NPORT-EX 2 seg.htm SELECT EQUITY SOI 7.31.2025

SEG Partners Long/Short Equity Fund
Schedule of Investments
July 31, 2025 (Unaudited)

COMMON STOCKS - 83.6%
  
Shares
    
Value
  
Building Products - 1.9%
            
Fortune Brands Innovations, Inc.
    
53,512
    
$
2,918,544
  
 
Capital Markets - 1.3%
                
Blue Owl Capital, Inc. - Class A
    
106,993
      
2,070,315
  
 
Commercial Services & Supplies - 1.1%
                
Rollins, Inc.
    
28,697
      
1,643,477
  
 
Construction & Engineering - 1.8%
                
Quanta Services, Inc.
    
7,068
      
2,870,527
  
 
Construction Materials - 3.9%
                
Martin Marietta Materials, Inc.
    
10,635
      
6,113,849
  
 
Containers & Packaging - 1.8%
                
Packaging Corp. of America
    
14,195
      
2,750,281
  
 
Electronic Equipment, Instruments & Components - 12.4%
                
Amphenol Corp. - Class A
    
22,701
      
2,417,883
  
CDW Corp./DE
    
38,997
      
6,800,297
  
Teledyne Technologies, Inc. (a)
    
5,791
      
3,190,957
  
Trimble, Inc. (a)
    
81,809
      
6,862,957
  
             
19,272,094
  
 
Entertainment - 6.2%
                
Live Nation Entertainment, Inc. (a)
    
65,966
      
9,743,178
  
 
Financial Services - 2.8%
                
Corpay, Inc. (a)
    
13,529
      
4,370,543
  
 
Health Care Equipment & Supplies - 4.4%
                
IDEXX Laboratories, Inc. (a)
    
2,926
      
1,563,391
  
STERIS PLC
    
23,632
      
5,352,412
  
             
6,915,803
  
 
Health Care Providers & Services - 4.3%
                
Labcorp Holdings, Inc.
    
25,892
      
6,733,991
  
 
Household Durables - 8.5%
                
Garmin Ltd.
    
10,606
      
2,320,169
  
Mohawk Industries, Inc. (a)
    
10,596
      
1,213,348
  
Somnigroup International, Inc.
    
135,067
      
9,776,149
  
             
13,309,666
  
 
Insurance - 4.3%
                
Brown & Brown, Inc.
    
67,132
      
6,133,851
  
Cincinnati Financial Corp.
    
3,421
      
504,632
  
             
6,638,483
  
 
Life Sciences Tools & Services - 1.1%
                
Bio-Techne Corp.
    
31,143
      
1,704,456
  
 
Machinery - 3.7%
                
Westinghouse Air Brake Technologies Corp.
    
30,152
      
5,790,692
  
 
Metals & Mining - 1.6%
                
Newmont Corp.
    
41,247
      
2,561,439
  
SEG Partners Long/Short Equity Fund
Schedule of Investments
July 31, 2025 (Unaudited)

COMMON STOCKS - 83.6% (continued)
        
Shares
    
Value
  
Offices of Other Holding Companies - 5.7%
                  
VIKING HOLDINGS Ltd. ORD SHS (a)
          
151,174
    
$
8,876,937
  
 
Professional Services - 5.3%
                      
Dayforce, Inc. (a)
          
17,273
      
996,134
  
Paychex, Inc.
          
50,182
      
7,242,768
  
                   
8,238,902
  
 
Real Estate Management & Development - 2.7%
                      
Jones Lang LaSalle, Inc. (a)
          
15,627
      
4,224,916
  
 
Software - 2.6%
                      
PTC, Inc. (a)
          
19,123
      
4,107,812
  
 
Specialty Retail - 6.2%
                      
Tractor Supply Co.
          
148,764
      
8,472,110
  
Williams-Sonoma, Inc.
          
6,107
      
1,142,314
  
                   
9,614,424
  
TOTAL COMMON STOCKS (Cost $119,378,305)
                  
130,470,329
  
                       
PURCHASED OPTIONS - 2.2%(a)
  
Notional Amount
    
Contracts
    
Value
  
Call Options - 1.9%
                      
Cloudflare, Inc., Expiration: 01/15/2027; Exercise Price: $115.00 (b)(c)
  
$
664,576
      
32
      
354,400
  
Estee Lauder Cos., Inc., Expiration: 01/15/2027; Exercise Price: $60.00 (b)(c)
    
1,456,104
      
156
      
621,660
  
FMC Corp., Expiration: 01/15/2027; Exercise Price: $50.00 (b)(c)
    
780,800
      
200
      
72,000
  
Mrk Gr 12/17/27 C100, Counterparty: Over the Counter, Expiration: 12/17/2027; Exercise
Price: $100.00
    
1,009,946
      
80
      
218,116
  
Newmont Corp., Expiration: 01/15/2027; Exercise Price: $65.00 (b)(c)
    
5,638,680
      
908
      
901,190
  
Polaris, Inc., Expiration: 01/15/2027; Exercise Price: $40.00 (b)(c)
    
