | NS      | $28998270.00  | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                           | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     81107 | NS      | $18828178.98  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                 | CBRE Group Inc                      | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     86934 | NS      | $14093740.08  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                       | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     45467 | NS      | $12117410.17  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Co   | Canadian National Railway Co        | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |    115269 | NS      | $11155733.82  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Kansas City L | Canadian Pacific Kansas City Ltd    | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    151484 | NS      | $11541565.96  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co           | Colgate-Palmolive Co                | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     82613 | NS      | $6945274.91   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                        | Aon PLC                             | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | GB        |     61134 | NS      | $22436178.00  | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-17

**Name of Applicant:** YCG Funds

**Signature:** /s/ Lelia Long

**Name of Signer:** YCG Funds

**Title:** Chief Compliance Officer