2,031,744
      
384
      
710,400
  
VF Corp., Expiration: 01/15/2027; Exercise Price: $17.50 (b)(c)
    
1,068,864
      
912
      
149,568
  
Total Call Options
                    
3,027,334
  
 
Put Options - 0.3%(b)(c)
                        
Eli Lilly & Co., Expiration: 12/18/2026; Exercise Price: $510.00
    
2,220,210
      
30
      
67,500
  
iShares Russell 2000 ETF, Expiration: 08/15/2025; Exercise Price: $205.00
    
14,216,472
      
648
      
47,952
  
NVIDIA Corp., Expiration: 06/18/2026; Exercise Price: $190.00
    
1,583,043
      
89
      
264,998
  
Total Put Options
                    
380,450
  
TOTAL PURCHASED OPTIONS (Cost $2,587,337)
                    
3,407,784
  
 
TOTAL INVESTMENTS - 85.8% (Cost $121,965,642)
                    
133,878,113
  
Other Assets in Excess of Liabilities - 14.2%
                    
22,204,027
  
TOTAL NET ASSETS - 100.0%
                  
$
156,082,140
  

Percentages are stated as a percent of net assets.

                        
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® 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
                        

(a)
Non-income producing security.
(b)
Exchange-traded.
(c)
100 shares per contract.
SEG Partners Long/Short Equity Fund
Schedule of Investments (continued)
Securities Sold Short
July 31, 2025 (Unaudited)

COMMON STOCKS - (55.8)%
  
Shares
    
Value
  
Aerospace & Defense - (0.9)%
            
Axon Enterprise, Inc.
    
(600
)
  
$
(453,294
)
Boeing Co.
    
(1,305
)
    
(289,501
)
Textron, Inc.
    
(9,082
)
    
(706,307
)
             
(1,449,102
)
 
Air Freight & Logistics - (0.7)%
                
United Parcel Service, Inc. - Class B
    
(13,132
)
    
(1,131,453
)
 
Automobiles - (1.7)%
                
Ferrari NV
    
(534
)
    
(236,770
)
Tesla, Inc.
    
(7,667
)
    
(2,363,506
)
             
(2,600,276
)
 
Beverages - (2.4)%
                
Anheuser-Busch InBev SA/NV - ADR
    
(4,992
)
    
(287,889
)
Coca-Cola Co.
    
(14,768
)
    
(1,002,600
)
Monster Beverage Corp.
    
(24,890
)
    
(1,462,287
)
PepsiCo, Inc.
    
(7,322
)
    
(1,009,850
)
             
(3,762,626
)
 
Broadline Retail - (0.5)%
                
eBay, Inc.
    
(8,221
)
    
(754,277
)
 
Building Products - (1.7)%
                
Carlisle Cos., Inc.
    
(3,874
)
    
(1,374,147
)
Masco Corp.
    
(10,858
)
    
(739,755
)
Trex Co., Inc.
    
(9,258
)
    
(594,734
)
             
(2,708,636
)
 
Capital Markets - (2.6)%
                
Ares Management Corp. - Class A
    
(3,465
)
    
(642,861
)
Blackstone, Inc.
    
(11,238
)
    
(1,943,725
)
T Rowe Price Group, Inc.
    
(13,897
)
    
(1,409,851
)
             
(3,996,437
)
 
Chemicals - (0.3)%
                
International Flavors & Fragrances, Inc.
    
(6,445
)
    
(457,788
)
 
Commercial Services & Supplies - (0.7)%
                
Cintas Corp.
    
(3,586
)
    
(798,064
)
Copart, Inc.
    
(6,038
)
    
(273,703
)
             
(1,071,767
)
 
Construction & Engineering - (0.8)%
                
Comfort Systems USA, Inc.
    
(1,773
)
    
(1,246,951
)
 
Consumer Staples Distribution & Retail - (1.6)%
                
Alimentation Couche-Tard, Inc.
    
(12,574
)
    
(654,825
)
Performance Food Group Co.
    
(4,907
)
    
(492,663
)
Walmart, Inc.
    
(13,078
)
    
(1,281,382
)
             
(2,428,870
)
 
Containers & Packaging - (1.0)%
                
Graphic Packaging Holding Co.
    
(14,626
)
    
(327,038
)
International Paper Co.
    
(26,472
)
    
(1,237,301
)
             
(1,564,339
)
SEG Partners Long/Short Equity Fund
Schedule of Investments (continued)
 Securities Sold Short
July 31, 2025 (Unaudited)

COMMON STOCKS - (55.8)% (continued)
  
Shares
    
Value
  
Distributors - (1.3)%
            
Pool Corp.
    
(6,475
)
  
$
(1,995,206
)
 
Diversified Consumer Services - (0.8)%
                
Duolingo, Inc.
    
(3,684
)
    
(1,276,690
)
 
Electrical Equipment - (0.3)%
                
Rockwell Automation, Inc.
    
(1,339
)
    
(470,940
)
 
Ground Transportation - (0.4)%
                
Ryder System, Inc.
    
(3,831
)
    
(680,807
)
 
Health Care Equipment & Supplies - (0.9)%
                
Becton Dickinson & Co.
    
(3,350
)
    
(597,137
)
ResMed, Inc.
    
(2,720
)
    
(739,677
)
             
(1,336,814
)
 
Health Care Providers & Services - (1.5)%
                
Cardinal Health, Inc.
    
(2,730
)
    
(423,751
)
DaVita, Inc.
    
(7,663
)
    
(1,075,655
)
UnitedHealth Group, Inc.
    
(3,449
)
    
(860,732
)
             
(2,360,138
)
 
Hotels, Restaurants & Leisure - (7.7)%
                
Airbnb, Inc. - Class A
    
(12,312
)
    
(1,630,232
)
Brinker International, Inc.
    
(3,008
)
    
(474,061
)
Carnival Corp.
    
(27,120
)
    
(807,362
)
DoorDash, Inc. - Class A
    
(1,968
)
    
(492,492
)
Dutch Bros, Inc. - Class A
    
(7,365
)
    
(436,524
)
Marriott International, Inc./MD - Class A
    
(3,139
)
    
(828,162
)
McDonald's Corp.
    
(2,108
)
    
(632,548
)
Norwegian Cruise Line Holdings Ltd.
    
(32,407
)
    
(828,323
)
Planet Fitness, Inc. - Class A
    
(7,741
)
    
(845,240
)
Restaurant Brands International, Inc.
    
(15,824
)
    
(1,073,817
)
Royal Caribbean Cruises Ltd.
    
(367
)
    
(116,658
)
Starbucks Corp.
    
(27,570
)
    
(2,458,141
)
Yum China Holdings, Inc.
    
(29,558
)
    
(1,379,767
)
             
(12,003,327
)
 
Household Products - (0.9)%
                
Clorox Co.
    
(3,637
)
    
(456,661
)
Procter & Gamble Co.
    
(5,842
)
    
(879,046
)
             
(1,335,707
)
 
Industrial Conglomerates - (1.1)%
                
3M Co.
    
(4,572
)
    
(682,234
)
Honeywell International, Inc.
    
(4,718
)
    
(1,049,047
)
             
(1,731,281
)
 
Insurance - (2.4)%
                
Arthur J Gallagher & Co.
    
(12,122
)
    
(3,482,044
)
Selective Insurance Group, Inc.
    
(3,175
)
    
(247,555
)
             
(3,729,599
)
 
IT Services - (1.2)%
                
Accenture PLC - Class A
    
(7,248
)
    
(1,935,941
)
SEG Partners Long/Short Equity Fund
Schedule of Investments (continued)
Securities Sold Short
July 31, 2025 (Unaudited)

COMMON STOCKS - (55.8)% (continued)
  
Shares
    
Value
  
Life Sciences Tools & Services - (2.3)%
            
Repligen Corp.
    
(12,792
)
  
$
(1,497,559
)
West Pharmaceutical Services, Inc.
    
(8,522
)
    
(2,038,974
)
             
(3,536,533
)
 
Machinery - (5.8)%
                
Allison Transmission Holdings, Inc.
    
(10,671
)
    
(961,137
)
Caterpillar, Inc.
    
(2,370
)
    
(1,038,107
)
Dover Corp.
    
(8,851
)
    
(1,603,270
)
Illinois Tool Works, Inc.
    
(3,986
)
    
(1,020,296
)
Nordson Corp.
    
(6,783
)
    
(1,452,987
)
PACCAR, Inc.
    
(19,005
)
    
(1,876,934
)
Snap-on, Inc.
    
(3,157
)
    
(1,013,997
)
             
(8,966,728
)
 
Media - (1.3)%
                
Omnicom Group, Inc.
    
(14,498
)
    
(1,044,581
)
Trade Desk, Inc. - Class A
    
(10,484
)
    
(911,689
)
             
(1,956,270
)
 
Metals & Mining - (0.5)%
                
BHP Group Ltd. - ADR
    
(6,810
)
    
(345,063
)
Rio Tinto PLC - ADR
    
(7,486
)
    
(447,438
)
             
(792,501
)
 
Oil, Gas & Consumable Fuels - (2.6)%
                
Texas Pacific Land Corp.
    
(4,235
)
    
(4,100,031
)
 
Pharmaceuticals - (0.5)%
                
Eli Lilly & Co.
    
(393
)
    
(290,848
)
Novo Nordisk AS
    
(9,786
)
    
(472,050
)
             
(762,898
)
 
Professional Services - (0.1)%
                
Amentum Holdings, Inc.
    
(1
)
    
(19
)
Jacobs Solutions, Inc.
    
(1,418
)
    
(201,172
)
             
(201,191
)
 
Semiconductors & Semiconductor Equipment - (1.7)%
                
Infineon Technologies AG
    
(32,448
)
    
(1,286,281
)
ON Semiconductor Corp.
    
(25,332
)
    
(1,427,711
)
             
(2,713,992
)
 
Software - (0.9)%
                
BILL Holdings, Inc.
    
(11,461
)
    
(491,104
)
Palantir Technologies, Inc. - Class A
    
(2,017
)
    
(319,392
)
Procore Technologies, Inc.
    
(8,889
)
    
(636,719
)
             
(1,447,215
)
 
Specialty Retail - (4.3)%
                
AutoZone, Inc.
    
(794
)
    
(2,992,094
)
Floor & Decor Holdings, Inc. - Class A
    
(16,819
)
    
(1,289,008
)
O'Reilly Automotive, Inc.
    
(8,305
)
    
(816,548
)
Ulta Beauty, Inc.
    
(1,462
)
    
(752,945
)
Wayfair, Inc. - Class A
    
(13,090
)
    
(859,227
)
             
(6,709,822
)
SEG Partners Long/Short Equity Fund
Schedule of Investments (continued)
Securities Sold Short
July 31, 2025 (Unaudited)

COMMON STOCKS - (55.8)% (continued)
  
Shares
    
Value
  
Textiles, Apparel & Luxury Goods - (0.5)%
            
Lululemon Athletica, Inc.
    
(1,444
)
  
$
(289,566
)
Ralph Lauren Corp.
    
(1,631
)
    
(487,261
)
             
(776,827
)
Trading Companies & Distributors - (1.9)%
                
United Rentals, Inc.
    
(1,028
)
    
(907,663
)
Watsco, Inc.
    
(2,334
)
    
(1,052,354
)
WESCO International, Inc.
    
(5,168
)
    
(1,069,569
)
             
(3,029,586
)
TOTAL COMMON STOCKS (Proceeds $85,876,080)
            
(87,022,566
)
                 
REAL ESTATE INVESTMENT TRUSTS - COMMON - (0.2)%
  
Shares
    
Value
  
Specialized REITs - (0.2)%
                
Iron Mountain, Inc.
    
(3,801
)
    
(370,065
)
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Proceeds $359,569)
            
(370,065
)
 
TOTAL SECURITIES SOLD SHORT - (56.0)% (Proceeds $86,235,649)
            
(87,392,631
)

Percentages are stated as a percent of net assets.

                
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

  
ADR - American Depositary Receipt
                
PLC - Public Limited Company
                
SEG Partners Long/Short Equity Fund
Schedule of Investments (continued)
Total Return Swap Contracts
July 31, 2025 (Unaudited)

SEG Partners Long/Short Equity Fund
  
 
 
 
Reference Entity
 
 
 
Counterparty
Pay/ Receive
Reference Entity
 
 
 
Financing Rate
 
 
Payment Frequency
 
 
 
Maturity Date
  
Notional Amount
    
Value/ Unrealized Appreciation
(Depreciation)
  
Aritzia, Inc.
Goldman Sachs
Receive
EFFR + 0.50%
Termination
05/04/2026
  
$
1,686,299
    
$
550,328
  
Aritzia, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
06/09/2026
    
277,621
      
62,849
  
Aritzia, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
06/15/2026
    
87,161
      
11,596
  
Aritzia, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/03/2026
    
161,763
      
13,368
  
Aritzia, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
    
136,806
      
5,045
  
Bio-Rad Laboratories, Inc.
Goldman Sachs
Receive
EFFR + 0.50%
Termination
05/04/2026
    
1,100,631
      
(24,229
)
Bio-Rad Laboratories, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/01/2026
    
46,938
      
2,572
  
Bio-Rad Laboratories, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/07/2026
    
102,587
      
7,483
  
Bio-Rad Laboratories, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
    
143,718
      
(223
)
BJ's Wholesale Club Holdings, Inc.
Goldman Sachs
Receive
EFFR + 0.50%
Termination
05/04/2026
    
2,792,477
      
(286,297
)
BJ's Wholesale Club Holdings, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
05/05/2026
    
395,960
      
(53,154
)
BJ's Wholesale Club Holdings, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
05/11/2026
    
63,540
      
(5,352
)
BJ's Wholesale Club Holdings, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
06/15/2026
    
133,010
      
(6,717
)
BJ's Wholesale Club Holdings, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/30/2026
    
147,942
      
(3,991
)
BJ's Wholesale Club Holdings, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
    
133,010
      
(3,112
)
BJ's Wholesale Club Holdings, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/18/2026
    
155,991
      
1,739
  
Brunello Cucinelli SpA
Goldman Sachs
Receive
EFFR + 0.50%
Termination
05/06/2026
    
3,454,306
      
(110,458
)
Brunello Cucinelli SpA
Goldman Sachs
Receive
EFFR + 0.40%
Termination
05/20/2026
    
77,015
      
308
  
Brunello Cucinelli SpA
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
    
61,342
      
(6,158
)
BWX Technologies, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
06/15/2026
    
69,432
      
19,962
  
BWX Technologies, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
06/16/2026
    
311,608
      
89,242
  
BWX Technologies, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
06/23/2026
    
103,920
      
29,625
  
BWX Technologies, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
06/24/2026
    
373,596
      
79,049
  
BWX Technologies, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
06/30/2026
    
88,879
      
13,960
  
BWX Technologies, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/07/2026
    
166,363
      
25,787
  
BWX Technologies, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/14/2026
    
164,540
      
13,577
  
BWX Technologies, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/21/2026
    
79,763
      
4,958
  
BWX Technologies, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
    
91,614
      
4,879
  
BWX Technologies, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/18/2026
    
334,702
      
25,477
  
BWX Technologies, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/31/2026
    
399,728
      
10,956
  
BWX Technologies, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
09/01/2026
    
80,523
      
1,037
  
CAE, Inc.
Goldman Sachs
Receive
EFFR + 0.50%
Termination
05/04/2026
    
1,466,699
      
172,039
  
CAE, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
    
44,421
      
(928
)
Casey's General Stores, Inc.
Goldman Sachs
Receive
EFFR + 0.50%
Termination
05/04/2026
    
402,581
      
60,299
  
Casey's General Stores, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
05/05/2026
    
504,526
      
71,433
  
Casey's General Stores, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
    
61,895
      
1,204
  
Clean Harbors, Inc.
Goldman Sachs
Receive
EFFR + 0.50%
Termination
05/04/2026
    
1,955,572
      
279,969
  
Clean Harbors, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
06/02/2026
    
153,984
      
12,099
  
Clean Harbors, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
06/10/2026
    
74,752
      
2,551
  
Clean Harbors, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
    
68,385
      
1,374
  
Cloudflare, Inc.
Goldman Sachs
Receive
EFFR + 0.50%
Termination
05/04/2026
    
50,466
      
22,623
  
Cloudflare, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
05/11/2026
    
414,737
      
210,596
  
Cloudflare, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
05/27/2026
    
523,146
      
223,174
  
Cloudflare, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
06/02/2026
    
124,193
      
48,701
  
Cloudflare, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
06/03/2026
    
83,072
      
32,747
  
Cloudflare, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
06/10/2026
    
120,039
      
41,141
  
Cloudflare, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
    
56,281
      
3,145
  
Cloudflare, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/31/2026
    
404,561
      
13,177
  
Cloudflare, Inc.
Goldman Sachs
Receive
0.00%
Termination
09/01/2026
    
412,938
      
0
  
Core & Main, Inc.
Goldman Sachs
Receive
EFFR + 0.50%
Termination
05/04/2026
    
6,796,688
      
1,493,179
  
Core & Main, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
05/05/2026
    
103,415
      
30,803
  
Core & Main, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
    
701,440
      
33,892
  
Crane Co.
Goldman Sachs
Receive
EFFR + 0.50%
Termination
05/04/2026
    
2,365,489
      
471,960
  
Crane Co.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
05/05/2026
    
102,192
      
28,688
  
Crane Co.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
05/11/2026
    
104,345
      
32,778
  
Crane Co.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
    
125,489
      
3,119
  
Dick's Sporting Goods, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/27/2026
    
392,563
      
9,999
  
SEG Partners Long/Short Equity Fund
Schedule of Investments (continued)
Total Return Swap Contracts
July 31, 2025 (Unaudited)
 
 
 
 
Reference Entity
 
 
 
Counterparty
Pay/ Receive
Reference Entity
  
Financing Rate
  
 
 
Payment Frequency
 
 
 
Maturity Date
  
Notional Amount
    
Value/ Unrealized
Appreciation
 (Depreciation)
  
Dick's Sporting Goods, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/03/2026
  
$
110,831
    
$
2,444
  
Dick's Sporting Goods, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/25/2026
    
152,710
      
(2,956
)
EMCOR Group, Inc.
Goldman Sachs
Receive
  
EFFR + 0.50%
  
Termination
05/04/2026
    
6,461,892
      
2,530,742
  
EMCOR Group, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
06/16/2026
    
101,026
      
25,936
  
EMCOR Group, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
07/01/2026
    
58,984
      
14,426
  
EMCOR Group, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
07/07/2026
    
151,225
      
33,346
  
EMCOR Group, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
07/30/2026
    
86,594
      
12,161
  
EMCOR Group, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/03/2026
    
330,060
      
48,936
  
Entegris, Inc.
Goldman Sachs
Receive
  
EFFR + 0.50%
  
Termination
05/04/2026
    
1,279,840
      
(146,239
)
Entegris, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
05/05/2026
    
67,789
      
(7,498
)
Entegris, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
05/11/2026
    
70,928
      
10,524
  
Entegris, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
05/27/2026
    
79,558
      
3,171
  
Entegris, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/03/2026
    
112,590
      
(2,391
)
ITT, Inc.
Goldman Sachs
Receive
  
EFFR + 0.50%
  
Termination
05/04/2026
    
7,001,502
      
1,565,056
  
ITT, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
05/05/2026
    
218,399
      
69,057
  
ITT, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/03/2026
    
348,418
      
24,518
  
Kirby Corp.
Goldman Sachs
Receive
  
EFFR + 0.50%
  
Termination
05/04/2026
    
3,542,387
      
(195,466
)
Kirby Corp.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
07/07/2026
    
31,452
      
(6,172
)
Kirby Corp.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/03/2026
    
165,458
      
(32,373
)
Kirby Corp.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/25/2026
    
64,048
      
(14,768
)
Kirby Corp.
Goldman Sachs
Receive
  
0.00%

Termination
09/01/2026
    
547,392
      
0
  
KKR & Co., Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
05/12/2026
    
478,730
      
139,071
  
KKR & Co., Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
05/27/2026
    
181,319
      
39,176
  
KKR & Co., Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
06/15/2026
    
97,036
      
12,507
  
KKR & Co., Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
06/16/2026
    
167,248
      
18,667
  
KKR & Co., Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/03/2026
    
57,166
      
5,262
  
LPL Financial Holdings, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/25/2026
    
165,811
      
7,975
  
LPL Financial Holdings, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
09/01/2026
    
318,563
      
536
  
Markel Group, Inc.
Goldman Sachs
Receive
  
EFFR + 0.50%
  
Termination
05/04/2026
    
6,488,785
      
401,220
  
Markel Group, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
06/16/2026
    
76,315
      
2,518
  
Markel Group, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
06/24/2026
    
84,348
      
5,435
  
Markel Group, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
06/30/2026
    
467,932
      
20,159
  
Markel Group, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
07/01/2026
    
46,191
      
1,636
  
Markel Group, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/03/2026
    
411,699
      
2,998
  
Markel Group, Inc.
Goldman Sachs
Receive
  
0.00%

Termination
09/01/2026
    
78,726
      
0
  
Middleby Corp.
Goldman Sachs
Receive
  
EFFR + 0.50%
  
Termination
05/04/2026
    
6,071,974
      
(405,264
)
Middleby Corp.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/03/2026
    
542,177
      
3,705
  
Morningstar, Inc.
Goldman Sachs
Receive
  
EFFR + 0.50%
  
Termination
05/04/2026
    
5,812,019
      
(593,310
)
Morningstar, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/03/2026
    
213,427
      
(28,027
)
Morningstar, Inc.
Goldman Sachs
Receive
  
0.00%

Termination
09/01/2026
    
159,429
      
0
  
Nasdaq, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
06/30/2026
    
685,279
      
92,329
  
Nasdaq, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
07/01/2026
    
168,962
      
21,821
  
Nasdaq, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
07/07/2026
    
590,021
      
69,101
  
Nasdaq, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
07/13/2026
    
168,193
      
17,370
  
Nasdaq, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
07/17/2026
    
244,014
      
22,805
  
Nasdaq, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
07/21/2026
    
83,327
      
8,091
  
Nasdaq, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
07/27/2026
    
583,671
      
45,428
  
Nasdaq, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
07/30/2026
    
89,485
      
6,351
  
Nasdaq, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/03/2026
    
150,007
      
10,437
  
Nasdaq, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/07/2026
    
332,440
      
19,622
  
Nasdaq, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/11/2026
    
86,117
      
5,869
  
Nasdaq, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/18/2026
    
332,055
      
23,711
  
Nasdaq, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/19/2026
    
249,498
      
14,119
  
Nasdaq, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/25/2026
    
741,952
      
21,957
  
Nasdaq, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
08/31/2026
    
402,200
      
3,184
  
Nasdaq, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
09/01/2026
    
79,863
      
729
  
Polaris, Inc.
Goldman Sachs
Receive
  
EFFR + 0.50%
  
Termination
05/04/2026
    
162,010
      
35,417
  
Polaris, Inc.
Goldman Sachs
Receive
  
EFFR + 0.40%
  
Termination
05/11/2026
    
110,000
      
44,112
  
SEG Partners Long/Short Equity Fund
Schedule of Investments (continued)
Total Return Swap Contracts
July 31, 2025 (Unaudited)
 
 
 
 
Reference Entity
 
 
 
Counterparty
Pay/ Receive
Reference Entity
 
 
 
Financing Rate
 
 
Payment Frequency
 
 
 
Maturity Date
  
Notional Amount
    
Value/ Unrealized Appreciation
(Depreciation)
  
Polaris, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
05/12/2026
  
$
71,058
    
$
27,058
  
Polaris, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
06/30/2026
    
293,068
      
73,686
  
Polaris, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
    
2,487
      
580
  
QXO, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/17/2026
    
338,272
      
2,809
  
QXO, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/21/2026
    
489,524
      
(49,945
)
QXO, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/27/2026
    
194,883
      
(27,883
)
QXO, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/28/2026
    
194,442
      
(17,966
)
QXO, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
    
83,811
      
(5,968
)
QXO, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/19/2026
    
71,574
      
(7,425
)
QXO, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/25/2026
    
76,910
      
(8,470
)
Service Corp. International/US
Goldman Sachs
Receive
EFFR + 0.50%
Termination
05/04/2026
    
5,145,660
      
(365,154
)
Service Corp. International/US
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
    
193,827
      
(14,144
)
Service Corp. International/US
Goldman Sachs
Receive
EFFR + 0.40%
Termination
09/01/2026
    
314,168
      
(2,259
)
Shopify, Inc.
Goldman Sachs
Receive
EFFR + 0.50%
Termination
05/04/2026
    
584,530
      
215,419
  
Shopify, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
05/11/2026
    
412,459
      
148,172
  
Shopify, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
05/12/2026
    
1,398,816
      
421,136
  
Shopify, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
05/27/2026
    
200,547
      
44,126
  
Shopify, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
06/24/2026
    
91,902
      
13,984
  
Shopify, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/07/2026
    
44,851
      
5,727
  
Shopify, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/30/2026
    
158,140
      
7,045
  
Shopify, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
    
141,030
      
8,592
  
Shopify, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/11/2026
    
244,664
      
15,844
  
Shopify, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/18/2026
    
76,992
      
(767
)
Shopify, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/31/2026
    
234,888
      
(9,634
)
SouthState Corp.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/18/2026
    
29,852
      
(1,069
)
SouthState Corp.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/19/2026
    
14,973
      
(720
)
SouthState Corp.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/24/2026
    
15,067
      
(660
)
SouthState Corp.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/25/2026
    
90,027
      
(3,628
)
SouthState Corp.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/26/2026
    
15,067
      
(606
)
SouthState Corp.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/31/2026
    
15,161
      
(778
)
SouthState Corp.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
09/01/2026
    
46,237
      
(1,641
)
St Joe Co.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/07/2026
    
33,381
      
2,915
  
St Joe Co.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/10/2026
    
16,463
      
1,355
  
St Joe Co.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/13/2026
    
16,413
      
1,149
  
St Joe Co.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/14/2026
    
31,815
      
1,819
  
St Joe Co.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/20/2026
    
16,261
      
1,156
  
St Joe Co.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/27/2026
    
16,211
      
854
  
St Joe Co.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
07/28/2026
    
16,110
      
734
  
St Joe Co.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
    
25,301
      
790
  
St Joe Co.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/11/2026
    
31,866
      
590
  
St Joe Co.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/18/2026
    
30,603
      
(549
)
St Joe Co.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/25/2026
    
86,810
      
(1,506
)
St Joe Co.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/26/2026
    
23,937
      
(413
)
St Joe Co.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
09/01/2026
    
147,460
      
(1,990
)
Swatch Group AG
Goldman Sachs
Receive
EFFR + 0.50%
Termination
05/06/2026
    
465,156
      
34,004
  
United States Lime & Minerals, Inc.
Goldman Sachs
Receive
EFFR + 0.50%
Termination
05/04/2026
    
622,275
      
48,741
  
United States Lime & Minerals, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
06/10/2026
    
35,948
      
(55
)
United States Lime & Minerals, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
06/16/2026
    
35,948
      
(1,603
)
United States Lime & Minerals, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
    
72,793
      
(178
)
United States Lime & Minerals, Inc.
Goldman Sachs
Receive
0.00%
Termination
09/01/2026
    
84,517
      
0
  
Victory Capital Holdings, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/18/2026
    
33,352
      
2,240
  
Victory Capital Holdings, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/19/2026
    
15,091
      
(545
)
Victory Capital Holdings, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/24/2026
    
15,643
      
(12
)
Victory Capital Holdings, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/25/2026
    
94,820
      
157
  
Victory Capital Holdings, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/26/2026
    
15,574
      
(240
)
Victory Capital Holdings, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/31/2026
    
15,505
      
(538
)
Victory Capital Holdings, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
09/01/2026
    
46,790
      
(1,149
)
Watches of Switzerland Group PLC
Goldman Sachs
Receive
EFFR + 0.50%
Termination
05/05/2026
    
600,385
      
(101,941
)
SEG Partners Long/Short Equity Fund
Schedule of Investments (continued)
Total Return Swap Contracts
July 31, 2025 (Unaudited)
 
 
 
 
Reference Entity
 
 
 
Counterparty
Pay/ Receive
Reference Entity
 
 
 
Financing Rate
 
 
Payment Frequency
 
 
 
Maturity Date
  
Notional Amount
    
Value/ Unrealized Appreciation
(Depreciation)
  
Watches of Switzerland Group PLC
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/03/2026
  
$
7,363
    
$
(1,570
)
Watches of Switzerland Group PLC
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/12/2026
    
72,267
      
(7,527
)
White Mountains Insurance Group
Ltd.
 
Goldman Sachs
 
Receive
 
EFFR + 0.50%
 
Termination
 
05/04/2026
    
720,483
      
(66,422
)
White Mountains Insurance Group
Ltd.
 
Goldman Sachs
 
Receive
 
EFFR + 0.40%
 
Termination
 
08/03/2026
    
28,605
      
(198
)
WisdomTree, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/18/2026
    
32,458
      
1,251
  
WisdomTree, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/19/2026
    
15,951
      
335
  
WisdomTree, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/24/2026
    
15,990
      
276
  
WisdomTree, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/25/2026
    
198,732
      
(1,834
)
WisdomTree, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/26/2026
    
15,168
      
(539
)
WisdomTree, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
08/31/2026
    
15,420
      
(488
)
WisdomTree, Inc.
Goldman Sachs
Receive
EFFR + 0.40%
Termination
09/01/2026
    
46,936
      
(777
)
                     
$
8,176,794
  
                       
 
 
 
 
 
Reference Entity
 
 
 
 
 
Counterparty
 
 
Pay/ Receive
Reference Entity
 
 
 
 
 
Financing Rate
 
 
 
 
Payment Frequency
 
 
 
 
 
Maturity Date
  
Notional Amount
    
Value/ Unrealized Appreciation
(Depreciation)
  
GSCBCORD
Goldman Sachs
Pay
EFFR + (0.15)%
Termination
08/26/2026
  
$
(855,564
)
  
$
32,611
  
GSCBCORD
Goldman Sachs
Pay
EFFR + (0.15)%
Termination
09/01/2026
    
(235,856
)
    
2,372
  
GSCBFLAG
Goldman Sachs
Pay
EFFR + (0.10)%
Termination
08/11/2026
    
(5,720,337
)
    
416,992
  
GSCBFLAG
Goldman Sachs
Pay
OBFR + (0.10)%
Termination
08/17/2026
    
(145,433
)
    
9,314
  
GSCBNRSI
Goldman Sachs
Pay
EFFR + 0.32%
Termination
07/21/2026
    
(348,661
)
    
(33,907
)
GSCBOZVT
Goldman Sachs
Pay
EFFR + (0.32)%
Termination
07/28/2026
    
(14,624,418
)
    
(197,059
)
GSCBSCHN INDEX
Goldman Sachs
Pay
EFFR + (0.20)%
Termination
05/04/2026
    
(1,197,544
)
    
(160,423
)
GSCBSHLC
Goldman Sachs
Pay
EFFR + 0.40%
Termination
07/14/2026
    
(606,135
)
    
34,949
  
GSCBSLTC
Goldman Sachs
Pay
EFFR + 0.40%
Termination
07/14/2026
    
(845,342
)
    
(90,966
)
GSCBSLTC
Goldman Sachs
Pay
EFFR + (0.33)%
Termination
08/03/2026
    
(16,934
)
    
(685
)
 
JPSEETRS
J.P. Morgan
Securities, Inc.
 
Pay
 
OBFR + 0.05%
 
Termination
 
08/28/2026
    
(942,128
)
    
31,507
  
MSSEALCO
Morgan Stanley
Pay
EFFR + 0.15%
Termination
05/26/2026
    
(890,111
)
    
108,434
  
MSSEALCO
Morgan Stanley
Pay
EFFR
Termination
06/16/2026
    
(131,268
)
    
16,851
  
MSSEALCO
Morgan Stanley
Pay
EFFR + 0.15%
Termination
06/30/2026
    
(337,212
)
    
30,121
  
MSSEALCO
Morgan Stanley
Pay
EFFR
Termination
07/09/2026
    
(220,676
)
    
3,940
  
MSSEALCO
Morgan Stanley
Pay
EFFR
Termination
07/27/2026
    
(155,900
)
    
(4,128
)
MSSEALCO
Morgan Stanley
Pay
EFFR + (0.15)%
Termination
08/03/2026
    
(4,287
)
    
(6
)
MSSEMEDI
Morgan Stanley
Pay
EFFR + 0.15%
Termination
07/10/2026
    
(1,590,792
)
    
100,586
  
MSSEMEDI
Morgan Stanley
Pay
EFFR + (0.15)%
Termination
08/03/2026
    
(22,915
)
    
404
  
UBSEPCSB
UBS AG
Pay
OBFR + (0.15)%
Termination
08/07/2026
    
(1,180,856
)
    
(7,768
)
UBSERBS2
UBS AG
Pay
OBFR + (0.15)%
Termination
08/03/2026
    
(583,246
)
    
36,142
  
UBSERBS2
UBS AG
Pay
OBFR + (0.15)%
Termination
08/10/2026
    
(294,139
)
    
17,171
  
UBSERBS2
UBS AG
Pay
OBFR + (0.15)%
Termination
08/17/2026
    
(72,603
)
    
4,577
  
           
$
351,027
  
Net Unrealized Appreciation (Depreciation)
          
$
8,527,821
  
 
There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025.

                
OBFR - Overnight Bank Funding Rate was 0.00% as of July 31, 2025.
                
EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025.
                
SEG Partners Long/Short Equity Fund
Schedule of Investments (continued)
July 31, 2025 (Unaudited)
 
Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
 
SEG Partners Long/Short Equity 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 July 31, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
Common Stocks
  
$
130,470,329
      
–
      
–
    
$
130,470,329
  
Purchased Options
    
3,407,784
      
–
      
–
      
3,407,784
  
Total Investments
    
133,878,113
      
–
      
–
      
133,878,113
  
 
Other Financial Instruments:
                                
Total Return Swaps*
    
–
      
11,666,638
      
–
      
11,666,638
  
Total Other Financial Instruments
    
–
      
11,666,638
      
–
      
11,666,638
  
 
Liabilities:
                                
Investments:
                                
Common Stocks
  
$
(87,022,566
)
    
–
      
–
    
$
(87,022,566
)
Real Estate Investment Trusts - Common
    
(370,065
)
    
–
      
–
      
(370,065
)
Total Investments
    
(87,392,631
)
    
–
      
–
      
(87,392,631
)
 
Other Financial Instruments:
                                
Total Return Swaps*
    
–
      
(3,138,817
)
    
–
      
(3,138,817
)
Total Other Financial Instruments

  
$
–
    
$
(3,138,817
)
  
$
–
    
$
(3,138,817
)
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025.

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